Compared to the third quarter of 2015, earnings improved significantly, mainly driven by high activity levels in the quarter and to a lesser extent higher average project margins. Free cash flow was at the same level as in the third quarter of 2015. While order intake was satisfactory, the backlog decreased due to the higher activity levels. Outlook for 2016 upgraded.

Summary: In the third quarter of 2016, Vestas generated revenue of EUR 2,903m – an increase of 37 percent compared to the year-earlier period. EBIT before special items increased by EUR 201m to EUR 433m. The EBIT margin before special items was 14.9 percent compared to 10.9 percent in the third quarter of 2015 and the free cash flow amounted to EUR 155m compared to EUR 158m in the third quarter of 2015.

The intake of firm and unconditional wind turbine orders amounted to 1,769 MW in the third quarter of 2016. The value of the wind turbine order backlog amounted to EUR 7.2bn at 30 September 2016. In addition to the wind turbine order backlog, Vestas had service agreements with expected contractual future revenue of EUR 9.9bn at the end of September 2016. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 17.1bn – an increase of EUR 0.7bn compared to the year-earlier period.

Vestas upgrades the 2016 guidance on revenue from minimum EUR 9.5bn to EUR 10-10.5bn, EBIT margin before special items from minimum 12.5 percent to 13-14 percent, and free cash flow from minimum EUR 800m to minimum EUR 1,000m. The upgrades are based mainly on improved delivery visibility for the remainder of the year. Vestas also adjusts 2016 guidance on total investments from approx EUR 500m to approx EUR 600m.  

Group President & CEO Anders Runevad said: “I am very pleased with Vestas’ solid third quarter performance. Revenue and earnings are up strongly, as are deliveries across all regions. Order intake is up 17 percent, while combined turbine and service order backlog declined this quarter, largely due to high turbine delivery activity. With better visibility toward the end of the year, we are also upgrading the full-year guidance.”


Key highlights

High activity levels
Deliveries up by 44 percent in third quarter of 2016 – driven by all regions.

Strong earnings
EBIT margin before special items of 14.9 percent – up by 4.0 percentage points compared to third quarter of 2015.

Solid free cash flow
Free cash flow amounted to EUR 155m in third quarter of 2016 – on a par with the third quarter of 2015.

Combined order backlog remains high
Combined order backlog at EUR 17.1bn. Wind turbine order backlog impacted by high activity levels in the third quarter of 2016.

Outlook 2016
2016 has proven to be an extraordinary year and based mainly on better visibility for the remainder of the year, guidance for 2016 is increased on all parameters.


Information meeting (audiocast)
Today, Tuesday 8 November 2016 at 10 a.m. CET (9 a.m. GMT), Vestas will host an information meeting via an audiocast. The audiocast will be accessible via vestas.com/investor.

The meeting will be held in English and questions may be asked through a conference call. The telephone numbers for the conference call are: 

Europe: +44 203 008 9814
USA: +1 646 502 5118
Denmark: +45 3544 5575

Presentation material for the information meeting will be available approx one hour before the meeting at vestas.com/investor.

Contact details
Vestas Wind Systems A/S, Denmark 
Hans Martin Smith, Senior Vice President, 
Group Treasury and Investor Relations
Tel: +45 9730 8209

Download the interim financial report for Q3 2016.

On 18 August 2016, Vestas initiated a share buy-back programme, ref. Company announcement No. 26/2016. The programme is implemented in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (the "Safe Harbour” rules). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from share based incentive programmes to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 2,984 million (approximately EUR 400 million) in the period from 18 August 2016 to 30 December 2016.

The following transactions have been made under the programme during the period 25-31 October 2016:

Details of all the transactions relating to the share buy-back programme during the period are presented in the attached appendix.

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Group Treasury and Investor Relations
Tel: +45 9730 8209 

Download the appendix (pdf)
Download the company announcement (pdf) 

On 18 August 2016, Vestas initiated a share buy-back programme, ref. Company announcement No. 26/2016. The programme is implemented in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (the "Safe Harbour” rules). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from share based incentive programmes to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 2,984 million (approximately EUR 400 million) in the period from 18 August 2016 to 30 December 2016.

The following transactions have been made under the programme during the period 18-24 October 2016:

Details of all the transactions relating to the share buy-back programme during the period are presented in the attached appendix.

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Group Treasury and Investor Relations
Tel: +45 9730 8209 

Download the appendix (pdf)
Download the company announcement (pdf) 

On 18 August 2016, Vestas initiated a share buy-back programme, ref. Company announcement No. 26/2016. The programme is implemented in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (the "Safe Harbour” rules). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from share based incentive programmes to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 2,984 million (approximately EUR 400 million) in the period from 18 August 2016 to 30 December 2016.

The following transactions have been made under the programme during the period 11-17 October 2016:

Details of all the transactions relating to the share buy-back programme during the period are presented in the attached appendix.

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Group Treasury and Investor Relations
Tel: +45 9730 8209 

Download the appendix (pdf)
Download the company announcement (pdf) 

On 18 August 2016, Vestas initiated a share buy-back programme, ref. Company announcement No. 26/2016. The programme is implemented in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (the "Safe Harbour” rules). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from share based incentive programmes to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 2,984 million (approximately EUR 400 million) in the period from 18 August 2016 to 30 December 2016.

The following transactions have been made under the programme during the period 4-10 October 2016:

Details of all the transactions relating to the share buy-back programme during the period are presented in the attached appendix.

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Group Treasury and Investor Relations
Tel: +45 9730 8209 

Download the appendix (pdf)
Download the company announcement (pdf) 

On 18 August 2016, Vestas initiated a share buy-back programme, ref. Company announcement No. 26/2016. The programme is implemented in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (the "Safe Harbour” rules). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from share based incentive programmes to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 2,984 million (approximately EUR 400 million) in the period from 18 August 2016 to 30 December 2016.

The following transactions have been made under the programme during the period 27 September to 3 October 2016:

Details of all the transactions relating to the share buy-back programme during the period are presented in the attached appendix.

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Group Treasury and Investor Relations
Tel: +45 9730 8209 

Download the appendix (pdf)
Download the company announcement (pdf) 

On 18 August 2016, Vestas initiated a share buy-back programme, ref. Company announcement No. 26/2016. The programme is implemented in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (the "Safe Harbour” rules). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from share based incentive programmes to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 2,984 million (approximately EUR 400 million) in the period from 18 August 2016 to 30 December 2016.

The following transactions have been made under the programme during the period 20-26 September 2016:

Details of all the transactions relating to the share buy-back programme during the period are presented in the attached appendix.

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Group Treasury and Investor Relations
Tel: +45 9730 8209 

Download the appendix (pdf)

Download the company announcement (pdf)

On 18 August 2016, Vestas initiated a share buy-back programme, ref. Company announcement No. 26/2016. The programme is implemented in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (the "Safe Harbour” rules). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from share based incentive programmes to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 2,984 million (approximately EUR 400 million) in the period from 18 August 2016 to 30 December 2016.

The following transactions have been made under the programme during the period 13-19 September 2016:

Details of all the transactions relating to the share buy-back programme during the period are presented in the attached appendix.

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Group Treasury and Investor Relations
Tel: +45 9730 8209 

Download the appendix (pdf)

Download the company announcement (pdf) 

As per 14 September 2016, Vestas will adjust the threshold for wind turbine and service orders to be disclosed to the market via company announcements to 300 MW and EUR 300m, respectively.

As a listed company on Nasdaq Copenhagen, Vestas is obliged to ensure that everyone has equal access to essential information that may significantly affect the price of the Vestas share.

For wind turbine and service orders, the working definition that Vestas has followed as a general guideline until now has been to disclose firm and unconditional orders with a size of 200 MW or more and EUR 200m or more, respectively.

As part of the annual review of the company’s communication policy, this threshold has been assessed and as a result of the actual impact observed on the Vestas share price of past announced orders, Vestas deems it appropriate to adjust the announcement policy accordingly.

Hence, as per 14 September 2016, Vestas will as a general rule disclose company announcements on all wind turbine orders with a total capacity of 300 MW or more.

For service orders, the corresponding threshold going forward will be EUR 300m.

It should be noted that this does not rule out that other factors deemed to have a significant impact on the Vestas share price can necessitate company announcements on orders below the mentioned threshold.

For orders received by the joint venture, MHI Vestas Offshore Wind A/S, for turbine types owned by the joint venture (i.e. on 8 MW platform orders), the new threshold will be 600 MW for wind turbine orders and EUR 600m for service orders, defined as before by the 50/50 percent split ownership.

Vestas will continue announcing firm and unconditional orders via news releases per current practice, including for orders below the revised threshold for company announcements.

News service
To ensure that Vestas Wind Systems A/S fulfils its stated obligations, Vestas uses Nasdaq Copenhagen's news distribution service (GlobeNewswire) for the distribution of all company announcements. The same distribution service is used for Vestas’ news releases.

Important: If you wish to receive news releases from Vestas going forward for orders below the threshold and if you have not already subscribed to the news release distribution service, you will need to subscribe (LINK).
If you have any questions to the distribution service, please write to ir@vestas.com

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Group Treasury and Investor Relations
Tel: +45 9730 8209
Email: ir@vestas.com

Michael Zarin, Head of External Communications
Tel: +45 4084 1526
Email: mizar@vestas.com

Download company announcement

On 18 August 2016, Vestas initiated a share buy-back programme, ref. Company announcement No. 26/2016. The programme is implemented in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (the "Safe Harbour” rules). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from share based incentive programmes to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 2,984 million (approximately EUR 400 million) in the period from 18 August 2016 to 30 December 2016.

The following transactions have been made under the programme during the period 06-12 September 2016:

Details of all the transactions relating to the share buy-back programme during the period are presented in the attached appendix.

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Group Treasury and Investor Relations
Tel: +45 9730 8209 

Download the appendix (pdf)

Download the company announcement (pdf) 

On 18 August 2016, Vestas initiated a share buy-back programme, ref. Company announcement No. 26/2016. The programme is implemented in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (the "Safe Harbour” rules). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from share based incentive programmes to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 2,984 million (approximately EUR 400 million) in the period from 18 August 2016 to 30 December 2016.

The following transactions have been made under the programme during the period 30 August to 5 September 2016:

Details of all the transactions relating to the share buy-back programme during the period are presented in the attached appendix.

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Group Treasury and Investor Relations
Tel: +45 9730 8209 

Download the appendix (pdf)

Download the company announcement (pdf)

On 18 August 2016, Vestas initiated a share buy-back programme, ref. Company announcement No. 26/2016. The programme is implemented in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (the "Safe Harbour” rules). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from share based incentive programmes to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 2,984 million (approximately EUR 400 million) in the period from 18 August 2016 to 30 December 2016.

The following transactions have been made under the programme during the period 23-29 August 2016:

Details of all the transactions relating to the share buy-back programme during the period are presented in the attached appendix.

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Group Treasury and Investor Relations
Tel: +45 9730 8209 

Download the appendix (pdf)

Download the company announcement (pdf) 

Transactions made in the period 18-22 August 2016

On 18 August 2016, Vestas initiated a share buy-back programme, ref. company announcement No. 26/2016. The programme is implemented in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (the "Safe Harbour” rules). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from share based incentive programmes to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 2,984 million (approximately EUR 400 million) in the period from 18 August 2016 to 30 December 2016.

The following transactions have been made under the programme during the period 18-22 August 2016:

Details of all the transactions relating to the share buy-back programme during the period are presented in the attached appendix.

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Group Treasury and Investor Relations
Tel: +45 9730 8209 

Download the appendix (pdf)

Download the company announcement (pdf)

The Board of Directors of Vestas Wind Systems A/S has decided to initiate a share buy-back programme of up to DKK 2,984 million (approximately EUR 400 million) to be executed during the period 18 August 2016 to 30 December 2016.

The share buy-back programme is initiated pursuant to the authorisation granted to the Board of Directors by the Annual General Meeting on 30 March 2016, which authorises Vestas to acquire treasury shares at a nominal value not exceeding 10 percent of the share capital at the time of the authorisation. The consideration for such shares may not deviate by more than 10 percent from the closing price quoted by Nasdaq Copenhagen at the time of purchase.

The buy-back will be structured in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (the "Safe Harbour” rules).

Purpose
The purpose of the share buy-back programme is to adjust Vestas’ capital structure and to meet obligations arising from share based incentive programmes to employees of Vestas.

At Vestas' annual general meeting in 2017, a resolution will be proposed that shares acquired, which are not used for hedging purposes of share based incentive programmes, will be cancelled.

Time frame
The share buy-back programme will run from 18 August 2016 to 30 December 2016.

Terms
Vestas has appointed SEB as lead manager for the share buy-back programme. SEB will make its own trading decisions independently of and without influence or involvement from Vestas.

Under the share buy-back programme Vestas may repurchase shares up to a maximum amount of DKK 2,984 million, and no more than 20,148,033 shares, corresponding to 9.1 percent of the share capital of Vestas Wind Systems A/S.

No shares may be bought back at a price exceeding the higher of i) the price of the last independent trade and ii) the highest current independent bid at the trading venue, on which the purchase is carried out, at the time of trading.

The maximum number of shares that may be purchased on each trading day may not exceed 25 percent of the average daily trading volume of shares on the trading venue, on which the purchase is carried out, over the last 20 trading days prior to the date of purchase.

Prior to the share buy-back, Vestas holds 2,006,439 treasury shares, equal to 0.9 percent of the share capital.

Vestas is entitled to suspend or stop the programme at any time subject to an announcement to Nasdaq Copenhagen.

On a weekly basis, Vestas will issue an announcement in respect of transactions made under the programme.

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Group Treasury and Investor Relations
Tel: +45 9730 8209

Download company announcement (pdf)
 

Compared to the second quarter of 2015, earnings and free cash flow significantly improved, mainly driven by high activity levels in the quarter and higher average project margins. Satisfactory order intake with backlog remaining at high levels. Outlook for 2016 upgraded.

In the second quarter of 2016, Vestas generated revenue of EUR 2,557m – an increase of 46 percent compared to the year-earlier period. EBIT before special items increased by EUR 254m to EUR 399m. The EBIT margin before special items was 15.6 percent compared to 8.3 percent in the second quarter of 2015 and the free cash flow amounted to EUR 330m compared to EUR 183m in the second quarter of 2015.

The intake of firm and unconditional wind turbine orders amounted to 1,790 MW in the second quarter of 2016. The value of the wind turbine order backlog amounted to EUR 8.2bn at 30 June 2016. In addition to the wind turbine order backlog, Vestas had service agreements with contractual future revenue of EUR 9.9bn at the end of June 2016. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 18.1bn – an increase of EUR 1.2bn compared to the year-earlier period.

Vestas upgrades the 2016 guidance on revenue from minimum EUR 9.0bn to minimum EUR 9.5bn, EBIT margin before special items from minimum 11.0 percent to minimum 12.5 percent, and free cash flow from minimum EUR 600m to minimum EUR 800m (incl. the acquisition of Availon Holding GmbH). The upgrade is based on better than expected performance in the first half of 2016 and visibility for the remainder of the year.

Group President & CEO Anders Runevad said: “I am very pleased with Vestas’ strong second quarter performance. Our colleagues have executed well on a high activity level, which along with a favourable mix of projects contributed to Vestas achieving extremely solid results on revenue, EBIT margin, net profit, and free cash flow and with an order intake in line with expectations.  We are upgrading the full-year guidance on revenue, EBIT margin, and free cash flow, and as a result of the strong performance we also continue delivering tangible shareholder value through the 2016 share buy-back programme that we are launching now”.

Key highlights

High activity levels across the board
Deliveries up by 56 percent in Q2 2016 – driven by all regions.

Strong earnings
EBIT margin before special items of 15.6 percent – up by 7.3 percentage points compared to Q2 2015.

Order backlog continues at record-high level
Combined order backlog at EUR 18.1bn.

Guidance increased
Guidance for 2016 increased on revenue, EBIT margin, and free cash flow based on better than expected H1 2016 performance and visibility for the remainder of the year.

Share buy-back programme for 2016
EUR 400m share buy-back programme launched to adjust the capital structure.

Information meeting (audiocast)
Today, Thursday 18 August 2016 at 10 a.m. CEST (9 a.m. BST), Vestas will host an information meeting via an audiocast. The audiocast will be accessible via vestas.com/investor.

The meeting will be held in English and questions may be asked through a conference call. The telephone numbers for the conference call are:

Europe: +44 203 008 9814
USA: +1 646 502 5118
Denmark: +45 3544 5576

Presentation material for the information meeting will be available approx one hour before the meeting at vestas.com/investor.

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President,
Group Treasury and Investor Relations
Tel: +45 9730 8209

Vestas Wind Systems A/S
Hedeager 42
8200 Aarhus N
Denmark
Company reg. No.: 10 40 37 82
Tel: +45 9730 0000
Fax: +45 9730 0001
vestas@vestas.com

Download the interim financial report for Q2 2016

Vestas has received a firm and unconditional order in the USA comprising 139 V110-2.0 MW turbines, totalling 278 MW.

Additional information about the project:

Total year-to-date announced order intake in MW: 4,216 MW, (see vestas.com/investor).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Group Treasury and Investor Relations
Tel: +45 9730 8209

Vestas-American Technology
Chris Brown, President

For more information, or to arrange an interview with Chris Brown, please contact:

Michael Zarin, Head of External Communications
Tel: +45 4084 1526

A news release from Vestas-American Wind Technology regarding the above-mentioned order will also be published on vestas.com under “Company News”.

Download company announcement (pdf)

Download press release (pdf) 

MHI Vestas Offshore Wind has received a firm and unconditional order for 49 V164-8 MW turbines with a total capacity of 406 MW for the offshore Horns Reef 3 project in Denmark, ref. company announcements No. 36/2015 of 29 June 2015  and No. 21/2016 of 2 June 2016. The 406 MW order is placed by Vattenfall, and the contract covers supply, installation and commissioning of the wind turbines, as well as a five year full-scope service contract.

The project will be delivered by MHI Vestas Offshore Wind and will not enter into the order backlog of Vestas Wind Systems A/S.

As Vestas owns 50 per cent of the joint venture company MHI Vestas Offshore Wind, Vestas will disclose firm and unconditional orders received by MHI Vestas Offshore Wind with a total capacity of 400 MW or above, ref. Vestas’ Communication Strategy.

A news release from MHI Vestas Offshore Wind regarding the order will also be published here: http://www.mhivestasoffshore.com/media/.
 
Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Group Treasury and Investor Relations
Tel: +45 9730 8209

MHI Vestas Offshore Wind
Matt Whitby, Press Officer
Tel: +45 2250 7131
Email: matke@mhivestasoffshore.com

Download company announcement (pdf)

Vestas has been informed that MidAmerican Energy Company has filed a notice with the Iowa Utilities Board highlighting an agreement between Vestas and MidAmerican Energy Company with a potential of up to 2,000 MW in the USA.

Vestas can confirm that Vestas has entered into a conditional agreement with MidAmerican Energy Company (“MidAmerican”) to supply up to 1,000 V110-2.0 MW wind turbines for MidAmerican’s 2,000 MW Wind XI project in Iowa, which is still pending approval from the Iowa Utilities Board (IUB).

In addition, the conditional agreement includes exclusivity provisions for Vestas to supply 100 percent of MidAmerican’s 2016 PTC Safe Harbor components. 

The conditional agreement comprises supply and commissioning of the wind turbines as well as a 5-year Active Output Management (AOM) 4000 service agreement with options to extend for up to 10 years. Pending the IUB approval, delivery and commissioning of the turbines will occur from 2016 to 2019.

“This project, if approved, will bring considerable economic benefits to MidAmerican's rate payers and communities, and Vestas is proud to partner with MidAmerican Energy in their commitment to generate 100 percent renewable energy,” said Chris Brown, President of Vestas’ sales and service division in the United States and Canada.

Wind XI follows MidAmerican’s first of its kind utility commitment to providing customers with 100 percent renewable energy generation. 

MidAmerican Energy Company, a subsidiary of Berkshire Hathaway Energy, is the largest regulated utility owner of wind energy in the USA. With the investment in Wind XI, the utility will generate 85 percent of its retail load from wind. 

If and when the agreement translates into orders that meet Vestas’ definition for firm and unconditional orders, Vestas will disclose company announcements announcing specific orders under the agreement in accordance with its defined order announcement policy. Potential future order intake under the agreement is expected to occur as partial deliveries under the master agreement and hence, will be announced firm and unconditional when they occur as such.

Vestas discloses this announcement based on Vestas’ obligation as a Danish listed company, ref. the Securities Trading Act, section 27(2).

For updated Vestas photographs and videos, please visit our media images page on https://www.vestas.com/en/media/images.

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Group Treasury and Investor Relations
Tel: +45 9730 8209

Download company announcement (pdf)

Today, there is additional information in the market regarding an offshore project in Denmark (ref. company announcement No. 36/2015 of 29 June 2015).

Vestas can confirm that Vattenfall and MHI Vestas Offshore Wind have entered into a conditional agreement regarding delivery of the V164-8.0 MW turbine for the 400 MW Horns Rev 3 project in Denmark.

If and when the project translates into a firm and unconditional order, Vestas will disclose a company announcement about this.

Vestas discloses this announcement based on Vestas’ obligation as a Danish listed company, ref. the Securities Trading Act, section 27(2).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Group Treasury & Investor Relations
Tel: +45 9730 8209


More information about this announcement can be found at http://www.mhivestasoffshore.com/media/.

MHI Vestas Offshore Wind is a joint venture between Vestas Wind Systems A/S (50 percent) and Mitsubishi Heavy Industries (MHI) (50 percent). The company's sole focus is to design, manufacture, install and service wind turbines for the offshore wind industry.

MHI Vestas Offshore Wind
Matt Whitby, Press Officer
Tel: +45 2250 7131
Email: matke@mhivestasoffshore.com

Download company announcement (pdf)

Vestas has received a firm and unconditional order in Canada consisting of 65 V117-3.45 MW turbines with a total capacity of 224 MW, ref. company announcement no. 8/2015 of 18 February 2015.

Additional information about the project:

Total year-to-date announced order intake in MW: 3,053 MW (see vestas.com/investor).

Contact details

Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Group Treasury and Investor Relations
Tel: +45 9730 8209

Vestas-American Technology
Chris Brown, President

For more information, or to arrange an interview with Chris Brown, please contact:

Michael Zarin, Head of External Communications
Tel: +45 4084 1526

A press release from Vestas-American Technology regarding the above-mentioned order will also be published on vestas.com under “Company News”.

Download company announcement (pdf)

Vestas has a EUR 1,050m revolving credit and bonding facility (the “Facility”) from a group of seven banks (ref. Company announcement No. 29/2015). The facility documentation includes an option for Vestas to request the lenders to accept extension of the final maturity at the first and second anniversary of the Facility.
As per today, Vestas has exercised the first option and obtained consent from all lenders to extend the final maturity of the Facility to 3 June 2021.

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Group Treasury and Investor Relations
Tel: +45 9730 8209

Download company announcement (pdf)

As per announcement of 28 April 2016, Vestas Wind Systems A/S has completed a capital reduction of nominal value DKK 2,529,786 representing 2,529,786 shares of DKK 1 nominal value each in connection with cancellation of treasury shares, ref. company announcement No. 15/2016.

Pursuant to section 10 of Executive Order No. 1258 of 9 November 2015 on Issuers’ Disclosure Obligations, we are pleased to confirm that as per 29 April 2016, Vestas Wind Systems A/S has a share capital of nominal value DKK 221,544,727. The share capital consists of one share class, and each share of DKK 1 carries one vote corresponding to a total number of voting rights of 221,544,727.


Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Group Treasury and Investor Relations
Tel: +45 9730 8209

Download company announcement (PDF)

The Board of Directors of Vestas Wind Systems A/S has decided to continue the share-based incentive programme for all participants, including the Executive Management, and make a new launch for 2016 based on the terms and conditions governing the restricted performance share programme for the year 2015, cf. Vestas’ remuneration policy and general guidelines for incentive pay.

The share-based incentive programme follows the structures of the previous programme and will still be based on restricted performance shares. The programme has a performance period of three years and a performance measurement based on financial key performance indicators as well as the Vestas Group’s market share as defined by the Board of Directors.

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Group Treasury and Investor Relations
Tel: +45 9730 8209

Download Company announcement (pdf)

Earnings improved, while revenue and free cash flow decreased compared to the first quarter of 2015. Strong order intake and backlog at highest level recorded. Outlook for 2016 maintained.

Summary: In the first quarter of 2016, Vestas generated revenue of EUR 1,464m – a decrease of 4 percent compared to the year-earlier period. EBIT before special items increased by EUR 6m to EUR 85m. The EBIT margin before special items was 5.8 percent compared to 5.2 percent in the first quarter of 2015 and the free cash flow amounted to EUR (296)m compared to EUR 146m in the first quarter of 2015.

The intake of firm and unconditional wind turbine orders amounted to 2,403 MW in the first quarter of 2016. The value of the wind turbine order backlog amounted to EUR 8.6bn at 31 March 2016. In addition to the wind turbine order backlog, Vestas had service agreements with contractual future revenue of EUR 9.4bn at the end of March 2016. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 18.0bn – an increase of EUR 3.0bn compared to the year-earlier period.

Vestas maintains its 2016 guidance on revenue of minimum EUR 9bn, EBIT margin before special items of minimum 11 percent, total investments of approx EUR 500m (incl. the acquisition of Availon Holding GmbH), and free cash flow of minimum EUR 600m (incl. the acquisition of Availon Holding GmbH). 

Group President & CEO Anders Runevad said: “Vestas delivered record-high first quarter order intake as well as our largest ever combined wind turbine and service order backlog. EBIT margin also improved, while free cash flow, although at negative levels, was in line with expectations as we build up inventory preparing for a busy remainder of 2016. Full-year guidance remains unchanged”.

Key highlights

Record-high Q1 order intake
Order intake in the quarter reached 2,403 MW.

Highest combined order backlog ever
Wind turbine and service order backlog of EUR 18bn.

Improved earnings
EBIT margin before special items at 5.8 percent – an improvement of 0.6 percentage points.

Negative cash flow
Cash flow impacted by net working capital and service acquisition.

Information meeting (audiocast)
Today, Friday 29 April 2016 at 10 a.m. CEST (9 a.m. BST), Vestas will host an information meeting via an audiocast. The audiocast will be accessible via vestas.com/investor.

The meeting will be held in English and questions may be asked through a conference call. The telephone numbers for the conference call are:

Europe: +44 203 008 9814
USA: +1 646 502 5118
Denmark: +45 3544 5576

Presentation material for the information meeting will be available approx one hour before the meeting at vestas.com/investor.

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President,
Group Treasury and Investor Relations
Tel: +45 9730 8209

Vestas Wind Systems A/S
Hedeager 42
8200 Aarhus N
Denmark

Company reg. No.: 10 40 37 82
Tel: +45 9730 0000
Fax: +45 9730 0001
vestas@vestas.com

Download the interim financial report for Q1 2016

Vestas Wind Systems A/S' articles of association as per 28 April 2016.

Download Articles of Association (PDF)

On 30 March 2016, the Annual General Meeting of Vestas Wind Systems A/S adopted the proposal to reduce the Vestas' share capital by DKK 2,529,786 nominally by cancelling 2,529,786 shares from Vestas’ holding of treasury shares. The reduction of the share capital has been completed and registered today.

After the reduction, Vestas Wind Systems A/S' share capital amounts to DKK 221,544,727 nominally, corresponding to 221,544,727 shares of DKK 1 each.

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Group Treasury and Investor Relations
Tel: +45 9730 8209

Download company announcement (PDF)

Vestas has been notified that Mitsubishi Heavy Industries Ltd. (MHI) will not exercise the option to change the ownership ratio of MHI Vestas Offshore Wind A/S ref. company announcement No. 41/2013 of 27 September 2013. Equity ownership ratios in MHI Vestas Offshore Wind A/S will consequently remain at 50 percent for each of MHI and Vestas.

“We believe that unchanged ownership shares is the best way to support the further development of the joint venture while showing the strong partnership and equal contribution from the two parent companies to the market”, says Michisuke Nayama, President and CEO, Energy & Environment, Mitsubishi Heavy Industries Ltd.

Vestas President and CEO Anders Runevad says, “There is an excellent collaboration between MHI and Vestas in the joint venture, whose business is developing according to plan. We have said from the beginning that the exact ownership structure has no real impact on the day-to-day running of the business, and that remains the case with MHI’s decision. We look forward to building on the productive working relations with MHI and to MHI Vestas Offshore Wind’s continued success.”

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Group Treasury and Investor Relations
Tel: +45 9730 8209

Download company announcement (pdf)

Today there is information in the market regarding Vestas and a 600 MW project in the USA.

Vestas can confirm that Vestas has entered into a conditional agreement to supply wind turbines for a 600 MW project in the USA.

If and when the project translates into a firm and unconditional order in accordance with Vestas’ definition, Vestas will disclose a company announcement about this.

Vestas discloses this announcement based on Vestas’ obligation as a Danish listed company, ref. the Securities Trading Act, section 27(2).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Group Treasury and Investor Relations
Tel: +45 9730 8209

Download Company annoncement (pdf)

Vestas has received a firm and unconditional order in the USA for 100 V110-2.0 MW turbines, totalling 200 MW.

Additional information about the project:

Total year-to-date announced order intake in MW: 1,806 MW, (see vestas.com/investor).

Contact details

Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Group Treasury and Investor Relations
Tel: +45 9730 8209

Vestas-American Technology
Chris Brown, President

For more information, or to arrange an interview with Chris Brown, please contact:

Michael Zarin, Head of External Communications
Tel: +45 4084 1526

Download company announcement (pdf)

The Annual General Meeting of Vestas Wind Systems A/S has been held today.

Agenda and resolutions

1. The Board of Directors’ report on the company’s activities during the past year
The report is not a subject for voting. The Annual General Meeting took note of the report.   

2. Presentation and adoption of the annual report
The annual report 2015 was approved.

3. Resolution for the allocation of the result of the year according to the adopted annual report
The Board of Directors’ proposal for allocation of the result of the year, including a dividend of DKK 6.82 per share to be paid out for 2015, was approved.

4. Election to the Board of Directors
Bert Nordberg, Carsten Bjerg, Eija Pitkänen, Henrik Andersen, Henry Sténson, Lars Josefsson, Lykke Friis and Torben Ballegaard Sørensen were re-elected as members of the Board.

5. Adoption of the remuneration of the Board of Directors

5.1. Approval of the final remuneration of the Board of Directors for 2015
The Board of Directors proposed that the remuneration of the Board of Directors and the members of board committees remain unchanged as pre-approved by the general meeting in 2015. The final remuneration of the Board of Directors and the members of the board committees for 2015 was approved.

5.2. Approval of the level of remuneration of the Board of Directors for 2016
The Board of Directors proposed that the level of remuneration for 2016 be based upon a fixed basic remuneration of DKK 400,000 per board member, with two times and three times the basic remuneration for the deputy chairman and chairman, respectively, as well as remuneration of DKK 250,000 per board committee membership, and DKK 450,000 to each board committee chairman. The proposal was approved.

6. Appointment of auditor
PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab was re-appointed as auditor of the company.

7. Proposals from the Board of Directors

7.1. Reduction of the company’s share capital
The Board of Directors proposed that the company’s share capital be reduced from nominally DKK 224,074,513 to nominally DKK 221,544,727 through cancellation of treasury shares. The proposal was approved.

7.2. Renewal of the authorisation to acquire treasury shares
The Board of Directors’ authorisation to acquire treasury shares on an ongoing basis until 31 December 2017 equal to 10 percent of the share capital was approved.

7.3. Disclosure of company announcements in English
The Board of Directors proposed that the company’s articles of association be amended so that the company in the future can disclose company announcements in English only. The proposal was approved.

7.4. Amendment of the company’s remuneration policy for Board of Directors and Executive Management
The amendment to the remuneration policy to the effect that the additional annual fee to committee chairmen is reduced from 100 percent to 80 percent of the basic fee was approved. 

8. Authorisation of the chairman of the general meeting
The chairman (with a right of substitution) was authorised to file and register the adopted resolutions with the Danish Business Authority and make such amendments as requested by the Danish Business Authority.

- - - - - - -

After the Annual General Meeting, the Board of Directors held a statutory board meeting. At the meeting, Bert Nordberg was re-elected as chairman of the Board and Lars Josefsson was re-elected as deputy chairman of the Board.

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Group Treasury and Investor Relations
Tel: +45 9730 8209

Download Company announcement (pdf)

Download Articles of association 2016 (pdf)

As per 23 March 2016, Vestas will adjust the threshold for wind turbine and service orders to be disclosed to the market via company announcements to 200 MW and EUR 200m, respectively.

Note: to receive news releases on orders below the threshold, subscribing to a new distribution service is necessary. Please see below for details.

As a listed company on Nasdaq Copenhagen, Vestas is obliged to ensure that everyone has equal access to essential information that may significantly affect the price of the Vestas share.

For wind turbine and service orders, the working definition that Vestas has followed as a general guideline until now has been to disclose firm and unconditional orders with a value in excess of DKK 500m (approx EUR 67m).

In light of the company’s growth since this threshold was defined and the actual impact observed on the Vestas share price of past announced orders, Vestas deems it appropriate to adjust the announcement policy accordingly.

Hence, as per 23 March 2016, Vestas will as a general rule disclose company announcements on all wind turbine orders with a total capacity of 200 MW or more.
For service orders, the corresponding threshold going forward will be EUR 200m.

It should be noted that this does not rule out that other factors deemed to have a significant impact on the Vestas share price can necessitate company announcements on orders below the mentioned threshold.

For orders received by the joint venture, MHI Vestas Offshore Wind A/S, for turbine types owned by the joint venture (i.e., on 8 MW platform orders), the new threshold will be 400 MW for wind turbine orders and EUR 400m for service orders, defined as before by the 50/50 percent split ownership.

News service
To ensure that Vestas Wind Systems A/S fulfils its stated obligations, Vestas uses Nasdaq Copenhagen's news distribution service (GlobeNewswire) for the distribution of all company announcements.

Going forward, the same distribution service will be used for Vestas’ news releases, while the previous RSS feed will be terminated. Vestas will continue announcing firm and unconditional orders via news releases per current practice, including for orders below the revised threshold for company announcements.

Important: If you wish to receive news releases from Vestas going forward (on orders below the new threshold and other news), you will need to subscribe anew (LINK). Previous subscriptions will not be automatically transferred to the new distribution service. If you have any questions to the new distribution service, please write to ir@vestas.com.

Subscriptions to company announcements will continue as before.

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Group Treasury and Investor Relations
Tel: +45 9730 8209
Email:  ir@vestas.com

Michael Zarin, Head of External Communications
Tel:  +45 4084 1526
Email:  mizar@vestas.com

Download Company announcement (pdf)

Final closing of the acquisition of Availon Holding GmbH has now taken place.

Following the approval from all relevant authorities, Vestas has today, as expected, completed the acquisition of Availon Holding GmbH, a leading European independent service provider, ref. company announcement No. 2/2016 of 20 January 2016.

Availon will from today be included in Vestas’ financials. The outlook for 2016 is maintained as the acquisition was incorporated in previously announced expectations.

Contact details
Hans Martin Smith, Senior Vice President, Investor Relations
Vestas Wind Systems A/S, Denmark
Tel: +45 9730 8209

To the shareholders of Vestas Wind Systems A/S

Pursuant to article 4 of the articles of association, you are hereby convened for the Annual General Meeting of Vestas Wind Systems A/S on Wednesday, 30 March 2016 at 1:00 p.m. (CET) at the Concert Hall Aarhus (Musikhuset Aarhus), Thomas Jensens Allé, 8000 Aarhus C, Denmark.

Download pdf

More information

In announcements nos. 36/2012 of 2 October 2012, 22/2013 of 24 May 2013 and 33/2015 of 24 June 2015, Vestas provided information on the disputes concerning Vestas' former CFO, Henrik Nørremark, RRB Energy Limited, and Eco RRB Infra Private Limited as regards financial transactions and project developments.
 
After successful negotiations among the parties, a confidential settlement has been concluded, which is conclusive and resolves all issues in dispute in multiple jurisdictions.
 
Consequently, the trial in Denmark and the pending cases in India, including the arbitration proceedings, have been and will be withdrawn.
 
The Chairman of Vestas' Board of Directors, Mr Bert Nordberg states: “A settlement has now been reached between the parties regarding the mentioned disputes which is agreeable to all parties.”

Contact details

Vestas Wind Systems A/S, Denmark

Michael Zarin, Head of External Communications & Media Relations
Tel: +45 4084 1526
Email: mizar@vestas.com

Hans Martin Smith, Senior Vice President, Investor Relations
Tel:  +45 9730 8209
Email: hamsm@vestas.com 

Download Company announcement (pdf)

Vestas has received a firm and unconditional order for 30 V112-3.45 MW and 248 V117-3.45 MW turbines with power optimised mode to 3.6 MW, to be used for six wind power plants in Norway, with a total capacity of 1001 MW (ref. Company announcement No. 6/2016 disclosed earlier today).

Additional information about the project:

Total year-to-date announced order intake in MW: 1,319 MW, (see vestas.com/investor).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209

Vestas Northern Europe,
Klaus Steen Mortensen, President

For more information, or to arrange an interview with Klaus Steen Mortensen, please contact:

Michael Zarin, Head of External Communications
Tel: +45 4084 1526

A news release from Vestas Northern Europe regarding the above-mentioned order will also be published on vestas.com under “Company News”.

Download company announcement (pdf)

Download news release (pdf)

Today, there is information in the market regarding Vestas and projects in Norway.

Vestas can confirm, that Fosen Vind DA, a joint venture company owned by Statkraft, TrønderEnergi, and the investor consortium Nordic Wind Power DA, has selected Vestas for the delivery of wind turbines for six wind power plants totalling 1 GW in Norway.

The projects replace the Fosen-Snillfjord projects, which were terminated last year in June (ref. Vestas Company announcement No. 30/2015 of 4 June 2015).

Signing of the contract has taken place, and the resulting firm and unconditional order is expected to be forthcoming relatively soon. Following standard practice, however, Vestas will only disclose a company announcement at the moment when there is a firm and unconditional order in accordance with Vestas’ definition.

Vestas discloses this announcement based on Vestas’ obligation as a Danish listed company, ref. the Securities Trading Act, section 27(2).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209

Download Company announcement (pdf)

Today, there is information in the market regarding MHI Vestas Offshore Wind having been appointed preferred supplier for an offshore project in Belgium.

Vestas can confirm that Norther NV (a joint venture between Eneco (50 percent) and Elicio NV (50 percent)) has appointed MHI Vestas Offshore Wind preferred supplier for delivery of the V164-8.0 MW turbine for the 370 MW Norther project in Belgium.

If and when the project translates into a firm and unconditional order, Vestas will disclose a company announcement about this.

Vestas discloses this announcement based on Vestas’ obligation as a Danish listed company, ref. the Securities Trading Act, section 27(2).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209

More information about this announcement can be found at http://www.mhivestasoffshore.com/media/.

Download pdf

Vestas has received a firm and unconditional order in the USA for 100 V110-2.0 MW turbines, totalling 200 MW.

Additional information about the project:

Total year-to-date announced order intake in MW: 318 MW, (see vestas.com/investor).

Contact details

Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209

Vestas-American Technology
Chris Brown, President

For more information, or to arrange an interview with Chris Brown, please contact:

Michael Zarin, Head of External Communications
Tel: +45 4084 1526

Download company announcement (pdf)

Yet another year with strong financial and operational results

Summary: For full-year 2015, revenue amounted to EUR 8.4bn, EBIT margin before special items was 10.2 percent, total net investments was EUR 425m, and the free cash flow amounted to EUR 1,047m. This is largely in line with the latest expectations to revenue of EUR 8.0bn-8.5bn, EBIT margin before special items of 9-10 percent, total investments of approx EUR 400m, and free cash flow around EUR 750m-950m. The activity level and earnings of the period were driven by the stable execution of strong order books for wind turbines and service, both of which continued to grow during the year as a result of solid execution and a favourable market environment.

The wind turbine order intake increased from 6,544 MW in 2014 to 8,943 MW in 2015 and the value of the service order backlog increased by EUR 1.9bn to EUR 8.9bn.

For 2016, Vestas expects revenue to amount to minimum EUR 9bn including service revenue, which is expected to grow. Vestas expects to achieve an EBIT margin before special items of minimum 11 percent with the service EBIT margin remaining stable.

Total net investments are expected to amount to approx EUR 500m (incl. the acquisition of Availon Holding GmbH), and the free cash flow is expected to be minimum EUR 600m (incl. the acquisition of Availon Holding GmbH) in 2016.

As a result of the strong performance during the year, the Board of Directors recommends to the Annual General Meeting that a dividend of DKK 6.82 per share, compared to DKK 3.90 last year, and equivalent to 29.9 percent of the net profit for the year, be distributed to the shareholders.

“In 2015, we executed well on our profitable growth strategy, delivering strong financial and operational results across the board and across the globe. Vestas met or exceeded its full-year 2015 guidance on revenue, EBIT margin, and free cash flow; and delivered double-digit margins and its highest ever net profit. We also secured our highest ever order intake, doing so across 34 countries on five continents, which bodes well for continued high activity levels in 2016. The 20,507 Vestas employees deserve special thanks for the tremendous efforts everyone has made to create these very positive results for the company and our shareholders,” says Anders Runevad, Group President & CEO.
 

Information meeting (audiocast)
On Tuesday, 9 February 2016 at 10 a.m. CET (9 a.m. GMT), Vestas will host an information meeting via an audiocast. The audiocast will be accessible via vestas.com/investor.

The meeting will be held in English and questions may be asked through a conference call. The telephone numbers for the conference call are:

Europe:  +44 203 008 9814
USA:   +1 646 722 4898
Denmark:  +45 3544 5576

Further details at vestas.com/en/investor. 

Presentation material for the information meeting will be available approx one hour before the meeting at vestas.com/en/investor.

Contact details
Vestas Wind Systems A/S, Denmark

Investors/analysts:
Hans Martin Smith, Senior Vice President, Investor Relations, Tel: +45 9730 8209

Media:
Michael Zarin, Head of External Communications, Tel: +45 4084 1526

Download Annual report 2015 (pdf)

Download Company announcement (pdf)

Download Shareholder information 01/2016 (pdf)

The acquisition strengthens Vestas’ capabilities to service a broad range of wind turbine technologies.

Vestas has today agreed to acquire Availon, a leading European independent service provider headquartered in Rheine, Germany, with approx 400 employees and a total capacity of more than 2.6 GW currently under service. Availon’s core market is Germany, while the company also has notable service activities in Austria, Italy, Portugal, Spain, Poland and the United States.

The transaction is subject to customary closing conditions, including approval from relevant competition authorities. Closing is expected to take place in the first quarter of 2016.

“Acquiring Availon is a natural next step in accelerating Vestas’ profitable growth strategy in the service business. Size and scale matter and the acquisition strengthens our capabilities to service most major turbine technologies and to capture market shares. Availon is a solid strategic fit and a great complement to our recent acquisition of UpWind Solutions in the United States”, says Group Senior Vice President Christian Venderby, Vestas Global Service. 

“We are very pleased to welcome Availon and our new colleagues to the Vestas organisation”, says Nils de Baar, President of Vestas Central Europe. “Germany is our largest market in Europe, and Availon’s strong performance here and elsewhere will expand our joint service portfolio and bolster our position as a leading global service partner. I look forward to working with Availon’s highly professional management team and to ensuring that we execute and expand our combined order backlog”. 

“Vestas and Availon share the same values in terms of safety, quality, customer satisfaction and reaching the highest availability possible. Combining forces will contribute to our jointly becoming the preferred fleetwide service partner for a wider range of customers and turbine technologies. We look forward to becoming part of such a passionate and forward-looking organisation”, says Availon’s CEO Ulrich Schomakers.

The acquisition price for Availon is EUR 88.0 million on a debt and cash free basis. The consideration will be paid in cash from readily available sources. For 2015 Availon is on a stand-alone basis expected to report consolidated revenues of EUR 59.8 million, normalised EBITDA of EUR 5.2 million and total assets of approx EUR 33.3 million. Availon will be included in Vestas’ financials from the time of closing.
 
Contact details

Hans Martin Smith, Senior Vice President, Investor Relations
Vestas Wind Systems A/S, Denmark
Tel:  +45 9730 8209

For more information, or to arrange an interview with Christian Venderby or Nils De Baar, please contact:

Michael Zarin, Head of External Communications
Tel:  +45 4084 1526
Email: mizar@vestas.com

Download Company announcement (pdf)

Vestas has received a 15-year extension to a service agreement for four wind power plants in California, with a total capacity of 570 MW.

Additional information:

Contact details:

Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209

Vestas-American Wind Technology
Chris Brown, President 

For more information, or to arrange an interview with Chris Brown, please contact:

Michael Zarin, Head of External Communications
Tel: +45 4084 1526

Download Company announcement (pdf)

Transactions made in the period 30 November – 4 December 2015.

On 5 November 2015, Vestas initiated a share buy-back programme, ref. Company announcement No. 54/2015. The programme is implemented in accordance with the provisions of European Commission Regulation no. 2273/2003 of 22 December 2003 (the Safe Harbour Regulation). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from employee share option programmes or other allocations of shares to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 1,120 million (approximately EUR 150 million) in the period from 5 November 2015 to 31 December 2015.

The following transactions have been made under the programme during the period 30 November – 4  December 2015:

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209 

Henrik Guldbæk Welch, Senior Vice President, Group Treasury
Tel.: +45 9730 8205

Download Company announcement (pdf)

Vestas has received a firm and unconditional order in the USA, comprising 51 V100-2.0 MW turbines combined with 30 V117-3.3 MW turbines, totalling 201 MW.

Additional information about the project:

Total year-to-date announced order intake in MW: 7,282 MW, (see vestas.com/investor).

Contact details

Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209

Vestas-American Technology
Chris Brown, President

For more information, or to arrange an interview with Chris Brown, please contact:

Michael Zarin, Head of External Communications
Tel: +45 4084 1526

Download company announcement (pdf)

Today, there is information in the market regarding Vestas and a 120 MW project in Morocco.

If and when the project translates into a firm and unconditional order in accordance with Vestas’ definition, Vestas will disclose a company announcement about this.

Vestas discloses this announcement based on Vestas’ obligation as a Danish listed company, ref. the Securities Trading Act, section 27(2).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209

Download pdf

Transactions made in the period 23 – 27 November 2015.

On 5 November 2015, Vestas initiated a share buy-back programme, ref. Company announcement No. 54/2015. The programme is implemented in accordance with the provisions of European Commission Regulation no. 2273/2003 of 22 December 2003 (the Safe Harbour Regulation). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from employee share option programmes or other allocations of shares to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 1,120 million (approximately EUR 150 million) in the period from 5 November 2015 to 31 December 2015.

The following transactions have been made under the programme during the period 23 – 27 November 2015:

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209 

Henrik Guldbæk Welch, Senior Vice President, Group Treasury
Tel.: +45 9730 8205

Download Company announcement (pdf)

Vestas has received a firm and unconditional order in the USA for 61 V126-3.3 MW turbines, with a total capacity of 200 MW.

Additional information about the project:

Total year-to-date announced order intake in MW: 7,081 MW, (see vestas.com/investor).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209

Vestas-American Technology
Chris Brown, President

For more information, or to arrange an interview with Chris Brown, please contact:

Michael Zarin, Head of External Communications
Tel: +45 4084 1526

A news release from Vestas-American Technology regarding the above-mentioned order will also be published on vestas.com under “Company News”.

Download company announcement (pdf)

Download news release (pdf) 

Transactions made in the period 16 – 20 November 2015.

On 5 November 2015, Vestas initiated a share buy-back programme, ref. Company announcement No. 54/2015. The programme is implemented in accordance with the provisions of European Commission Regulation no. 2273/2003 of 22 December 2003 (the Safe Harbour Regulation). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from employee share option programmes or other allocations of shares to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 1,120 million (approximately EUR 150 million) in the period from 5 November 2015 to 31 December 2015.

The following transactions have been made under the programme during the period 16 – 20 November 2015:

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209 

Henrik Guldbæk Welch, Senior Vice President, Group Treasury
Tel.: +45 9730 8205

Download Company announcement (pdf)

The employees of the Vestas Group's Danish companies have held the ordinary election for representatives for the Board of Directors according to the current Danish law on employee representation.

The following members were elected for the next four years:

The elected group representatives will join the Board of Directors of Vestas Wind Systems A/S following the Annual General Meeting on 30 March 2016.

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209

Download pdf

The employees of Vestas Wind Systems A/S have held the ordinary election for representation in the Board of Directors according to the current Danish law on employee representation.

The following members were elected for the next four years:

The elected employee representatives will join the Board of Directors of Vestas Wind Systems A/S following the Annual General Meeting on 30 March 2016. At the same time the former employee representative on the Board of Directors Kim Bredo Rahbek will resign.

On 19 November 2015, the ordinary election among the employees in the Vestas Group’s Danish companies will take place according to the current law on employee representation.

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209

Download pdf

On 5 November 2015, Vestas initiated a share buy-back programme, ref. Company announcement No. 54/2015. The programme is implemented in accordance with the provisions of European Commission Regulation no. 2273/2003 of 22 December 2003 (the Safe Harbour Regulation). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from employee share option programmes or other allocations of shares to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 1,120 million (approximately EUR 150 million) in the period from 5 November 2015 to 31 December 2015.

The following transactions have been made under the programme during the period 9 – 13 November 2015:

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209 

Henrik Guldbæk Welch, Senior Vice President, Group Treasury
Tel.: +45 9730 8205

Download Company announcement (pdf)

On 5 November 2015, Vestas initiated a share buy-back programme, ref. Company announcement No. 54/2015. The programme is implemented in accordance with the provisions of European Commission Regulation no. 2273/2003 of 22 December 2003 (the Safe Harbour Regulation). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from employee share option programmes or other allocations of shares to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 1,120 million (approximately EUR 150 million) in the period from 5 November 2015 to 31 December 2015.

The following transactions have been made under the programme: 

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209

Henrik Guldbæk Welch, Senior Vice President, Group Treasury
Tel.: +45 9730 8205

Download pdf

Vestas has received a firm and unconditional order in China, for two projects with a total capacity of 200 MW.

Additional information about the projects:

Total year-to-date announced order intake in MW: 6,811 MW, (see vestas.com/investor).

Contact details

Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209

Vestas Asia Pacific & China
Chris Beaufait, President

For more information, or to arrange an interview with Chris Beaufait, please contact:

Michael Zarin, Head of External Communications
Tel: +45 4084 1526

A news release from Vestas Asia Pacific & China regarding the above-mentioned order will also be published on vestas.com under “Company News”.

Download company announcement (pdf)

Download news release (pdf)

The Board of Directors of Vestas Wind Systems A/S has decided to initiate a share buy-back programme of up to DKK 1,120 million (approximately EUR 150 million) to be executed during the period 5 November 2015 to 31 December 2015.

The share buy-back programme is initiated pursuant to the authorisation granted to the Board of Directors by the Annual General Meeting on 30 March 2015, which authorises Vestas to acquire treasury shares at a nominal value not exceeding 10 percent of the share capital. The consideration for such shares may not deviate by more than 10 percent from the closing price quoted by Nasdaq Copenhagen at the time of purchase.

The buy-back will be structured in accordance with the EU Commission Regulation no. 2273/2003 of 22 December 2003 (the "Safe Harbour Regulation").

Purpose
The purpose of the share buy-back programme is to adjust Vestas’ capital structure and to meet the obligations arising from employee share option programmes or other allocations of shares to employees of Vestas.

At Vestas' annual general meeting in 2016, a resolution will be proposed that shares acquired, which are not used for hedging purposes of the ongoing incentives programmes, will be cancelled.

Time frame
The share buy-back programme will run from 5 November 2015 to 31 December 2015.

Terms
Vestas has appointed Nordea as lead manager for the share buy-back programme. Nordea will make its own trading decisions independently of and without influence or involvement from Vestas.

Under the share buy-back programme Vestas may repurchase shares up to a maximum amount of DKK 1,120 million, and no more than 19,268,107 shares, corresponding to 8.6 percent of the share capital of Vestas Wind Systems A/S.

No shares may be bought back at a price exceeding the higher of i) share price of latest independent trade and ii) the highest current independent bid at Nasdaq Copenhagen or other regulated markets, on which the purchase is carried out, at the time of trading.

The maximum number of shares that may be purchased on each business day may not exceed 25 percent of the average daily trading volume of shares on Nasdaq Copenhagen or other regulated markets, on which the purchase is carried out, over last 20 trading days prior to the date of purchase.

Prior to the share buy-back, Vestas holds 3,139,344 treasury shares, equal to 1.4 percent of the share capital.

Vestas is entitled to suspend or stop the programme at any time subject to an announcement to Nasdaq Copenhagen.

On a weekly basis, Vestas will issue an announcement in respect of transactions made under the programme.

Contact details
Vestas Wind Systems A/S, Denmark

Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209

Henrik Guldbæk Welch, Senior Vice President, Group Treasury
Tel: +45 9730 8205

Download Company announcement (pdf)

Revenue, earnings, and free cash flow increased compared to the third quarter of 2014. Outlook for 2015 upgraded on revenue, EBIT margin before special items, and free cash flow.

Summary
In the third quarter of 2015, Vestas generated revenue of EUR 2,120m – an increase of 17 percent compared to the year-earlier period. EBIT before special items increased by EUR 69m to EUR 232m. The EBIT margin before special items was 10.9 percent and the free cash flow increased by EUR 53m to EUR 158m compared to the third quarter of 2014.

The intake of firm and unconditional wind turbine orders amounted to 1,508 MW in the third quarter of 2015. The value of the wind turbine order backlog amounted to EUR 8.2bn at 30 September 2015. In addition to the wind turbine order backlog, Vestas had service agreements with contractual future revenue of EUR 8.2bn at the end of September 2015. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 16.4bn – an increase of EUR 3.0bn compared to the year-earlier period. 

Vestas upgrades the 2015 guidance of revenue from minimum EUR 7.5bn to EUR 8.0bn-8.5bn, EBIT margin before special items from minimum 8.5 percent to 9-10 percent, and free cash flow from minimum EUR 600m to EUR 800m-1,000m. The upgrades are based mainly on improved delivery visibility for the remainder of the year.

Group President & CEO Anders Runevad said: “Vestas has delivered another quarter with strong results on key financial and operational parameters. With greater clarity on deliveries for the remainder of the year and a very solid financial position, we are raising our guidance on revenue, EBIT margin, and free cash flow and initiating a share buy-back programme.  I am very pleased that year-on-year for orders, Vestas is growing in all regions, consistent with our profitable growth strategy.”

Key highlights

Earnings improved
EBIT before special items at 10.9 percent – up 1.9 percentage points compared to Q3 2014.

Combined backlog continues at high level
Wind turbine and service order backlog of EUR 16.4bn.

Return on invested capital (ROIC) continues strong upward trend
ROIC increased to 71 percent (TTM).

Guidance increased
Guidance for 2015 increased on revenue, EBIT margin, and free cash flow based mainly on delivery visibility for the remainder of the year.

Share buy-back programme
EUR 150m share buy-back programme to adjust capital structure.

Information meeting (audiocast)
On Thursday 5 November 2015 at 10 a.m. CET (9 a.m. GMT), Vestas will host an information meeting via an audiocast. The audiocast will be accessible via vestas.com/investor.

The meeting will be held in English and questions may be asked through a conference call.

The telephone numbers for the conference call are:

Europe: +44 203 428 1402
USA: +1 866 388 1923
Denmark: +45 8233 3176

Presentation material for the information meeting will be available approx one hour before the meeting at vestas.com/investor.

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President,
Investor Relations
Tel: +45 9730 8209

Download the interim financial report for Q3 2015

MHI Vestas Offshore Wind has received a firm and unconditional order for 50 V112-3.3 MW turbines for the Nobelwind offshore project in Belgium, with a total capacity of 165 MW, ref. Company announcement no. 2/2015 of 8 January 2015. Included in the contract between MHI Vestas Offshore Wind and customer Parkwind NW is a 15-year full-scope service agreement.

As the order comprises Vestas V112-3.3 MW turbines, the turbines will be supplied by Vestas Wind Systems A/S to MHI Vestas Offshore Wind and the order will enter into the backlog of Vestas Wind Systems A/S.
 
Additional information about the project (as supplied from Vestas to MHI Vestas Offshore Wind):

Total year-to-date announced order intake in MW: 6,208 MW, (see vestas.com/investor).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209

MHI Vestas Offshore Wind
Matt Whitby, Press Officer
Tel: +45 2250 7131
Email: matke@mhivestasoffshore.com

A news release regarding the above-mentioned order will also be published by MHI Vestas Offshore Wind on http://www.mhivestasoffshore.com/media/.

Download Company announcement (pdf)

Today, there is additional information in the market regarding the Navitus Bay project, an offshore project in the UK, for which MHI Vestas Offshore Wind was appointed preferred supplier earlier this year, ref. company announcement No. 25/2015 of 21 May 2015.

Vestas can confirm that Navitus Bay Development Limited has informed that it has decided not to challenge the decision by the UK Secretary of State to refuse consent for the proposed Navitus Bay project.  

As MHI Vestas Offshore Wind had only been appointed preferred supplier for the potential order and hence the project had not achieved status as a firm and unconditional order, the decision by Navitus Bay Development Limited will not impact the order backlog of MHI Vestas Offshore Wind.

Vestas discloses this announcement based on Vestas’ obligation as a Danish listed company, ref. the Securities Trading Act, section 27(2).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209

Download Company announcement (pdf)

More information about this announcement can be found at http://www.mhivestasoffshore.com/media/

MHI Vestas Offshore Wind is a joint venture between Vestas Wind Systems A/S (50 percent) and Mitsubishi Heavy Industries (MHI) (50 percent). The company’s sole focus is to design, manufacture, install and service wind turbines for the offshore wind industry.

MHI Vestas Offshore Wind
Matt Whitby, Press Officer
Tel: +45 2250 7131
Email: matke@mhivestasoffshore.com

Vestas has received a firm and unconditional order in Michigan, USA, for 72 V110-2.0 MW turbines, with a total capacity of 144 MW.

Additional information about the project:

Total year-to-date announced order intake in MW: 6,043 MW, (see vestas.com/investor).

Contact details

Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209

Vestas-American Technology
Chris Brown, President

For more information, or to arrange an interview with Chris Brown, please contact:

Michael Zarin, Head of External Communications
Tel: +45 4084 1526

Download company announcement (pdf)

Vestas has received a firm and unconditional order in the USA for 75 2.0 MW turbines, totalling 150 MW.

Additional information about the project:

Total year-to-date announced order intake in MW: 5,899 MW, (see vestas.com/investor).

Contact details

Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209

Vestas-American Technology
Chris Brown, President

For more information, or to arrange an interview with Chris Brown, please contact:

Michael Zarin, Head of External Communications
Tel: +45 4084 1526

Download company announcement (pdf)

Vestas has received a firm and unconditional order for 27 V126-3.45 MW turbines in Finland, comprising a total of 93 MW.

Additional information about the project:

Total year-to-date announced order intake in MW: 5,749 MW, (see vestas.com/investor).

Contact details

Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209

Vestas Northern Europe
Klaus Steen Mortensen, President

For more information, or to arrange an interview with Klaus Steen Mortensen, please contact:

Michael Zarin, Head of External Communications
Tel: +45 4084 1526

A news release from Vestas Northern Europe regarding the above-mentioned order will also be published on vestas.com under “Company News”.

Download company announcement (pdf)

Download news release (pdf)

Vestas has received a firm and unconditional order for 70 V110-1.8 MW turbines for a project in Thailand, with a total capacity of 126 MW.

Additional information about the project:

Total year-to-date announced order intake in MW: 5,656 MW, (see vestas.com/investor).

Contact details

Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209

Vestas Asia Pacific & China
Chris Beaufait, President

For more information, or to arrange an interview with Chris Beaufait, please contact:

Michael Zarin, Head of External Communications
Tel: +45 4084 1526

A news release from Vestas Asia Pacific & China regarding the above-mentioned order will also be published on vestas.com under “Company News”.

Download company announcement (pdf)

Download news release (pdf)

Vestas has received a firm and unconditional order for 100 V100-2.0 MW turbines in North Dakota, USA, with a total capacity of 200 MW (ref. company announcement No. 40/2015 of 9 July 2015).

Additional information about the project:

Total year-to-date announced order intake in MW: 5,506 MW, (see vestas.com/investor).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209 

Vestas-American Wind Technology
Chris Brown, President 

For more information, or to arrange an interview with Chris Brown, please contact:

Michael Zarin, Head of External Communications
Tel: +45 4084 1526

A news release from Vestas-American Wind Technology regarding the above-mentioned order will also be published on vestas.com under “Company News”.

Download company announcement (pdf)

Download news release (pdf)

Vestas has received a firm and unconditional order for 35 V110-2.0 MW turbines in Uruguay, with a total capacity of 70 MW.

Additional information about the project:

Total year-to-date announced order intake in MW: 5,266 MW, (see vestas.com/investor).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209

Vestas Mediterranean
Marco Graziano, President 

For more information, or to arrange an interview with Marco Graziano, please contact:

Michael Zarin, Head of External Communications
Tel: +45 4084 1526

A news release from Vestas Mediterranean  regarding the above-mentioned order will also be published on vestas.com under “Company News”.

Download company announcement (pdf)

Download news release (pdf)

Vestas has received a firm and unconditional order in Finland, comprising 22 V117-3.3 MW turbines, with a total capacity of 73 MW.

Additional information about the project:

Total year-to-date announced order intake in MW: 5,163 MW, (see vestas.com/investor).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209

Vestas Northern Europe,
Klaus Steen Mortensen, President

For more information, or to arrange an interview with Klaus Steen Mortensen, please contact:

Michael Zarin, Head of External Communications
Tel: +45 4084 1526

A news release from Vestas Northern Europe regarding the above-mentioned order will also be published on vestas.com under “Company News”.

Download company announcement (pdf)

Download news release (pdf)

Today there is additional information in the market regarding an offshore project in Germany (ref. company announcement No. 31/2015 of 10 June 2015).

Vestas can confirm that DONG Energy and MHI Vestas Offshore Wind have entered into a conditional agreement regarding delivery of the V164-8.0 MW turbine for the 450 MW Borkum Riffgrund II project in Germany.

If and when the project translates into a firm and unconditional order, Vestas will disclose a company announcement about this.

Vestas discloses this announcement based on Vestas’ obligation as a Danish listed company, ref. the Securities Trading Act, section 27(2).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209

More information about this announcement can be found at http://www.mhivestasoffshore.com/media/.

MHI Vestas Offshore Wind is a joint venture between Vestas Wind Systems A/S (50 percent) and Mitsubishi Heavy Industries (MHI) (50 percent). The company’s sole focus is to design, manufacture, install and service wind turbines for the offshore wind industry.

MHI Vestas Offshore Wind
Matt Whitby, Press Officer
Tel: +45 2250 7131
Email: matke@mhivestasoffshore.com

Download Company announcement (pdf)

Revenue, earnings, and free cash flow increased compared to the second quarter of 2014. Outlook for 2015 maintained.

Summary: In the second quarter of 2015, Vestas generated revenue of EUR 1,749m – an increase of 30 percent compared to the year-earlier period. EBIT before special items increased by EUR 41m to EUR 145m. The EBIT margin before special items was 8.3 percent and the free cash flow increased by EUR 204m to EUR 183m compared to the second quarter of 2014.

The intake of firm and unconditional wind turbine orders amounted to 3,018 MW in the second quarter of 2015. The value of the wind turbine order backlog amounted to EUR 8.8bn at 30 June 2015. In addition to the wind turbine order backlog, Vestas had service agreements with contractual future revenue of EUR 8.1bn at the end of June 2015. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 16.9bn – an increase of EUR 3.0bn compared to the year-earlier period.

Vestas maintains its full-year guidance of revenue of minimum EUR 7.5bn, an EBIT margin before special items of minimum 8.5 percent, total investments of approx EUR 350m, and free cash flow of minimum EUR 600m.

Group President & CEO Anders Runevad said: “Vestas continued to execute well on our strategy in the second quarter of 2015, delivering a strong result on our key financial and operational parameters. Order intake was particularly strong, and with a combined order backlog of EUR 16.9bn we are well-positioned for the future. I am very pleased with our employees’ performance across the globe, which secures Vestas’ position as the wind industry leader. The profitable growth strategy is firmly on track as we leverage our key strengths – global reach, technology & service leadership, and scale”.

Key highlights

Very strong order intake in the quarter
Order intake in Q2 2015 reached 3,018 MW – up 56 percent.

Largest combined order backlog ever
Wind turbine and service order backlog of EUR 16.9bn.

Return on invested capital (ROIC) remains at record high level
ROIC increased to 55 percent (TTM).

Earnings continue to improve
EBIT before special items of EUR 145m – up 39 percent – equal to a margin of 8.3 percent.

Continued strong cash flow
Free cash flow of EUR 183m strongly impacted by an increase in the cash flow from operating activities.

Information meeting (audiocast)
Today, Wednesday 19 August 2015, at 10 a.m. CEST (9 a.m. BST), Vestas will host an information meeting via an audiocast. The audiocast will be accessible via vestas.com/investor.

The meeting will be held in English and questions may be asked through a conference call. The telephone numbers for the conference call are:

Europe: +44 203 428 1408
USA: +1 866 388 1923
Denmark: +45 8233 3178

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209

Vestas Wind Systems A/S
Hedeager 42
8200 Aarhus N
Denmark

Company reg. No.: 10 40 37 82
Tel: +45 9730 0000
Fax: +45 9730 0001
vestas@vestas.com

Download the interim financial report for Q2 2015

Vestas has received a firm and unconditional order in the USA, consisting of 50 V110-2.0 MW turbines, with a total capacity of 100 MW.

Additional information about the project:

Total year-to-date announced order intake in MW: 4,435 MW, (see vestas.com/investor).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209

Vestas-American Wind technology
Chris Brown, President 

For more information, or to arrange an interview with Chris Brown, please contact:

Michael Zarin, Head of External Communications
Tel: +45 4084 1526

Download company announcement (pdf)

Today there is information in the market regarding a project in North Dakota, USA, owned by Xcel Energy and with a potential of up to 200 MW.

If and when the project translates into a firm and unconditional order in accordance with Vestas’ definition, Vestas will disclose a company announcement about this.

Vestas discloses this announcement based on Vestas’ obligation as a Danish listed company, ref. the Securities Trading Act, section 27(2).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel.: +45 9730 8209

Download pdf

Vestas has received a firm and unconditional order in the USA for 54 V110-2.0 MW turbines, totalling 108 MW.

Additional information about the project:

Total year-to-date announced order intake in MW:  4,217 MW, (see overview at: vestas.com/investor).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209

Vestas-American Technology
Chris Brown, President 

For more information, or to arrange an interview with Chris Brown, please contact:

Michael Zarin, Head of External Communications
Tel: +45 4084 1526

Download company announcement (pdf)

Vestas has received a firm and unconditional order in the USA for 83 V117-3.3 MW turbines corresponding to 274 MW.

Additional information about the project:

Total year-to-date announced order intake in MW: 4,109 MW, (see vestas.com/investor).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209

Vestas-American Wind Technology
Chris Brown, President

For more information, or to arrange an interview with Chris Brown, please contact:

Michael Zarin, Head of External Communications
Tel: +45 4084 1526

A news release from Vestas-American Wind Technology regarding the above-mentioned order will also be published on vestas.com under “Company News”.

Download company announcement (pdf)

Download news release (pdf)

Vestas has received a firm and unconditional order in the USA for 47 V112-3.3 MW turbines, with a total capacity of 155 MW.

Additional information about the project:

Total year-to-date announced order intake in MW: 3,835 MW, (see vestas.com/investor).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209

Vestas-American Wind Technology
Chris Brown, President

For more information, or to arrange an interview with Chris Brown, please contact:

Michael Zarin, Head of External Communications
Tel: +45 4084 1526

A news release from Vestas-American Wind Technology regarding the above-mentioned order will also be published on vestas.com under “Company News”.

Download company announcement (pdf)

Download news release (pdf)

Today, there is information in the market regarding MHI Vestas Offshore Wind having been appointed preferred supplier for an offshore project in Denmark.

Vestas can confirm that Vattenfall has appointed MHI Vestas Offshore Wind preferred supplier for delivery of the V164-8.0 MW turbine for the 400 MW Horns Rev 3 project in Denmark.

If and when the project translates into a firm and unconditional order, Vestas will disclose a company announcement about this.

Vestas discloses this announcement based on Vestas’ obligation as a Danish listed company, ref. the Securities Trading Act, section 27(2).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel.: +45 9730 8209

More information about this announcement can be found at http://www.mhivestasoffshore.com/media/.

MHI Vestas Offshore Wind is a joint venture between Vestas Wind Systems A/S (50 per cent) and Mitsubishi Heavy Industries (MHI) (50 per cent). The company’s sole focus is to design, manufacture, install and service wind turbines for the offshore wind industry.

MHI Vestas Offshore Wind
Matt Whitby, Press Officer
Tel.: +45 2250 7131
Email: matke@mhivestasoffshore.com

Download Company announcement (pdf)

Vestas has received a firm and unconditional order for 56 V117-3.3 MW turbines for a project in Chile, totalling 185 MW (ref. company announcement No. 22/2015 of 18 May 2015).

Additional information about the project:

Total year-to-date announced order intake in MW: 3,608 MW, (see vestas.com/investor).

Contact details

Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209

Vestas Mediterranean
Marco Graziano, President

For more information, or to arrange an interview with Marco Graziano, please contact:

Michael Zarin, Head of External Communications
Tel: +45 4084 1526

Download company announcement (pdf)

Vestas has received a firm and unconditional order in Texas, USA, for 75 V100-2.0 MW turbines, totalling 150 MW.

Additional information about the project:

Total year-to-date announced order intake in MW: 3,357 MW, (see vestas.com/investor).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel.: +45 9730 8209

Vestas-American Wind Technology
Chris Brown, President 

For more information, or to arrange an interview with Chris Brown, please contact:

Michael Zarin, Head of External Communications
Tel: +45 4084 1526

A news release from Vestas-American Wind Technology regarding the above-mentioned order will also be published on vestas.com under “Company News”.

Download company announcement (pdf)

Download news release (pdf)

The Danish State Prosecutor for Serious Economic and International Crime (the Fraud Squad) has informed Vestas that it will not pursue criminal charges against former Vestas CFO Henrik Nørremark in the matter relating to financial transactions with a former Indian cooperation partner, ref. company announcements No. 36/2012 of 2 October 2012 and No. 22/2013 of 24 May 2013. 

The Fraud Squad has said it has not been able to identify sufficiently compelling evidence to lead to a conviction, c.f. the Danish Procedural Act §721, article 1 no. 2. 

Vestas and the company’s external advisors completed several comprehensive investigations of the case without being able to conclude what the money in question had been spent on or why the transactions had been made.  To determine if criminal violations had taken place, Vestas referred the case to the Fraud Squad for further investigation. As was the case for Vestas, the Fraud Squad has been unable to determine what happened to the money after it was transferred to India.

Despite the decision regarding criminal charges, Vestas continues to believe that by entering into these agreements, the former CFO significantly exceeded his powers as Group Executive. As such, the civil cases between Vestas and the former CFO in the Aarhus and Indian courts will remain unaffected.

Contact details

Vestas Wind Systems A/S, Denmark

Michael Zarin, Head of External Communications & Media Relations
Tel: +45 4084 1526
Email: mizar@vestas.com

Hans Martin Smith, Senior Vice President, Investor Relations
Tel:  +45 9730 8209
Email: hamsm@vestas.com

Download Company announcement (pdf)

Vestas can confirm that DONG Energy and MHI Vestas Offshore Wind have entered into a conditional agreement regarding phase 1 of the Walney Extension Offshore Wind Farm, comprising 330 MW.

Today there is additional information in the market regarding an offshore project in the UK (ref. company announcement No. 9/2015 of 18 February 2015).

Vestas can confirm that DONG Energy and MHI Vestas Offshore Wind have entered into a conditional agreement regarding phase 1 of the Walney Extension Offshore Wind Farm, comprising 330 MW.

If and when the project translates into a firm and unconditional order, Vestas will disclose a company announcement about this.

Vestas discloses this announcement based on Vestas’ obligation as a Danish listed company, ref. the Securities Trading Act, section 27(2).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel.: +45 9730 8209

MHI Vestas Offshore Wind is a joint venture between Vestas Wind Systems A/S (50 percent) and Mitsubishi Heavy Industries (MHI) (50 percent). The company’s sole focus is to design, manufacture, install and service wind turbines for the offshore wind industry.

MHI Vestas Offshore Wind
Matt Whitby, Press Officer
Tel.: +45 2250 7131
Email: matke@mhivestasoffshore.com

Download Company announcement (pdf)

Today, there is information in the market regarding MHI Vestas Offshore Wind being appointed preferred supplier for an offshore project.

Vestas can confirm that DONG Energy A/S has appointed MHI Vestas Offshore Wind preferred supplier for delivery of the V164-8.0 turbine for the 450 MW Borkum Riffgrund II project in Germany.

If and when the project translates into a firm and unconditional order, Vestas will disclose a company announcement about this.

Vestas discloses this announcement based on Vestas’ obligation as a Danish listed company, ref. the Securities Trading Act, section 27(2).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209

More information about this announcement can be found at http://www.mhivestasoffshore.com/media/.

MHI Vestas Offshore Wind is a joint venture between Vestas Wind Systems A/S (50 percent) and Mitsubishi Heavy Industries (MHI) (50 percent). The company’s sole focus is to design, manufacture, install and service wind turbines for the offshore wind industry.

Matt Whitby, Press Officer
MHI Vestas Offshore Wind
Tel: +45 2250 7131
Mail: matke@mhivestasoffshore.com

Download Company announcement (pdf)

Today, there is information in the market regarding six planned wind power plants in Norway, where Vestas was appointed preferred supplier, ref. company announcement No. 3/2015 of 19 January 2015.Vestas can confirm that Statkraft has informed Vestas that Statkraft has decided not to invest in these projects.

Vestas discloses this announcement based on Vestas’ obligation as a Danish listed company, ref. the Securities Trading Act, section 27(2).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel.: +45 9730 8209

Download Company announcement (pdf)

Vestas Wind Systems A/S has signed a new EUR 1.050bn revolving credit facility, available for loans as well as project-related guarantees (sub-limit for loans of up to EUR 500m).

The new facility has a five-year duration with an option (at the lenders’ discretion) to extend the maturity for up to two additional years (5+1+1). The facility refinances the existing EUR 1.000bn revolving credit facility dated 31 March 2014 (ref.Company announcement no. 15/2014) and enables Vestas to extend the company’s debt maturity profile at favourable pricing and terms.

The facility was arranged by seven banks comprising Nordea, HSBC, SEB, DNB, Unicredit, Société Générale, and Citigroup.

Contact details
Vestas Wind Systems A/S, Denmark

Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209

Henrik Guldbæk Welch, Senior Vice President, Group Treasury
Tel: +45 9730 8205

Download Company announcement (pdf)

Vestas has received a firm and unconditional order in Mexico for 30 V112-3.3 MW turbines, with a total capacity of 99 MW.

Additional information about the project:

Total year-to-date announced order intake in MW: 3,167 MW, (see vestas.com/investor).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209

Vestas Mediterranean
Marco Graziano, President

For more information, or to arrange an interview with Marco Graziano, please contact:

Michael Zarin, Head of External Communications
Tel: +45 4084 1526

A news release from Vestas Mediterranean regarding the above-mentioned order will also be published on vestas.com under “Company News”.

Download company announcement (pdf)

Download news release (pdf)

Vestas has received a firm and unconditional order in Turkey, comprising 25 V126-3.3 MW turbines, with a total capacity of 82.5 MW.

Additional information about the project:

Total year-to-date announced order intake in MW: 3,068 MW, (see vestas.com/investor).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209

Vestas Mediterranean
Marco Graziano, President

For more information, or to arrange an interview with Marco Graziano, please contact:

Michael Zarin, Head of External Communications
Tel: +45 4084 1526

A news release from Vestas Mediterranean regarding the above-mentioned order will also be published on vestas.com under “Company News”.

Download company announcement (pdf)

Download news release (pdf)

Vestas has received a firm and unconditional order in Poland, comprising 25 V126-3.3 MW turbines, with a total capacity of 83 MW.

Additional information about the project:

Total year-to-date announced order intake in MW: 2,985 MW, (see vestas.com/investor).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel.: +45 9730 8209

Vestas Northern Europe, Sweden
Klaus Steen Mortensen, President

For more information, or to arrange an interview with Klaus Steen Mortensen, please contact:

Michael Zarin, Head of External Communications
Tel: +45 4084 1526

A news release from Vestas Northern Europe regarding the above-mentioned orderwill also be published on vestas.com under “Company News”.

Download company announcement (pdf)

Download news release (pdf)

Today, there is information in the market regarding MHI Vestas Offshore Wind being appointed preferred supplier for an offshore project.

Vestas can confirm that Navitus Bay Development Limited has appointed MHI Vestas Offshore Wind preferred supplier for the delivery of V164-8.0 MW turbines for an offshore project in the UK with a potential of up to 970 MW.

If and when the project translates into a firm and unconditional order, Vestas will disclose a company announcement about this.

Vestas discloses this announcement based on Vestas’ obligation as a Danish listed company, ref. the Securities Trading Act, section 27(2).

More information about this announcement can be found at http://www.mhivestasoffshore.com/media/.

MHI Vestas Offshore Wind is a joint venture between Vestas Wind Systems A/S 50% and Mitsubishi Heavy Industries (MHI) 50%. The company’s sole focus is to design, manufacture, install and service wind turbines for the offshore wind industry.

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel.: +45 9730 8209

Stewart Mullin, Director of Marketing & Communication
MHI Vestas Offshore Wind
Tel: +45 22461230 
Mail: stmin@mhivestasoffshore.com

Download Company announcement (pdf)

Today there is information in the market regarding a project in the USA, developed by RES Americas and with a potential of up to 150 MW.

If and when the project translates into a firm and unconditional order in accordance with Vestas’ definition, Vestas will disclose a company announcement about this.

Vestas discloses this announcement based on Vestas’ obligation as a Danish listed company, ref. the Securities Trading Act, section 27(2).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel.: +45 9730 8209

Download Company announcement (pdf)

MHI Vestas Offshore Wind has received a firm and unconditional order for 116 V112-3.45 MW turbines for the Rampion offshore project in the UK, with a total capacity of 400 MW.

As it comprises Vestas V112-3.45 MW turbines, the turbines will be supplied by Vestas Wind Systems A/S to MHI Vestas Offshore Wind and the order will enter into the backlog of Vestas Wind Systems A/S.
 
Additional information about the project (as supplied from Vestas to MHI Vestas Offshore Wind):

Total year-to-date announced order intake in MW: 2,902 MW (see overview at vestas.com/investor).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209

Stewart Mullin, Director of Marketing and Communications
MHI Vestas Offshore Wind
Tel: +45 22461230
Mail: stmin@mhivestasoffshore.com

A news release regarding the above-mentioned order will also be published by MHI Vestas Offshore Wind on http://www.mhivestasoffshore.com/media/.

Download company announcement (pdf)

Today there is information in the market regarding a project in Chile comprising 185 MW.

As soon as the project translates into a firm and unconditional order in accordance with Vestas’ definition, Vestas will disclose a company announcement about this.

Vestas discloses this announcement based on Vestas’ obligation as a Danish listed company, ref. the Securities Trading Act, section 27(2).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel.: +45 9730 8209

Download Company announcement (pdf)

Vestas has received a firm and unconditional order in Mexico for 45 V117-3.3 MW turbines, corresponding to 149 MW.

Additional information about the project

Total year-to-date announced order intake in MW: 2,502 MW, (see vestas.com/investor).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel.: +45 9730 8209 

Vestas Mediterranean
Marco Graziano, President

For more information, or to arrange an interview with Marco Graziano, please contact:

Michael Zarin, Head of External Communications
Tel: +45 4084 1526

A news release from Vestas Mediterranean regarding the above-mentioned order will also be published on vestas.com under “Company News”.

Download company announcement (pdf)

Download news release (pdf)

Outlook for 2015 improved. Revenue, earnings, and free cash flow increased compared to the first quarter of 2014.

Summary: In the first quarter of 2015, Vestas generated revenue of EUR 1,519m – an increase of 18 percent compared to the year-earlier period. EBIT before special items increased by EUR 39m to EUR 79m. The EBIT margin before special items was 5.2 percent and the free cash flow increased by EUR 170m to EUR 146m compared to the first quarter of 2014.

The intake of firm and unconditional wind turbine orders amounted to 1,750 MW in the first quarter of 2015. The value of the wind turbine backlog amounted to EUR 7.5bn at 31 March 2015. In addition to the wind turbine order backlog, Vestas had service agreements with contractual future revenue of EUR 7.5bn at the end of March 2015. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 15bn – an increase of EUR 1.2bn compared to the year-earlier period.

Vestas upgrades the 2015 guidance on revenue from minimum EUR 6.5bn to minimum EUR 7.5bn and EBIT margin guidance before special items is upgraded from minimum 7 percent to minimum 8.5 percent. Total investments are increased from approx EUR 300m to approx EUR 350m and guidance on free cash flow is upgraded from minimum EUR 400m to minimum EUR 600m.

Group President & CEO Anders Runevad said:  “This has been a historically strong first quarter on revenue, margins, order intake, and return on invested capital. The first quarter results reaffirm that Vestas is making good progress toward achieving its profitable growth objectives and that we are in a very strong position in an otherwise highly competitive industry.”

Key highlights

Record-high Q1 order intake
Order intake in the quarter 1,750 MW.

Highest combined order backlog ever
Wind turbine and service order backlog of EUR 15bn.

Return on invested capital (ROIC) at highest level ever
ROIC increased to 44 percent (TTM).

Earnings improved – highest Q1 ever
EBIT margin before special items at 5.2 percent – up 2.1 percentage points compared to Q1 2014.

Guidance increased
Guidance for 2015 has been increased based on higher than expected order intake year to date, greater visibility for the year, and USD exchange rate development.
 

Information meeting (audiocast)
Today, Wednesday 6 May 2015, at 10 a.m. CEST (9 a.m. BST), Vestas will host an information meeting via an audiocast. The audiocast will be accessible via vestas.com/investor.

The meeting will be held in English and questions may be asked through a conference call.

The telephone numbers for the conference call are:

Europe: +44 208 817 9301
USA: +1 718 354 1226
Denmark: +45 7026 5040

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209

Vestas Wind Systems A/S
Hedeager 42
8200 Aarhus N
Denmark

Company reg. No.: 10 40 37 82
Tel: +45 9730 0000
Fax: +45 9730 0001
vestas@vestas.com

Download the interim financial report for Q1 2015

Vestas has received a firm and unconditional order in Kansas, USA, for 36 V110-2.0 MW turbines, with a total of 72 MW.

Additional information about the project

Total year-to-date announced order intake in MW: 1,935 MW (see overview at vestas.com/investor).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel.: +45 9730 8209

Vestas-American Wind Technology
Chris Brown, President 

For more information, or to arrange an interview with Chris Brown, please contact:

Michael Zarin, Head of External Communications
Tel: +45 4084 1526

A news release from Vestas-American Wind Technology regarding the above-mentioned order will also be published on vestas.com under “Company News”.

Download company announcement (pdf)

Download news release (pdf)

Vestas has received a firm and unconditional order in Nebraska, USA, for 200 V110-2.0 MW turbines, with a total of 400 MW.

Additional information about the project

Total year-to-date announced order intake in MW: 1,830 MW, (see vestas.com/investor).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel.: +45 9730 8209

Vestas-American Wind Technology
Chris Brown, President 

For more information, or to arrange an interview with Chris Brown, please contact:

Michael Zarin, Head of External Communications
Tel: +45 4084 1526

A news release from Vestas-American Wind Technology regarding the above-mentioned order will also be published on vestas.com under “Company News”.

Download company announcement (pdf)

Download news release (pdf)

Vestas has received a firm and unconditional order in Minnesota, USA, for 39 V110-2.0 MW turbines, totalling 78 MW.

Additional information about the project

Total year-to-date announced order intake in MW: 1,410 MW (see overview at vestas.com/investor).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel.: +45 9730 8209

Vestas-American Wind Technology
Chris Brown, President 

For more information, or to arrange an interview with Chris Brown, please contact:

Michael Zarin, Head of External Communications
Tel: +45 4084 1526

A news release from Vestas-American Wind Technology regarding the above-mentioned order will also be published on vestas.com under “Company News”.

Download company announcement (pdf)

Download news release (pdf)

At the annual general meeting held on 30 March 2015, the revised remuneration policy and general guidelines for incentive pay for the Board of Directors and the Executive Management of Vestas Wind Systems A/S were adopted. 
The Board of Directors has subsequently set out the terms and conditions governing the restricted performance share programme for the year 2015 for all participants, including the Executive Management. The new share-based incentive programme is an adjustment of the previous programmes and will still be based on restricted performance shares. The programme is adjusted to a performance period of three years replacing the previous one-year performance period and a performance measurement based on financial key performance indicators as well as the Vestas Group’s market share as defined by the Board of Directors. 

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel.: +45 9730 8209

Download company announcement (pdf)

Vestas has received information from Marathon Asset Management LLP, UK, that Marathon Asset Management LLP has reduced its holding of Vestas to 10,968,018 shares, corresponding to 4.89 per cent of Vestas’ share capital.

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel.: +45 9730 8209

Download Company announcement (pdf)

The Annual General Meeting of Vestas Wind Systems A/S has been held today.

Agenda and resolutions

1. The Board of Directors’ report on the company’s activities the past year
The report is not a subject for voting. The Annual General Meeting took note of the report.   

2. Presentation and adoption of the annual report
The annual report 2014 was approved.

3. Resolution for the allocation of the result of the year according to the adopted annual report
The Board of Directors’ proposal for allocation of the result of the year, including the proposal for a dividend of DKK 3.90 per share to be paid out for 2014, was approved.

4. Election to the Board of Directors
Bert Nordberg, Carsten Bjerg, Eija Pitkänen, Henrik Andersen, Henry Sténson, Lars Josefsson, Lykke Friis and Torben Ballegaard Sørensen were elected as members of the board.

5. Adoption of the remuneration of the Board of Directors

5.1. Approval of the final remuneration of the Board of Directors for 2014
The Board of Directors proposed that the remuneration of the Board of Directors and the members of board committees remain unchanged as approved by the general meeting in 2014. The final remuneration of the Board of Directors and the members of the board committees for 2014 was approved.

5.2. Approval of the level of remuneration of the Board of Directors for 2015
The Board of Directors proposed that the level of remuneration for 2015 be based upon a basic remuneration of EUR 52,763 per board member as well as a remuneration of EUR 26,382 per membership of one of the board committees. The proposal implies an increase of 10 per cent. The proposal was approved.

6. Appointment of auditor
PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab was re-appointed as auditor of the company.

7. Proposals from the Board of Directors

7.1. Amendment of article 4(4) of the articles of association
The article is amended so that a notice convening a general meeting shall not be announced in a national daily newspaper. The notice will be published on the company’s website. The amendment was approved.

7.2. Amendment of article 10(1) of the articles of association
The article is amended so that joint signatures of two members of the Executive Management can bind the company. The amendment was approved.

7.3. Adoption of remuneration policy for the Board of Directors and the Executive Management
The remuneration policy for the Board of Directors and the Executive Management was approved.

7.4. Adoption of general guidelines for incentive pay of the Board of Directors and the Executive Management
The guidelines for incentive pay were approved.

7.5. Renewal of the authorisation to acquire treasury shares
The Board of Directors’ authorisation to let the company acquire treasury shares corresponding to 10 per cent of the share capital in the period until next annual general meeting was approved.

8. Authorisation of the chairman of the general meeting
The chairman (with a right of substitution) was authorised to file and register the adopted resolutions with the Danish Business Authority and make such amendments as requested by the Danish Business Authority.

- - - - - - -

After the Annual General Meeting, the Board of Directors held a statutory board meeting. At the meeting, Bert Nordberg was re-elected as chairman of the Board and Lars Josefsson was re-elected as deputy chairman of the Board.

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel.: +45 9730 8209

Download Company announcement (pdf)

Download Articles of Association 2015 (pdf)

Vestas has received a firm and unconditional order in Sweden, comprising 37 V117-3.3 MW turbines, with a total capacity of 122 MW.

Additional information about the project:

Total year-to-date announced order intake in MW: 1,109 MW (see overview at vestas.com/investor).

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Investor Relations
Tel.: +45 9730 8209