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Outlook

Outlook 2018
Revenue is expected to range between EUR 10bn and 11bn, including service revenue, which is expected to grow. Vestas expects to achieve an EBIT margin of 9-11 percent with the service EBIT margin remaining stable.  

Total investments* are expected to amount to approx. EUR 500m, and free cash flow* is expected to be minimum EUR 400m in 2018. 

It should be emphasised that Vestas’ accounting policies only allow the recognition of revenue when the control has passed to the customer, either at a point in time or over time. Disruptions in production and challenges in relation to shipment of wind turbines and installation hereof, for example bad weather, lack of grid connections, and similar matters, may thus cause delays that could affect Vestas’ financial results for 2018. Further, movements in exchange rates from current levels may also impact Vestas’ financial results for 2018.

Revenue (bnEUR)

  10-11

EBIT margin (%)

9-11

Total investments* (mEUR)

approx. 500

Free cash flow* (mEUR)

min. 400

*) Excl. the acquisition of Utopus Insights, Inc., any investments in marketable securities, and short-term financial investments.

Updated long-term financial ambitions
Vestas envisions market conditions which in the long term will reflect wind power having achieved merchant levels in the vast majority of markets. The wind industry is undergoing a transition towards a more mature, unsubsidised renewable energy industry. This transition leads to a highly competitive market, and will likely drive a further consolidation in the industry. Beyond the transition, a matured market for wind energy creates opportunities for Vestas to leverage and strengthen its leadership position.  

Within this context, Vestas is able to present updated long-term financial ambitions that reflect its projection for market conditions and the presumed result of its strategy – including initiatives that are currently being undertaken. 

During the transition, revenue in the Service business is expected to grow organically by at least 10 percent annually, with stable EBIT-margins compared to 2017.     

Long-term financial ambitions

Revenue

Grow faster than the market and be market leader in revenue

EBIT margin

At least 10 percent

Free cash flow

Positive each year

ROIC

Double-digit each year over the cycle

 

Financial reports

Vestas publishes its financial results four times a year through one annual report and three quarterly reports. The reports are published in English and are available for download via links below. You can see the dates for upcoming reports in the financial calendar. On the day of the disclosure, Vestas will host an earnings call/ live audiocast with a presentation of the results. 

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    Financial reports 2018

      Online version   Download pdf Audiocast 
    First quarter 2018
    4 May 2018
        Audiocast details
    Second quarter 2018
    15 August 2018
     
     
    Third quarter 2018
    7 November 2018
     
     
    Annual report 2018

       
     

    Financial reports 2017

       Online version  Download pdf  Audiocast
    First quarter 2017
    5 May 2017
     Interim financial report
     Interim financial report
     Investor presentation
     Link
    Second quarter 2017
    17 August 2017
     Interim financial report
     Shareholder information
     Interim financial report
     Investor presentation
     Link
    Third quarter 2017
    9 November 2017
     Interim financial report Interim financial report
    Investor presentation
     Link
    Annual report 2017
    7 February 2018
     Annual report
     Shareholder information
    Annual report
    Investor presentation
     Link

     

    Financial reports 2016

     

    Online version

    Download pdf

    Audiocast

    First quarter 2016
    29 April 2016

    Link

    Interim financial report
    Investor presentation
    Track record
    Link
    Second quarter 2016
    18 August 2016 
    Link Interim financial report
    Investor presentation 
    Shareholder information
    Link

    Third quarter 2016
    8 November 2016 

    Link  Interim financial report
    Investor presentation
    Link 
    Annual report 2016
    8 February 2017
    Link  Annual report
    Investor presentation
    Company announcement (incl. Q4 figures)
    Shareholder information
    Link 

    Financial reports 2015

       Online version  Download pdf
    First quarter 2015
    6 May 2015
     Link  Interim financial report
     Presentation
    Second quarter 2015
    19 August 2015
     Link  Interim financial report
     Presentation
     Track record
     Shareholder information
    Third quarter 2015
    5 November 2015
     Link  Interim financial report
     Presentation
    Annual report 2015
    9 February 2016
     Link

     Annual report
     Presentation
     Company annoncement (incl. Q4 figures)
     Track record
     Shareholder information

    Financial reports 2014

       Online version  Download pdf
    First quarter 2014
    9 May 2014
     Link  Interim financial report
     Investor presentation
    Second quarter 2014
    20 August 2014
     Link  Interim financial report
     Shareholder information 
     Investor presentation
    Third quarter 2014
    7 November 2014
     Link  Interim financial report
     Investor presentation
    Annual report 2014
    11 February 2015 
     Link

     Annual report
     Company announcement
     Shareholder information
     Investor presentation
     Track record

     

    Archive

     Financial reports 2011     Download pdf
     First quarter 2011
     
     Interim financial report
     Presentation
     Second quarter 2011
     
     Interim financial report
     Investor presentation
     Track record
     Third quarter 2011
     
     Interim financial report
     Investor presentation
     Annual report 2011

     Annual report
     Company announcement
     Investor presentation
     Track record

     Financial reports 2010   

     Download pdf
     First quarter 2010
     
     Interim financial report
     Presentation
     Second quarter 2010
     
     Interim financial report
     Investor presentation
     Track record
     Third quarter 2010
     
     Interim financial report
     Investor presentation
     Annual report 2010
     Annual report
     Investor presentation
     Track record
     CSR report

     

     Financial reports 2009  Download pdf
     First quarter 2009  Interim financial report
     Second quarter 2009  Interim financial report
     Third quarter 2009  Interim financial report
     Annual report 2009  Annual report

     

     Financial reports 2008  Download pdf
     First quarter 2008  Interim financial report
     Second quarter 2008  Interim financial report
     Third quarter 2008  Interim financial report
     Annual report 2008  Annual report

     

     Financial reports 2007  Download pdf
     First quarter 2007  Interim financial report
     Second quarter 2007  Interim financial report
     Third quarter 2007  Interim financial report
     Annual report 2007  Annual report

     

     Financial reports 2006  Download pdf
     First quarter 2006  Interim financial report
     Second quarter 2006  Interim financial report
     Third quarter 2006  Interim financial report
     Annual report 2006  Annual report

     

     Financial reports 2005  Download pdf
     First quarter 2005  Interim financial report
     Second quarter 2005  Interim financial report
     Third quarter 2005  Interim financial report
     Annual report 2005  Annual report