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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
     Online version  Interim financial report Q1 2018
     Investor presentation 
    Link

    Second quarter 2018
    15 August 2018
     Online version
     Shareholder information
     Interim financial report Q2 2018
     Investor presentation
    Link 
    Third quarter 2018
    7 November 2018
     
    Link 
    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

    Outlook 2018

    Based on the visibility for the remainder of the year, Vestas has narrowed guidance on revenue and EBIT margin as per 15 August 2018.

    • Revenue is expected to range between EUR 10.0bn and EUR 10.5bn (previously EUR 10bn-11bn) including Service revenue, which is expected to grow.

    • Vestas expects to achieve an EBIT margin before special items within a range of 9.5-10.5 percent (previously 9-11 percent), with the Service EBIT margin expected to increase compared to 2017 (previously expected to be 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.

    Outlook 2018

    Revenue (bnEUR)

      10.0-10.51)

    EBIT margin (%)

    9.5-10.52)

    Total investments*) (mEUR)

    approx. 500

    Free cash flow*) (mEUR)

    min. 400

    1) Adjusted 15 August 2018 from EUR 10.0bn-11.0bn
    2) Adjusted 15 August 2018 from 9-11%


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

    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

    Disclaimer and cautionary statement

    This site contains forward-looking statements concerning Vestas’ financial condition, results of operations and business. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. 

    Forward-looking statements include, among other things, statements concerning Vestas’ potential exposure to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections, and assumptions. A number of factors that affect Vestas’ future operations and could cause Vestas’ results to differ materially from those expressed in the forward-looking statements included on this site, include (without limitation): (a) changes in demand for Vestas' products; (b) currency and interest rate fluctuations; (c) loss of market share and industry competition; (d) environmental and physical risks, including adverse weather conditions; (e) legislative, fiscal, and regulatory developments, including changes in tax or accounting policies; (f) economic and financial market conditions in various countries and regions; (g) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, and delays or advancements in the approval of projects; (h) ability to enforce patents; (i) product development risks; (j) cost of commodities; (k) customer credit risks; (l) supply of components; and (m) customer created delays affecting product installation, grid connections and other revenue-recognition factors. 

    All forward-looking statements contained on this site are expressly qualified by the cautionary statements contained or referenced to in this statement. Undue reliance should not be placed on forward-looking statements. Additional factors that may affect future results are contained in Vestas’ annual report for the year ended 31 December 2017 and these factors also should be considered. Each forward-looking statement speaks only as of the date the last financial report. Vestas does not undertake any obligation to publicly update or revise any forward-looking statement as a result of new information or future events other than as required by Danish law. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained on this site.