There are many words in our new corporate strategy, but the two most important ones continue to be “Profitability” and “Growth”. Those two words represent the very essence of what we are aiming to achieve.
Profitability is of great importance because we want to make a satisfactory return to our owners and Growth is important because we want to continue to build on the solid foundation we have developed over the past year and work consistently towards the realisation of our vision of being the undisputed global wind energy leader.
By building on our leadership in the industry, we also continue to add to our scale advantages in sourcing, manufacturing and technology development.
The financial results for the first half of 2014 and the decision to upgrade our full-year expectations for the EBIT margin before special items show that we are well on track on both growth and profitability. Revenue grew by 15 per cent in the first half of 2014 and the EBIT margin before special items was 5.5 per cent – almost 10 percentage points higher than the first half of 2013. If you look at the second quarter of 2014 alone, we actually achieved a 7.8 per cent EBIT margin before special items and a net result of close to EUR 100m.
The situation in many of our key markets – whether being mature or emerging – is challenging both when it comes to regulatory systems, competitive landscapes and economic growth. In the first half of 2014, we have, however, seen a good progress on order intake especially driven by the US market. Order intake in service was also satisfactory, and I am confident that with our new leadership in the service organisation, we will be able to capture the full potential of that business as well.
On 1 April 2014, the MHI Vestas Offshore Wind joint venture became operational, and we look forward to seeing the joint venture’s further development towards leading the growth in the offshore wind turbine market.