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As we expected, first quarter showed improvements in all major areas. This is a result of a lot of hard work from my colleagues and we remain focused on executing on our strategy, Profitable Growth for Vestas.

Anders Runevad, Group President & CEO

Webcast

The Group President & CEO's and Executive Vice President & CFO's presentation of the interim financial report:
- webcast
- investor presentation (pdf)

Roadshow

The overview shows which cities Vestas will be visiting during the coming roadshow.

Summary

Outlook for 2014 maintained. Revenue, earnings and free cash flow increased compared to the first quarter of 2013. Focus on Profitable Growth for Vestas remains.

In the first quarter of 2014, Vestas generated revenue of EUR 1,283m – an increase of 17 per cent to the year-earlier period. EBIT before special items increased by EUR 148m to EUR 40m due to improved project margins, higher revenue, lower fixed capacity costs and lower depreciation. The EBIT margin before special items was 3.1 per cent and the free cash flow increased by EUR 36m to EUR (24)m compared to the first quarter of 2013. During the last 12 months, Vestas has generated a free cash flow of EUR 1,045m.

The intake of firm and unconditional wind turbine orders was 1,188 MW in the first quarter of 2014. The value of the wind turbine backlog amounted to EUR 6.9bn at 31 March 2014. In addition to the wind turbine order backlog, Vestas had service agreements with contractual future revenue of EUR 6.9bn at the end of March 2014. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 13.8bn – an improvement of EUR 1.4bn compared to the year-earlier period.

On 1 April 2014, MHI Vestas Offshore Wind, the joint venture between Vestas and Mitsubishi Heavy Industries Ltd., became operational.

Q1 at a glance 

- against Q1 2013

+ 84%

 Vestas had an order intake of 1,188 MW  
 - an increase of 84 per cent 

+ 83%

 Vestas produced and shipped 1,124 MW  
 - an increase of 83 per cent

+ 21%

 Vestas delivered wind power systems with an aggregate capacity of 988 MW
 - an increase of 21 per cent

+ 17%

 Vestas generated revenue of EUR 1,283m
 - an increase of 17 per cent

+ 4%

 Service revenue amounted to EUR 225m
 - an increase of 4 per cent 

+ EUR 148m

 EBIT before special items amounted to EUR 40m 
 - an increase of EUR 148m

+ EUR 153m

 Net profit amounted to EUR 2m
 - an increase of EUR 153m

+ EUR 36m

 Vestas realised a free cash flow of EUR (24)m
 - an increase of EUR 36m

- 3%

 The number of employees at the end of the quarter was 16,610
 - an decrease of 3 per cent 

- 12% point

Renewable energy amounted to 46 per cent of total energy consumption
- an decrease of 12 percentage points 

+ 11%

Industrial injuries per one million working hours was 2.0
- an increase of 11 per cent