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”The third quarter of 2014 continued the trend with improvements in several operational areas and thus highlights that execution remains on track for our strategy, Profitable Growth for Vestas. Based on the expected delivery plan for the remainder of the year and the improved cost base, we raise our guidance on revenue, EBIT and cash flow.”

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: Expectations to revenue, EBIT margin before special items and cash flow all upgraded. Third quarter 2014 was characterised by strong operational performance and high activity levels, leading to increases in both EBIT level and cash flow compared to the third quarter of 2013.

In the third quarter of 2014, Vestas generated revenue of EUR 1,813m – an increase of 26 per cent compared to the third quarter of 2013. EBIT before special items increased by EUR 96m to EUR 163m primarily due to higher volume and to a lesser extent also caused by improved average margins. The EBIT margin before special items was 9.0 per cent. The net result increased by EUR 189m to EUR 102m and the free cash flow increased by EUR 49m to EUR 105m compared to the third quarter of 2013. The intake of firm and unconditional wind turbine orders amounted to 1,170 MW in the third quarter of 2014 – a decrease of 24 per cent compared to the third quarter of 2013. However, year-to-date, order intake is up by 458 MW, or an increase of 12 per cent compared to last year. The value of the wind turbine backlog amounted to EUR 6.7bn at 30 September 2014, which is a decrease of 9 per cent compared to same time last year. In addition to the wind turbine order backlog, Vestas had service agreements with contractual future revenue of EUR 6.7bn at the end of September 2014, compared to EUR 6.1bn at the end of September 2013. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 13.4bn at 30 September 2014. Vestas upgrades the 2014 guidance on revenue from minimum EUR 6bn to EUR 6.4bn-7.0bn. EBIT margin guidance before special items is upgraded from minimum 6 per cent to 7-8 per cent and guidance on free cash flow is upgraded from minimum EUR 300m to EUR 400m-700m. The upgrades are based on the expected delivery plan for the remainder of the year and an improved cost base.

Q3 at a glance 

- against Q3 2013

- 24%

 Vestas had an order intake of 1,170 MW  
 - a decrease of 24 per cent

+ 36%

 Vestas produced and shipped 2,183 MW  
 - an increase of 36 per cent

+ 43%

 Vestas delivered wind power systems with an aggregate capacity of 1,682 MW
 - an increase of 43 per cent

+ 26%

 Vestas generated revenue of EUR 1,813m
 - an increase of 26 per cent

+ 11%

 Onshore service revenue amounted to EUR 235m
 - an increase of 11 per cent 

+ EUR 96m

 EBIT before special items amounted to EUR 163m 
 - an increase of EUR 96m

+ EUR 189m

 Net profit amounted to EUR 102m
 - an increase of EUR 189m

+ EUR 49m

 Vestas realised a free cash flow of EUR 105m
 - an increase of EUR 49m

+ 12%

 The number of employees at the end of the quarter was 19,324
 - an increase of 12 per cent 

- 1% point

Renewable energy amounted to 66 per cent of total energy consumption
- a decrease of 1 percentage points 

- 22%

Industrial injuries per one million working hours was 1.4
- a decrease of 22 per cent