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Vestas delivered solid first quarter results and is as expected off to a good start in 2017 with satisfactory order intake and improved combined order backlog. I am very pleased with the underlying improvements in revenue, EBIT and cash flow, although these include positive spillover effects from PTC component deliveries. We have a lot of hard work ahead of us and maintain our guidance for 2017.”

Anders Runevad, Group President & CEO

Audiocast

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

Roadshow

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

Summary

Revenue, earnings, and free cash flow increased compared to the first quarter of 2016. Solid order intake and combined order backlog at high level. Guidance for 2017 maintained.

In the first quarter of 2017, Vestas generated revenue of EUR 1,885m – an increase of 29 percent compared to the year-earlier period. EBIT increased by EUR 126m to EUR 211m. The EBIT margin was 11.2 percent compared to 5.8 percent in the first quarter of 2016 and free cash flow* amounted to EUR 8m compared to EUR (296)m in the first quarter of 2016.

The intake of firm and unconditional wind turbine orders amounted to 2,049 MW in the first quarter of 2017. The value of the wind turbine order backlog amounted to EUR 9.0bn at 31 March 2017. In addition to the wind turbine order backlog, Vestas had service agreements with contractual future revenue of EUR 11.0bn at the end of March 2017. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 20.0bn – an increase of EUR 2.0bn compared to the year-earlier period.

Vestas maintains its 2017 guidance on revenue of EUR 9.25bn-10.25bn, EBIT margin before special items of 12-14 percent, total investments* of approximately EUR 350m, and free cash flow* of minimum EUR 700m.

*) Before investments in marketable securities and short-term financial investments, and incl. proceeds of EUR 99m from sale of office building facilities.

Key highlights 

 

Strong Q1 revenue
Revenue at EUR 1,885m.

Improved earnings
EBIT margin at 11.2 percent.

Solid Q1 order intake
Order intake in the quarter reached 2,049 MW.

Backlog increasing
Wind turbine and service order backlog of EUR 20bn.