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Financial reports and presentations

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 2019

      Online version                        Download pdf                         Audiocast 
    First quarter 2019          
    8 May 2019
    Online version             Interim financial report
    Investor presentation
    Link

    Second quarter 2019
    15 August 2019
    Online version  Interim financial report
    Investor presentation 
    Link 
    Third quarter 2019
    7 November 2019 
         
    Annual report 2019       

    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
     Online version  Interim financial report Q3 2018
     Investor presentation
    Link 
    Annual report 2018
    7 February 2019
     Online version 
     Shareholder information
     Annual report
     Company announcement (incl. Q4 figures)
     Investor presentation
    Link 

    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

    Archive

    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 power 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 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.

    In the coming years, revenue in the Service segment is expected to grow faster than the market with an EBIT margin of approx. 24 percent. Return on Capital Employed has replaced Return on Invested Capital.

    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
    ROCE
    Minimum 20 percent 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 2018 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.

    Outlook 2019

    Based on performance and improved visibility for the remainder of the year, Vestas narrows guidance on revenue and EBIT-margin before special items for 2019. 

    • Vestas revenue is expected to range between EUR 11.0bn and 12.25bn (compared to previously EUR 10.75bn-12.25bn), including Service revenue, which is expected to grow by approx. 10 percent. 

    • Vestas expects to achieve an EBIT margin before special items of 8-9 percent (compared to previously 8-10 percent). Factors such as escalation of tariffs and increased transportation complexity related to rerouting and scarcity in the market has increased costs for the Power solutions area. The increased costs in Power solutions are only partly expected to be offset by improved profitability within the Service business, which is now expected to deliver an EBIT margin of minimum 24 percent (compared to approx. 24 percent previously)

    Total investments* are expected to amount to approx. EUR 800m (compared to approx. EUR 700m previously). Vestas adjusts its guidance on total investments due to high activity levels and strong order intake.

    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 2019. Further, movements in exchange rates from current levels may also impact Vestas’ financial results for 2019.



    Outlook 2019

    Revenue (bnEUR)

      11.0-12.25

    EBIT margin (%) before special items

    8-9

    Total investments*) (mEUR)

    approx. 800

    *) Excl. the acquisition of SOWITEC Group GmbH, any investments in marketable securities, and short-term financial investments

    Statutory report on CSR (sustainability)

    Combined with Vestas annual report, the CSR report constitutes Vestas’ ’Communication on Progress’ (COP) under the UN Global Compact. The report is framed around the UN Global Compact’s 10 principles for responsible business conduct in the areas of human rights, labour, environment, and anti-corruption.  

    This COP report is Vestas’ statutory report on CSR, ref. section 99a of the Danish Financial Statements Act.

    Discover more about CSR at Vestas >

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    Corporate social responsibility (CSR)
    - Danish Financial Statements Act 99a

    Statutory report 2018
    Statutory report 2017

    Statutory reports on governance

    Statutory report on corporate governance
    Pursuant to the Danish Financial Statements Act section 107b and the rules of Nasdaq Copenhagen, listed companies must state their position to the Committee’s recommendations by using the “comply or explain” principle.

    Vestas’ position with regard to each individual recommendation is described in Vestas’ statutory reports. It is specified in the recommendations on corporate governance that it is just as legitimate to explain a deviation from a specific recommendation as to comply with the recommendation. The key issue is to create transparency in the corporate governance of the company.

    Statutory report on gender distribution
    Pursuant to the Danish Financial Statements Act section 99b Vestas prepares a statutory report on gender distribution.

    Capital markets day presentations

    All presentations from the Capital Markets Days 2014, 2016 and 2018 you will find here.

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      Capital Markets Day 2018

      Subject Speaker
      Market outlook & strategy update Anders Runevad
      Group President & CEO
      Growing our industry-leading position Juan Araluce
      Executive Vice President & CSO
      North American market continues to be attractive Chris Brown
      President, Vestas North America
      Connecting future and legacy Anders Vedel
      Executive Vice President & CTO
      A competitive supply chain Jean-Marc Lechêne
      Executive Vice President & COO
      The leading service provider in a growing market Christian Venderby
      Group Senior Vice President, Global Service
      Creating a market leader in offshore wind Philippe Kavafyan, CEO, and Lars Krogsgaard,
      Co-CEO MHI Vestas Offshore Wind
      Financial update Marika Fredriksson
      Executive Vice President & CFO

      Capital Markets Day 2016

      Subject Speaker
      Market outlook Anders Runevad
      Group President & Chief Executive Officer
      Well positioned to capture growth opportunities Juan Araluce
      Executive Vice President & Chief Sales Officer
      Ensuring Vestas' current and future competitiveness Anders Vedel
      Executive Vice President & Chief Technical Officer 
      Operational excellence contributes to lowering LCOE Jean-Marc Lechêne
      Executive Vice President & Chief Operations Officer
      Service: An increasingly important volume and value enabler Christian Venderby
      Group Senior Vice President, Global Service
      Strong financial performance delivered Marika Fredriksson
      Executive Vice President & Chief Financial Officer

      Capital Markets Day 2014

      Subject Speakers
      Introduction  Anders Runevad, Group President & CEO
      Marika Fredriksson, Executive Vice President & CFO
      Grow profitably in mature and emerging markets Juan Araluce
      Executive Vice President & CSO
      Capture full potential of the service business Christian Venderby
      Group Senior Vice President and Head of Service
      Reduce the Levelised Cost of Energy  Anders Vedel, Executive Vice President & CTO
      Jorge Magalhaes, Senior Vice President, Engineering Solutions
      Johnny Thomsen, Senior Vice President, Product Management 
      Improve operational excellence  Jean-Marc Lechêne, Executive Vice President & COO
      Albie Van Buel, Group Senior Vice President, Global Sourcing