and capital structure

The Vestas share is registered on Nasdaq Copenhagen. If you wish to buy Vestas shares as a non-Danish resident, you will need to contact one of the major international banks in your country. Vestas also has a green corporate bond, which is registered on Luxembourg Stock Exchange.

Vestas Wind Systems A/S is listed at Nasdaq Copenhagen and is part of the OMX C25 index.

Ownership
The company has around 140,560 registered shareholders, together holding approximately 98 percent of the share capital.

Quick Links

How to buy Vestas shares

The Vestas share is only registered on Nasdaq Copenhagen and under securities code DK0010268606. Stakeholders who wish to buy Vestas shares must contact one of the major international banks in their country for further information. Stakeholders in Denmark may, however, also buy Vestas shares online, via Internet banking or any Danish bank.

Share ratios

	2020	2019
Earnings per share (EUR) Book value per share (EUR) P / E-value (EUR) Dividend per share (EUR) Payout ratio (%) Share price 31 December (EUR) Number of shares at the end of year	3,9 23.3 49.6 1.14* 30.0* 193.50 201,973,452	3.6 16.8 25.4 1.06 30.0 90.1 198,901,963

* Based on proposed dividend.

Share performance

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Ownership

At the end of December 2020, Vestas had 140,560 shareholders registered by name, including custodian banks.

Ask Vestas a question

If you have a question you are welcome to write us an email. We will answer you as soon as possible.

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If you miss some information on our website, if you have suggestions or good ideas for the investor website then please email us at ir@vestas.com.

Share capital

Since the initial public offering in 1998, Vestas' share capital has been changed as follows:

Date	Activity	Denomination (DKK)	Total no. of shares
14/12/2020	Private placement Nominal increase: DKK 5,049,337	1	201,973,452
06/05/2020	Reduction of share capital Nominal decrease: DKK 1,977,848	1	196,924,115
07/05/2019	Reduction of share capital Nominal decrease: DKK 6,794,040	1	198,901,963
03/05/2018	Reduction of share capital Nominal decrease: DKK 9,800,944	1	205,696,003
06/04/2017	Reduction of share capital Nominal decrease: DKK 6,047,780	1	215,496,947
28/04/2016	Reduction of share capital Nominal decrease: DKK 2,529,786	1	221,544,727
12/02/2014	Private placement Share price: DKK 162 Nominal increase: DKK 20,370,410	1	224,074,513
04/05/2009	Private placement Share price: DKK 323 Nominal increase: DKK 18,500,000	1	203,704,103
03/06/2006	Private placement Share price: DKK 139 Nominal increase: DKK 10,292,930	1	185,204,103
11/06/2004	Rights issue in the ratio 1:3 Share price: DKK 50 Nominal increase: DKK 1,011,803	1	174,911,173
21/04/2004	Mandatory Exchange of NEG Micon shares Share price: DKK 101 Nominal increase: DKK 1,011,803	1	131,183,380
05/03/2004	Voluntary Exchange of NEG Micon shares Share price: DKK 110-150 Nominal increase: DKK 25,167,611	1	130,171,577
31/12/2002	Employee shares Share price: DKK 60 Nominal increase: DKK 223,105	1	105,003,966
14/12/2000	Employee shares Share price: DKK 396 Nominal increase: 1,670	1	104,780,861
14/12/2000	Employee shares Share price: DKK 140 Nominal increase: DKK 218,621	1
27/04/2000	Share split	1	104,780,861
09/11/1999	Purchase of Cotas Computer Technology A/S Share price: DKK 393 Nominal increase: DKK 707,070	10	10,456,057
07/12/1998	Employee shares Share price: DKK 135 Nominal increase: DKK 1,111,000	10	10,385,350
07/12/1998	Employee shares Share price: DKK 81 Nominal increase: DKK 502,500	10
29/04/1998	Initial public offering Share price: DKK 270 Nominal increase: DKK 9,000,000	10	10,224,000

Basic data

Stock exchange
Nasdaq Copenhagen

Stock exchange quotation
1998

ISIN code
DK0010268606

Ticker symbol
VWS

Share capital
DKK 201,973,452

Nominal denomination
DKK 1

Number of shares
201,973,452

Share classes
One share class

Voting rights
One share carries one vote

Free float
100 per cent free float

Trading lot (minimum)
None, one share is tradable

Green bond

In 2015, Vestas issued a EUR 500m green corporate bond, ref. company announcement no. 11/2015 of 4 March 2015.

The green bond benefits from a second party opinion provided by certification institute DNV GL. The bond allows Vestas to diversify and optimise its funding structure.

Reporting
The green bond is a general corporate purpose bond and Vestas reports on relevant investments in production capacity, R&D and new products in the audited annual reports.

In addition, Vestas discloses a broad range of its material environmental and social targets and impacts on a corporate level. Read more ...

Basic data

Issuer Vestas Wind Systems A/S
Amount EUR 500m
Coupon 2.75%
Type Senior, unsecured
Issue date 11 March 2015
Maturity date 11 March 2022
Coupon payments Annual payment 11 March
Documentation Stand-alone
Listing Luxembourg Stock Exchange
ISIN code XS1197336263
Prospectus Link (pdf)
Terms Link (pdf)
Green bond opinion Link (pdf)

Share analysts

The following analysts cover the Vestas share:

ABG Sundal Collier, Denmark
Casper Blom
Tel: +45 3546 3015

Bank of America Merrill Lynch, UK
George Featherstone
Tel: +44 20 7996 9028

Berenberg, London
Henry Tarr
Tel: +44 20 3207 7827

Carnegie, Denmark
Dan Togo
Tel: +45 3288 0245

Citigroup, UK
Martin Wilkie
Tel: +44 20 7986 4077

Commerzbank, UK
Sebastian Growe
Tel: +49 69 136 89800

Credit Suisse, UK
Mark Freshney
Tel: +44 20 7888 0887

Danske Markets, Denmark
Kristian Tornøe Johansen
Tel: +45 4512 8059

Deutsche Bank, UK
Gael de-Bray (interim)
Tel: +33 1 4495 6562

DNB Markets, Norway
In transition

Exane BNP Paribas, UK
Michael Harleaux
Tel: +44 20 3430 8478

Goldman Sachs, UK
Ajay Patel
Tel: +44 20 7552 1168

Handelsbanken, Denmark
Frans Høyer
Tel: +45 4679 1246

HSBC, UK
Sean Diego Mcloughlin
Tel: +44 207 991 3464

Jyske Bank, Denmark
Janne Vincent Kjær
Tel: +45 8989 7036

J. P. Morgan, UK
Akash Gupta
Tel: +44 207 742 7978

Kepler Cheuvreux, Sweden
Douglas Lindahl
Tel: +46 8 723 5173

Morgan Stanley, UK
Ben Uglow
Tel: +44 20 7425 8750

Morningstar, Netherlands
Andreea Hotaranu
Tel: +31 20 797 0013

Nykredit Markets, Denmark
Klaus Kehl
Tel: +45 4455 4728

Nordea Markets, Denmark
Claus Almer
Tel: +45 5547 8041

Pareto Securities, Norway
Bård Rosef
Tel: +47 2413 2156

Santander, Spain
Virginia Sanz de Madrid Grosse
Tel: +34 91 257 0839

SEB Enskilda, Denmark
Lars Heindorff
Tel: +45 3328 3310

Societe Generale, India
Rajesh Singla
Tel: +91 80 6732 2149

Sydbank, Denmark
Jacob Pedersen
Tel: +45 7437 4452

UBS, UK
Supriya Subramanian
Tel: +44 20 7568 4819

Disclaimer

According to Vestas' information, the analysts listed above cover the Vestas share. Analyses from these analysts have not been presented to the company for approval. Vestas thus disclaims the content of such analyses.

Consensus

The consensus sheet is prepared based on input received from the analysts covering the Vestas share and is prepared approx. two weeks before and after the disclosure of a financial report. Participation and sample size may vary.

Consensus as at 28 January 2021
The latest preliminary consensus was collected on 28 January 2021, ahead of the disclosure of the Annual report 2020.

View:

Latest consensus estimates

Disclaimer
The Consensus is based on the earnings projections made by analysts covering Vestas Wind Systems A/S and are theirs alone and do not represent opinions, forecasts or predictions of Vestas Wind Systems A/S. By disclosing the consensus information Vestas does not imply its endorsement of or concurrence with such information.