Company Announcement:

Annual report 2019 – Delivered best-in-class results and record high order intake

Vestas Wind Systems A/S, Aarhus, 5 February 2020
Company announcement No. 01/2020


Annual report 2019 – Delivered best-in-class results and record high order intake

Summary: For full year 2019, revenue amounted to EUR 12.1bn, the EBIT margin before special items was 8.3 percent, and total investments* were EUR 729m, all in line with the expectations. Compared to 2018, revenue and earnings increased while free cash flow decreased. Order intake increased in 2019 compared to 2018, and the value of the combined order backlog increased to EUR 34bn.  

The wind turbine order intake increased year-on-year by 3,663 MW to 17,877 MW in 2019 and the value of the service order backlog increased by EUR 3.5bn to EUR 17.8bn.

For 2020, Vestas expects revenue to range between EUR 14bn and 15bn, including service revenue, which is expected to grow by approx. 7 percent. Vestas expects to achieve an EBIT margin before special items of 7-9 percent, with a service EBIT margin of approx. 25 percent. Total investments** are expected to amount to approx. EUR 700m in 2020.

As a result of the performance during the year, the Board of Directors of Vestas Wind Systems A/S proposes to the Annual General Meeting that a dividend of DKK 7.93 per share be distributed to the shareholders, compared to DKK 7.44 last year, and equivalent to 30.0 percent of the net profit for the year.

“Wind energy manifested its position as a leading global energy source in 2019, driving Vestas’ order intake to a record 17.9 GW, 20 percent growth in revenue and expected high activity levels in the coming years. In an extraordinarily busy year, Vestas extended its industry leadership, met its guidance on all parameters and scaled the company to deliver on our highest-ever order backlog of EUR 34bn. Once again, our Service business delivered year-on-year growth and improved profitability, underlining its strategic importance in a tough market. In 2019, the industry thus faced challenges from trade wars and tariffs, causing execution costs to increase, which we expect to continue in an even busier 2020. Together with our customers and partners, everyone at Vestas worked vigorously to create the momentum to finish 2019 strongly, and we must continue this momentum to achieve our goals for 2020. As we continue to lead the transition towards a world powered by sustainable energy, we remain focused on executing our strategy and pushing the industry to higher levels on technology, profitability and sustainability,” says Henrik Andersen, Group President & CEO.

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


Information meeting (audiocast)

On Wednesday 5 February 2020 at 10 am CET (9 am GMT), Vestas will host an information meeting via an audiocast. The audiocast will be accessible via

The meeting will be held in English and questions may be asked through a conference call. The telephone numbers for the conference call are:

Europe:          +44 3333 000 804
USA:              +1 6319 131 422
Denmark:       +45 3544 5577

PIN code: 42794799#

Further details at

The presentation used at the information meeting will be available approx. one hour before the meeting at the corporate website.

Contact details
Vestas Wind Systems A/S

Patrik Setterberg, Vice President
Investor Relations
Tel: +45 6122 1913

Anders Riis, Director
Tel: +45 4181 3922