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Vestas shares dive on second quarter results

DENMARK: Vestas has announced a second quarter revenue fall of 17%, compared to the same period in 2009, and is axing 300 permanent jobs in Denmark.

The results, which cover the three months preceding June 30, reveal Vestas’ revenue for the period as €1.007bn. Other highlights include a 54% fall in turbine delivery and a 50% fall in capacity supplied.

The company has also cut its sales forecast for this year to €6 billion from €7billion. It has blamed this on delays in expected orders in the US, Spain and Germany.

The disappointing results have seen Vestas lose over a quarter of its market value. The market reaction follows a 3% rise earlier this week on the back of Vestas’ 420MW deal to supply its new 3MW turbine to the Macarthur wind project in Australia.

In terms of recruitment, Vestas said it reduce its plan to bring in 3,400 people by 400. It said this was largely based on regionalisation and the delayed order intake.

In addition to the 300 redundancies, a similar number of employees who are employed on a contractual basis will not have their deals renewed.

Results highlight:

  • -54% Vestas shipped a total of 283 wind turbines
  • -50% Vestas shipped wind power systems with an aggregate capacity of 588 MW
  • -17% Vestas generated revenue of EUR 1,007m
  • €226m EBIT amounted to (€148m)
  • -€162m Profit after tax amounted to EUR (119)m
  • +6% The number of employees rose to 22,392
  • -39% Incidence of industrial injuries per one million working hours was reduced to 4.6
  • + 10% points The share of renewable energy increased to 49 per cent

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