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Denmark

Denmark

Vestas claims turnaround on track with Q1 result

DENMARK: Vestas announced Q1 revenues of EUR 1.096 billion, a 1% decrease on the same period in 2012.

The loss of EUR 151 million is an improvement on last year's figure of EUR 162 million. The company also said unconditional orders were 644MW with a value of EUR 7 billion and revenue from service contracts at EUR 5.4 billion. Vestas said this equalled 2012.

There was no update on talks between Vestas and Mitsubishi over a possible joint-development agreement on the V164 8MW turbine.

Speaking about the results, Vestas CEO Ditlev Engel said: "It is satisfying to see that the Vestas turnaround continues according to plan, and that results are becoming increasingly visible. Compared to Q1 2012, we have improved earnings and free cash flow substantially.

"Furthermore, the fact that we have been able to accelerate the prototype installation of the V164 turbine and release new variants of our 2 and 3 MW platforms while at the same time, keeping investments low stands as evidence of our efforts paying off."

In last year's Q1 announcement, Vestas has admitted issues with 376 of its V90 3MW gearboxes while announcing a net loss of EUR 162 million.

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