Denmark

Denmark

Vestas earns record profits in 2000

Vestas earned record profits last year of DKK 866 million (EUR 116 million) on a turnover of DKK 6.4 billion (EUR 857.5 million), a growth of 37% from 1999, when turnover was DKK 4.7 billion. This year the Danish wind turbine manufacturer expects its profits to reach DKK 1.2 billion on a turnover of DKK 9.5 billion, according to the company's annual report, released in late March. The reason for optimism is due to "definite and implicit" orders for the first seven or eight months of 2001. Next year Vestas predicts its growth will slow because of an overall market contraction, particularly in the US, and turnover will only rise to DKK 10.5 billion. By 2003, the market will rebound, Vestas says, looking forward to a turnover of DKK 14 billion -- a threefold increase in four years. Vestas has upped its future goal of global market share from 25% to 30%. In 2000 it had a market share of 32%.

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