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Denmark

Vestas' falling revenues and rising profit

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Falling revenues and rising profits in the first three months of the year underline Vestas' stated priority: profit before market share. Despite the focus on profit, the company is still expecting its share of the world market to rise to 25% from 23% last year. Vestas reports revenues of EUR 701 million in the first quarter, 12% of the annual budget, compared with EUR 760 million in the same period last year. Despite the decrease, a EUR 34 million profit raised the margin to 4.9%, from 2.5% a year ago. Vestas' turbines prices are still going up. Revenues from the 684 MW of turbines sold and shipped reveals a 15% increase to EUR 1024/kW this year compared with the EUR 888/kW in the first quarter of 2007. Europe accounted for 71% of revenues, North and South America 13% and the Asia-Pacific area 16%. Vestas maintains its projections for the year of a 10-12% profit on revenues of EUR 5.7 billion.

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