Vestas annual report confirms profit surge

Vestas earned profits last year of DKK 652 million (EUR 87.6 million) on a turnover of DKK 4.71 billion (EUR 632 million), 87% of which was from exports, according to the company's annual report, released last month. Vestas total market share in 1999 was about 30%. Using its 660 kW unit as a base, the company expects within three years to reduce the price of its wind turbines by 20% from the current generating cost of DKK 0.25/kWh (EUR 0.034/kWh). In 2000, Vestas expects its turnover to grow 25-30% to about DKK 6 billion, with a corresponding rise in profits. The company's share capital is worth about DKK 27 billion, of which Vestas is using 1% to start a new round of employee shares and option agreements.