Interim financial report, first half year 2011

Summary: Vestas generated first half-year revenue of EUR 2,461m; an increase of 31 per cent on the first half of 2010. EBIT amounted to EUR 8m, against a loss of EUR 219m in the first half of 2010. The EBIT margin thus rose to 0.3 per cent from (11.6) per cent. The free cash flow improved significantly to EUR (494)m from EUR (1,058)m in the first half of 2010. The half-year intake of firm and unconditional orders was 2,895 MW, and the backlog of firm and unconditional orders amounted to EUR 8.0bn at 30 June 2011. Safety at Vestas’ workplaces was higher than ever before with an incidence of industrial injuries of 3.2. Renewable energy accounted for 32 per cent of Vestas’ total energy consumption in the half-year. Firm and unconditional orders covering almost all the expected revenue of EUR 7bn for 2011 have already been secured, which is why the outlook for revenue, EBIT margin and the free cash flow is maintained at EUR 7bn, 7 per cent and a minimum of EUR 0, respectively. In spite of the macro-economic and financial uncertainty, Vestas still expects an intake of firm and unconditional orders of 7,000-8,000 MW in a market that remains fiercely competitive.

The full interim report is attached as pdf together with shareholder information 2/2011 and track record first half 2011.

Press and analyst meeting in London, UK
Wednesday, 17 August 2011 at 2 p.m. London time/3 p.m. CET

In connection with the disclosure of this interim financial report, an information meeting will be held today, Wednesday, at 2 p.m. London time/3 p.m. CET for analysts, investors and the press at  

The London Marriott West India Quay Hotel
22 Hertsmere Rd
Canary Wharf
London, E14 4ED
England.

The information meeting will be held in English and webcast live with simultaneous interpretation into Danish, German, Italian, Spanish and Mandarin via vestas.com/investor.

The meeting may be attended electronically, and questions may be asked through a conference call. The telephone numbers for the conference call are +44 208 817 9301 (UK), +1 718 354 1226 (USA), +45 7026 5040 (DK).

A replay of the information meeting will subsequently be available on vestas.com/investor.