Interim financial report, first quarter 2009

- No. 1 in Modern Energy retains its forecast for 2009

Summary: Vestas generated first-quarter revenue of EUR 1,105m, an increase of
58 per cent, achieving an EBIT improvement of 124 per cent to EUR 76m and
lifting the EBIT margin from 4.9 per cent to 6.9 per cent. Net working capital
stood at 8 per cent of expected annual revenue, against 2 per cent in Q1 2008.
The increase was significantly attributable to larger inventories. The order
backlog of firm and unconditional orders amounted to EUR 4.9bn at 31 March
2009. Full-year expectations for 2009 are still for an EBIT margin of 11-13 per
cent on revenue of EUR 7.2bn. At the end of the first quarter of 2009, Vestas'
total undrawn financial facilities amounted to EUR 850m. Vestas continues to
expand its operations in the USA and China owing to the positive market
prospects. Capacity will be reduced in Northern Europe, as demand in this area
at the moment does not meet expectations. Consequently, Vestas expects to lay
off approx 1,900 employees in the production units in Northern Europe,
primarily in Denmark and England. As a result of these measures, expected
investments in property, plant and equipment and intangible assets are reduced
by EUR 200m to EUR 1.0bn. The British Government's commitment of 21 April 2009
regarding massive investments in wind power and higher tariffs, will have a
positive influence on Vestas' possibilities of producing blades in Great
Britain.