Interim financial report, second quarter 2010

All-time high order intake. Results in line with expectations. Full-year
guidance revised downwards. 

Summary: Vestas generated second-quarter revenue of EUR 1,007m, a drop of 17
per cent relative to the second quarter of 2009, realising an EBIT of EUR
(148)m, against EUR 78m in the second quarter of 2009. The EBIT margin thus
declined from 6.4 per cent to (14.7) per cent as a result of the expected very
low capacity utilisation in the wake of the credit crisis. Net working capital
stood at 25 per cent of expected annual revenue, against 12 per cent the year
before. The second-quarter order intake was 3,031 MW, which was the highest
level ever recorded and on a level with the order intake for the whole of 2009.
Consequently, at half-year, Vestas had obtained about half of the forecasted
firm and unconditional orders of 8,000-9,000 for 2010. The value of the backlog
of firm and unconditional orders amounted to EUR 5.2bn at 30 June. Safety at
Vestas' workplaces was further improved further, and renewable energy accounted
for 49 per cent of Vestas' total energy consumption in the quarter. In 2010,
Vestas expects to achieve an EBIT margin of 5-6 per cent and revenue of EUR
6bn, against the previous forecast of 10-11 per cent and EUR 7bn, respectively.
The downgrade is made because expected, but still not concluded orders for
delivery to the USA, Spain and Germany will now take place at such a late date
in 2010 that they will not be recognised as income this year. As a result of
the revenue adjustment, net working capital is now expected to be 15-20 per
cent of annual revenue, against the previous forecast of about 15 per cent. 

The presentation of the interim financial report will take place today at 2
p.m. GMT (London-time)/3 p.m. CET at the London Marriott West India Quay Hotel
in London, England. Further details can be found on www.vestas.com/investor and
the presentation may also be followed from here.