Interim financial report, third quarter 2008

No. 1 in Modern Energy: 
Forecast EBIT margin of 11-13 per cent in 2009 against 10-12 per cent in 2008 

Summary: Vestas generated third-quarter revenue of EUR 1,759m against EUR
1,150m in the third quarter of 2007, which was in line with expectations. EBIT
rose from EUR 102m to EUR 160m, corresponding to an EBIT margin of 9.1 per
cent, consistent with expectations. In the third quarter of 2007, the EBIT
margin was 8.9 per cent. Net working capital stood at EUR (37)m, or (1) per
cent of expected annual revenue, against 4 per cent the year before. Full-year
expectations are still for an EBIT margin of 10-12 per cent on revenue of EUR
5.7bn. For 2009, Vestas expects revenue of EUR 7.2bn and an EBIT margin of
11-13 per cent. The order backlog of firm and unconditional orders at 30
September 2008 amounted to EUR 6.5bn, an increase of 59 per cent relative to
September 2007.