Vestas Wind Systems, Annual Report 2005

Vestas reported a pre-tax loss of EUR 158m in 2005 due to poor earnings from North American projects, component shortage and a sharp increase in warranty provisions. However, revenue increased by 52 %, and Vestas saw a record growth in profitable orders. With a strong cash flow and a solid liquidity, the forecast of a strong earnings improvement in 2006 is retained. To make room for its strategic development, Vestas will exercise its authority to increase the share capital by up to 5.9 %.