Vestas’ preliminary numbers for 2021 show a revenue of € 15,587m, which is in line with the outlook of € 15.5-16.5bn, while EBIT before special items is expected to amount to € 461m, equalling a margin of 3.0 percent, compared to an outlook of around 4 percent.
This reflects delays in the installation of some onshore projects, as well as increased cost inflation. These factors also continued to impact warranty provisions in the fourth quarter of 2021, causing increased repair and upgrade costs for existing cases. Consequently, the warranty provision level for the full year 2021 ended at 4.4 percent of revenue.
The supply chain instability caused by the pandemic and leading to increasing transportation and logistics costs, is expected to continue to impact the wind power industry throughout 2022. In addition, Vestas will experience increased impact from cost inflation within raw materials, wind turbine components and energy prices. Based on these circumstances, Vestas is presenting its outlook. Revenue for full year 2022 is expected to range between € 15.0bn and 16.5bn. Vestas expects to achieve an EBIT margin before special items of 0-4 percent. Total investments*) are expected to amount to approx. € 1,000m in 2022.