Vestas generated first-quarter revenue of € 1,060 million, an increase of 25 per cent relative to the first quarter of 2010, and as announced realised a loss. The EBIT margin fell from (4.6) per cent to (6.5) per cent.
The development confirms that revenue and earnings may show major quarter-on-quarter fluctuations depending on the capacity utilisation and the type of projects handed over. The first half year of 2011 is expected to break even against an EBIT loss of € 219 million during the first half year of 2010. The free cash flow was improved compared to the first quarter of 2010 by € 116 million to € (431) million. The first-quarter order intake of 630MW was lower than expected. The backlog of firm and unconditional orders amounted to € 7.2 billion at 31 March 2011. The outlook for 2011 is retained; an intake of firm and unconditional orders of 7,000-8,000MW, an EBIT margin of 7 per cent, a positive free cash flow and revenue of € 7 billion in a market in recovery, but at the same time influenced by fierce competition.
The development confirms that revenue and earnings may show major quarter-on-quarter fluctuations depending on the capacity utilisation and the type of projects handed over. The first half year of 2011 is expected to break even against an EBIT loss of € 219 million during the first half year of 2010. The free cash flow was improved compared to the first quarter of 2010 by € 116 million to € (431) million. The first-quarter order intake of 630MW was lower than expected. The backlog of firm and unconditional orders amounted to € 7.2 billion at 31 March 2011. The outlook for 2011 is retained; an intake of firm and unconditional orders of 7,000-8,000MW, an EBIT margin of 7 per cent, a positive free cash flow and revenue of € 7 billion in a market in recovery, but at the same time influenced by fierce competition.
