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Vestas reported a pre-tax loss of € 158 million in 2005 due to poor earnings from North American projects, component shortages 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%.
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