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In the first quarter of 2018, Vestas generated revenue of € 1,694 million, a decrease of 10% compared to the year-earlier period. EBIT decreased by € 85 million to € 126 million. The EBIT margin was 7.4% compared to 11.2% in the first quarter of 2017 and free cash flow amounted to € (587) million compared to € 8 million in the first quarter of 2017.
The intake of firm and unconditional wind turbine orders amounted to 1,629 MW in the first quarter of 2018. The value of the wind turbine order backlog amounted to € 9.3 billion as at 31 March 2018. In addition to the wind turbine order backlog, Vestas had service agreements with expected contractual future revenue of € 12.3 billion at the end of March 2018. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at € 21.6 billion – an increase of € 1.6 billion compared to the year-earlier period. Vestas maintains its 2018 guidance on revenue of EUR 10 billion-11 billion, EBIT margin of 9-11%, total investments of approximately € 500 million, and free cash flow of minimum € 400 million.
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