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In the first quarter of 2014, Vestas generated revenue of € 1,283 million, an increase of 17 per cent to the year-earlier period. EBIT before special items increased by € 148 million to € 40 million due to improved project margins, higher revenue, lower fixed capacity costs and lower depreciation.
The EBIT margin before special items was 3.1 per cent and the free cash flow increased by € 36 million to € (24) million compared to the first quarter of 2013. During the last 12 months, Vestas has generated a free cash flow of € 1,045 million. The intake of firm and unconditional wind turbine orders was 1,188MW in the first quarter of 2014. The value of the wind turbine backlog amounted to € 6.9 billion at 31 March 2014. In addition to the wind turbine order backlog, Vestas had service agreements with contractual future revenue of € 6.9 billion at the end of March 2014. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at € 13.8 billion, an improvement of € 1.4 billion compared to the year-earlier period.
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