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2013 marked the final year of Vestas’ two-year turnaround. Vestas has delivered on the main focus areas over the turnaround period; annualised fixed capacity costs have been lowered by € 484 million compared to the fourth quarter of 2011, net investments have been lowered by more than € 500 million to € 239 million since 2011 and working capital has been lowered to € (596) million.
 
For full year 2013, revenue amounted to € 6,084 million, EBIT before special items was € 211 million and the free cash flow amounted to € 1,009 million. This was all above the latest expectations of minimum € 5.5 billionn, minimum 2 per cent and around € 1 billion, respectively. The higher-than-expected revenue and EBIT were primarily driven by a smooth execution in terms of installation and transfer of risk combined with favourable weather conditions in December 2013. For 2014, Vestas expects revenue to amount to minimum € 6 billion with an EBIT margin before special items of at least 5 per cent and a free cash flow of minimum € 300 million.
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