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In the second quarter of 2018, Vestas generated revenue of € 2,260 million, an increase of 2% compared to the year-earlier period. EBIT decreased by € 20 million to € 259 million. The EBIT margin was 11.5% compared to 12.6% in the second quarter of 2017 and free cash flow amounted to € (173) million compared to € (158) million in the second quarter of 2017.
The intake of firm and unconditional wind turbine orders amounted to 3,807 MW in the second quarter of 2018. The value of the wind turbine order backlog amounted to € 10.2bn as at 30 June 2018. In addition to the wind turbine order backlog, Vestas had service agreements with expected contractual future revenue of € 12.8 billion at the end of June 2018. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at € 23.0 billion – an increase of € 2.8 billion compared to the year-earlier period. Vestas narrows the 2018 guidance on revenue to range between € 10.0 billion and € 10.5 billion (compared to previously € 10.0 billion-11.0 billion), and on EBIT margin to 9.5-10.5% (compared to previously 9-11%). Total investments are still expected to amount to approx. € 500 million, and free cash flow is expected to be minimum € 400 million in 2018. The adjustments are based on improved visibility for the remainder of the year.
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