In the second quarter of 2014, Vestas generated revenue of € 1,341 million, an increase of 13 per cent compared to the second quarter of 2013. EBIT before special items increased by € 92 million to € 104 million primarily due to improved average project margins and higher volume.
The EBIT margin before special items was 7.8 per cent. Net result increased by € 156 million to € 94 million and the free cash flow decreased by € 218 million to € (21) million compared to the second quarter of 2013. The intake of firm and unconditional wind turbine orders amounted to 1,932MW in the second quarter of 2014, an increase of 18 per cent compared to the second quarter of 2013. The value of the wind turbine backlog amounted to € 7.4 billion at 30 June 2014. In addition to the wind turbine order backlog, Vestas had service agreements with contractual future revenue of € 6.5 billion at the end of June 2014. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at € 13.9 billion. Vestas upgrades the 2014 guidance on EBIT margin before special items from minimum 5 per cent to minimum 6 per cent based on the improving cost base and the expected delivery plan for the second half of 2014.
