Vestas generated first-quarter revenue of € 1,105 million, an increase of 58 per cent, achieving an EBIT improvement of 124 per cent to € 76 million and lifting the EBIT margin from 4.9 per cent to 6.9 per cent.
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Net working capital stood at 8 per cent of expected annual revenue, against 2 per cent in Q1 2008. The increase was significantly attributable to larger inventories. The order backlog of firm and unconditional orders amounted to € 4.9 bilion at 31 March 2009. Full-year expectations for 2009 are still for an EBIT margin of 11-13 per cent on revenue of € 7.2 billion. At the end of the first quarter of 2009, Vestas' total undrawn financial facilities amounted to € 850 million. Vestas continues to expand its operations in the USA and China owing to the positive market prospects. Capacity will be reduced in Northern Europe, as demand in this area at the moment does not meet expectations. Consequently, Vestas expects to lay off approximately 1,900 employees in the production units in Northern Europe, primarily in Denmark and England. As a result of these measures, expected investments in property, plant and equipment and intangible assets are reduced by € 200 million to € 1.0 billion.