Published: 10 February 2011 10 February 2011
2010 was a tough year but Vestas is on track with a record-high order intake of 8,673MW. The year’s order intake had a value of € 8.6 billion, corresponding to € 1 million per MW. Measured in MW, the order intake rose by 182 per cent. In 2010, Vestas reached its expected revenue, earnings and net working capital as per announcement of 22 November 2010.
After deliveries of 2,557MW in the fourth quarter, the year’s total deliveries to the customers in 2010 rose by 1,078MW to 5,842MW from 4,764 MW in 2009. The 36 per cent increase in revenue to € 6.9bn is due to the 23 per cent increase in deliveries. The service business, which as per 31 December 2010 comprised 31,000MW, generated revenue of € 623 million, an increase of 24 per cent. The EBIT margin was 6.8 per cent before and 4.5 per cent after one-off costs of € 158 million for closure of factories and lay-offs as announced on 26 October 2010. At 31 December 2010, Vestas’ backlog of firm and unconditional orders amounted to 7,622MW at a value of € 7.7 billion against 5,015MW and € 5.4 billion the year before. The outlook for 2011 is revenue of around € 7 billion with an EBIT margin of 7 per cent.