In the third quarter of 2014, Vestas generated revenue of € 1,813 million, an increase of 26 per cent compared to the third quarter of 2013. EBIT before special items increased by € 96 million to € 163 million primarily due to higher volume and to a lesser extent also caused by improved average margins.
The EBIT margin before special items was 9.0 per cent. The net result increased by € 189 million to € 102 million and the free cash flow increased by € 49 million to € 105 million compared to the third quarter of 2013. The intake of firm and unconditional wind turbine orders amounted to 1,170 MW in the third quarter of 2014, a decrease of 24 per cent compared to the third quarter of 2013. However, year-to-date, order intake is up by 458 MW, or an increase of 12 per cent compared to last year. The value of the wind turbine backlog amounted to € 6.7 billion at 30 September 2014, which is a decrease of 9 per cent compared to same time last year. In addition to the wind turbine order backlog, Vestas had service agreements with contractual future revenue of € 6.7 billion at the end of September 2014, compared to € 6.1 billion at the end of September 2013. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at € 13.4 billion at 30 September 2014. Vestas upgrades the 2014 guidance on revenue from minimum € 6 billion to € 6.4 billion-7.0 billion. EBIT margin guidance before special items is upgraded from minimum 6 per cent to 7-8 per cent and guidance on free cash flow is upgraded from minimum € 300 million to € 400 million-700m. The upgrades are based on the expected delivery plan for the remainder of the year and an improved cost base.