For full-year 2016 Vestas’ revenue amounted to € 10.2 billion. The EBIT margin before special items was 13.9 per cent and total net investments were € 617 million, and the free cash flow amounted to € 1,564 million, all in line with the expectations
The activity level and earnings of the period were driven by the stable execution of strong order books for wind turbines and service, both of which continued to grow during the year as a result of solid execution and a favourable market environment. The wind turbine order intake increased from 8,943MW in 2015 to 10,494MW in 2016 and the value of the service order backlog increased by € 1.8 billion to € 10.7 billion. For 2017, Vestas expects revenue to range between € 9.25 billion and 10.25 billion including service revenue, which is expected to grow. Vestas expects to achieve an EBIT margin before special items of 12-14 per cent with the service EBIT margin remaining stable.