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Vestas Wind Systems A/S
Interim financial report Second quarter and first half year 2012Company announcement of 22 August 2012
Vestas WInterim f
Disclaim This documAll statemlooking stassumptiodiffer mate Forward-lostatementsnumber ofexpressedVestas' proand physiceconomic and renego(h) ability componenand transfe All forwardreferencedaffect futurvestas.comthis documof new infothose state
Wind Systeminancial repo
mer and ca
ment contains fents other thantatements are ns and involve
erially from those
ooking statemens expressing mf factors that co in the forward-oducts; (b) currecal risks; (e) leand financial motiation of the teto enforce pate
nts from supplieer of risk.
d-looking statemd to in this statere results are com/investor) and ment. Vestas doeormation or futued, implied or in
ms A/S ort – second
autionary s
forward-looking n statements ofstatements of known and unke expressed or
nts include, amomanagement’s eould affect Ves-looking statemeency and intereegislative, fisca
market conditionserms of contracents; (i) producrs and vendors
ments containedment. Undue reontained in Vestthese factors shes not undertakre events others
nferred from the
quarter and
statement
statements conf historical fact
future expectknown risks andimplied in these
ong other thingsexpectations, betas’ future operents included inst rate fluctuatio
al and regulators in various coucts with governmct development ; and (m) custo
in this documeeliance should ntas’ annual repohould also be co
ke any obligations than required forward-looking
first half yea
ncerning Vestasare, or may b
tations that ared uncertainties te statements.
s, statements coeliefs, estimaterations and cou
n this documentons; (c) loss of mry developmenuntries and regimental entities,
risks; (j) cost omer readiness
nt are expresslynot be placed onort for the year eonsidered. Eachn to publicly updby Danish law.
g statements co
ar 2012
s’ financial condbe deemed to be based on mthat could cause
oncerning Vestas, forecasts, pruld cause Vesta, including (withmarket share ants, including chons; (g) politicaand delays or aof commoditiesand ability to a
y qualified by thn forward-lookinended 31 Decemh forward-lookindate or revise aIn light of these
ontained in this d
Company
dition, results ofbe, forward-lookmanagement’s e actual results
as’ potential exprojections and aas’ results to d
hout limitation): nd industry comhanges in tax ol risks, including
advancements is; (k) customerccept delivery a
e cautionary stag statements. Amber 2011 (avang statement spny forward-looke risks, results cdocument.
y announcem
f operations anking statementscurrent expect, performance o
posure to markeassumptions. T
differ materially (a) changes in
mpetition; (d) envor accounting g the risks of exin the approval r credit risks; (land installation
atements contaAdditional factorailable at peaks only as ofking statement acould differ mate
Page 2 oment No. 32/2
d business. s. Forward-tations and or events to
et risks and There are a
from those demand for vironmental policies; (f) xpropriation of projects; l) supply of of products
ined or rs that may
f the date of as a result erially from
of 36 2012
Vestas WInterim f
Summ 2012 ouaddition Vestas gto the yemargin bthe lossdecreasefree casamountefirm and of firm aorder baend of agreemeworkplac Vestas rEUR 6,5intake inamount expectedexpectat In order of arounVestas nguidanceeffect asare now Vestas hsuppliersthe man Vestas eproduct increase As annoof the fiallowed on usual This inter
Wind Systeminancial repo
mary
utlook for Enal redundan
generated reear-earlier pebefore specias-making firsed to EUR (3
sh flow was ed to EUR 1,d unconditionand unconditacklog, VestaJune 2012, ents stood aces was main
retains its full500-8,000m n the first hato approx 6d to be EURtions for the
to make surnd 5 GW in now expectse of 20,400.s from the enexpected to
has initiateds in larger paufacturing fle
expects to recost-out pro
e significantly
ounced on 31financial covdrawings, wl terms as th
rim report is av
ms A/S ort – second
EBIT, revenuncies of 1,4
evenue of EUeriod. EBIT bal items wasst quarter 20338)m from EEUR 139m 147m; an inal orders wational orders as had servi
and thus tt EUR 14.4bntained and
l-year guidanand a positiv
alf year and 6.3 GW againR 450m agaiservice EBIT
re that Vesta2013, Vesta
s the number This will cond of 2012. amount to E
d a process arts of the suexibility and t
ealise savinggram. Savin
y in 2013.
1 July 2012, venants contwhich in the o
e company e
vailable in Dan
quarter and
ue and cash00 employe
UR 1,611m inbefore speci
s 2.5 per cen012. EBIT aEUR (63)m inlower than crease of 7 p
as 945 MW inamounted t
ice agreemethe value ofbn – the highthe share of
nce of an EBve free cashdelays of grinst the previnst the prevT margin befo
as will be proas now intenr of employeontribute to aAs a conse
EUR 75-125m
to identify upply chain tto reduce Ve
gs of approxgs will be re
Vestas has tained in Veopinion of Veexpects to te
nish and Engli
first half yea
h flow retaiees.
n the secondial items dec
nt – an improafter specialn the secondin the first hper cent comn the secondto EUR 9.6bents with conf the combihest level evf renewable e
BIT margin ofh flow. Howerid connectiovious expectavious guidanfore allocation
ofitable with nsifies the adees at year-ea fixed cost quence of thm.
outsourcing than is the caestas’ capital
x EUR 30m (ealised late in
agreed with estas’ bankin
Vestas are suest on norma
lish. In case of
ar 2012
ned. Prepar
d quarter of 2clined by 48 ovement of 2l items was d quarter of 2half of 2011
mpared to thed quarter of 2bn at 30 Junentractual futuined backlogver recorded.energy increa
f 0-4 per cenever among oons in China,ation of appce of EUR 5n of Group c
an expecteddjustment of
end to be aroreduction o
he intensified
opportunitiease today. Tl requiremen
(EBIT impacn the year an
its lenders tng facilities.
ufficient for thl terms in the
f doubt, the Da
Company
ration for 20
2012 – an incper cent to 1 percentageEUR 18m.
2011.For the. The net dee end of June2012 and thee 2012. In aure revenue g of turbine . The high sased to 52 p
nt before speother things , shipments
prox 7 GW. I550m. Due tcosts are rais
d manufacturf the organisound 19,000 of more thand redundanc
es and also The intention t.
ct) in 2012 rend Vestas ex
o defer the hFurthermor
he continuede future.
anish version
y announcem
013 intensif
crease of 15EUR 40m. T
ge points comThe free c
e first half of 2debt at 30 Ju
e 2011. The e value of theaddition to th
of EUR 4.8be orders andsafety level aper cent.
cial items, redue to a loware now expInvestments to a lower cosed to 17 per
ring level (shsation. Cons0 against the n EUR 250mcy plan, spec
seeks to inis to further
elated to thexpects the s
half-year 201re, the lendd operation o
shall apply.
Page 3 oment No. 32/2
fies with
5 per cent The EBIT mpared to cash flow 2012, the une 2012 intake of
e backlog he turbine bn at the d service at Vestas’
evenue of wer order pected to are now
ost base, r cent.
hipments) sequently,
previous m with full cial items
nvolve its r increase
e ongoing savings to
12 testing ders have of Vestas
of 36 2012
Vestas WInterim f
Q2 201 + 52% + 16% + 15%
+ 34%
- 48%
- EUR 63
- EUR 27 + 0.3%
+ 18% p 0%
Wind Systeminancial repo
12 at a gl
Vest - an
Vest- an
Vest- an
Serv- an
EBIT- a d
3m Loss- a d
75m Vest - a d
The - an
points Rene- an
Indu- leve
ms A/S ort – second
ance (ag
tas producedincrease of
tas deliveredincrease of 1
tas generateincrease of 1
vice revenue increase of 3
T before spececrease of 4
s after tax amecrease of E
tas realised adecrease of E
number of eincrease of 0
ewable enerincrease of 1
strial injuriesel maintaine
quarter and
ainst Q2
d and shippe52 per cent
wind power16 per cent
d revenue of15 per cent
amounted to34 per cent
cial items am48 per cent
mounted to EEUR 63m
a free cash flEUR 275m
mployees at0.3 per cent
gy amounted18 percentag
s per one mild
first half yea
2011)
ed 2,160 MW
r systems wit
f EUR 1,611
o EUR 227m
mounted to E
EUR (8)m
low of EUR (
t the end of t
d to 52 per cge points
lion working
ar 2012
W
th an aggreg
m
m
EUR 40m
(338)m
he period wa
ent of total e
hours was 2
Company
ate capacity
as 21,767
energy consu
2.6
y announcem
y of 1,307 MW
umption
Page 4 oment No. 32/2
W
of 36 2012
Vestas WInterim f
Table
Financia
Non-fina
Develop
Outlook
Assumpt
Capital m
Press an
Manage
Consolid
Wind Systeminancial repo
of conten
al highlights f
ancial highlig
ment, first ha
2012 ...........
tions and ris
markets day .
nd analyst m
ment’s state
dated accoun
ms A/S ort – second
nts
for the Group
hts for the G
alf year 2012
....................
ks ................
....................
eeting .........
ment ...........
nts – 1 Janua
quarter and
p ...................
Group ............
2 ...................
....................
....................
....................
....................
....................
ary to 30 Jun
first half yea
....................
....................
....................
....................
....................
....................
....................
....................
ne 2012 .......
ar 2012
...................
...................
...................
...................
...................
...................
...................
...................
...................
Company
....................
....................
....................
....................
....................
....................
....................
....................
....................
y announcem
...................
...................
...................
...................
...................
...................
...................
...................
...................
Page 5 oment No. 32/2
............. 6
............. 8
........... 10
........... 18
........... 19
........... 20
........... 20
........... 21
........... 22
of 36 2012
Vestas WInterim f
Finan mEUR
Highligh
Income st
Revenue
Gross prof
Profit/(lossexpenses,(EBITDA)
Operating items
Profit/(lossexpenses,(EBITDA)
Operating
Profit/(loss
Profit/(loss
Profit/(loss
Balance s
Balance sh
Equity
Provisions
Average in
Net workin
Investmen
Cash flow
Cash flow
Cash flow
Free cash
Cash flow
Change incurrent po
Wind Systeminancial repo
ncial high
hts
tatement
fit
s) before financia depreciation anbefore special ite
profit/(loss) (EBI
s) before financia depreciation an
profit/(loss) (EBI
s) of financial item
s) before tax
s) after tax
sheet
heet total
s
nterest-bearing p
ng capital
nts in property, pl
w statement
from operating a
from investing a
flow
from financing a
cash at bank anrtion of bank deb
ms A/S ort – second
hlights fo
al income and d amortisation ems
IT) before specia
al income and d amortisation
IT) after special i
ms
position (net)
ant and equipme
activities
activities
activities
nd in hand less bt
quarter and
or the GrQ2
201
1
al
items
8
2
(1,
ent
(2
(3
first half yea
roup 2 21) 20
,611
248
161
40
135
18
(23)
(5)
(8)
8,776
,438
350
152)
330
27
262)
(76)
338)
521
183
ar 2012
Q2 0111)
1
1,401
248
150
77
150
77
(1)
76
55
7,144
2,707
314
(1,075)
872
110
126
(189)
(63)
63
0
Company
half year 20121)
2,716
260
71
(164)
4
(227)
(3)
(230)
(170)
8,776
2,438
350
(1,065)
330
65
(466)
(167)
(633)
763
130
y announcem
1 half year20111)
2,461
348
150
8
150
8
(50)
(42)
(30)
7,144
2,707
314
(966)
872
201
(141)
(353)
(494)
346
(148)
Page 6 oment No. 32/2
r Full yea2011
5,8
7
3
(3
3
(6
(9
(15
(16
7,6
2,5
3
(99
(7
4
8
(76
(1
of 36 2012
r
36
25
05
38)
05
60)
93)
53)
66)
89
76
29
90)
71)
06
40
61)
79
13)
66
Vestas WInterim f
Finan mEUR
Ratios2)
Financial
Gross mar
EBITDA m
EBIT marg
EBITDA m
EBIT marg
Return on special ite
Solvency r
Return on
Gearing (%
Share rati
Earnings p
Book value
Price/book
Cash flow (EUR)
Dividend p
Payout rat
Share pric
Average n
Number of
1) Neithe2) The r
(Reco3) Calcu4) Earnin
Wind Systeminancial repo
ncial high
ratios
rgin (%)
margin before spe
gin before specia
margin (%)
gin after special i
invested capital ms3) (%)
ratio (%)
equity3) (%)
%)
ios
per share4) (EUR
e per share (EUR
k value
from operating a
per share (EUR)
tio (%)
ce at the end of th
umber of shares
f shares at the en
er audited nor reviewratios have been caommendations and Flated over a 12-montngs per share have b
ms A/S ort – second
hlights fo
ecial items (%)
al items (%)
items (%)
(ROIC) before
R)
R)
activities per sha
he period (EUR)
s
nd of the period
wed. alculated in accordaninancial ratios 2010)th period.
been calculated over
quarter and
or the GrQ2
201
(
(
(
re (
203,704
203,704
nce with the guideli.
a 12-month period a
first half yea
roup 2 21) 20
15.4
10.0
2.5
8.4
1.1
(2.5)
27.8
(3.1)
68.9
(0.4)
12.0
0.4
(1.3)
0.0
0.0
4.4
4,103 203
4,103 203
nes from “Den Dan
and in accordance wi
ar 2012
Q2 0111)
1
17.7
10.7
5.5
10.7
5.5
2.7
37.9
2.9
47.2
0.4
13.3
1.2
0.6
0.0
0.0
16.0
3,704,103
3,704,103
nske Finansanalytike
ith IAS 33 on earning
Company
half year 20121)
9.6
2.6
(6.0)
0.2
(8.4)
(2.5)
27.8
(3.1)
68.9
(0.4)
12.0
0.4
(2.3)
0.0
0.0
4.4
203,704,103
203,704,103
erforening” (The Dan
gs per share.
y announcem
1 half year20111)
14.1
6.1
0.3
6.1
0.3
2.7
37.9
2.9
47.2
0.4
13.3
1.2
(0.7)
0.0
0.0
16.0
203,704,103
203,704,103
nish Society of Fina
Page 7 oment No. 32/2
r Full yea2011
12
5
(0
5
(1
(1
33
(6
35
(0
12
0
4
0
0
8
203,704,1
203,704,1
ancial Analysts)
of 36 2012
r
2.4
5.2
.7)
5.2
.0)
.3)
3.5
.2)
5.7
.8)
2.6
0.7
4.1
0.0
0.0
8.3
03
03
Vestas WInterim f
Non-f
Key figu
Occupatio
Industrial i
- of which
Products
MW produ
Number of
Utilisation
Consumpt
Consumpt
Consumpt
- of which
- of which
Consumpt
Waste dis
Volume of
- of which
Emissions
Direct emi
Local com
Environme
Breaches
Employee
Average n
Number of
Wind Systeminancial repo
financial
ures2)
onal health & sa
injuries (number)
fatal industrial in
uced and shipped
f turbines produc
n of resources
tion of metals (1,
tion of other raw
tion of energy (G
renewable energ
renewable electr
tion of fresh wate
sposal
f waste (1,000 to
collected for recy
s
ssion of CO2 (1,0
mmunity
ental accidents (n
of internal inspec
es
umber of employ
f employees at th
ms A/S ort – second
l highligh
afety
)
njuries (number)
d
ced and shipped
000 tonnes)
materials, etc. (1
GWh)
gy (GWh)
ricity (GWh)
er (1,000 m3)
nnes)
ycling (1,000 ton
000 tonnes)
number)
ction conditions (
yees
he end of the per
quarter and
hts for th
1,000 tonnes)
nnes)
(number)
riod
first half yea
he GroupQ2
20121)
2
2,16
96
6
3
14
7
7
16
2
1
1
22,18
21,76
ar 2012
p
Q2 20111)
26 26
0 0
60 1,417
64 722
68 50
38 24
42 136
73 46
73 44
63 138
26 24
3 15
3 14
0 0
0 0
87 21,717
67 21,700
Company
1 half year 20121)
56
0
3,091
1,413
137
72
337
159
149
287
49
24
33
0
1
22,558
21,767
y announcem
1 half year 20111)
63
1
2,051
1,080
91
53
294
95
86
241
42
24
33
0
2
22,167
21,700
Page 8 oment No. 32/2
Full year 2011
132
1
5,054
2,571
212
105
586
223
208
562
89
48
58
0
3
22,926
22,721
of 36 2012
Vestas WInterim f
Non-f
Indicato
Occupatio
Incidence
Absence d
Absence d
Products
CO2 savinshipped (m
Utilisation
Renewable
Renewable
Employee
Women at
Non-Dane
Managem
OHSAS 18
ISO 14001
ISO 9001
1) Nei2) Acc3) The
cernew
Wind Systeminancial repo
financial
ors2)
onal health and
of industrial injur
due to illness am
due to illness am
gs over the lifetimmillion tonnes of
n of resources
e energy (%)
e electricity for o
es
t management le
es at managemen
ment system3)
8001 - occupatio
1 - environment (
- quality (%)
ither audited nor revicounting policies for e technology centresrtified against OHSASw units to be certified
ms A/S ort – second
l highligh
safety
ries per one millio
ong hourly-paid
ong salaried em
me on the MW pCO2)
own activities (%)
evel (%)
nt level (%)
onal health and s
(%)
iewed. non-financial highligh
s in Singapore and thS 18001 and ISO 140d within six months af
quarter and
hts for th
on working hours
employees (%)
ployees (%)
roduced and
)
afety (%)
hts for the Group, seee USA as well as the001. The production fter commencing ope
first half yea
he GroupQ2
20121)
s 2.
2.
1.
5
5
8
1
5
9
9
9
e page 32 of the anne sales and service ofacilities in Xuzhou,
erations.
ar 2012
p
Q2 20111)
6 2.6
1 2.2
0 1.3
57 37
52 34
86 61
8 18
55 52
97 97
96 97
94 97
nual report 2011. organisations in CanaChina, have not yet
Company
1 half year 20121)
2.7
2.4
1.1
82
47
87
18
55
97
96
94
ada and Vestas Offshbeen certified agains
y announcem
1 half year 20111)
3.2
2.5
1.5
54
32
65
18
52
97
97
97
hore, UK, have not yst ISO 14001. Vestas
Page 9 oment No. 32/2
Full year 2011
3.2
2.3
1.3
133
38
68
18
53
97
96
94
yet been s’ aim is for all
of 36 2012
Vestas WInterim f
Devel Order ba The quabacklog and Amebacklog In the seof 2,160capacityper cent
MW
MW un
MW deduring t
MW pro
MW un
At the envery higinventorirecogniti
Wind Systeminancial repo
opment,
acklog and
arterly order amounted toericas and Awas EUR 9.
econd quarte0 MW (964 ty delivered to
from the sec
der completi
elivered (TORthe period
oduced and s
nder comple
nd of June, th shipment ies as a larion of these
ms A/S ort – second
, first hal
activities –
intake was o 9,516 MW
Asia Pacific a6bn at the en
er of 2012, Vturbines) agao the customecond quarter
ion, 1 April 2
R) to custome
shipped duri
etion, 30 Jun
turbine projeactivity in thrge share oMW will take
quarter and
lf year 20
turbines
945 MW, ofat the end o
accounted fond of June 2
Vestas produainst 1,417 ers (transfer r of 2011.
2012
ers
ng the period
ne 2012
cts with a tohe second qof these MWe place when
first half yea
012
f which 74 pof June 2012r 22 and 15 012.
uced and shiMW (722 tu
r of risk – TO
Europe Afric
89
(415
d 77
1,26
otal output of uarter. This
W cannot yen the projects
ar 2012
per cent was. Europe andper cent, res
ipped wind turbines) in thOR) amounte
and ca Ame
99 2
5) (73
79 1,1
63 7
f 2,497 MW wis reflected
et be recogns are finally d
Company
s publicly and Africa accospectively. T
urbines with he second qd to 1,307 M
ericas A
P
271
37) (
194
728
were under cin the level
nised as revdelivered to t
y announcem
nnounced. Tounted for 63The value of
an aggregauarter of 20
MW; an increa
Asia Pacific
474
(155) (
187
506
completion dof prepaym
venue. The the customer
Page 10 oment No. 32/2
The order 3 per cent the order
ate output 011. Final ase of 16
Total
1,644
(1,307)
2,160
2,497
due to the ments and
revenue rs.
of 36 2012
Vestas WInterim f
Order ba At the e4.8bn – a Service comparebusinessactivitiesservice ramounteThe EBIT The servturbines’broader exploitat By the elevel of ifrom thenearly 39 As Vestaarea has
Income In the scomparerevenue For the expectat
Wind Systeminancial repo
acklog and
end of June an increase
revenue amed to the ses are far mos in the differrevenue amoed to 20.7 peT margin afte
vice busines’ performancproduct ran
tion of the wi
end of June nstalled cap
e service bus9 GW is one
as expects fs increased.
statement
second quared to the yea, whereas Am
first half of tions.
ms A/S ort – second
activities –
2012, Vestaof 14 per ce
ounted to EUecond quartore stable thrent service ounted to EUer cent – an er allocation
s only requirce dependinnge coverinnd.
2012, Vestaacity and ca
siness. Cons of the found
further grow
rter of 2012ar-earlier pemericas and
2012, reven
quarter and
service
as had servnt during the
UR 227m in ter of 2011.an from thecontracts ma
UR 430m. Thincrease of of Group co
res a small ag on wind cg everything
as has instalrefully planneequently, clo
dations of Ve
wth in the se
, revenue ariod. EuropeAsia Pacific
nue amount
first half yea
vice agreemee second qua
the second Even thou
e turbine busay vary fromhe half-year 2.3 percenta
osts amounte
amount of caconditions ag from simp
led more thaed service v
ose monitorinestas’ growth
rvice busine
amounted toe and Africa c accounted f
ted to EUR
ar 2012
ents with coarter.
quarter of 2gh revenue
siness, the rm quarter to q
EBIT marginage points c
ed to 10.2 pe
apital, howevnd grid typeple on-call d
an 51 GW inisits are key ng of more thh strategy.
ess, the num
EUR 1,611accounted f
for 54 and 7
2,716m, wh
Company
ntractual fut
012 – an incand earnin
evenue and quarter. For n before allocompared to r cent.
ver in-depth es. Vestas oduty to a g
n more than prerequisiteshan 22,000 t
mber of empl
1m; an increfor 39 per ceper cent, res
hich was in
y announcem
ture revenue
crease of 34ngs from the earnings gethe first halfcation of Grothe first half
knowledge aoffers an incguaranteed
70 countries for generaturbines equ
loyees in the
ease of 15 ent of seconspectively.
accordance
Page 11 oment No. 32/2
e of EUR
4 per cent e service enerating f of 2012, oup costs f of 2011.
about the creasingly minimum
s. A high ting profit ivalent to
e service
per cent d-quarter
with the
of 36 2012
Vestas WInterim f
The grossecond qfluctuatioorder ansecond qthe V11factories
A total othe closu
Wind Systeminancial repo
ss margin in quarter of 20ons in earninnd turbine typquarter of 202 turbines a
s in Germany
f EUR 22m wure of the fac
ms A/S ort – second
the second 011. Quarterngs due to vpes as well
012 was negaand the Gridy and the US
was booked ctory in Hohh
quarter and
quarter of 2r-on-quarter volume and cas customeratively impacdStreamer™ SA in 2011.
as special itehot, China.
first half yea
2012 decreasdevelopmen
composition r demands focted by too h
technology
EBI161incrqua EBI40mquadecdepdev Thedecthe 201EU201cha
ems in the q
ar 2012
sed to 15.4 pnts in gross mwith respect
or delivery flhigh product , and higher
ITDA before 1m in the rease of 7 parter of 2011
IT before sm – a decrearter of 2011cline was apreciation avelopment pr
e EBIT mcreased to 2
second qua12, EBIT beR (164)m du12 and highearges of EUR
uarter relatin
Company
per cent frommargins mayt to countriesexibility. Theand productr depreciatio
special itemsecond qua
per cent com.
pecial itemsase of EUR . The primaryan increasend amortisa
rojects.
margin befo.5 per cent arter of 201
efore specialue to a disaper depreciat
R 66m.
ng to the lay-
y announcem
m 17.7 per cey result in sus, project coe gross margtion costs prion due to st
ms amountedarter of 201
mpared to the
s amounted R 37m on thery reason for e of EUR ation of c
fore speciafrom 5.5 pe1. In the firsl items amoppointing firstion and am
-off of emplo
Page 12 oment No. 32/2
ent in the ubstantial omplexity, gin in the marily for tart-up of
d to EUR 12 – an e second
to EUR e second the EBIT 31m in
ompleted
al items er cent in st half of ounted to st quarter ortisation
yees and
of 36 2012
Vestas WInterim f
Balance Vestas hend of Jincrease297m. As annoof the fiallowed on usual Net wor At the enEUR 542EUR 310completiyear in wcomparecompriseThe ”MaVestas ileaves rtime. Warrant As annohave shoby ZF Wmaintenaadditiona Vestas hnegotiaticonsump
Wind Systeminancial repo
e sheet
had total assJune 2012, Ve of 7 per ce
ounced on 31inancial covdrawings, wl terms as th
rking capital
nd of June 22m compare0m, primarilyion during thwhich shipmed to the sece payments ake to orderis working sroom for furt
ty provision
ounced on 2own that 376
Wind Power Aance, repair al provision o
has recently ions with ZF ption related
ms A/S ort – second
sets of EUR 8Vestas’ inter
ent over the
1 July 2012, venants contwhich in the o
e company e
l
2012, Vestased to the endy due to an inhe second quments are excond quarter on account
r” implementstructurally tother reductio
ns
May 2012, 6 V90-3.0 MWAntwerpen Nor replacem
of EUR 40m
received a on the allocto this issue
quarter and
8,776m at 30rest-bearing last year. Du
Vestas has tained in Veopinion of Veexpects to te
s’ net workingd of June 20ncrease in inuarter as wepected to beof 2011 is pfor turbine ptation and tho further red
on of the inv
monitoring W gearboxesV (previouslent due to min the first qu
root cause acation of coste has been ve
first half yea
TEpca Faingin
0 June 2012net position
uring the sec
agreed with estas’ bankinestas are su
est on norma
g capital am011. During nventories. Tll as Vestas’e record-hig
primarily driveprojects whiche initiativesduce its inve
ventories in t
data from Vs delivered ty Hansen Tr
malfunctioninuarter of the
analysis fromt related to tery limited.
ar 2012
he free cashEUR (338)m
rimarily driveapital of EUR
or the first mounted to E
n the first haeneration wi
n previous ye
, against EU amounted tcond quarter
its lenders tng facilities.
ufficient for thl terms in the
ounted to EUthe quarter,
The increase ’ preparationh. The majoen by an incrch have not ys to reduce entories andthe different
Vestas’ Perfoto Vestas froransmissionsg bearings. Tyear.
m ZF that suhe issue are
Company
h flow declinin the seco
en by a chaR (348) mio.
half of 2012EUR (633)mlf of 2011. Vill have the ears.
UR 7,144m thto EUR 1,14r, the net de
o defer the hFurthermor
he continuede future.
UR 330m, wnet working reflects an in
n for a busy sor drop in therease in prepyet been recinventories
d the regionregions by
ormance andm June 2009s) may potenThus, Vestas
pports Vestae in progress
y announcem
ned by EUR ond quarter ange in net
2, the free cm against EUVestas’ free c
same seaso
he year befo47m, represeebt increased
half-year 201re, the lendd operation o
which is a decg capital increncrease in Msecond half e net workinpayments, wcognised as are still proalised manudecreasing
d Diagnostics9 to Septemntially need as decided to
as’ assumpts. So far, the
Page 13 oment No. 32/2
275m to of 2012
t working
cash flow R (494)m cash flow onality as
re. At the enting an d by EUR
12 testing ers have of Vestas
crease of eased by
MW under year in a
ng capital which also
revenue. gressing.
ufacturing the lead-
s centres mber 2011 additional make an
ions, and warranty
of 36 2012
Vestas WInterim f
Provisionand any made toaccordandeviate s Warrantyof reven The ongcustomealready dJune 20average year.
Data calcula
Change Vestas’ edue to th Cash flo In the seEUR 12during ththe sam167m whprimarilydeclined Busines In 2006, be able tof envirothereby s
Wind Systeminancial repo
ns are in genreimbursem
o that effectnce with spsubstantially
y provisions ue. In the se
going improvers achieve adelivered are
012, all the wLPF which
ated across 12,50
s in equity
equity amouhe losses rea
ow and inve
econd quarte6m in the s
he quarter. Ce period lashich is EUR y made on dd to EUR (338
ss priorities
Vestas begato manufactuonmental fooshortening d
ms A/S ort – second
neral made fment from otht. Provisionspecific agree
from such e
of EUR 33mecond quarte
vement of tha consistente performingwind power was lower t
0 Vestas turbines
nted to EURalised over th
stments
er of the yeasame period Cash flow fromst year. For t68m lower th
development8)m from EU
an to build aure regionallyotprint and
delivery times
quarter and
for all expecther involved s are made ments. Prov
estimates.
m were mader of 2012, co
e Lost Prodly better retu
g according tplants wher
than 2. Vest
under full scope s
R 2,438m at 3he past 12 m
ar, cash flowof 2011 – n
m investmenthe first half han the periot projects. D
UR (63)m in t
an organisatioy at local costo improve s.
first half yea
ted costs assparties is noto cover po
visions are
e in the secoonsumption o
duction Factourn on their to plan with re Vestas artas expects t
service.
30 June 201months.
w from operanegatively ants amountedf of 2012, caod’s deprecia
Despite the lthe second q
on and produsts, to reducrelations wit
ar 2012
sociated withot offset unleossible costsbased on e
nd quarter oof warranty p
or (LPF) on investment. respect to th
re guaranteeto maintain t
2; a decreas
ating activitieffected by thd to EUR 76mash flow fromation and amower investm
quarter of 201
uction with gce transport cth local, reg
Company
h turbine repss a written s of remedy
estimates, an
f 2012, equivprovisions am
Vestas turbThe 101 V1
heir LPF targeing the perfthis LPF per
se of EUR 26
es declined he increasedm, which is Em investmenmortisation. Tment activity11.
global reach. costs both finional and g
y announcem
pairs or replaagreement
y and other nd actual co
valent to 2.1mounted to E
bines implies112-3.0 MWget, and at thformance shrformance fo
69m on 30 Ju
to EUR (262d net workinEUR 113m lonts amountedThe investmey, the free c
The objectivnancially andglobal custom
Page 14 oment No. 32/2
cements, has been costs in
osts may
per cent EUR 33m.
s that the W turbines
he end of howed an or the full
une 2011
2)m from ng capital ower than d to EUR ents were cash flow
ve was to d in terms mers and
of 36 2012
Vestas WInterim f
Increase
Order intak Order intak Produced Deliveries Revenue (- of which Gross mar Warranty p EBIT marg Net workinrevenue (m Return on special item Investmen Free cash Number of- of which 1) Nei2) Cal
The newis designtime incrfinancialframewo Vestas wthe USApositive In additiosuppliersthe man Vestas eproduct increase By conssurroundmarket-le
Wind Systeminancial repo
ed regionali
ke (bnEUR)
ke (MW)
and shipped (M
(MW)
(mEUR) service
rgin (%)
provisions (%)
gin before speci
ng capital as permid-point) (%)
invested capitams2) (%)
ts (mEUR)
flow (mEUR)
f employees, enoutside Europe ither audited nor revilculated over a 12-m
w organisationed to maintreasing scala, social and
ork for how to
will evaluate A. The recenstep for the
on, Vestas hs in larger pufacturing fle
expects to recost-out pro
e significantly
sistently prioding commueading posit
ms A/S ort – second
isation, imp
MW)
al items (%)
rcentage of
al before
nd of period
iewed. onth period.
onal structuretain Vestas’ ability and red environmeo accomplish
its manufactnt approval fUS near-term
has initiated aarts of the pexibility and t
ealise savinggram. Savin
y in 2013.
oritising its unity, respecion.
quarter and
roved qualitH1
20121)
2.2
2,214
3,091
2,415
2,716 430
9.6
3.5
(6.0)
4.6
(2.5)
(167)
(633)
21,767 8,257
e, prepared iglobal footp
educing costntal prioritie
h them.
turing footprifrom the Senm wind mark
a process to production thto reduce Ve
gs of approxgs will be re
key stakehctively, Vesta
first half yea
ty and growFull year
2011
7.3
7,397
5,054
5,217
5,836 705
12.4
2.5
(0.7)
(1.2)
(1.3)
(761)
79
22,721 8,603
n the autumprint and incts and the re
es reflect the
nt during thenate Finance
ket, if the bill
identify outshan is the caestas’ capital
x EUR 30m (ealised late in
holders; cusas aims to
ar 2012
wing serviceFull year
2010 F
8.6
8,673
4,057
5,842
6,920623
17.0
2.8
6.8
9.7
10.8
(789)
(733)
23,2528,127
n of 2011 anrease customelative capitae company’s
e second hale Committeeis signed into
sourcing oppase today. Th requiremen
(EBIT impacn the year an
stomers, shamaintain an
Company
revenue Full year
2009 F
3.2
3,072
6,131
4,764
5,079504
16.5
5.8
4.9
6.2
9.5
(808)
(842)
20,7306,569
2
nd disclosed mer proximital requiremes overall tar
f of 2012 ince of a bill inco law.
ortunities anhe intention t.
ct) in 2012 rend Vestas ex
areholders, nd if possib
y announcem
Full year 2008
F
6.4
6,019
6,160
5,580
5,904 396
19.1
4.5
10.4
(1.2)
43.4
(680)
(403)
20,829 5,320
on 12 Januaty, while at t
ent. Vestas’ brgets and d
cluding the focluding the
nd seeks to inis to further
elated to thexpects the s
employees ble to conso
Page 15 oment No. 32/2
Full year 2007
5.5
5,613
4,974
4,502
3,828298
15.3
6.6
5.3
(10.7)
21.3
(317)
384
15,3053,232
ary 2012, the same business, efine the
ootprint in PTC is a
nvolve its increase
e ongoing avings to
and the olidate its
of 36 2012
Vestas WInterim f
Financia Vestas h
1. Vs
2. Vf
f3.
V
Employe Due to ato allocarestructu The resresultingreduced to makeGW in 2by morethe supp This mereductionend of 2redundaAsia Pac Product Vestas cofferingsdemandVestas h850 kW The devannouncdevelopmexpects Sustaina The safeof 2011 2012, thtarget fo
Wind Systeminancial repo
al priorities
has the follow
EBIT marginVestas has dsubject to a Free cash floVestas expefree cash floplatform is afree cash floRevenue Vestas expemore profitab
ees
an excessiveate more resouring of its bu
tructuring cog in an end-
the number sure that it 013. To acco
e than EUR 2port functions
eans redundns before the2012 – a dencies will gecific and 20 p
ts
continuously s. The prod. As Vestashas decided turbines.
velopment oced on 2 Mment of the to install the
ability
ety performawith an incie incidence r 2012 is 3.0
ms A/S ort – second
wing financia
n defined a goanormalised Uow ects to be abow in each fan investmenw in specific
ects to be abble than the
e cost base inources to dirusiness in Ja
omprised a -year emploof employeewill be prof
omplish this,250m – withs.
ancies of ape end of theecrease of aeographicallyper cent in A
develops neuct roadmap
s projects a to phase ou
of the potenay 2012, VeV164-7.0 M
first V164-7
nce for the sidence of injof injuries p
0.
quarter and
al priorities:
al of achievinUS market.
le to financefinancial yeant-intensive p years.
ble to increasale of wind
n relation to rect customeanuary 2012.
plan to redoyee numberes by approxitable with a Vestas needfull effect a
pprox 1,100e year. Vestaapprox 3,700y be distributmericas.
ew upgradesp is thorouglow market t the product
ntially leadinestas has reMW turbine. .0 MW proto
second quartjuries per oner one millio
first half yea
ng a high sin
e its own growar. However, process. Acc
ase its markturbines, is
the expecteer-oriented a.
duce the nur of 20,400.x 1,000. Howan expected ds to reduces from the e
salaried emas now expe0 employeested with 55 p
s of the turbinghly evaluat
demand fotion of the ki
ng offshore eceived inquThese inqu
otype in Denm
ter of 2012 isne million woon working h
ar 2012
ngle-digit EBI
wth and genlaunching n
cordingly, Ve
et share, anexpected to
d activity levctivities, Ves
mber of em. Since the
wever, Vestasmanufacturi
e its fixed cosend of 2012,
mployees in cts to have s during 201per cent in E
ne platformsted with resr the kilowailowatt platfo
turbine, theuiries from puiries are prmark in 2014
s at the sameorking hours
hours was low
Company
IT margin in
erally aims tnew platformestas may ex
nd the servicbe the fastes
vel in 2012 astas announc
mployees by beginning o
s now intensng level (shists, including
primarily thr
September around 19,0012. The remEurope and A
and new sospect to exptt platform irm i.e. the V
e V164-7.0 potential paresently bein
4.
e high level as of 2.6. For wered by 16
y announcem
the medium
to generate ams such as th
xperience a
ce business, st growing se
and 2013 andced an organ
2,335 durinof 2012, Vesifies the planipments) of
g fixed capacrough stream
2012 and a00 employee
maining apprAfrica, 25 pe
olutions to thpected futurein the comin
V52-850 kW
MW, continrtners on th
ng evaluated
as the seconr the first ha6 per cent to
Page 16 oment No. 32/2
term,
a positive he 7 MW negative
which is egment.
d in order nisational
ng 2012, estas has n in order around 5
city costs, mlining of
additional es by the rox 2,700 er cent in
e service e market ng years, and V60-
nues. As he further d. Vestas
nd quarter lf year of 2.7. The
of 36 2012
Vestas WInterim f
In the sincreasethereforeratio of t The shaagainst tVestas’ electricitestablishproject isgreen ele In the seof 18 pe By 2015sources.renewab
Shareho At the enregistere178,992 cent. BlackRothat BlacVestas o Vestas scompanyterm opp
Wind Systeminancial repo
second quared shipment e not increashe energy co
are of renewthe second qown wind poty amounted hing a 90 MWs expected sectricity in 20
econd quartercentage poi
5, the target. For the elecble electricity
olders
nd of June 2ed sharehold
Danish sha
ock, Inc. is thckRock, Inc.on 20 August
seeks to havy's long-termportunities an
ms A/S ort – second
ter 2012, coactivity. Ene
sing with samonsumption p
wable electricquarter of 20ower plants to 87 per ce
W project in Csold before y013.
er of 2012, thints compare
t is for 55 pctricity portio
y by 2012.
012, Vestas ders held 92areholders ow
he only share had increast 2012.
e an internatm targets, prnd limitations
quarter and
onsumption ergy consumme magnitudper produced
city increased011. The incrin Eastern E
ent. As annouChile to coveyear-end, it is
he share of red to the sec
per cent of on of the tota
had 183,7932.1 per cenwned about
eholder with sed their hol
tional group iorities and is.
first half yea
of raw matemption is linkde. The betted unit.
d to 86 per rease is prim
Europe. For tunced on 15er the compas not expect
renewable econd quarter
the total enal energy con
3 registered t of the com58 per cent
a notified shlding of Ves
of shareholdinitiatives co
ar 2012
erials increaked more to er utilisation o
cent – an imarily due tothe first half
5 September any’s s own eted to contrib
nergy amounof 2011.
nergy consumnsumption, th
shareholdermpany’s shaof Vestas, w
hareholding atas shares t
ders and to inonducted with
Company
ased by 58 capacity tha
of Vestas’ fa
ncrease of 2 the productof 2012, the2011, Vesta
electricity nebute to Vesta
nted to 52 pe
mption to cohe target is f
s, including care capital. Awhich has a
above 5 per o 5.04 per c
nform this grh due consid
y announcem
per cent duan productio
actories gives
25 percentagtion of electre share of reas is in the peds. Howeveas’ own prod
er cent – an
ome from refor 100 per c
custodian baAt the end free float of
cent. The nocent was rec
roup openly aderation to t
Page 17 oment No. 32/2
ue to the on and is s a better
ge points ricity from enewable rocess of er, as the duction of
increase
enewable cent to be
anks. The of June,
f 100 per
otification ceived by
about the the short-
of 36 2012
Vestas WInterim f
Outlo Vestas rrevenue 850m. Dcosts arranges othese itequarter. The full-V112-3.0course oEUR 100 Warrantyrevenue Shipmenamong oChina, Squarter t Third qufourth ququarter rcomposi It shouldand supirrespectin produgrid confor 2012 Total invexpectedrespectiv2012. Thinvestme Special amount adjustme Vestas eThis is aNovemb The freeexpected Vestas amillion w
Wind Systeminancial repo
ok 2012
retains its fuof EUR 6,5
Due to a lowere increased on revenue ems in a yea
-year EBIT m0 MW turbinof the year, a0m.
y provisions.
nts are now others thingsShipments pethan in the fo
uarter deliveuarter is expresult is expition.
d be emphasply-and-instative of whethction and chnections and.
vestments ard to amountvely. Total rehis is EUR 1ents.
items in 201to EUR 75-
ent of the org
expects to rean increase
ber 2011.
e cash flow id to amount
aims to reducworking hours
ms A/S ort – second
ull-year guid500-8,000m, er cost baseto approx 1and EBIT ear in which
margin will bene and the Gand by an ex
for the yea
expected tos due to a loweaked in theourth quarter
ries (TOR) apected to bepected to sho
sised that Veallation projeher Vestas hhallenges in d similar mat
re now expet to EUR 25esearch and 100m lower t
2, relative to-125m againganisation.
educe fixed cof EUR 100
s still expectto nearly EU
ce the incides.
quarter and
ance of an including se, expectation
17 per cent expectations the final del
e adversely GridStreamerxpected incr
ar are expec
o be approxwer order inte second qua.
are expected very busy.ow a breake
estas’ accounects as incomhas already prelation to wtters may thu
ected to be E50m. The prdevelopmenthan the pre
o the adjustmnst the prev
costs by more0m compare
ted to be poUR 1bn as a c
ence of indus
first half yea
EBIT margiervice revenuns for the sefrom the eatake into a
liveries to cu
affected by tr™ technologrease in dep
cted to be a
6.3 GW agatake in the firarter of 2012
d to increasIn spite of t
even as a co
nting policiesme only wheproduced, sh
wind turbine us cause de
EUR 450m, orevious expe
nt expenditurevious guidan
ment of the ovious guidan
e than EUR ed to the mo
ositive in 201consequence
strial injuries
ar 2012
in before spue, which is
ervice EBIT marlier expectaccount the hustomers are
too high progy, which ar
preciation and
around 3 pe
ainst the prerst half year 2, and are e
se comparedhe increased
onsequence
s allow the cn the risk hahipped and iinstallation, flays that cou
of which inveectations were is now expnce of EUR
organisation nce of EUR
250m with fuore than EUR
2. In the foue of release
to no more t
Company
pecial items expected to
margin beforation of arouheavy fluctue expected t
duct and prore expected d amortisatio
er cent of th
vious guidanand delays o
expected to b
d to the secod number ofof the quarte
ompany to ras finally pasnstalled the for example uld affect Ve
estments in ere EUR 55pected to am450m due to
during 2012 50-100m d
ull effect as fR 150m, wh
urth quarter, of net workin
than 3.0 indu
y announcem
of 0-4 per o rise to appre allocation und 14 per cuations charato peak in t
oduction costo be reduc
on charges o
he expected
nce of 7 GWof grid connebe higher in
ond quarter,f deliveries, ter’s expecte
recognise sussed to the cturbines. Dibad weathe
estas’ financi
intangible as0m and EU
mount to EURo more focu
are now expue to the in
from the endhich was dis
the free casng capital.
ustrial injuries
Page 18 oment No. 32/2
cent and prox EUR of Group
cent. The acterising he fourth
sts for the ed in the of approx
full-year
W. This is ections in the third
, and the the third-
ed project
upply-only customer, sruptions
er, lack of al results
ssets are R 350m,
R 350m in sed R&D
pected to ntensified
d of 2012. closed in
sh flow is
s per one
of 36 2012
Vestas WInterim f
Assum As the brequirempotentialcaused b The slowfinancialprocurem The finacountriesvery fewby the prenewab A large stance aand proje To minicommodprices coprice derelatively An increearnings Consequwhen sigmost of t Other thdue to pand poteits excha Vestas Revenuebeen finrecognitimethod paymentare effec Along waction laannounc
Wind Systeminancial repo
mptions
banks have bments have gl. Similarly, lby economic
wdown in m challenge ment and reg
ancial and ecs, which are
w subsidy schower consum
ble energy, in
number of samong someects.
mise the podities such aovering partsevelopments y robust towa
ease in the s.
uently, risinggning new cthe immediat
an the aforepotential qualential patent ange rate risk
operates wie from supplnally handedion. Revenuin line with t profile. Paycted.
with certain oawsuit filed icement No. 8
ms A/S ort – second
and risk
become mucgone up. A ow prices of
c cycles could
market growtto a numbe
gularly follow
conomic crise facing conshemes for wmers, short-tncluding wind
subsidy schee of Vestas’ c
otential impaas copper ans of Vestas’
into its salards fluctuati
price of stee
g prices on rcontracts. Late risk of bot
ementioned, lity issues, trdisputes. Thk, but the ris
ith three typy-only and s
d over to thue from turnshipments. T
yments are ty
of its directoin the United8/2011 of 21
quarter and
ks
ch more diligsetback in tf fossil fuels d also affect
h has geneer of supplie
ws up on the f
sis has addesiderable deind power reterm consided power.
emes are becustomers an
act and rednd nickel, Veneeds. In geles contractsing input pric
el, in particu
raw materialsarge-scale inttlenecks and
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Page 19 oment No. 32/2
mentation s’ market sumption
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indebted ough only
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prices of with fixed ommodity racts are
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n a class company
of 36 2012
Vestas WInterim f
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Page 20 oment No. 32/2
m as well contacting 2012.
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of 36 2012
Vestas WInterim f
Manag The Exeinterim fi The inteas adoplisted co
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Ditlev EnPresident and
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on the manaand financialsition as a w
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ment
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Dag Andreseef Financial Of
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Page 21 oment No. 32/2
roved the .
reporting reports of
ilities and ow for the
ent in the d and the rtaining to
en fficer (CFO)
on
sen
Lisbjerg
of 36 2012
Vestas WInterim f
Conso Consoli mEUR
Revenu
Cost of
Gross p
Researc
Distribu
Adminis
Operati
Special
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Net fina
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ofit/(loss) fo
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gs per share
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ms A/S ort – second
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for the perio
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quarter and
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special item
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ociates
d (EUR), bas
d (EUR), dilu
first half yea
nuary to
Q2
1
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ms
s
sic (0uted (0
ar 2012
30 June
2012 Q
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248
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Company
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2 2011 1
1,401
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y announcem
1 half year 2012
2,716
(2,456)
260
(125)
(108)
(191)
(164)
(63)
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60
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Page 22 oment No. 32/2
1 half yea2011
2,461
(2,113)
348
(72)
(101)
(167)
8
-
8
0
(50)
(42)
12
(30)
(0.15)
(0.15)
of 36 2012
ar
Vestas WInterim f
Conso
mEUR
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Wind Systeminancial repo
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first half yea
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ar 2012
ve income
s for
s
Company
e
1 half year 2012
(170)
27
(23)
24
0
28
(142)
y announcem
r 1
Page 23 oment No. 32/2
half year 2011
(30)
(13)
18
(6)
(3)
(4)
(34)
of 36 2012
Vestas WInterim f
Conso
mEUR GoodwiCompleSoftwarDevelop
Total in
Land anPlant anOther fixProperty
Total p InvestmOther reDeferre
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ill eted developre pment projec
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ther non-cu
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ries eceivables uction contraeceivables ation tax t bank and in
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ASSETS
ms A/S ort – second
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ment project
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ant and equi
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cts in progre
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quarter and
sheet – As
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ss
equipmentn progress
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s
ess
first half yea
ssets
3
1
1
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3
3
5
8
ar 2012
30 June 2012
320 553
81 279
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30 June2011
320 170
87 568
1,145
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1,755
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3,190
2,545 629 113 379
82 206
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7,144
y announcem
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Page 24 oment No. 32/2
ecember011
320 577
90 256
,243
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4 44
333
381
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41 375
,167
,689
of 36 2012
Vestas WInterim f
Conso
mEUR Share cOther reRetaine
Total eq
DeferreProvisioPensionFinancia
Total n
PrepaymConstruTrade pProvisioFinanciaOther liaCorpora
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TOTAL
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urrent liabil
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EQUITY AN
ms A/S ort – second
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liabilities
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ND LIABILIT
quarter and
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first half yea
quity and
302
2,3
2,4
1
1,6
1,7
2,3
1,51
3
4,5
6,3
8,7
ar 2012
d liabilities
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27 35 76
38
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27
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76
Company
s
30 June 2011
27 5
2,675
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1,090 191
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52
3,041
4,437
7,144
y announcem
31 Dec20
2,5
2,5
1
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Page 25 oment No. 32/2
cember 011
27 7
542
576
12 45 2
914
073
865 38
563 70 6
356 42
040
13
689
of 36 2012
Vestas WInterim f
Conso
mEUR
Equity
Acquisit
Share b
Total cothe peri
Equity
Conso
mEUR
Equity
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Share b
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at 1 January
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based payme
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at 30 June 2
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at 1 January
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at 30 June 2
ms A/S ort – second
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y 2012
ury shares
ents
ve income for
2012
statement
y 2011
ury shares
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2011
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first half yea
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27
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-
27
ges in eq
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27
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ar 2012
quity – 6 m
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27
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Company
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1
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6
-
-
9
15
y announcem
2012
Retained earnings
2,542
-
4
(170)
2,376
2011
Retained earnings
2,718
(17)
4
(30)
2,675
Page 26 oment No. 32/2
Total
2,576
-
4
(142)
2,438
Total
2,754
(17)
4
(34)
2,707
of 36 2012
Vestas WInterim f
Summ
mEUR
Profit/(los
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Corporatio
Net intere
Cash flowchange in
Change in
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Net inves
Net invesequipmen
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n net working ca
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of non-current lia
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h at bank and in
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ms A/S ort – second
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20
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re
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5
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first half yea
flow stat
Q2
12
(8)
79
(45)
22
48
310)
262)
(48)
(27)
(1)
(76)
338)
0
521
521
183
307
41
531
517
17
534
(3)
531
ar 2012
ement
Q2
2011
55
69
(25)
(11)
88
38
126
(78)
(110)
(1)
(189)
(63)
(10)
73
63
0
201
2
203
173
33
206
(3)
203
Company
1 half y2012
y announcem
year 2
(170)
162
(77)
20
(65)
(401)
(466)
(103)
(65)
1
(167)
(633)
0
763
763
130
370
31
531
517
17
534
(3)
531
Page 27 oment No. 32/2
1 half year 2011
(30)
146
(32)
(25)
59
(200)
(141)
(159)
(201)
7
(353)
(494)
(17)
363
346
(148)
332
19
203
173
33
206
(3)
203
of 36 2012
Vestas WInterim f
Accou Basis ofThe inteA/S. AccounThe inteas adoplisted co Apart frounchangReportinreport fo New IASNo new Referencstandard No new
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Financial St
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Vestas Wind
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Page 28 oment No. 32/2
Systems
Reporting” reports of
icies are Financial
he annual
n 2012.
IAS/IFRS
of 36 2012
Vestas WInterim f
MW dItaly
Spain
Germany
Sweden
Denmark
Great Bri
Norway
Poland
Turkey
Cyprus
Netherlan
Bulgaria
Finland
Czech Re
Cape Ve
Portugal
France
Romania
Greece
Austria
Ireland
Belgium
Ukraine
Total Eu
USA
Canada
Netherlan
Mexico
Brazil
Argentina
Dominica
Uruguay
Total Am
China
Pakistan
India
Australia
New Zea
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Total As
Total wo
Wind Systeminancial repo
delivered
y
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ms A/S ort – second
(TOR)
ca
quarter and first half yea
Q2 2012
94
78
71
50
27
22
18
18
12
11
10
4
-
-
-
-
-
-
-
-
-
-
-
415
512
156
30
29
10
-
-
-
737
78
50
27
-
-
-
155
1,307
ar 2012
Q2 2011
44
-
87
29
-
45
-
4
-
-
1
-
-
-
-
6
56
55
29
-
28
-
-
384
647
-
-
-
-
-
-
-
647
65
-
28
-
3
-
96
1,127
Company
1 half year 2012
148
170
262
100
27
68
18
126
36
11
14
4
9
4
3
2
-
-
-
-
-
-
-
1,002
809
156
30
29
86
2
-
-
1,112
170
50
81
-
-
-
301
2,415
y announcem
1 half year 2011
78
60
238
75
1
49
-
4
98
-
10
11
-
-
-
6
148
57
37
-
28
-
-
900
784
26
-
-
-
-
-
-
810
160
-
85
-
36
-
281
1,991
Page 29 oment No. 32/2
Full year 2011
178
161
390
309
130
106
-
72
180
-
41
11
9
4
23
35
287
216
100
46
30
20
3
2,351
1,552
192
-
-
-
76
25
2
1,847
501
-
276
200
36
6
1,019
5,217
of 36 2012
Vestas WInterim f
MW ov
MW
Q1
MW un
MW deperiod
MW pro
MW un
Q2
MW un
MW deperiod
MW pro
MW un
Wind Systeminancial repo
verview p
der completi
elivered (TOR
oduced and s
nder comple
der completi
elivered (TOR
oduced and s
nder comple
ms A/S ort – second
per quarte
ion, 1 Janua
R) to custome
shipped duri
etion, 31 Mar
ion, 1 April 2
R) to custome
shipped duri
etion, 30 Jun
quarter and
er 2012
ry 2012
ers during th
ng the period
rch 2012
2012
ers during th
ng the period
ne 2012
first half yea
Europand Af
1,1he
(58d 3
8
8
he (41
d 7
1,2
ar 2012
pe rica Ame
32
87) (
54
99
899 27
15) (73
779 1,19
263 72
Company
ericas A
Pa
360
375)
286
271
71
7) (
94
28
y announcem
Asia acific
329
(146) (
291
474
474
(155)
187
506
Page 30 oment No. 32/2
Total
1,821
(1,108)
931
1,644
1,644
(1,307)
2,160
2,497
of 36 2012
Vestas WInterim f
Warra
mEUR
Warrant
Exchan
ProvisioWarrantperiod
Adjustmdiscoun
Warran
The propayable
< 1 yea
> 1 yea
Wind Systeminancial repo
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ments relatingnting of warra
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r
r
ms A/S ort – second
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s, 1 January
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g to the chananty provisio
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expected to b
quarter and
g the
nge in ns
be
first half yea
30 June 2012
249
0
95
(63)
0
281
155
126
ar 2012
302
Company
0 June 2011
283
0
56
(85)
0
254
152
102
y announcem
31 Dece2011
28
14
(179
(4
24
13
11
Page 31 oment No. 32/2
mber 1
3
1
8
9)
4)
9
8
1
of 36 2012
Vestas WInterim f
Segme
mEUR
Q2 2012
Externa
Internal
Total serevenue
Reportasegmenresults
Total as
Q2 2011
Externa
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Total serevenue
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l revenue
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egment e
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able segments
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E
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g
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ting profit (EB
8m is after allocon of Group costent company in
duced by costs r
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Europe and Africa
sales units
500
143
643
5
2,083
529
52
581
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1,709
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cation of Group cts, EBIT amouncome (managemrelated to Vesta
first half yea
Americas sales units
812
32
844
62
1,345
617
19
636
(65)
645
costs of EUR 20nts to EUR 58mment fee, servic
as Turbines R&D
ar 2012
Asia Pacifsales unit
6
7
83
8
8
(4
70
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ce, royalty and oD and Group sta
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68
7 1
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9
33 2
83
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89 1
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4
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69
2,412
3
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,166
82
2,470
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Page 32 oment No. 32/2
ce
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227
0
227
38
11
169
0
169
30
15
2 Q
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183
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18
p
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otal rtable
ments
1,611
1,805
3,416
183
6,684
1,401
1,240
2,641
(38)
5,539
Q2 011
(38)
115
77
Vestas WInterim f
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H1 2012
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s
g
g
s’ EBIT
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ting profit (EB
4m is after allocon of Group costent company in
duced by costs r
quarter and
Europe and Africa
sales units
1,025
214
1,239
(51)
2,083
1,069
183
1,252
(38)
1,939
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BIT)
cation of Group cts, EBIT amouncome (managemrelated to Vesta
first half yea
Americas sales units
1,099
66
1,165
3
1,345
775
35
810
(69)
732
costs of EUR 45nts to EUR 89m ment fee, servic
as Turbines R&D
ar 2012
Asia Pacifsales unit
14
1
16
(1
83
27
1
28
(3
55
5m. (2011: EUR 63
ce, royalty and oD and Group sta
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49
12 2
61 2
2)
33 2
71
10 1
81 1
9)
58 2
m). other rental incoaff functions
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13
2,399
2,412
23
2,412
4
,529
,533
37
2,325
H1 2012
(2
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Page 33 oment No. 32/2
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p
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2,716
2,691
5,407
7
6,684
2,461
1,757
4,218
(80)
5,569
H2 011
(80)
88
8
Vestas WInterim f
Comp Disclose
03.01.20
06.01.20
12.01.20
16.01.20
07.02.20
07.02.20
08.02.20
08.02.20
16.02.20
21.02.20
27.02.20
01.03.20
07.03.20
09.03.20
12.03.20
29.03.20
Disclose
19.04.20
27.04.20
27.04.20
02.05.20
21.05.20
04.06.20
25.06.20
25.06.20
26.06.20
26.06.20
27.06.20
28.06.20
28.06.20
29.06.20
Disclose
31.07.20
20.08.20
Wind Systeminancial repo
any anno
ed during th
012 01
012 02
012 03
012 04
012 05
012 06
012 07
012 08
012 09
012 10
012 11
012
012 12
012 13
012 14
012 15
ed during th
012 16
012 17
012 18
012 19
012 20
012 21
012 22
012 23
012 24
012 25
012 26
012 27
012 28
012 29
ed during th
012 30
012 31
ms A/S ort – second
ouncemen
he first quar
Preliminary
Information
Vestas reoinvestment
Information
Major sharCompany
Change in
Election of
Annual rep
Election of
Vestas rec
Vestas rec
Convening
Vestas rec
Share base
Vestas recVestas Win
he second q
Information
Vestas app
Vestas rec
Interim fina
Information
Major shar
Vestas phaHohhot fac
Vestas sec
Vestas uni
Election ofVestas Win
Vestas rec
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Vestas rec
Vestas app
he third qua
Preliminary
Major shar
quarter and
nts from
rter of 2012
y financial hig
n in the mark
organises to its required fo
n in the mark
reholder anno
the Executiv
f members to
port 2011 – 2
f members to
ceives 150 M
ceives 102 M
g for Vestas W
ceives 82 MW
ed incentive
ceives 396 Mnd Systems A
quarter of 20
n in the mark
points new C
ceives 90 MW
ancial quarte
n in the mark
reholder anno
ases out the ctory in China
cures its larg
tes its Asia P
f company emnd Systems A
ceives 90 MW
f group repreA/S
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points new C
rter of 2012
y first half ye
reholder anno
first half yea
Vestas W
ghlights for t
ket regarding
increase cusor future grow
ket regarding
ouncement –
ve Managem
o the Board o
2011 was a to
o the Board o
MW order in th
MW order in th
Wind System
W order in Po
programme
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012
ket regarding
Chief Financia
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erly report, fir
ket regarding
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kilowatt plata
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W order in Sw
esentatives fo
MW offshore o
Chief Operati
2
ear 2012 figu
ouncement –
ar 2012
Wind Syst
the financial
g project in K
stomer focuswth
g offshore pro
– Capital Res
ment of Vesta
of Directors o
ough year w
of Directors
he USA
he USA
ms A/S’ Annu
oland
2012
Mexico General Mee
g order in Uk
al Officer (CF
kraine
rst quarter 20
g projects in S
– BlackRock
form and ter
contract rene
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resentatives
weden
or the Board
order in Belg
ng Officer
res and upda
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Company
tems A/S
year 2011
Kenya
and earning
oject in Belgi
search and M
as
of Vestas Win
ith two profit
ual General M
eting on 29 M
raine
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012
South Africa
, Inc.
minates the
ewal for 1,897
business unit
for the Boar
of Directors
gium
ate on credit
, Inc.
y announcem
gs and to red
ium
Managemen
nd Systems
warnings
Meeting
March 2012
production a
7 MW
ts
rd of Director
of Vestas W
t facilities
Page 34 oment No. 32/2
duce
t
A/S
at its
rs of
Wind
of 36 2012
Vestas WInterim f
Wind Systeminancial repo
ms A/S ort – second
quarter and first half yeaar 2012 Company
y announcemPage 35 o
ment No. 32/2of 36 2012
Vestas Wind Systems A/S
Hedeager 44 . 8200 Aarhus N . Denmark
Tel: +45 9730 0000 . Fax: +45 9730 0001
[email protected] . vestas.com