Company announcement No. 13/2020
Vestas - Interim financial report, first quarter 2020
Summary: Revenue increased compared to same quarter 2019. Increased order intake and combined order backlog at all-time high level. Uncertainty around the full impact from COVID-19 prevails - suspension of full-year guidance maintained.
In the first quarter of 2020, Vestas generated revenue of
The quarterly intake of firm and unconditional wind turbine orders amounted to 3,311 MW. The value of the wind turbine order backlog was
The continuing uncertainty as regards the full impact of COVID-19 makes Vestas maintain the suspension of the 2020 guidance.
According to Vestas' current judgement, however, meeting the initial guidance on revenue and EBIT margin before special items is still possible. Further, with the current visibility for the rest of the year, Vestas assesses revenue growth and EBIT margin before special items for full year in Service to be able to meet the initial expectations of approx. 7 percent and approx. 25 percent, respectively. Additionally, as the focus on cost savings continues, total investments[*)] are currently assessed to be below
Group President & CEO
Key highlights
Safety first in a challenging environment
Measures to secure business continuity in the COVID-19 crisis in place.
Increased order intake
Firm order intake of 3.3 GW; up 10 percent compared to Q1 2019.
All-time high order backlog
Combined order backlog of more than
Revenue and profitability in line with Vestas' expectations
Revenue increased 29 percent to
Strong performance in Service
Organic growth of 12 percent in Service compared to Q1 2019; EBIT margin of 26 percent.
*) Excl. any investments in marketable securities, and short-term financial investments.
Information meeting (audiocast)
Today, Tuesday
The meeting will be held in English and questions may be asked through a conference call.
The telephone numbers for the conference call are:
Europe: +44 3333 000 804
USA: +1 6319 131 422
Denmark: +45 3544 5577
Conference PIN: 81250319#
Presentation material for the information meeting will be available at vestas.com/investor approximately one hour before the meeting.
Contact details
Investor Relations
Tel: +45 6122 1913
https://news.cision.com/vestas-wind-systems-a-s/r/vestas---interim-financial-report--first-quarter-2020,c3103994
https://mb.cision.com/Public/18886/3103994/baf476af4df6680e.pdf
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