Vestas Wind Systems A/S Interim financial report Second quarter...

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

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


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


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.

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%


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


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

oment No. 32/2

W

of 36 2012

Vestas WInterim f

Table

Financia

Non-fina

Develop

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Press an

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ancial highlig

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2012 ...........

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ment’s state

dated accoun


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hts for the G

alf year 2012

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ment ...........

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quarter and

p ...................

Group ............

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first half yea

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y announcem

...................

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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


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


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

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330

65

(466)

(167)

(633)

763

130

y announcem

1 half year20111)

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348

150

8

150

8

(50)

(42)

(30)

7,144

2,707

314

(966)

872

201

(141)

(353)

(494)

346

(148)

oment No. 32/2

r Full yea2011

5,8

7

3

(3

3

(6

(9

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(16

7,6

2,5

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38)

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66)

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76

29

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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


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


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

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

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2.6

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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


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


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

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


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


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

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97

97

97

hore, UK, have not yst ISO 14001. Vestas

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


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


, 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

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


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.


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

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


ss margin in quarter of 20ons in earninnd turbine typquarter of 202 turbines a

s in Germany

f EUR 22m wure of the fac


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

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


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


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

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


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


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

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 ofof which 1) Nei2) Cal

The newis designtime incrfinancialframewo Vestas wthe USApositive In additiosuppliersthe man Vestas eproduct increase By conssurroundmarket-le


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


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

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


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


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

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


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


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

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


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


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

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


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


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

the most imransport costhe regionalisk has not be

pes of contsupply-and-inhe customernkey orders There are noypically rece

rs and officed States DisMarch 2011

first half yea

ent than prethe credit mcould postpdemand for

rally triggereers. Vestas financial stan

ed substantiamands for c

epresent a puerations may

eing reconsidnd may cons

duce risks iestas has eeneral, howes. This mea

ces.

ular, may, h

s and componvestments td, by extensi

portant risk ts, disruptionation of Vest

een eliminate

tracts: Suppnstallation orr. This mayis recognise

o differencesived when o

ers, Vestas strict Court, .

ar 2012

eviously, procarket would

pone demandwind power

ed componemonitors th

nding of exis

al pressure oconducting aublic expendhave an adv

dered. This sequently lea

n connectioentered into ever, Vestasans that Ve

owever, hav

onents seemthroughout thon, Vestas’ n

factors incluns in producttas' producti

ed.

ly-only, suprders is not ry cause a ted based os between thrders are rec

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Vestas WInterim f

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Spain

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148

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1,991

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Full year 2011

178

161

390

309

130

106

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180

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287

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1,552

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1,019

5,217

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Vestas WInterim f

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506

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1,644

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2,160

2,497

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115

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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


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

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012 31


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

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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

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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

ceives 216 M

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

MW order in MA/S’ Annual

012

ket regarding

Chief Financia

W order in Uk

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kilowatt plata

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MW offshore o

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ear 2012 figu

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ar 2012

Wind Syst

the financial

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of Directors o

ough year w

of Directors

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ms A/S’ Annu

oland

2012

Mexico General Mee

g order in Uk

al Officer (CF

kraine

rst quarter 20

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form and ter

contract rene

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weden

or the Board

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tems A/S

year 2011

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and earning

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search and M

as

of Vestas Win

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012

South Africa

, Inc.

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for the Boar

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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

oment No. 32/2

duce

t

A/S

at its

rs of

Wind

of 36 2012

Vestas WInterim f



quarter and first half yeaar 2012 Company

y announcem 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

Vestas Wind Systems A/S Interim financial report Second quarter...

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