In the first quarter of 2014, Vestas generated revenue of EUR 1,283 million—an increase of 17 percent over the year-earlier period. EBIT before special items increased by EUR 148 million to EUR 40 million due to improved project margins, higher revenue, lower fixed capacity costs and lower depreciation. The EBIT margin before special items was 3.1 percent and the free cash flow increased by EUR 36 million to EUR (24) million compared to the first quarter of 2013. During the last 12 months, Vestas has generated a free cash flow of EUR 1,045 million.
The intake of firm and unconditional wind turbine orders was 1,188 MW in the first quarter of 2014. The value of the combined backlog of wind turbine orders and service agreements stood at EUR 13.8 billion—an improvement of EUR 1.4 billion compared to the year-earlier period.
Group president & CEO Anders Runevad said: ”As we expected, first quarter showed improvements in all major areas. This is a result of a lot of hard work from my colleagues and we remain focused on executing on our strategy—profitable growth for Vestas.”