The contract covers supply, installation and commissioning of the wind turbines, as well as a five year full-scope service contract. The 258 MW order will be placed by DONG Energy.

Rolling Along

This latest project caps a productive year for Vestats. In the third quarter of 2014, Vestas generated revenue of EUR 1,813m – an increase of 26 per cent compared to the third quarter of 2013. EBIT before special items increased by EUR 96m to EUR 163m, primarily due to higher volume and to a lesser extent also caused by improved average margins. The EBIT margin before special items was 9.0 per cent. The net result increased by EUR 189m to EUR 102m and the free cash flow increased by EUR 49m to EUR 105m compared to the third quarter of 2013.

The intake of firm and unconditional wind turbine orders amounted to 1,170 MW in the third quarter of 2014 – a decrease of 24 per cent compared to the third quarter of 2013. However, year-to-date, order intake is up by 458 MW, or an increase of 12 per cent compared to last year. The value of the wind turbine backlog amounted to EUR 6.7bn at 30 September 2014, which is a decrease of 9 per cent compared to same time last year. In addition to the wind turbine order backlog, Vestas had service agreements with contractual future revenue of EUR 6.7bn at the end of September 2014, compared to EUR 6.1bn at the end of September 2013. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 13.4bn at 30 September 2014.

”The third quarter of 2014 continued the trend with improvements in several operational areas and thus highlights that execution remains on track for our strategy," said Anders Runevad, group president and CEO. "Based on the expected delivery plan for the remainder of the year, and the improved cost base, we raise our guidance on revenue, EBIT and cash flow.”