In the first quarter of 2014, Vestas generated revenue of EUR 1,283m, an increase of 17 per cent to the year-earlier period.
EBIT before special items increased by EUR 148m to EUR 40m due to improved project margins, higher revenue, lower fixed capacity costs and lower depreciation. The EBIT margin before special items was 3.1 per cent and the free cash flow increased by EUR 36m to EUR (24)m compared to the first quarter of 2013. During the last 12 months, Vestas has generated a free cash flow of EUR 1,045m.
On 1 April 2014, MHI Vestas Offshore Wind, the joint venture between Vestas and Mitsubishi Heavy Industries Ltd., became operational.
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.”
Press Release, May 09, 2014; Image: vestas