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Vestas, Wind Energy Giant, Expecting 2011 to be a Good Year

Vestas, a world-leading wind energy company, had a “rough” 2011, but is expecting 2011 to be very good, according to Vestas’ 2010 annual report. Orders rose 182% last year the company, from 3,072 MW in 2009 to 8,673 MW in 2010, meaning that it has a significant pipeline of projects planned for 2011.

Financially, the 2010 orders totaled €8.6 billion ($11.7 billion), €5.4 billion ($7.3 billion) more than the orders from the previous year.

Vestas saw record-high “deliveries” of wind turbines in the fourth quarter of last year totally 2,557 MW, which brought 2010 to 5,842 MW, 1,078 MW higher than the 4,764 MW it delivered in 2009.

So,.. why was 2010 a “rough” year?

I’ll let Vestas tell you: “2010 was a tough year, because two people employed by our business partners were killed in industrial injuries; we had to make a profit warning and lay off some three thousand colleagues; a change in our accounting policies caused uncertainty; the outlook for 2011 was a disappointment, and the share price was down by almost 50 per cent in the warmest year recorded for more than a hundred years.” Not a fun year….

What to Expect in 2011?

Vestas is projecting revenue of about €7 billion ($9.5 billion) in 2011 and a survey of about 30 analysts is predicting a similar amount: €6.76 billion ($9.2 billion). Nothing to laugh at, I’d say.

“There will be no bonus payout for 2010,” Vestas reported. “The Group bonus targets for 2011 include an EBIT margin of 8.4 per cent (35 per cent weighting), a free cash flow of EUR 200m (30 per cent), a customer loyalty index of 72 (20 per cent) and revenue of EUR 7bn (15 per cent).”

Overall, Vestas looks like it’s got its ducks in order and will stay on top of the wind energy industry for awhile longer, at least.

Related Stories:

  1. Vestas to Unveil Design of 6-MW Offshore Wind Turbine Next Month
  2. iPhone Wind Energy App from Vestas
  3. Wind Energy Giant Vestas Sees a Future in Romania

Photo Credit: johnnyalive

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