Vestas Wind Reports Strong 2014 Revenue
The Danish wind energy company Vestas has announced its financial figures for 2014, and it was a strong year, seeing an increase in revenue of 13.5%, growing to €6.9 billion.
This marks the end of the first year of the company’s “Profitable Growth for Vestas” strategic plan and, according to Vestas, “it proved to be a year of strong performance.”
“I’m pleased to see that Vestas’ financial performance continues to improve, with solid results on all key financial and operational parameters,” said Anders Runevad, Group President & CEO. “One year on, the “Profitable Growth for Vestas” strategy is very much on track. Vestas’ strong results are creating value for our shareholders, as illustrated by the Board’s recommendation to distribute a dividend for the first time since 2002.”
Revenue for the fourth quarter came in at €2,473 million, up 5% from €2,361 million a year earlier. The fourth quarter was expected to see high levels of activity in terms of revenue and cash generation, and this was borne out. However, gross profit dropped somewhat, down to €416 million.
Revenue for the year was €6,910 million, compared to €6,084 million a in 2013, a strong 14% growth, thanks to “higher activity level, lower fixed capacity costs, improved net working capital, and continued low capex requirements.
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Wind turbine order intake increased from 5,964 MW in 2013 to 6,544 MW in 2014, and the current backlog of service orders increased by €0.3 billion to €7 billion, “despite the carve-out of the offshore service order backlog during the year.”
Vestas expects 2015 revenue to at least reach €6.5 billion, with an EBIT margin before special items of a minimum of 7%. Total investments are expected to reach €300 million, and free cash flow of a minimum of €400 million.
Good news for shareholders too, as the Board of Directors has recommended to the Annual General Meeting that a dividend of DKK 3.90 per share be distributed, the equivalent of 29.5 % of the net profit.
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