Vestas announces 15 per cent increase in generated revenue

Vestas Wind Systems has announced that it generated revenue of €1.6bn (£1.3bn) in the second quarter of 2012 — an increase of 15 per cent on the same period in 2011.

EBIT before special items declined by 48 per cent to €40m. The EBIT margin before special items was 2.5 per cent — an improvement of 21 percentage points compared with the loss-making first quarter of 2012. EBIT after special items was €18m.

Free cash flow dropped to €338m from €63m in the second quarter of 2011. For the first half of 2012, free cash flow was €139m lower than in the first half of 2011.

The net debt at 30 June 2012 amounted to €1,1bn — an increase of seven per cent compared with the end of June 2011.