EBIT before special items declined by EUR135 million to EUR(204) million. The EBIT margin before special items was (18.5) percent. After special items of EUR41 million, EBIT was EUR(245) million. The free cash flow improved to EUR (295) million from EUR(431) million in the first quarter of 2011.
The net debt at March 31, 2012 amounted to EUR850 million, an increase of EUR305 million during the quarter. The intake of firm and unconditional orders was 1,269MW in the first quarter of 2012 and the backlog of firm and unconditional orders amounted to EUR10 billion at March 31, 2012 – which is the highest level ever recorded.
In addition to the order backlog, Vestas had service agreements with contractual future revenue of EUR4.2 billion at the end of March 2012. Safety at Vestas’ workplaces improved once again and the share of renewable energy increased to 44 percent.
Monitoring data from Vestas’ Performance and Diagnostics centers have shown that 376 V90-3.0MW gearboxes delivered to Vestas from June 2009 to September 2011 may potentially need additional maintenance, repair or replacement due to malfunctioning bearings. Thus, additional provisions of EUR40 million have been made in the quarter. Vestas said it will pursue all relevant actions with regards to potential compensation from the suppliers...
Vestas Q1 revenue up, expects EUR6.5 - 8 billion for full year
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