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MarketScreener Homepage  >  Equities  >  NASDAQ OMX COPENHAGEN  >  Vestas Wind Systems    VWS   DK0010268606

VESTAS WIND SYSTEMS

(VWS)
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Vestas Wind : - Interim financial report, third quarter 2019

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11/07/2019 | 04:35am EST

Vestas Wind Systems A/S, Aarhus, 7 November 2019
Company announcement No. 16/2019

Summary: Revenue, earnings, and free cash flow increased compared to last year's third quarter. Solid order intake in the quarter and combined order backlog at all-time high level. Guidance for 2019 maintained

In the third quarter of 2019, Vestas generated revenue of EUR 3,646m - an increase of 30 percent compared to the year-earlier period. EBIT before special items increased by EUR 153m to EUR 429m. The EBIT margin before special items was 11.8 percent compared to 9.8 percent in the third quarter of 2018, and free cash flow* amounted to EUR 205m compared to EUR (223)m in the third quarter of 2018.

The intake of firm and unconditional wind turbine orders amounted to 4,738 MW in the third quarter of 2019.

The intake of firm and unconditional wind turbine orders amounted to 4,738 MW in the third quarter of 2019.

The value of the wind turbine order backlog amounted to EUR 16.5bn as at 30 September 2019. In addition to the wind turbine order backlog, Vestas had service agreements with expected contractual future revenue of EUR 16.3bn at the end of September 2019. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 32.8bn - an increase of EUR 9.1bn compared to the year-earlier period.

Vestas maintains its 2019 guidance on revenue of EUR 11bn-12.25bn, EBIT margin before special items of 8-9 percent, and total investments* of approx. EUR 800m.

Group President & CEO Henrik Andersen said: 'Vestas' performance in the third quarter of 2019 was in line with expectations with a 30 percent increase year-over-year in revenue driven by all regions, reflecting unprecedented high activity levels. Our order backlog increased to a record-high EUR 32.8bn, which corresponds to a 38 percent increase year-over-year and underlines the continued strong global demand for Vestas' wind energy solutions. Although our Service business continued to grow with high margins and the average selling price was stable in the quarter, our profitability remains impacted by tariffs and increased execution costs. With an order intake of more than 13 GW already in 2019 and a very busy 2020 ahead, we continue our relentless focus on execution and profitability, which enable us to sustain our competitiveness and lead the way towards a sustainable planet'.

Key highlights

Increased order intake and all-time high order backlog
4.7 GW of order intake in Q3; combined backlog up 38 percent YoY.

Total revenue of EUR 3,646m driven by all regions
30 percent increase compared to Q3 2018.

EBIT of EUR 429m
EBIT margin at 11.8 percent.

Strong service performance
Revenue growth of 8 percent, and EBIT of EUR 125m.

Share buy-back programme
EUR 200m share buy-back programme launched to adjust the capital structure

Outlook 2019
Unchanged guidance for revenue, EBIT margin, and investments; service revenue upgraded.

*) Excl. the acquisition of SoWiTec Group GmbH, any investments in marketable securities, and short-term financial investments.

Information meeting (audiocast)

Today, Thursday 7 November 2019 at 10 a.m. CET (9 a.m. GMT), Vestas will host an information meeting via an audiocast. The audiocast will be accessible via vestas.com/investor.

The meeting will be held in English and questions may be asked through a conference call

The telephone numbers for the conference call are:

Europe: +44 333 300 0804

(conference code 83452829#)

USA: +1 631 913 1422

(conference code 83452829#)

Denmark: +45 3544 5577

(conference code 83452829#)

Presentation material for the information meeting will be available at vestas.com/investor approximately one hour before the meeting.

Contact detail:
Vestas Wind Systems A/S, Denmark
Patrik Setterberg, Vice President,
Investor Relations
Tel: +45 5221 1467

Disclaimer

Vestas Wind Systems A/S published this content on 07 November 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 November 2019 09:34:07 UTC

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Financials (EUR)
Sales 2019 11 725 M
EBIT 2019 996 M
Net income 2019 733 M
Finance 2019 2 712 M
Yield 2019 1,25%
P/E ratio 2019 24,2x
P/E ratio 2020 19,0x
EV / Sales2019 1,27x
EV / Sales2020 1,08x
Capitalization 17 545 M
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 86,33  €
Last Close Price 89,45  €
Spread / Highest target 13,0%
Spread / Average Target -3,48%
Spread / Lowest Target -31,2%
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NameTitle
Henrik Andersen President & Group Chief Executive Officer
Anders Erik Runevad Chief Executive Officer
Bert Åke Stefan Nordberg Chairman
Jean-Marc Lechêne Chief Operating Officer & Executive Vice President
Marika Fredriksson Chief Financial Officer & Executive Vice President
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