For full-year 2016, Vestas is reporting a wind turbine order intake of 10,494 MW and a service order backlog valued at EUR 10.7 billion.
In comparison, the company’s wind turbine order intake was 8,943 MW in 2015, and the service order backlog increased by EUR 1.8 billion.
For the year, revenue amounted to EUR 10.2 billion; the earnings before interest and taxes (EBIT) margin before special items was 13.9%; total net investments were EUR 617 million; and the free cash flow amounted to EUR 1.564 billion.
According to Vestas, the activity level and earnings of the period were driven by the stable execution of strong order books for wind turbines and services, both of which continued to grow during the year as a result of solid execution and a favorable market environment.
For 2017, Vestas anticipates revenue to range between EUR 9.25 billion and 10.25 billion, including service revenue, which is expected to grow. Vestas also expects to achieve an EBIT margin before special items of 12%-14%, with the service EBIT margin remaining stable.
Total investments are expected to amount to approximately EUR 350 million, and the free cash flow is expected to be minimum EUR 700 million in 2017.
“I am extremely pleased with Vestas’ 2016 performance, delivering a record year on revenue, EBIT margin, net profit, free cash flow, order intake and combined order backlog,” comments Anders Runevad, group president and CEO. “Deliveries are up more than 29 percent year-on-year, while costs remained tightly under control. All regions contributed to the strong results, demonstrating once again the power of Vestas’ global reach.”
Bert Nordberg, chairman of the board of directors, adds, “The board and I are pleased to see that the operational results Vestas has achieved in 2016 have also manifested themselves into strong financial performance. We are convinced that the future of energy belongs to wind and other clean energy sources.”
The full report can be downloaded here.