In the first quarter of this year (Q1'13), Vestas generated EUR 1.096 billion of revenue – a 1% decrease from Q1'12, according to the company's interim financial report.
Other results from Q1'13 include making and shipping 613 MW, a 34% decrease from Q1'12; delivering wind energy systems worth a total 819 MW, a 26% decrease year-over-year; and having 17,196 employees at the end of the quarter, a 24% decrease from the same time last year following a series of layoffs.
Nonetheless, the company has reported some positive numbers for the first quarter as well. In comparison to Q1'12, service revenue increased 7% to EUR 217 million; EBIT before special items increased EUR 96 million to EUR 108 million; net loss improved EUR 11 million to EUR 151 million; and the company realized EUR 60 million of free cashflow, a EUR 235 million increase.
Ditlev Engel, Vestas president and CEO, claims these latest financial numbers prove the company is recuperating from its lower results of the recent past.
"It is satisfying to see that the Vestas turnaround continues according to plan and that results are becoming increasingly visible. Compared to the first quarter of 2012, we have improved earnings and free cashflow substantially," Engel said in a statement. "Furthermore, the fact that we have been able to accelerate the prototype installation of the V164 turbine and release new variants of our 2 and 3 MW platforms, while at the same time keeping investments low, stands as evidence of our efforts paying off."
"Finally, I would like to emphasise the importance of our increased focus on improving the management of our working capital," he continued. "For the first time in five years, we were able to free up liquidity by reducing the net working capital during the first quarter. This development was the major contributor to our substantial free cashflow improvement."