Vestas Wind Systems A/S Company Announcement

Aarhus, Denmark, 2012-07-31. Vestas has decided to disclose some preliminary financial figures for the first half year of 2012 and to update the market on its credit facilities. The interim financial report for the first half year of 2012 will be disclosed as scheduled on 22 August 2012.

The below figures are preliminary and are still in the process of being finally reviewed as some of the figures may be affected by among other things the final evaluations of provisions, deferred tax assets and other items with accounting judgements.

Vestas returns to profitability in the second quarter after loss-making first quarter

-----------------------------------------Q2 2012* Q1 2012 Change
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Produced and shipped (MW) 2,160 931 132%
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Revenue (mEUR) 1,611 1,105 46%
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EBIT before special items (mEUR) 40 (204) EUR 244m
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EBIT margin before special items (%) 2.5 (18.5) 21% points
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EBIT after special items (mEUR) 18 (245) EUR 263m
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Free cash flow (mEUR) (338) (295) EUR (43)m
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* Preliminary figures


Update on credit facilities

Vestas has experienced a strong improvement in earnings and activity level in the second quarter of 2012 compared to the first quarter of the year. Despite this, financial covenants testing is affected by the disappointing results realised by Vestas in the second half year of 2011 and the first quarter of 2012, which mainly related to the cost overruns in relation to the introduction of new technology.

Vestas has therefore agreed with its lenders to defer the half-year 2012 testing of the financial covenants contained in Vestas’ banking facilities and the lenders have allowed drawings, which in the opinion of Vestas are sufficient for the continued operation of Vestas on usual terms since the company expects to test on normal terms in the future.

Vestas considers this to be a temporary issue and in the light of the company’s positive results in the second quarter of 2012 combined with the large backlog of firm and unconditional orders, Vestas expects to meet the financial covenants contained in its current banking facilities in the near-term future.

Preliminary financial figures

----------------------------------------Q2 Q2 Change H1 H1 Change
---------------------------------------2012* 2011 % 2012* 2011 %
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Produced and shipped (MW) 2,160 1,417 52 3,091 2,051 51
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Revenue (mEUR) 1,611 1,401 15 2,716 2,461 10
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Gross profit (mEUR) 248 248 0 260 348 (25)
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EBITDA before special items (mEUR) 161 150 7 71 150 (53)
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EBIT before special items (mEUR) 40 77 (48) (164) 8 -
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EBIT margin before special items (%) 2.5 5.5 - (6.0) 0.3 -
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EBIT after special items (mEUR) 18 77 (77) (227) 8 -
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Profit/(loss) for the period (mEUR) (8) 55 - (170) (30) -
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Free cash flow (mEUR) (338) (63) - (633) (494) -
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* Preliminary figures