Revenue fell 32% to €755m and EBIT fell €172m to €96m in Q1. Shipments of the number of wind turbines fell 64% to 178.
Vestas says the decline in revenue and the fall into loss is due to lower activity levels combined with Vestas’ decision not to adjust its capacity due to what it calls “short-term market developments.”
Outlook
Looking ahead, Vestas predicts an intake of firm and unconditional orders of 8-9 GW. Europe is expected to contribute nearly half, the Americas 30% and Asia/Pacific around 20%.
Prices and conditions are expected to remain unchanged from 2009. Revenues should reach €7 billion for the full year and Vestas should see an EBIT margin of 10-11%.
Vestas also plans to recruit 4300 employees bringing its total staff up to 24,000 by year end. The recruitment is driven by Vestas’ launch of production in the USA.