Summary: Vestas generated second-quarter revenue of EUR 1,211m, an increase of
11 per cent, realising a decline in EBIT of 15 per cent to EUR 78m relative to
Q2 2008. In general, quarter-on-quarter fluctuations are due to changes in the
activity level and variations in the contract types. Net working capital stood
at 11 per cent of expected annual revenue, against (1) per cent the year
before. The order backlog of firm and unconditional orders amounted to EUR
4.0bn at 30 June 2009. In spite of the weak order intake since the onset of the
credit crisis, Vestas retains its forecast for 2009. Since the end of the
reporting period, Vestas has recorded an order intake of EUR 0.7bn with
unchanged payment patterns. Additionally, Vestas' corporate Contract Review
Board will be evaluating several contracts with a total value of more than EUR
4.4bn in the upcoming period. On 28 April, Vestas announced the necessity of
lay-offs in Northern Europe due to lack of demand. In Denmark, 1,142 employees
were laid off, whilst 425 employees were made redundant in the UK last week. At
the same time, Vestas continues to expand its new factories in the USA and
China. As from Q2 2009, Vestas will be reporting on quarterly developments in
its non-financial highlights in order to give prominence to the performance in
achieving its environmental and safety targets.