Products and Presence. First quarter 2010 Four Seasons Hotel, New York City

Transcription

1 Products and Presence First quarter 2010 Four Seasons Hotel, New York City

2 Vestas largest order ever Through this agreement, EDPR contracts from Vestas the wind turbine technology that optimises productivity factors and the total cost of ownership, enabling EDPR to have a competitive edge within the wind developing industry. Ana Maria Fernandes, CEO of EDPR Monday, 26 April Vestas Wind Systems A/S First quarter April 2010

3 1 Wind, Oil and Gas: On Track 2 3,400 Total Chinese capacity reserved for China. Investment program up EUR 400m. new jobs in Q1 earnings and revenue: Unsatisfactory as expected. NWC reflecting 09 industry sentiment. 3 Vestas Wind Systems A/S First quarter April 2010

4 Presence creating customers Vestas in Top 3 in nine out of the ten largest markets. 4 Vestas Wind Systems A/S First quarter April 2010 Source: BTM, WMU 2009, March 2010

5 Shareholder information, 10 February Vestas Wind Systems A/S First quarter April 2010

6 What happened? Revenue meur EBIT meur 1, Q Q Q Q Q Q Q Q Q Q Q reflects market sentiment in second half of Low capacity utilisation as expected. Prepared to capture the upside. (96) Vestas Wind Systems A/S First quarter April 2010

7 Balance sheet meur 31 March March 2009 Change Total intangible assets % Total property, plant and equipment 1,550 1,155 34% Inventories 1,720 2,087 (18)% Receivables 1,715 1,204 42% Cash at bank and in hand % Financial liabilities, incl. Eurobond % Provisions (18)% Total balance sheet 6,540 5,435 20% Solvency ratio 50% 37% 13 % points Robust balance sheet. Successful Eurobond issue. 7 Vestas Wind Systems A/S First quarter April 2010

8 Net working capital meur 31 March March 2009 Change Inventories 1,720 2,087 (18)% Receivables 1,715 1,204 42% Prepayments from customers (876) (1,340) (35)% Trade payables (700) (1,017) (31)% Other liabilities (391) (381) 3% Total 1, % (% of revenue) 21 8 Prepayments reflecting lower order backlog. Trade payables and receivables reflecting high activity in Q Still large inventories. 8 Vestas Wind Systems A/S First quarter April 2010

9 Cash flow meur Cash flow from operating activities before change in working capital Q Q (165) 59 Change in working capital (233) (254) Cash flow from operating activities (398) (195) Cash flow from investing activities (149) (185) Cash flow before financing activities (547) (380) Cash flow from financing activities Change in cash at bank and in hand less current portion of bank debt (27) (72) Paying the price for a back-end loaded Prepared to capture the upside. 9 Vestas Wind Systems A/S First quarter April 2010

10 Non-financial reporting Safety First As Green as it Gets Diversity Q Q Change Industrial injuries per one million working hours (66)% Renewable energy (%) % points Renewable electricity (%) % points Women at management level (%) % points Non-Danes at management level (%) % points 10 Vestas Wind Systems A/S First quarter April 2010

11 ORDERS the future. 11 Vestas Wind Systems A/S First quarter April 2010

12 On track for 8,000-9,000 MW ~2,000 Order intake (MW) ,050 1,022 1,258 Q1 Q2 Q3 Q4 Q1 Announced orders April Vestas Wind Systems A/S First quarter April 2010

13 Order backlog on the rise bneur Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Vestas Wind Systems A/S First quarter April 2010

14 Guidance 2010 meur 2010 Guidance Order intake, firm and unconditional (MW) 8,000-9,000 Revenue 7,000 - of which service revenue 600 EBIT margin 10-11% EBIT margin, service 15% Financial items, net (25) Tax rate 28% Net working capital as per cent of revenue 15% Warranty provisions 3% Investments, property, plant and equipment 650 Investments, intangible assets 350 Capacity, year-end (MW) 10,000 Incidence of industrial injuries (per one mill. working hours) <7.0 Customer loyalty (index) 70 Share of renewable energy (%) 55 Quality level, year-end (Sigma) 5 14 Vestas Wind Systems A/S First quarter April 2010

15 Investments up EUR 400m... V MW introduced faster and in larger volumes New Service and Maintenance centre in Brighton, Colorado 15 Vestas Wind Systems A/S First quarter April 2010

16 No. of colleagues year-end: 24,000 4,570 3,596 Order backlog (MW) 3,014 1,747 2,618 Q1 Q2 Q3 Q4 Q Vestas Wind Systems A/S First quarter April 2010

17 Order intake 8,000-9,000 MW: Distribution maintained Expected order intake (MW) Americas Europe Asia/Pacific 17 Vestas Wind Systems A/S First quarter April 2010

18 Order intake secured by 18 Vestas Wind Systems A/S First quarter April 2010

19 Vestas in China 19 Vestas Wind Systems A/S First quarter April 2010

20 Vestas has Long-term relationship with China 20 Vestas Wind Systems A/S First quarter April 2010

21 IN the region FOR the region Assembly Machining + Generators Blades Controls Foundry Sourcing Sales and HQ Hohhot Tianjin Tianjin Hohhot Tianjin Tianjin Xuzhou Shanghai Beijing + rep. offices 21 Vestas Wind Systems A/S First quarter April 2010

22 IN the region FOR the region Sourcing Nacelles Blades Towers Service and Maintenance R&D Sales and HQ Chicago, IL Brighton, CO Brighton, CO Windsor, CO Pueblo, CO Brighton, CO Houston, TX Boston, MA Brighton, CO Portland, OR + rep. offices 22 Vestas Wind Systems A/S First quarter April 2010

23 Global presence secures Local competitiveness. 23 Vestas Wind Systems A/S First quarter April 2010

24 Meeting customers demands kw Platform 2 MW Platform 3 MW Platform 6 MW Platform V52 V60 V80 V82 V90 V100 V90 V112 Power plants: High wind Low wind Onshore Offshore 24 Vestas Wind Systems A/S First quarter April 2010

25 V MW Release for sale end of August 2010 Onshore and Offshore 25 Vestas Wind Systems A/S First quarter April 2010

26 Please sign up! Capital Markets Day: 1 and 2 September 2010, Colorado, USA We ll take you through our manufacturing set-up in Colorado. Get to know the V112 from inside, and hear about our markets. The Vestas Government will be present. 26 Vestas Wind Systems A/S First quarter April 2010

27 27 Vestas Wind Systems A/S First quarter April 2010 On track for Triple15.

28 Estimated market growth 165, ,920 Installed capacity MW 122,351 CAGR 25% CAGR 17% CAGR 29% Americas Europe Asia/Pacific BTM: 287,605 MW to be installed over the next five years. 28 Vestas Wind Systems A/S First quarter April 2010 Source: BTM, WMU 2009, March 2010

29 Main Risks Macro economics. Financing situation. Regulatory issues. Other Risks, inter alia Exchange rate. Interest rate. Patent disputes. Raw materials. Warranties. NIMBYism. 29 Vestas Wind Systems A/S First quarter April 2010

30 WIND. IT MEANS THE WORLD TO US TM 30 Vestas Wind Systems A/S First quarter April 2010

31 Full Wind! 2010 heavily back-end loaded. Investments substantially increased. Job creation back on track: 3,400 in Total Chinese capacity reserved for China. 31 Vestas Wind Systems A/S First quarter April 2010

32 Next quarterly presentations London New York City 10 February 2010 (Q4 09) 18 August 2010 (Q2 10) 28 April 2010 (Q1 10) 26 October 2010 (Q3 10) 32 Vestas Wind Systems A/S First quarter April 2010

33 33 Vestas Wind Systems A/S First quarter April 2010

34 Products and Presence First quarter 2010 Four Seasons Hotel, New York City Copyright Notice The documents are created by Vestas Wind Systems A/S and contain copyrighted material, trademarks, and other proprietary information. All rights reserved. No part of the documents may be reproduced or copied in any form or by any means such as graphic, electronic, or mechanical, including photocopying, taping, or information storage and retrieval systems without the prior written permission of Vestas Wind Systems A/S. The use of these documents by you, or anyone else authorized by you, is prohibited unless specifically permitted by Vestas Wind Systems A/S. You may not alter or remove any trademark, copyright or other notice from the documents. The documents are provided as is and Vestas Wind Systems A/S shall not have any responsibility or liability whatsoever for the results of use of the documents by you. Vestas wishes to acknowledge and respect all copyrights in connection with the illustrations used in this presentation. In case we have unintentionally violated copyrighted material, we want to be informed immediately in order to straighten things out and thus to honour any obligatory fees.