Shareholder information 2/2013
Progress in some important areas in the first half but profitability must improve Our first-half 2013 results show that we have made progress in some important areas. Free cash flow improved by EUR 770m and EBIT improved by EUR 68m despite a 16 per cent drop in revenue. As new Group President & CEO, I look forward to leading Vestas going forward and improving our profitability. When I accepted the position as CEO of Vestas, I did so first of all because I truly believe in Vestas and in the future of wind power and secondly because I am convinced that I can contribute to Vestas successfully implementing its turnaround plan. The aim of the plan is for Vestas to become a more stable company which is better able to cope with market fluctuations and which is characterised by profitable growth. A couple of main things stood out when I made my decision: I join Vestas with a clear objective; to ensure profitability for the company and thereby ensure that we live up to the promises we have made to our owners. That is my primary shortterm focus. Anders Runevad Group President & CEO The wind industry and Vestas position within that industry I firmly believe that we must change the energy mix in order to build a sustainable future for all. Renewable energy must play a bigger part in the mix, and I believe that wind power represents all the positive aspects needed to make this a reality. Vestas is a wind power pioneer and has driven the development of the industry forward since the very beginning. I see it as a great honour for me to now join the company that has helped and will continue to help the world fight the problems of climate change by bringing wind on a par with oil and gas. The product and service offerings Given my background at Swedish Ericsson, it is probably quite evident that I have a passion for technology. I fully acknowledge that there is more to a wind turbine than one might think when just seeing it from a distance. I know that wind turbines are technologically complex and highly sophisticated products, and I look forward to learning much more about them. One thing is complexity and sophistication, another is quality and I know that the Vestas product offering, both when it comes to wind turbines and services, is recognised as being of a high quality. 2 Vestas shareholder information 2/2013
I join Vestas with a clear objective; to ensure profitability for the company and thereby ensure that we live up to the promises we have made to our owners. That is my primary shortterm focus. We will continue the work to implement the turnaround plan as we have been doing for the past 18 months. The 2013 half-year results show that we are progressing in some very important areas; Free cash flow improved by EUR 770m compared with the same period last year EBIT improved by EUR 68m compared with the same period last year and this despite a 16 per cent drop in revenue Fixed capacity costs have been reduced substantially and thereby lowered our break-even level. In other words, there are definitely some good results to build on, but it goes without saying that a half-year financial loss is of course not good enough, so our work continues, and I very much look forward to stepping in and helping Vestas deliver on our promises. these people can provide me with so that I may build the best possible understanding of where Vestas currently stands as a company, what its major strengths are and of what needs to be further improved. I very much look forward to gaining this insight and to truly starting my journey with Vestas towards improved profitability. I am proud and honoured to have been given this opportunity to lead Vestas going forward and I look forward to disclosing further results of the implementation of our two-year turnaround plan and to improving our profitability. Yours sincerely, Anders Runevad Group President & CEO Looking further ahead, I see great possibilities for profitable growth, and my overall goal for Vestas is that we maintain and consolidate our market-leading position. So the guiding light for me as the new head of the company is clear: profitable growth. What will I do now? In order to build a solid understanding of the wind power industry and of Vestas, I will, in the coming months, be travelling across the world to meet with as many key customers, suppliers, investors and not least employees as possible, and my main objective is simply to listen; listen to all the input that Vestas shareholder information 2/2013 3
On track but not yet at the finishing line When I joined Vestas three months ago, I was amazed by the skills and commitment of our employees. Everywhere I go, I see people willing to go the extra mile in order to succeed. What I also see is that Vestas is still a young company in an industry that both can and must mature further. Streamlining and improving our operations must become even more deeply rooted at Vestas also after we have completed our ongoing two-year turnaround. We are on the right track. In the second quarter of 2013, we showed that Vestas is able to deliver an operating profit in spite of a substantial drop in activity. In addition, our free cash flow of EUR 197m was our highest ever second-quarter figure. This performance allowed Vestas to reduce its debts in the first six months of the year. We achieved good results in the first half of the year. First of all, we increased our earnings in spite of a lower level of activity, and by reducing our working capital significantly, we also improved cash flows and reduced our debts. Marika Fredriksson Executive Vice President & Chief Financial Officer Encouraging as these results may be, Vestas is still some distance away from the finishing line: We see potential in reducing our net working capital further, for example by reducing the number of MW under completion. We must further lower our fixed costs, among other things by further cutting back our headcount to 16,000, even though we will not sell the tower factory in the USA. Vestas must also maintain its low level of capital expenditure and continue to accept only profitable contracts. In other words, Vestas must continue to improve its earnings and cash flows, thereby ensuring a satisfactory return on invested capital. Vestas turbines performing better than ever In the first half of 2013, several results crystallised from our new product strategy in which we are focused more on developing existing technology rather than on research. Based on our 2 and 3 MW platforms, we now offer our customers wind turbines for all wind conditions. In spite of commissioning problems and cost overruns, the V112-3.0 MW turbine has become a bestseller and a solid building block for new turbine variants: a 3.3 MW variant of the V112, the new V117-3.3 MW and Vestas biggest wind turbine to date, the V126-3.3 MW. All of these turbines are based on proven V112 turbine technology, but with clever features such as larger blades they help our customers achieve up to 20 per cent higher annual energy production. Our wind turbines perform better than ever. The share of wind not harvested by the wind turbines, the Lost Production Factor, is less than 2 per cent, and warranty costs per wind turbine have never been lower. This is convincing evidence that we made the right decision to invest in the wind power industry s most comprehensive test facilities. Concurrently, with reducing development costs, we re continuing the work to develop the next generation of offshore wind turbines. The V164-8.0 MW will be a game-changer, offering a low Cost of Energy. Earlier this year, we accelerated the completion of the first prototype from the second to the first quarter of 2014. This means that Vestas will be able to offer a highly competitive offshore wind turbine for upcoming tender rounds in the North Sea and at other locations. We have reduced our development costs while at the same time launching a number of new and thoroughly tested wind turbines that improve earnings both for our customers and for us. Less has become more at Vestas. Anders Vedel Executive Vice President & Chief Technology Officer 4 Vestas shareholder information 2/2013
Scalable production operations Vestas continues to make its business more flexible and scalable. Teaming up with our R&D to simplify and standardise production operations, we are able to simplify and increase outsourcing to carefully selected suppliers with whom we scale up our partnered business. Lastly, we align our production with demand on an ongoing basis. The latter is achieved by closing or selling factories like we did last year when we sold the Varde tower factory in Denmark. By selling this factory, we were able to retain jobs, professional expertise and close relations with a trusted supplier, while at the same time freeing resources. This year, we expect to sell our machining and casting units on similar terms. Vestas is improving its capacity utilisation in a number of ways, for example by divesting factories like we did with the tower factory in Varde, Denmark, or by manufacturing for third parties like we do at the Colorado tower facility. Jean-Marc Lechêne Executive Vice President & Chief Operating Officer In the USA, we use a different approach; A lower level of activity in this market necessitated a reduction of the workforce at our factories in Colorado. On the other hand, the idea to offer production for third parties at the tower factory also in Colorado was so successful that we have since hired about 100 employees. Following the extension of the US production tax credit, the PTC, we expect more activity in the USA and to have full production capacity utilisation at the Colorado tower factory in 2014. In this way, Vestas global manufacturing footprint once again proved to our benefit: It allows us to serve our customers in the best possible way, keep transportation costs down and ensure quality products in a global market that is constantly changing. Growing order backlog especially in new markets Following a quiet year in, Vestas experienced a growing order backlog in the first half of 2013. Especially in the new markets, we capitalised on our tradition of addressing and cultivating new markets. In 2013, we have so far won orders from Chile, Uruguay, Mexico, South Africa, the Philippines, Ukraine, Romania and Croatia. Already at an early stage, Vestas assessed that a large proportion of its future growth would be generated in new countries and markets. By venturing into these markets right from the beginning, we gained first-mover advantages in several growth markets. A good example is South Africa, where Vestas has won more than one-third of all wind power projects tendered to date, and in 2013 alone we have received orders for 292 MW. Our success builds on our company s presence in South Africa since 2000, which is reassuring for our customers when investing with us in wind power. Vestas received wind turbine orders totalling just under 2.3 GW in the first half of 2013. This is a satisfactory performance given the fact that we received no orders in the US market during the period. Following the extension of the PTC, we expect to receive US orders in the second half of the year, not least because wind power is becoming cheaper and cheaper in the highly competitive US power market. At the same time, Vestas is consolidating its service business. In the first half, the backlog of service orders increased by EUR 600m, and with service orders totalling EUR 5.9bn, Vestas operations are now truly based on two revenue streams; wind turbines and service. In future, a constantly increasing proportion of our growth will be achieved in new wind markets, and Vestas is already present in many of them. In the first half of 2013 alone, Vestas received about one-third of its orders in new wind markets. Juan Araluce Executive Vice President & Chief Sales Officer Vestas shareholder information 2/2013 5
Highlights for the Group meur Financial Highlights Income statement Q2 Q2 FY 2013 1) 1) 2013 1) 1) Revenue 1,185 1,611 2,281 2,716 7,216 Gross profit 169 248 227 260 796 Profit/(loss) before financial income and expenses, depreciation and amortisation (EBITDA) before special items 114 161 102 71 473 Operating profit/(loss) (EBIT) before special items 12 40 (96) (164) 4 Profit/(loss) before financial income and expenses, depreciation and amortisation (EBITDA) after special items 110 135 86 4 299 Operating profit/(loss) (EBIT) after special items (9) 18 (131) (227) (697) Profit/(loss) of financial items (29) (23) (58) (3) (14) Profit/(loss) before tax (38) (5) (189) (230) (713) Net profit/(loss) (62) (8) (213) (170) (963) Balance sheet Balance sheet total 6,040 8,776 6,040 8,776 6,972 Equity 1,375 2,438 1,375 2,438 1,622 Provisions 353 350 353 350 353 Average interest-bearing position (net) (969) (1,152) (1,048) (1,065) (1,189) Net working capital (56) 330 (56) 330 233 Investments in property, plant and equipment 11 27 18 65 167 Cash flow statement Cash flow from operating activities 261 (262) 238 (466) (73) Cash flow from investing activities (64) (76) (101) (167) (286) Free cash flow 197 (338) 137 (633) (359) Cash flow from financing activities (274) 521 (583) 763 832 Change in cash at bank and in hand less current portion of bank debt (77) 183 (446) 130 473 Financial Ratios 2) Financial ratios Gross margin (%) 14.3 15.4 10.0 9.6 11.0 EBITDA margin before special items (%) 9.6 10.0 4.5 2.6 6.6 EBIT margin before special items (%) 1.0 2.5 (4.2) (6.0) 0.1 EBITDA margin after special items (%) 9.3 8.4 3.8 0.2 4.1 EBIT margin after special items (%) (0.8) 1.1 (5.7) (8.4) (9.7) Return on invested capital (ROIC) before special items 3) (%) 1.6 (2.5) 1.6 (2.5) 0.2 Solvency ratio (%) 22.8 27.8 22.8 27.8 23.3 Net working capital as percentage of revenue (%) (1.0) 4) 4.6 (1.0) 4) 4.6 3.2 Return on equity 3) (%) (54.8) (3.1) (54.8) (3.1) (45.9) Gearing (%) 85.0 68.9 85.0 68.9 108.0 Share ratios Earnings per share 5) (EUR) (4.9) (0.4) (4.9) (0.4) (4.8) Book value per share (EUR) 6.7 12.0 6.7 12.0 8.0 Price/book value (EUR) 1.6 0.4 1.6 0.4 0.5 Cash flow from operating activities per share (EUR) 1.3 (1.3) 1.2 (2.3) (0.4) Dividend per share (EUR) 0.0 0.0 0.0 0.0 0.0 Payout ratio (%) 0.0 0.0 0.0 0.0 0.0 Share price at the end of the period (EUR) 10.9 4.4 10.9 4.4 4.3 Average number of shares 203,704,103 203,704,103 203,704,103 203,704,103 203,704,103 Number of shares at the end of the period 203,704,103 203,704,103 203,704,103 203,704,103 203,704,103 1) Neither audited nor reviewed. 2) The ratios have been calculated in accordance with the guidelines from Den Danske Finansanalytikerforening (The Danish Society of Financial Analysts) (Recommendations and Financial ratios 2010). 3) Calculated over a 12-month period. 4) Net working capital as percentage of minimum outlook for revenue. 5) Earnings per share have been calculated over a 12-month period and in accordance with IAS 33 on earnings per share. 6 Vestas shareholder information 2/2013
Operational key figures Q2 Q2 FY 2013 1) 1) 2013 1) 1) Order intake (bneur) 1.7 0.9 2.4 2.2 3.8 Order intake (MW) 1,641 945 2,285 2,214 3,738 Order backlog wind turbines (bneur) 7.1 9.6 7.1 9.6 7.1 Order backlog service (bneur) 5.9 4.8 5.9 4.8 5.3 Produced and shipped (MW) 1,144 2,160 1,757 3,091 6,171 Produced and shipped (number) 520 964 806 1,413 2,765 Deliveries (MW) 877 1,307 1,696 2,415 6,039 Social and environmental key figures 2) Occupational health & safety Industrial injuries (number) 26 26 40 56 110 - of which fatal industrial injuries (number) 1 0 1 0 0 Utilisation of resources Consumption of metals (1,000 tonnes) 27 68 50 137 192 Consumption of other raw materials, etc. (1,000 tonnes) 23 38 46 72 121 Consumption of energy (GWh) 126 142 292 337 630 of which renewable energy (GWh) 58 73 154 159 327 of which renewable electricity (GWh) 55 73 144 149 310 Consumption of fresh water (1,000 m 3 ) 120 163 219 287 581 Waste disposal Volume of waste (1,000 tonnes) 17 26 33 49 87 - of which collected for recycling (1,000 tonnes) 11 13 19 24 44 Emissions Direct emission of CO 2 (1,000 tonnes) 12 13 30 33 59 Indirect emission of CO 2 (1,000 tonnes) 10 13 22 29 59 Local community Environmental accidents (number) 0 0 0 0 0 Breaches of internal inspection conditions (number) 0 0 0 1 1 Employees Average number of employees 17,325 22,187 17,316 22,558 21,033 Number of employees at the end of the period 17,253 21,767 17,253 21,767 17,778 - of which outside Europe 6,272 8,256 6,272 8,256 6,704 Indicators 2) Occupational health & safety Incidence of industrial injuries per one million working hours 3.2 2.6 2.5 2.7 2.8 Absence due to illness among hourly-paid employees (%) 2.8 2.1 2.7 2.4 2.4 Absence due to illness among salaried employees (%) 1.2 1.0 1.3 1.1 1.1 Products CO 2 savings over the life time on the MW produced and shipped (million tonnes of CO 2 ) 30 57 46 82 163 Utilisation of resources Renewable energy (%) 46 52 53 47 52 Renewable electricity for own activities (%) 78 86 100 87 89 Employees Women in Board of Directors 3) and Executive Management (%) 15 9 15 9 8 Women at management level (%) 17 18 17 18 17 Non-Danes at management level (%) 54 55 54 55 56 1) Neither audited nor reviewed 2) Accounting policies for social and environmental key figures for the Group, see page 36 of the annual report. 3) Only Board members elected by the general meeting are included. Vestas shareholder information 2/2013 7
Deliveries worldwide first half year 2013 Northern Europe United Kingdom 171 MW Republic of Ireland 24 MW Netherlands 15 MW Scandinavia Sweden 139 MW Denmark 63 MW Finland 30 MW USA 9 MW Canada 81 MW China 146 MW Mexico 50 MW Brazil 90 MW Chile 90 MW 8 Vestas shareholder information 2/2013 Uruguay 2 MW India 34 MW Southern Europe Italy 69 MW France 68 MW Turkey 36 MW Portugal 7 MW Greece 1 MW Central Europe Poland 180 MW Germany 111 MW Romania 92 MW Ukraine 15 MW Switzerland 3 MW Czech Republic 2 MW Australia 168 MW
Accumulated deliveries worldwide Deliveries (TOR) 1) onshore and offshore MW Deliveries (TOR) 1) MW Turbine type Others 22,912 V80-1.8 MW 1,829 V80-2.0 MW 6,638 V90-1.8 MW 2,545 V90-2.0 MW 10,268 V90-3.0 MW 8,520 V100-1.8 MW 2,088 V100-2.0 MW 172 V100-2.6 MW 133 V112-3.0 MW 1,961 Total 57,066 Deliveries (TOR) 1) offshore MW United Kingdom 784 Netherlands 247 Denmark 197 Belgium 165 Sweden 13 Portugal 2 Japan 1 Total 1,409 Europe and Africa Germany 8,497 Spain 4,039 Italy 3,185 Denmark 2,844 United Kingdom 2,264 Sweden 2,090 France 1,628 Netherlands 1,605 Greece 1,045 Poland 950 Portugal 677 Turkey 640 Romania 636 Ireland 614 Austria 447 Belgium 311 Bulgaria 309 Hungary 105 Ukraine 99 Cyprus 93 Finland 90 Czech Republic 86 Egypt 79 Norway 70 Morocco 50 Croatia 48 Others 97 Total 32,598 Americas USA 10,991 Canada 2,396 Brazil 382 Chile 214 Mexico 182 Argentina 89 Costa Rica 51 Uruguay 41 Nicaragua 40 Jamaica 39 Others 117 Total 14,542 Asia Pacific China 4,024 India 2,833 Australia 1,849 Japan 510 New Zealand 346 South Korea 166 Taiwan 86 Pakistan 50 Others 62 Total 9,926 Total world 57,066 1) Delivered (transfer of risk TOR) Vestas wind turbines as at 30 June 2013. Vestas shareholder information 2/2013 9
Overview First half 2013 The intake of wind turbine orders in the first half of 2013 was 2,285 MW with a total value of EUR 2.4bn. At the end of June 2013, Vestas had a backlog of firm and unconditional orders of 7,216 MW. Europe and Africa accounted for 61 per cent and the Americas and Asia Pacific accounted for 31 and 8 per cent, respectively. Due to uncertainty surrounding a few customers ability to meet the contractual obligations, Vestas has resolved to reduce its order backlog by EUR 0.4bn. Including this adjustment, the value of the order backlog was EUR 7.1bn. The future revenue value of Vestas service agreements was EUR 5.9bn at the end of June, an increase of EUR 600m during the first half of 2013, when the renewal rate for expiring service agreements was 73. Combined, Vestas thus had a total order backlog of EUR 13bn at the end of the first half. Revenue meur 3,000 2,400 1,800 1,200 600 EBIT margin before special items Percentage 3 0 (3) (6) (9) (12) 2009 2010 2011 2013 Service revenue amounted to EUR 467m in the first half of 2013 an increase of 9 per cent on the first half of. The service business EBIT margin for the six-month period before allocation of Group costs stood at 27 per cent an increase of 6 percentage points on the first half of. The free cash flow amounted to EUR 137m, which was an improvement of EUR 770m compared with the first half of, enabling Vestas to reduce its debt in the first half of 2013. Over the past year, Vestas has reduced its net debt by EUR 368m and is aiming to reduce it further before the end of the year. Net debt meur 0 2009 2010 2011 2013 1,500 1,200-32% 900 As always, Vestas first half is characterised by lower revenue and earnings than in the second half. Compared to first half of, revenue decreased by 16 per cent to EUR 2,281m in the first half of 2013, and the EBIT margin before special items stood at (4.2) per cent, which was 1.8 percentage points better than in the first half of. The improved earnings despite the lower revenue was primarily attributable to Vestas sharply lowering its fixed costs through headcount reductions. 600 300 0 Q1 Q2 Q3 Q4 2013 Q1 2013 Q2 The positive performance was attributable especially to a strong improvement in the net working capital. The net working capital amounted to EUR (56)m at 30 June 2013, which was an improvement of EUR 289m during the first half of 2013 driven by a decline in receivables and inventories. Lower investments also helped improve the free cash flows, and despite the lower level of investment Vestas has successfully developed a range of new wind turbines, including the V126-3.3 MW, V117-3.3 MW, V112-3.3 MW and V110-2.0 MW. 10 Vestas shareholder information 2/2013
Vestas has changed its decision to sell the tower factory in Pueblo, USA. Based on the growth outlook for the North American market, the factory is expected to reach full capacity utilisation in 2014. On the other hand, Vestas still expects to divest machining and casting units. Social and environmental initiatives Personal safety is always given top priority at Vestas. Through greater focus, intensive training and the dedicated effort of its employees, Vestas has managed to reduce the incidence of industrial injuries year after year. Continuing its decline, the incidence of industrial injuries was 2.5 per one million working hours in the first half of 2013, which is an improvement of 0.2 compared with the first half of. The target for 2013 is to further reduce the incidence rate to below 2.0. Incidence of industrial injuries Per one million working hours 20 15 10 5 Outlook 2013 Based on the current activity plan for the second half of 2013 and the related cash inflows and outflows, the free cash flow for 2013 is now expected to be at least EUR 200m compared to the earlier expectation of a positive free cash flow in 2013. Vestas maintains its full-year guidance of an EBIT margin before special items of at least 1 per cent and revenue of at least EUR 5.5bn, including service revenue, which is expected to amount to approx EUR 1bn. Service EBIT margin before allocation of Group costs is still expected to be approx 17 per cent. Shipments are still expected to be 4-5 GW. It should be emphasised that Vestas accounting policies only allow the recognition of supply-only and supply-and-installation projects as income when the risk has finally passed to the customer, irrespective of whether Vestas has already produced, shipped and installed the turbines. Disruptions in production and challenges in relation to wind turbine installation, for example bad weather, lack of grid connections and similar matters may thus cause delays that could affect Vestas financial results for 2013. Vestas expects to see deliveries, revenue and earnings peak in the fourth quarter of the year. Based on the current delivery plan, margins on the delivered projects are expected to be higher in the fourth quarter than in the third quarter. 0 2008 2009 2010 2011 2013 Based on a strong foothold and a pick-up in market growth in the USA, Vestas expects to see a significant US order intake in the second half of 2013. Vestas has defined a goal that all electricity must come from renewable energy sources, subject to availability. For 2013, the target is for 100 per cent of Vestas electricity consumption to come from renewable sources. In the first half of 2013, the share of renewable electricity was 100 per cent, driven among other things by production from Vestas-owned wind power plants in Eastern Europe. Vestas share of renewable energy rose by 6 percentage points to 53 per cent in the first half of 2013, primarily owing to a lower activity level and thereby lower energy consumption. Renewable energy Percentage of total energy consumption The development of the V164-8.0 MW turbine continues according to Vestas plans, with installation of the first prototype expected to take place in the first quarter of 2014. As previously announced, Vestas has received inquiries from potential partners on the V164-8.0 MW turbine. There are no plans to invest in new production facilities, and thus investments in property, plant and equipment are still expected to be around EUR 150m. Vestas expects to further reduce the number of employees during 2013 and the year-end number of employees is still expected to be no more than 16,000. 60 45 30 15 0 2008 2009 2010 2011 2013 Vestas shareholder information 2/2013 11
Vestas Wind Systems A/S Hedeager 44. 8200 Aarhus N. Denmark Tel: +45 9730 0000. Fax: +45 9730 0001 vestas@vestas.com vestas.com Disclaimer and cautionary statement This document contains forward-looking statements concerning Vestas financial condition, results of operations and business. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning Vestas potential exposure to market risks and statements expressing management s expectations, beliefs, estimates, forecasts, projections and assumptions. A number of factors that affect Vestas future operations and could cause Vestas results to differ materially from those expressed in the forward-looking statements included in this document, including (without limitation): (a) changes in demand for Vestas products; (b) currency and interest rate fluctuations; (c) loss of market share and industry competition; (d) environmental and physical risks, including adverse weather conditions; (e) legislative, fiscal, and regulatory developments, including changes in tax or accounting policies; (f) economic and financial market conditions in various countries and regions; (g) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, and delays or advancements in the approval of projects; (h) ability to enforce patents; (i) product development risks; (j) cost of commodities; (k) customer credit risks; (l) supply of components; and (m) customer-created delays affecting product installation, grid connections and other revenue-recognition factors. All forward-looking statements contained in this document are expressly qualified by the cautionary statements contained or referenced to in this statement. Undue reliance should not be placed on forward-looking statements. Additional factors that may affect future results are contained in Vestas annual report for the year ended 31 December (available at www.vestas. com/investor) and these factors also should be considered. Each forward-looking statement speaks only as of the date of this document. Vestas does not undertake any obligation to publicly update or revise any forward-looking statement as a result of new information or future events others than as required by Danish law. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this document. Vestas 2013 This document was created by Vestas Wind Systems A/S and contains copyrighted material, trademarks and other proprietary information. All rights reserved. No part of the document 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. All specifications are for information only and are subject to change without notice. Vestas does not make any representations or extend any warranties, expressed or implied, as to the adequacy or accuracy of this information.