any announcement from vestas wind systems a/s/media/vestas/investor/investor pdf... · raw materi...

33
Vestas Win Comp Vesta Randers Interim f Compan Page 1 o Interim f Outlook Summar first half EBIT ma EUR (49 orders w June 20 injuries o half-year 2011 ha cash flow macro-e orders o H1 2011 + 38% + 25% + 31% + EUR 2 + EUR 1 - 3% nd Systems A/S pany ann as Wind S s, 17 August inancial repo ny announcem of 33 financial rep k maintained ry: Vestas ge of 2010. EB argin thus ros 94)m from EU was 2,895 MW 11. Safety a of 3.2. Renew r. Firm and ave already b w is maintain conomic an of 7,000-8,00 at a glance Vest - an Vest - an Vest - an 227m EBIT - an 52m Profi - an The - a d Alsvej Tel: + Bank: Comp Comp nouncem Systems 2011 ort, first half y ment No. 37 port, first ha d - profit in l enerated firs BIT amounted se to 0.3 per UR (1,058)m W, and the b at Vestas’ wo wable energy unconditiona been secure ned at EUR d financial u 0 MW in a m e (against H tas delivered increase of 3 tas delivered increase of 2 tas generate increase of 3 T amounted t increase of E it after tax am increase of E number of e ecrease of 3 j 21, 8940 Rander 45 9730 0000, Fa Nordea Bank Da pany Reg. No.: 10 pany Reg. Name: V ment from A/S year 2011 /2011 alf year 2011 ine with exp t half-year re d to EUR 8m r cent from (1 m in the first h backlog of firm orkplaces wa y accounted al orders co ed, which is 7bn, 7 per ce uncertainty, market that re 1 2010) a total of 1,0 38 per cent wind power 25 per cent d revenue of 31 per cent to EUR 8m EUR 227m mounted to E EUR 152m mployees at 3 per cent rs SV, Denmark ax: +45 9730 0001 anmark A/S, Reg. 40 37 82 Vestas Wind Syst m 1 pectations - evenue of EU m, against a lo 11.6) per cen half of 2010. m and uncon as higher tha for 32 per c overing almo why the ou ent and a mi Vestas still emains fierce 062 wind tur r systems wit f EUR 2,461 EUR (30)m t the end of t 1, vestas@vestas No.: 2100, Accou tems A/S - safety impr UR 2,461m; oss of EUR 2 nt. The free c The half-yea nditional orde an ever befo ent of Vestas ost all the ex tlook for rev inimum of E expects an ely competitiv rbines to its c th an aggreg m he quarter w .com, www.vestas nt No.: DKK 0651 roved once an increase 219m in the cash flow imp ar intake of fi ers amounte ore with an in s’ total energ xpected reve venue, EBIT UR 0, respec intake of fir ve. customers ate capacity was 21,700 s.com 117097 - EUR 50 again. of 31 per ce first half of 2 proved signif irm and unco ed to EUR 8.0 ncidence of gy consumpt enue of EUR margin and ctively. In sp rm and unco y of 1,991 MW 005 677997 ent on the 2010. The ficantly to onditional 0bn at 30 industrial tion in the R 7bn for d the free pite of the onditional W

Upload: lydang

Post on 19-Apr-2019

234 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: any announcement from Vestas Wind Systems A/S/media/vestas/investor/investor pdf... · raw materi e-scale inve ttlenecks an. mentioned, ity issues, tr patent dispu rate risk, b th

Vestas Win

CompVesta RandersInterim fCompanPage 1 o Interim fOutlook Summarfirst half EBIT maEUR (49orders wJune 20injuries ohalf-year2011 hacash flowmacro-eorders o H1 2011 + 38%

+ 25%

+ 31%

+ EUR 2

+ EUR 1

- 3%

nd Systems A/S

pany annas Wind S

s, 17 August inancial repo

ny announcemof 33

financial repk maintained

ry: Vestas geof 2010. EB

argin thus ros94)m from EUwas 2,895 MW011. Safety aof 3.2. Renewr. Firm and

ave already bw is maintainconomic an

of 7,000-8,00

at a glance

Vest- an

Vest- an

Vest- an

227m EBIT- an

52m Profi- an

The - a d

AlsvejTel: +Bank:CompComp

nouncemSystems

2011 ort, first half yment No. 37

port, first had - profit in l

enerated firsBIT amountedse to 0.3 perUR (1,058)mW, and the bat Vestas’ wowable energyunconditionabeen securened at EUR d financial u0 MW in a m

e (against H

tas deliveredincrease of 3

tas deliveredincrease of 2

tas generateincrease of 3

T amounted tincrease of E

it after tax amincrease of E

number of eecrease of 3

j 21, 8940 Rander45 9730 0000, Fa Nordea Bank Da

pany Reg. No.: 10 pany Reg. Name: V

ment from A/S

year 2011 /2011

alf year 2011ine with exp

t half-year red to EUR 8mr cent from (1

m in the first hbacklog of firmorkplaces way accounted al orders coed, which is 7bn, 7 per ceuncertainty,

market that re

1 2010)

a total of 1,038 per cent

wind power25 per cent

d revenue of31 per cent

to EUR 8m EUR 227m

mounted to EEUR 152m

mployees at3 per cent

rs SV, Denmark ax: +45 9730 0001anmark A/S, Reg. 40 37 82 Vestas Wind Syst

m

1 pectations -

evenue of EUm, against a lo11.6) per cenhalf of 2010. m and unconas higher tha

d for 32 per covering almo

why the ouent and a miVestas still

emains fierce

062 wind tur

r systems wit

f EUR 2,461

EUR (30)m

t the end of t

1, vestas@vestasNo.: 2100, Accou

tems A/S

- safety impr

UR 2,461m;oss of EUR 2nt. The free cThe half-yea

nditional ordean ever befoent of Vestas

ost all the extlook for revinimum of Eexpects an

ely competitiv

rbines to its c

th an aggreg

m

he quarter w

.com, www.vestasnt No.: DKK 0651

roved once

an increase 219m in the cash flow impar intake of fiers amounteore with an ins’ total energxpected revevenue, EBIT UR 0, respecintake of fir

ve.

customers

ate capacity

was 21,700

s.com 117097 - EUR 50

again.

of 31 per cefirst half of 2proved signiffirm and uncoed to EUR 8.0ncidence of gy consumptenue of EUR

T margin andctively. In sprm and unco

y of 1,991 MW

005 677997

ent on the 2010. The ficantly to onditional 0bn at 30 industrial

tion in the R 7bn for d the free pite of the onditional

W

Page 2: any announcement from Vestas Wind Systems A/S/media/vestas/investor/investor pdf... · raw materi e-scale inve ttlenecks an. mentioned, ity issues, tr patent dispu rate risk, b th

RandersInterim fCompanPage 2 o

Vestas Win

- 29%

- 14% po

The Gro

Revenu

EBIT be

EBIT m

Profit a

Cash fl

Free ca 1) Neithe Revenuewhich is the free Second-into an Emay shoprojects flow amoare expe Outlook In spite oan intakecontributexpectedregional majority scope. S In 2011,Revenuecent. Vecompareof EUR 7primarilyinstallatioflow will expected Investme550m an

s, 17 August inancial repo

ny announcemof 33

nd Systems A/S

Indu- a re

oints The - a d

oup’s financ

ue (mEUR)

efore one-off

margin before

after tax (mEU

ow from ope

ash flow (mEr audited nor re

e for the firstin line with

cash flow am

-quarter reveEBIT margin ow major quhanded ove

ounted to EUected to incre

k for 2011

of the macroe of firm andte about 50 d, competitioproduction of the order

Shipments ar

, Vestas stile in the serv

estas expectsed to 2010. I7bn for 2011

y lies in theons of new tbe generate

d to be on a

ents in propend EUR 300m

2011 ort, first half yment No. 37

AlsvejTel: +Bank:CompComp

strial injurieseduction of 2

share of renecrease of 1

cial performa

ff costs (mEU

e one-off cos

UR)

erating activit

EUR) eviewed.

t half year amexpectations

mounted to E

enue amoun of 5.5 per cuarter-on-quaer. Cash flowUR (63)m in ease during t

o-economic ud unconditionper cent, the

on remains fcapacity allo

rs are expectre expected t

l expects tovice businesss a positive fnventory red

1 has almost practical cturbine typesed in the latlevel with tha

erty, plant am, respective

year 2011 /2011

j 21, 8940 Rander45 9730 0000, Fa Nordea Bank Da

pany Reg. No.: 10 pany Reg. Name: V

s per one mil29 per cent

ewable ener4 percentag

ance in the f

UR)

ts (%)

ties (mEUR)

mounted to Es. Cash flow

EUR (494)m

ted to EUR cent. The devarter fluctua

w from operatthe second

the remainde

uncertainty anal orders ofe Americas afierce, but a ow Vestas toted to includto rise from 4

o achieve ans is expectedfree cash flowductions will t been securhallenges ans in a year, intter part of tat achieved i

nd equipmenely. Investme

rs SV, Denmark ax: +45 9730 0001anmark A/S, Reg. 40 37 82 Vestas Wind Syst

lion working

rgy amountedge points

first half yea

Q2 20111)

1,401

77

5.5

55

126

(63)

EUR 2,461mw from opera

in the first ha

1,401m, anvelopment c

ations depenting activitiesquarter of 2

er of 2011.

and the turmof 7,000-8,000about 25 perstrong prod

o offer its cue short-term4,057 MW in

n EBIT margd to amount w, equivalenhelp to achie

red by signednd risks of n which a larthe year. Rein the fourth

nt and intangents will, how

1, vestas@vestasNo.: 2100, Accou

tems A/S

hours was 3

d to 32 per c

ar 2011

Q2 20101)

1,032

(180)

(17.4)

(143)

(309)

(511)

m, resulting inating activitiealf of 2011.

d EBIT stooconfirms that ding on caps amounted 011. Capaci

oil in the fina0 MW. Europr cent and Auct platform,

ustomers the or longer-te 2010 to 6,00

gin of 7 per to EUR 700

nt to an improeve this impd firm and undisruptions

rge proportioevenue for thquarter of 20

gible assets wever, mater

.com, www.vestasnt No.: DKK 0651

3.2

cent

H1 20111)

2,461

8

0.3

(30)

(141)

(494)

n an EBIT ms amounted

od at EUR 7revenue and

pacity utilisato EUR 126ty utilisation

ncial marketpe and Africa

Asia Pacific a, advanced s most comp

erm service c00 MW in 20

cent and rem with an Eovement of mrovement. Tnconditional in productio

on of revenuehe fourth qu010.

are expecterialise later in

s.com 117097 - EUR 50

H1 20101)

F

1,881

(219)

(11.6)

(182)

(707)

(1,058)

margin of 0.3 to EUR (14

77m, which td especially

ation and the6m, and the f

and cash ge

ts Vestas stila are still exabout 25 perservice solut

petitive soluticontracts wit011.

evenue of EEBIT margin more than EU

The expectedorders. The

on and in ree, earnings, arter of 201

ed to amounn the year tha

005 677997

Full year2010

6,920

468

6.8

156

56

(733)

per cent, 1)m, and

translates earnings

e type of free cash eneration

ll expects pected to r cent. As tions and ons. The h varying

EUR 7bn. of 15 per UR 700m d revenue

risk thus elation to and cash 1 is thus

nt to EUR an earlier

Page 3: any announcement from Vestas Wind Systems A/S/media/vestas/investor/investor pdf... · raw materi e-scale inve ttlenecks an. mentioned, ity issues, tr patent dispu rate risk, b th

RandersInterim fCompanPage 3 o

Vestas Win

announc2010 wil Financiarespectivthe expeimproved The aimmillion wcent. Thegreen elmust be Assump As the brequiremsetback fossil fuealso affe Prices oincreaseThis meaConsequnew conimmediain the co Other thdue to pas well areduced Vestas Revenuebeen finrecognitiThere artypically Along waction laannounc

s, 17 August inancial repo

ny announcemof 33

nd Systems A/S

ced, which ml be around

al expenses vely. Total wected revend to the bene

m is to keep tworking houre decline relectricity is oat least 5.

ptions and r

banks have bments have g

in the creditels could posect demand f

of a number es into accouans that Vesuently, risingntracts. Largate risk of boourse of 2011

an the aforepotential qualas potential its exchange

operates wie from supplnally handed ion. Revenure no differereceived wh

with certain oawsuit filed icement No. 8

2011 ort, first half yment No. 37

AlsvejTel: +Bank:CompComp

means that thEUR 70m ag

and the cowarranty and

ue for the efit of custom

the incidencs. The greenative to 2010

often limited.

risks

become mucgone up. Thist market wostpone demafor wind powe

of componeunt so that thstas’ margin ig raw materige-scale invettlenecks an1.

ementioned, lity issues, trpatent dispue rate risk, b

ith three typy-only and sover to the

e from turnkences betweehen orders ar

of its directoin the United8/2011 of 21

year 2011 /2011

j 21, 8940 Rander45 9730 0000, Fa Nordea Bank Da

pany Reg. No.: 10 pany Reg. Name: V

he expected gainst the ea

rporate tax product provyear, as the

mer earnings

e of industrin proportion 0 is due to thThe target f

ch more critics is clearly tould adversel

and, and lower plants.

ents are risinhe final priceis relatively rals prices westments thrd, by extens

the most imransport costutes. The reut the risk ha

pes of contsupply-and-ine customer. key orders isen the contrre received a

rs and officed States DisMarch 2011

rs SV, Denmark ax: +45 9730 0001anmark A/S, Reg. 40 37 82 Vestas Wind Syst

increase in arlier announ

rate are exvisions are ee performan and Vestas’

al injuries atof Vestas’ e

he increase infor the custo

cal than preo the benefit ly affect the

wer energy co

ng. As a gee of the projerobust toward

would seem troughout thesion, Vestas’

portant risk ts, disruptiongionalisationas not been

tracts: suppnstallation orThis may ca

s recognisedract types in and as physic

ers, Vestas strict Court, .

1, vestas@vestasNo.: 2100, Accou

tems A/S

depreciationced increase

xpected to bexpected to ance of the w’ costs.

t no more thenergy consun productionomer loyalty

viously, procof the financwind turbine

onsumption c

neral rule, Vects will refleds fluctuatingto represent e supply chaneed for bu

factors incluns in productn of Vestas' eliminated.

ly-only, suprders is not rause a time d after the pe

terms of thecal shipment

has been nDistrict of O

.com, www.vestasnt No.: DKK 0651

s and amorte of about EU

be EUR (60)account for lewind power

han 5.0 indusumption is exoutside Euroindex is 72,

cessing timescially strong be market. Sicaused by ec

Vestas’ contrect developmg input pricesa larger cha

ain have eliffer stocks, w

de additionation and windproduction a

ply-and-instarecognised u

lag concernercentage ofe payment pts are effecte

amed as a Oregon, USA

s.com 117097 - EUR 50

tisations comUR 100m.

)m and 28 ess than 3 pe

plants is c

strial injuriesxpected to b

rope, where a and the Sig

s and documblue-chip proimilarly, low conomic cyc

racts take suments in inps of contractallenge wheminated mowhich will be

al warranty pd turbine insand procurem

allation and until the projening the finaf completionprofile. Paymed.

defendant inA, see also

005 677997

mpared to

per cent, er cent of

constantly

s per one be 40 per access to gma level

mentation oviders. A prices of

cles could

uch price ut prices. ts signed. n signing

ost of the e reduced

provisions stallations ment has

turnkey. ects have al income method.

ments are

n a class company

Page 4: any announcement from Vestas Wind Systems A/S/media/vestas/investor/investor pdf... · raw materi e-scale inve ttlenecks an. mentioned, ity issues, tr patent dispu rate risk, b th

RandersInterim fCompanPage 4 o

Vestas Win

Vestas sImprove

Order inta Order inta Revenue Gross ma Warranty EBIT marcosts (%) Free cash

Return onbefore onInvestmeand equipNumber oend of pe- of whichNumber oend of pe1) Neith2) Calcu

Vestas ijudged ocapacityis the imperiod oto the CEUR 15m New proturbines improvinimprovedan assedeliveriebe relatilarger prsignificaperformainvested In conneelaborat

s, 17 August inancial repo

ny announcemof 33

nd Systems A/S

since 2006: ed quality, s

ake (bnEUR)

ake (MW)

(mEUR)

argin (%)

provisions (%rgin before on)

h flow

n invested capne-off costs (%nts in propertypment (mEURof employees,eriod h outside Euroof R&D emploeriod her audited nor ulated over a 12

s managed on the basis y utilisation asmproved abilit

f a wind powCFO. Togethem. Smaller p

oducts, such and servic

ng productivitd competitivembly facility

es. Vestas wively smaller roportion of ntly lower raance and ecod capital.

ection with thion of the Tri

2011 ort, first half yment No. 37

AlsvejTel: +Bank:CompComp

strengthened

2

%) e-off

pital %)2) y, plant

R)

ope 2

yees,

reviewed. 2-month period.

and developof its quarte

s well as chaty to identify,wer plant. Ther with the C

projects are h

as the V112es like the ty and qualitye strength. Tin Brazil, a

ill continue tor as the busithe investm

ate than its onomies of s

he disclosureiple15 target

year 2011 /2011

j 21, 8940 Rander45 9730 0000, Fa Nordea Bank Da

pany Reg. No.: 10 pany Reg. Name: V

d R&D effor

H1 0111)

Ful2

2.8

2,895

2,461

14.1

2.3

0.3

(494)

2.7

201

21,700 8,054

2

2,052

ped with a loerly results aanges in proj control and

his work is orCEO, the Cohandled in th

2-3.0 MW, thAOM 5000

y, regionalisaThe regionalislso brings Vo invest largeness volumeents. Going business vo

scale. Vestas

e of the third-ts.

rs SV, Denmark ax: +45 9730 0001anmark A/S, Reg. 40 37 82 Vestas Wind Syst

rts and incre

l year 010

Full20

8.6

8,673 3

6,920 5

17.0

2.8

6.8

(733)

10.8

458

23,2528,127

206

2,277

ong-term peas they may jects handedprice risks a

rganised undontract Reviee individual s

e V100-2.6 M0 (Active Ouation and mosation, most

Vestas closere amounts ine is expectedforward, Ve

olume becaus will therefo

-quarter resu

1, vestas@vestasNo.: 2100, Accou

tems A/S

eased region

l year009

Full20

3.2

3,072

5,079

16.5

5.8

4.9

(842)

9.5

606

0,7306,569

2

1,490

rspective. Acreflect fluctu

d over. A keyat all project sder a Contraew function sales busine

MW, the V10utput Managore balancedrecently exe

r to its custon production d to rise and

estas also exuse of enhanre be able to

ults for 2011,

.com, www.vestasnt No.: DKK 0651

nalisation

year008

Full 20

6.4

6,019 5

5,904 3

19.1

4.5

10.4

(403)

43.4

509

0,8295,320

153

1,345

ccordingly, Vuations in they factor in Vestages and dct Review fureviews all

ess units.

00-2.0 MW agement) will d output be templified by Vomers, allowfacilities, bu

d the sub-coxpects its henced efficieno maintain a

Vestas will

s.com 117097 - EUR 50

year 007

Full 20

5.5

5,613 5,5

3,828 4,

15.3 1

6.6

5.3

384 4

21.3 1

265

5,305 3,232

12,32,0

650 5

Vestas shoue level of ac

estas’ further during the opunction, whicprojects in e

and the V100together w

the drivers bVestas' inve

wing it to maut the investmontractors wileadcount to ncy, improvecompetitive

provide the

005 677997

year06

4.9

559

179

11.1

3.6

4.9

454

14.4

153

309 025

519

ld not be ctivity and

progress perational ch reports excess of

0-1.8 MW with ever-ehind the stment in

ake faster ments will ll make a rise at a d turbine return on

promised

Page 5: any announcement from Vestas Wind Systems A/S/media/vestas/investor/investor pdf... · raw materi e-scale inve ttlenecks an. mentioned, ity issues, tr patent dispu rate risk, b th

RandersInterim fCompanPage 5 o

Vestas Win

Press anWednes In connetoday, W The Lon22 HertsCanary WLondon, England The infoDanish, The meeThe tele+45 702 A replay The presnewly bu

This inte

s, 17 August inancial repo

ny announcemof 33

nd Systems A/S

nd analyst msday, 17 Aug

ection with thWednesday, a

don Marriott smere Rd Wharf E14 4ED .

rmation meeGerman, Ital

eting may bephone numb6 5040 (DK)

y of the inform

sentation of uilt headquar

BenChairman of

erim report is

2011 ort, first half yment No. 37

AlsvejTel: +Bank:CompComp

meeting in Lgust 2011 at

he disclosurat 2 p.m. Lon

West India Q

eting will be lian, Spanish

e attended ebers for the c.

mation meeti

the financiarters in Aarhu

nt Erik Carlsef the Board o

s available in

year 2011 /2011

j 21, 8940 Rander45 9730 0000, Fa Nordea Bank Da

pany Reg. No.: 10 pany Reg. Name: V

London, UKt 2 p.m. Lon

e of this intendon time/3 p

Quay Hotel

held in Englh and Manda

lectronically,conference c

ng will subse

al results for us, Denmark

YVestas

en of Directors

Danish and

rs SV, Denmark ax: +45 9730 0001anmark A/S, Reg. 40 37 82 Vestas Wind Syst

– o –

ndon time/3

erim financiap.m. CET for

ish and webarin via vesta

, and questiocall are +44

equently be a

the third quk, and not as

Yours sincere Wind Syste

English. In c

1, vestas@vestasNo.: 2100, Accou

tems A/S

p.m. CET

al report, an r analysts, in

bcast live withas.com/inves

ons may be 208 817 930

available on

uarter on 9 N previously a

ely ems A/S

P

case of doub

.com, www.vestasnt No.: DKK 0651

information vestors and

h simultaneotor.

asked throu01 (UK), +1 7

vestas.com/

November wannounced in

Ditlev EngePresident & C

bt, the Danish

s.com 117097 - EUR 50

meeting wilthe press at

ous interpret

gh a confere718 354 122

/investor.

will be held an New York,

el CEO

h version sha

005 677997

l be held

ation into

ence call. 26 (USA),

at Vestas’ USA.

all apply.

Page 6: any announcement from Vestas Wind Systems A/S/media/vestas/investor/investor pdf... · raw materi e-scale inve ttlenecks an. mentioned, ity issues, tr patent dispu rate risk, b th

RandersInterim fCompanPage 6 o

Vestas Win

Financ mEUR

Highligh

Income st

Revenue

Gross prof

Profit/(lossexpenses,(EBITDA)

Operating costs

Profit/(lossexpenses,(EBITDA)

Operating

Profit/(loss

Profit/(loss

Profit/(loss

Balance s

Balance sh

Equity

Provisions

Average in

Net workin

Investmen

Cash flow

Cash flow

Cash flow

Free cash

Cash flow

Change incurrent po

s, 17 August inancial repo

ny announcemof 33

nd Systems A/S

cial highli

hts

tatement

fit

s) before financia depreciation anbefore one-off co

profit/(loss) (EBI

s) before financia depreciation an

profit/(loss) (EBI

s) of financial item

s) before tax

s) for the period

sheet

heet total

s

nterest-bearing p

ng capital

nts in property, pl

w statement

from operating a

from investing a

flow

from financing a

cash at bank anrtion of bank deb

2011 ort, first half yment No. 37

AlsvejTel: +Bank:CompComp

ghts for th

al income and d amortisation osts

IT) before one-of

al income and d amortisation

IT)

ms

position (net)

ant and equipme

activities

activities

activities

nd in hand less bt

year 2011 /2011

j 21, 8940 Rander45 9730 0000, Fa Nordea Bank Da

pany Reg. No.: 10 pany Reg. Name: V

he GroupQ2

201

1

ff

7

2

(1

ent

(

rs SV, Denmark ax: +45 9730 0001anmark A/S, Reg. 40 37 82 Vestas Wind Syst

2 11) 2

1,401

248

150

77

150

77

(1)

76

55

7,144

2,707

314

,075)

872

110

126

(189)

(63)

63

0

1, vestas@vestasNo.: 2100, Accou

tems A/S

Q2 20101)

1

1,032

12

(101)

(180)

(101)

(180)

(17)

(197)

(143)

8,332

2,372

359

(637)

655

129

(309)

(202)

(511)

248

(263)

.com, www.vestasnt No.: DKK 0651

1 half year 20111)

2,461

348

150

8

150

8

(50)

(42)

(30)

7,144

2,707

314

(966)

872

201

(141)

(353)

(494)

346

(148)

s.com 117097 - EUR 50

1 half year20101)

1,881

113

(88)

(219)

(88)

(219)

(35)

(254)

(182)

8,332

2,372

359

(436)

655

211

(707)

(351)

(1,058)

768

(290)

005 677997

r Full yea2010

6,9

1,1

7

4

6

3

(7

2

1

7,0

2,7

3

(59

6

4

(78

(73

5

(16

r

20

75

47

68

84

10

72)

38

56

66

54

70

93)

72

58

56

89)

33)

68

65)

Page 7: any announcement from Vestas Wind Systems A/S/media/vestas/investor/investor pdf... · raw materi e-scale inve ttlenecks an. mentioned, ity issues, tr patent dispu rate risk, b th

RandersInterim fCompanPage 7 o

Vestas Win

Financ mEUR

Ratios

Financial

Gross mar

EBITDA m

EBIT marg

EBITDA m

EBIT marg

Return on off costs (%

Solvency r

Return on

Gearing (%

Share rati

Earnings p

Book value

Price/book

Cash flow (EUR)

Dividend p

Payout rat

Share pric

Average n

Number of

1) Neith2) The

Dani3) Calc4) Earn

s, 17 August inancial repo

ny announcemof 33

nd Systems A/S

cial highli

ratios2)

rgin (%)

margin before one

gin before one-of

margin (%)

gin (%)

invested capital3

%)

ratio (%)

equity3) (%)

%)

ios2)

per share4) (EUR

e per share (EUR

k value

from operating a

per share (EUR)

tio (%)

ce at the end of th

umber of shares

f shares at the en

her audited nor ratios have be

ish Society of Fculated over a 1nings per share

2011 ort, first half yment No. 37

AlsvejTel: +Bank:CompComp

ghts for th

e-off costs (%)

ff costs (%)

3) (ROIC) before

R)

R)

activities per sha

he period (EUR)

s

nd of the period

reviewed. een calculated inancial Analys2-month periodhave been calc

year 2011 /2011

j 21, 8940 Rander45 9730 0000, Fa Nordea Bank Da

pany Reg. No.: 10 pany Reg. Name: V

he GroupQ2

201

one-

re

203,704

203,704

in accordance ts) (Recommen.

culated over a 12

rs SV, Denmark ax: +45 9730 0001anmark A/S, Reg. 40 37 82 Vestas Wind Syst

2 11) 2

17.7

10.7

5.5

10.7

5.5

2.7

37.9

2.9

47.2

0.4

13.3

1.2

0.6

0.0

0.0

16.0

4,103 203

4,103 203

with the guidendations and Fin

2-month period

1, vestas@vestasNo.: 2100, Accou

tems A/S

Q2 20101)

1

1.2

(9.8)

(17.4)

(9.8)

(17.4)

0.4

28.5

(0.1)

47.0

0.0

11.6

2.9

(1.5)

0.0

0.0

34.3

,704,103 2

,704,103 2

lines from “Dennancial ratios 20

and in accorda

.com, www.vestasnt No.: DKK 0651

1 half year 20111)

14.1

6.1

0.3

6.1

0.3

2.7

37.9

2.9

47.2

0.4

13.3

1.2

(0.7)

0.0

0.0

16.0

203,704,103

203,704,103

n Danske Fina010).

ance with IAS 33

s.com 117097 - EUR 50

1 half year20101)

6.0

(4.7)

(11.6)

(4.7)

(11.6)

0.4

28.5

(0.1)

47.0

0.0

11.6

2.9

(3.5)

0.0

0.0

34.3

203,704,103

203,704,103

ansanalytikerfore

3 on earnings p

005 677997

r Full yea2010

17

10

6

9

4

10

39

5

33

0

13

1

0

0

0

23

203,704,1

203,704,1

ening” (The

er share.

r

7.0

0.8

6.8

9.9

4.5

0.8

9.0

5.9

3.2

0.8

3.5

1.7

0.3

0.0

0.0

3.6

03

03

Page 8: any announcement from Vestas Wind Systems A/S/media/vestas/investor/investor pdf... · raw materi e-scale inve ttlenecks an. mentioned, ity issues, tr patent dispu rate risk, b th

RandersInterim fCompanPage 8 o

Vestas Win

Non-fi

Key figu

Occupatio

Industrial i

- of which

Products

MW produ

Number of

Utilisation

Consumpt

Consumpt

Consumpt

- of which

- of which

Consumpt

Waste dis

Volume of

- of which

Emissions

Emission o

Local com

Environme

Breaches

Employee

Average n

Number of

s, 17 August inancial repo

ny announcemof 33

nd Systems A/S

inancial h

ures2)

onal health & sa

injuries (number)

fatal industrial in

uced and shipped

f turbines produc

n of resources

tion of metals (to

tion of other raw

tion of energy (M

renewable energ

renewable electr

tion of fresh wate

sposal

f waste (tonnes)

collected for recy

s

of CO2 (tonnes)

mmunity

ental accidents (n

of internal inspec

es

umber of employ

f employees at th

2011 ort, first half yment No. 37

AlsvejTel: +Bank:CompComp

ighlights f

afety

)

njuries (number)

d

ced and shipped

nnes)

materials, etc. (t

MWh)

gy (MWh)

ricity (MWh)

er (m3)

ycling (tonnes)

number)

ction conditions (

yees

he end of the per

year 2011 /2011

j 21, 8940 Rander45 9730 0000, Fa Nordea Bank Da

pany Reg. No.: 10 pany Reg. Name: V

for the Gro

onnes)

(number)

riod

rs SV, Denmark ax: +45 9730 0001anmark A/S, Reg. 40 37 82 Vestas Wind Syst

roup

Q2 20111)

26

0

1,417

722

49,962

23,819

136,461

45,674

44,191

138,236

24,079

14,543

14,340

0

0

21,717

21,700

1, vestas@vestasNo.: 2100, Accou

tems A/S

Q2 20101)

45

0

588

283

38,025

27,059

128,754

63,624

57,794

160,748

19,528

7,988

11,340

0

0

21,650

22,392

.com, www.vestasnt No.: DKK 0651

1 half year 20111)

63

1

2,051

1,080

90,509

52,654

294,181

94,904

86,376

241,009

41,784

23,955

33,330

0

2

22,167

21,700

s.com 117097 - EUR 50

1 half year 20101)

84

0

975

461

66,261

45,291

278,186

128,176

108,441

281,963

35,765

14,837

27,236

0

3

21,149

22,392

005 677997

Full year 2010

201

0

4,057

2,025

171,024

107,485

578,063

241,930

209,351

598,258

88,663

35,410

56,547

0

3

22,216

23,252

1

0

7

5

4

5

3

0

1

8

3

0

7

0

3

6

2

Page 9: any announcement from Vestas Wind Systems A/S/media/vestas/investor/investor pdf... · raw materi e-scale inve ttlenecks an. mentioned, ity issues, tr patent dispu rate risk, b th

RandersInterim fCompanPage 9 o

Vestas Win

Non-fi

Indicato

Occupatio

Incidence hours

Absence demployees

Absence d

Products

CO2 savinand shippe

Utilisation

Renewable

Renewable

Employee

Women at

Non-Dane

Managem

OHSAS 18

ISO 14001

ISO 9001

1) N2) A3) O

2

s, 17 August inancial repo

ny announcemof 33

nd Systems A/S

inancial h

ors2)

onal health and

of industrial injur

due to illness ams (%)

due to illness am

gs over the lifetimed (million tonne

n of resources

e energy (%)

e electricity for o

es

t management le

es at managemen

ment system

8001 - occupatio

1 - environment (

- quality (%)

Neither audited Accounting poliOHSAS 18001 2011. Final cert

2011 ort, first half yment No. 37

AlsvejTel: +Bank:CompComp

ighlights f

safety

ries per one millio

ong hourly-paid

ong salaried em

me on the MW ps of CO2)

own activities (%)

evel (%)

nt level (%)

onal health and s

(%)3)

nor reviewed. cies for non-finaand ISO 14001tificate is expect

year 2011 /2011

j 21, 8940 Rander45 9730 0000, Fa Nordea Bank Da

pany Reg. No.: 10 pany Reg. Name: V

for the Gro

on working

ployees (%)

roduced

)

afety (%)3)

ancial highlights certification auted within the se

rs SV, Denmark ax: +45 9730 0001anmark A/S, Reg. 40 37 82 Vestas Wind Syst

roup

Q2 20111)

2.6

2.2

1.3

37

34

61

18

52

97

97

97

s for the Group, udit took place aecond half of 20

1, vestas@vestasNo.: 2100, Accou

tems A/S

Q2 20101)

4.6

2.4

1.0

16

49

78

19

47

97

97

98

see page 74 ofat the production011.

.com, www.vestasnt No.: DKK 0651

1 half year 20111)

3.2

2.5

1.5

54

32

65

18

52

97

97

97

f the annual repn facilities in Xuz

s.com 117097 - EUR 50

1 half year 20101)

4.5

2.8

1.2

26

46

84

19

47

97

97

98

port 2010. zhou, China, in

005 677997

Full year 2010

5.0

2.6

1.3

108

42

74

19

49

98

98

98

June

0

6

3

8

2

4

9

9

8

8

8

Page 10: any announcement from Vestas Wind Systems A/S/media/vestas/investor/investor pdf... · raw materi e-scale inve ttlenecks an. mentioned, ity issues, tr patent dispu rate risk, b th

RandersInterim fCompanPage 10

Vestas Win

Manage Wind. It In order is expreeverythinenergy fconventi To retainclass saperformiCitizenshleader wstronges Wind poBeing thpower redialogueand infoworldwidcash flow Wind, OWind, Oon a parof new pa naturais currenexpects power gtotal ele2020. Thnearly 202011, Vevestas.cschemestechnolosuppliers Nationalothers. Itargets tsubsidy the globthrough underlineThe climhenceforinvestmeVestas i

s, 17 August inancial repo

ny announcem0 of 33

nd Systems A/S

ement report

means the to emphasis

essed by “Wng to Vestafor its customional energy

n its leadershafety standang wind powhip, Busines

within wind pst energy bra

ower is gaininhe industry’s emains at the with politiciaormation to de. Vestas’ low and 3. reve

Oil and Gas il and Gas isr with fossil fpower capacl part of the ntly the bestthat, if the nrid and appoctricity produhis translates00,000 MW aestas had in

com/investor.s that providogy and prods, will be able

and local cIn the USA, to complemescheme, the

bal economicwith climate ed by the fa

mate, the enrth drive poents in greenis confident

2011 ort, first half yment No. 37

AlsvejTel: +Bank:CompComp

t

world to usse its positio

Wind. It meanas because mers. Vestas

sources cur

hip position, ards at all Vwer plants anss Case Certpower and tand.

ng ground beleading play

e top of the ans, public sthe public aong-term finaenue.

s Vestas’ visfuels. Wind pity in the EUmodern enert means of enecessary point appropriuction can bs into an instat the end of

nstalled a tot. The key tode the industduction facile to create m

climate targethere is sti

ent the greene Investmentc slowdown investments

act that 2010vironment aolitical and n technologythat a fixed

year 2011 /2011

j 21, 8940 Rander45 9730 0000, Fa Nordea Bank Da

pany Reg. No.: 10 pany Reg. Name: V

. n in wind pons the worldVestas dealbelieves tha

rently emplo

Vestas mustVestas’ locand the most tainty, Partnethe leading

ecause it is cyer and a puglobal energ

servants, inteabout the poancial prioriti

sion, which epower accou and the USrgy supply beensuring thaolitical decisiate locations

be increasedtalled wind pf 2010, of whtal of 46,105o realising thtry with the nities. Along

more than two

ets have nowll a need fo

n ambitions at Tax Credit,

and the crs. This gives 0, according and the inde

economic y. COP16 in d price for C

rs SV, Denmark ax: +45 9730 0001anmark A/S, Reg. 40 37 82 Vestas Wind Syst

ower, Vestasd to us.”, whls exclusivelat wind poweoyed.

t be the bestations, havinenvironmentership and tgreen energ

cost competiture-play spogy agenda.

erest groups otential of wies reflect its

expresses thunted for theSA in 2008, 2ecause, amot the many

sions on a ns are made

d from aboutpower capachich Vestas h5 MW, ref. Vhe potential necessary opthe way, th

o million jobs

w been definr a long-termalready defin has been e

redit crisis hrise to someto NASA, w

ependence odevelopmenCancun, Me

CO2 would

1, vestas@vestasNo.: 2100, Accou

tems A/S

sharpened hich conveyly with winder is the best

t, and being tng the most-friendly prohe lowest C

gy brand, Ve

tive, predictaokesperson, This is amonand NGOs t

wind power, s focus on pr

he ambition olargest, sec

2009 and 201ong renewabnational clim

national and now, the sh

t 2 per cent ity of at leas

had installed Vestas' Track

of wind powpportunities he wind pows.

ned by Chinm agreemenned by more extended unthave made e concern as

was the warmof scarce resnts, as exeexico, was apromote the

.com, www.vestasnt No.: DKK 0651

its profile in s to the wo

d power, thet supplement

the best meast satisfied coduction. In oost of Energestas aims t

able, indepenVestas aimsng other thinhe world oveboth in ind

rofitability: 1.

of making wicond-largest 10. Wind powble sources omate targets

internationaare of wind today to at

st 1,000,000 a total of 44

k record for twer is havingto plan and

wer industry,

a, the EU ant on federalthan 30 stat

til the end ofsome politics the necessmest year resources suchmplified by

another step e necessary

s.com 117097 - EUR 50

2010. This eorld that winereby ensurit to oil, gas a

ans maintaincustomers, other words: gy. Being theto create the

ndent, fast as to ensure ngs achieveder and througdividual mar. EBIT margi

ind an energor third-largewer has thusof energy, wi

are reachedal level to ex

power relatileast 10 peMW, as com

4,114 MW. Atthe first half g long-term,invest in em

, including t

and Australial climate antes. Howevef 2011. Nevecians reluctasity of action ecorded in 13h as fresh w

China’s evin the right climate inv

005 677997

emphasis d means ng clean and other

ing world the best Safety &

e market-e world’s

nd clean. that wind d through gh advice rkets and n, 2. free

gy source est share s become nd power d. Vestas xpand the ve to the r cent by

mpared to t 30 June f of 2011, , national

mployees, the many

a, among d energy r, the US

ertheless, ant to go is clearly

30 years. water will ver-larger direction.

vestments

Page 11: any announcement from Vestas Wind Systems A/S/media/vestas/investor/investor pdf... · raw materi e-scale inve ttlenecks an. mentioned, ity issues, tr patent dispu rate risk, b th

RandersInterim fCompanPage 11

Vestas Win

becausethe prese Still morto launchusing wannouncconsumpto be fina Failure iVestas’ seeking The mismatter wVestas hworking The amunderlinemajority prerequinew sup Vestas cthis openbenefits service myield and “Lost Probeen suProducti The WillVestas idevelop in the scReachinseeks toprofessiousually creliability Vestas’ Cknow whthe relevalso useConductinternatioCompaclabour ri

s, 17 August inancial repo

ny announcem of 33

nd Systems A/S

e it would proent quota sy

e people areh the WindM

wind. On theced. Participption using walised during

is not an opmission, Faimprovemen

ssion also mwhat the conhas thus suchours in 200

bition to attaes Vestas’ cof its supp

sites for the ppliers with a

currently mons up for effecustomer ea

more than twd general ma

oduction Facubstantially reon Factor ha

lpower is driven forthe technolo

culpture entitg for the skyo promote onal and orgcharacterise y, common s

Code of Conhat is correcvant authoritie the system t. Vestas’ stonal organis

ct initiative aghts, the en

2011 ort, first half yment No. 37

AlsvejTel: +Bank:CompComp

ovide industystem, which

e giving high Made™ consue global winpating compwind power. Tg the third qu

ption ailure is not nts and to co

mirrors Vestantext, becaucceeded in r06 to 2.6 in th

ain a 6 Sigcommitment pliers had re

long-term imcommitmen

nitors more tective maintearnings and

wice as manyaintenance c

ctor”, which educed in reas dropped to

rward by its ogy and the otled the Willpy, it symbolisa culture c

ganisational a small comense and tru

nduct is to enct Vestas beies to extendto ask ques

tandards andsations such and follows tvironment a

year 2011 /2011

j 21, 8940 Rander45 9730 0000, Fa Nordea Bank Da

pany Reg. No.: 10 pany Reg. Name: V

rial and finanleads to larg

priority to suumer label, wnd day on 1anies must The standard

uarter of 2011

an option, nstantly follo

as’ uncomprouse the custreducing the he second qu

ma quality lto constant

eached 5 Smprovement t to reach 6 S

than 20,000 enance plannVestas’ exp

y turbines as ondition of e

is the shareecent years.o less than 2

employees,organisation power, whichses the willpcharacterisedboundaries

mpany are reustworthiness

nsure that allhaviour. In td the existingtions and to d goals buildas the UN,

the ten genend anti-corru

rs SV, Denmark ax: +45 9730 0001anmark A/S, Reg. 40 37 82 Vestas Wind Syst

ncial investoge fluctuation

ustainability. which allows 15 June 20

cover a md has been s1.

expresses towing up on a

omising stantomers dema

incidence ouarter of 201

level througimprovemen

Sigma, againof profitabiliSigma in a jo

turbines, or ning, higher penditure, as

they were aeach turbine

e of the pote. Measured 2.5 per cent.

, whose willhave made

h has been power and pd by indepin which th

etained. Thes that is the c

l employees the second qg EthicsLine report any sd on recogn ILO and Oerally recoguption. In Ja

1, vestas@vestasNo.: 2100, Accou

tems A/S

ors with a higns in the pric

Consequentconsumers t11, the first

minimum of submitted for

the organisaand rectifying

nce on safetand it and t

of industrial i1.

hout the vant. At the ennst 4 Sigmaty. Vestas reoint effort wit

more than 3uptime and p

s Vestas’ serat the beginniis the corner

ntial wind noover the pa

power, imagVestas the iplaced at a assion possendent initiae dynamics solid founda

cornerstone

and other pequarter, Vestso that the c

suspicions abnised framewECD. In 200nised principnuary 2011,

.com, www.vestasnt No.: DKK 0651

gher degree e of CO2.

tly, Vestas hto choose prt criterion fo25 per cen

r a public hea

ation’s commg errors in a

ty, which is the employenjuries from

lue chain nond of 2010, a in 2008, wegularly estath Vestas.

34,000 MW, performance rvice technicing of 2008. rstone of Ves

ot harvestedast 12 month

gination andndustry leadnumber of thessed by theatives and and sense

ation of the of all Vestas

ersons actingtas was grancompany's bbout violationwork agreem09, Vestas joples in respVestas beca

s.com 117097 - EUR 50

of predictab

has taken theroducts manuor WindMadnt of their earing and is

mitment to cstructured m

given top pees are entit 25.3 per on

o later thanVestas and

which is onablishes relat

round the ce for the turbicians are nowKnowledge a

stas’ future g

d by the turbhs, the aver

d ability to cder. This is ehe Group’s le employeescollaborationof responsisculpture re

s’ activities.

g on behalf onted permiss

business partns of Vestasments establoined the U

pect of humaame one of

005 677997

bility than

e initiative ufactured

de™ was electricity expected

constantly manner.

priority no tled to it. ne million

in 2015 the vast

ne of the tions with

clock, and nes. This w able to about the

growth.

ines, has rage Lost

constantly xpressed locations. s. Vestas n across bility that flects the

of Vestas sion from tners can ’ Code of lished by N Global

an rights, about 50

Page 12: any announcement from Vestas Wind Systems A/S/media/vestas/investor/investor pdf... · raw materi e-scale inve ttlenecks an. mentioned, ity issues, tr patent dispu rate risk, b th

RandersInterim fCompanPage 12

Vestas Win

elite comcommitterenewabresponsi Every yesustainaVestas' s Manage Vestas’ Successnumber CustomWind pointernatiogrowing share of compare212 custwas bettadjustmeinitiativesservicesa centraGreen Pthe custo Vestas athe capitbecome satisfact The cusimprovemcollaboraproductsincreasewhich m Vestas r ColleagAt the enthe “peothan the will be aassociat Due to eVestas e

s, 17 August inancial repo

ny announcem2 of 33

nd Systems A/S

mpanies in ted themselveble energy aibility.

ear, Vestas ability report,statutory stat

ement focus

Managemens in these arof the world’

mers ower is gainonal playersproportion o

f demand. In ed with 58 petomers. Theter organiseents so that s at Vestas provided to

al Key AccoPower in 201omers acros

aims to provital invested a more flexi

tion is a prere

tomer loyaltyment in 20ation with cus and service in revenue atches the le

retains its str

ues nd of the sec

ople before m costs of rem

a measure oted with such

enhanced efexpects its h

2011 ort, first half yment No. 37

AlsvejTel: +Bank:CompComp

the Global Ces to leading

and one of t

issues a pr, which is ptement on co

nt’s overall foreas is a pres largest ind

ing support s investing inof the energ2010, when

er cent in 20e figures for ed to serve sit now also cis the introdthe largest c

unt Manage0 and the EDs Vestas.

de its customin a wind poble and knowequisite for V

y index for 2009 was dustomers, imp

ces. All of thand profitab

evel of the be

ategy of not

cond quartermegawatt” prmedying faulof last resort h lay-offs.

fficiency, imheadcount to

year 2011 /2011

j 21, 8940 Rander45 9730 0000, Fa Nordea Bank Da

pany Reg. No.: 10 pany Reg. Name: V

Compact LEAg the way wihe originato

rogress repopublished onorporate soc

ocus is on cerequisite foustrial congl

in more andn wind powegy supply, con energy com009 and 45 p2009 and 20small, local cooperates wduction of Kcustomers b

er. The EDPDF EN agree

mers with theower plant –wledgeable bVestas to reta

2010 was unue to muchprovements hese measurility in the yeest in the wo

relying on an

of 2011, Veinciple, becats due to a rfor Vestas d

proved turbio rise at a sig

rs SV, Denmark ax: +45 9730 0001anmark A/S, Reg. 40 37 82 Vestas Wind Syst

AD. The coithin sustainars behind W

ort on its Glon vestas.comial responsib

customers, coor retaining tomerates.

d more couer plants. Aonsiderably

mpanies and per cent in 2008 were 20customers,

with large utiKey Account by offering thPR order in ement in 201

e lowest costVestas deliv

business parain its marke

nchanged ath better turof a numberres have heears ahead. orld.

ny single ma

estas had 21ause the costrushed staff due to the s

ne performagnificantly lo

1, vestas@vestasNo.: 2100, Accou

tems A/S

mpanies in ability, and b

WindMadeTM,

obal Compam. The sustbility.

olleagues, Cthe leadersh

ntries, with As wind pow

larger custoutilities acco

2008, Vestas01 and 228, but in recenlities with intManageme

em direct an2010, the fr11 are result

t per MWh pvers as promrtner becauset-leading po

t 64, after a rbine perforof in-house

elped build tThe target fo

arket or custo

,700 employts of well-edinflow cause

substantial lo

ance and ecower rate tha

.com, www.vestasnt No.: DKK 0651

the global Cbeing the lea

Vestas is r

ct performantainability re

Cost of Energhip position i

new customwer comes toomers will acounted for 46s’ revenue w

respectivelynt years the ternational ont, which is

nd swift acceramework ags of the ever

roduced andmised. Vestase significantlsition.

large improvrmance andprocesses ahe foundatioor 2012 is an

omer.

ees. Vestas ucated exce

ed by strong oss of know-

onomies of an its busine

s.com 117097 - EUR 50

Compact LEading compaready to ass

nce in the feport also s

gy and sharin competitio

mers as well o represent ccount for a6 per cent of

was distributey. In the pas

company hperations. Ointended to

ess to Vestasgreement wr-closer relat

d optimum ses also endealy improved

vement in 2d sharply inand the launcon for the nn index of at

will continuess capacity aMW growth-how and ex

scale, goingess volume.

005 677997

EAD have any within sume this

form of a erves as

eholders. on with a

as large an ever-

a growing f revenue

ed among st, Vestas has made One of the o improve s through ith ENEL tions with

ecurity for avours to customer

009. The ntensified ch of new necessary

least 75,

e to apply are lower . Lay-offs xperience

g forward This also

Page 13: any announcement from Vestas Wind Systems A/S/media/vestas/investor/investor pdf... · raw materi e-scale inve ttlenecks an. mentioned, ity issues, tr patent dispu rate risk, b th

RandersInterim fCompanPage 13

Vestas Win

applies taddition, All Vestacent of tGroup fuemployetargets. margin orevenue weightinperforma As part businessmanagepositionsnationali Cost of Vestas’ power cothe comdevelopmwithin wiwith Vesmanagedservice talso inveview to f In the yaccomplCase Cspecificarange anthe turbproductioof SheerV164-7.0 During tthoroughrepresenexpande The motpower pincreasinunder thconsumpVestas promine

s, 17 August inancial repo

ny announcem3 of 33

nd Systems A/S

to investmen, the supplier

as employeehe bonus deulfilling annoees in the G

When calcuof 8.4 per ce

of EUR 7bg). In the lance of each

of Triple15,s with a mument positios in the uppeities represen

Energy wind power ontinues to fa

mpetitivenessment and tesind power. Astas Technod from Aarhtechnicians, esting large fully harness

years aheadlishes Triple1

Certainty andations for its nd will becomine leads toon in 2015. Frness in Ken0 MW turbine

the first halhly tested 3 Mnts a furthered also by the

tivation behinplants built bng output pehe “As greeption of resohas reportence to the pe

2011 ort, first half yment No. 37

AlsvejTel: +Bank:CompComp

nts in new prs will hence

es are covereepends on taounced targeGroup staff fuulating the bnt (35 per cebn (15 per longer term

h employee. V

, Vestas aimuch higher ns. At the en

er managemnted at all loc

plants mustall. Converses and resulst facilities ar

At the end of logy R&D, w

hus, Denmarlighter materesources ining the wind

d, many ne15. All of thed the lowesV164-7.0 M

me the largeo a sufficienFor this purpnt, UK. The fe will not hav

f of the yeaMW platformr expansion e V112-3.0 M

nd Vestas’ dby easily accr kilogrammeen as it geurces. One r

ed on quarteerformance i

year 2011 /2011

j 21, 8940 Rander45 9730 0000, Fa Nordea Bank Da

pany Reg. No.: 10 pany Reg. Name: V

production cforth accoun

ed by a bonargets specifiets for the yeunctions, bonbonus for 20ent weightingcent weight, bonus payVestas' globa

ms, in termsproportion ond of the secent level, ancations.

t have the loely, the priceting value round the wothe second q

which is nowrk. In additiorials and the

n optimising .

ew products e new produst Cost of W turbine. It

est single invnt order intapose, Vestas first prototypve a positive

ar, Vestas am and a V100

of Vestas' MW, V100-1.

developmentcessible ande turbine for ets” principleresult of the ierly developn achieving i

rs SV, Denmark ax: +45 9730 0001anmark A/S, Reg. 40 37 82 Vestas Wind Syst

capacity as Vnt for a larger

nus scheme. ic to the busear, includingnus depends011, each cg), a free casting) and a yments will al bonus sch

s of cultural of both non-cond quarter,nd 18 per cen

owest Cost e of fossil fueof wind turorld, Vestas quarter of 20

w organised on to improve possibility othe location

and serviccts are desigEnergy. Ont is the first vestment eveake in the c has secured

pe will be buearnings im

also launche0-2.0 MW tubroad prod

.8 MW and V

t initiatives isd environmen

the benefit oe, Vestas hintensified efpments in itits environm

1, vestas@vestasNo.: 2100, Accou

tems A/S

Vestas regur part of the p

For employsiness unit, wg developmes exclusively

component issh flow of EUcustomer lobe more c

heme did not

versatility, -Danish nati, non-Danishnt were wom

of Energy aels is expecterbines. Throwill seek to c

011, 9 per cein specialiseed design, wof recycling aof each turb

ces will congned to provn 30 Marchdedicated ofer in Vestascoming yeard an option f

uilt towards tpact until aft

ed its V100rbine to comuct range, w

V60-850 kW

s the goal ofntally friendlyof the environas stepped fforts is that, ts non-finanental and sa

.com, www.vestasnt No.: DKK 0651

larly increasproduction th

ees in the bwhilst 30 per ents in custoy on the fulfs weighted UR 200m (30oyalty index closely linket lead to disb

to become ionals and w

h nationals hemen. Another

nd ensure thed to rise, thuough large-sconsolidate itnt of Vestas’

ed centres awhich also faall turbine cobine in a win

tribute to evide the custh 2011, Vesffshore turbin Technology

rs, Vestas wfor 70 hectarhe end of 20er 2015.

0-2.6 MW tumplement thewhich in recturbines.

f having incry materials nment. As pa

up its effofrom the sec

ncial highlighfety targets.

s.com 117097 - EUR 50

ses factory ohan is the ca

usiness unitcent depend

omer satisfacfilment of anas follows: 0 per cent w

of 72 (20 ed to the dabursements fo

a more intewomen empeld 52 per cer aim is to ha

hat the priceus steadily inscale investmts leadership’ staff were e

around the wacilitates theomponents, Vnd power pla

ensuring thatomers with stas announne in Vestasy R&D. If dewill commenres of land a012. Accord

urbine basede 2 MW platfocent years h

reasingly roband the necart of these iorts to minicond quarterhts in order

005 677997

output. In se today.

ts, 70 per ds on the ction. For nnounced An EBIT eighting), per cent ay-to-day or 2010.

ernational ployed in ent of the ave many

e of wind ncreasing ments in p position employed world and e work of Vestas is

ant with a

at Vestas Business nced the s' product mand for

nce serial t the Port ingly, the

d on the orm. This has been

bust wind cessity of nitiatives, mise the r of 2009, r to give

Page 14: any announcement from Vestas Wind Systems A/S/media/vestas/investor/investor pdf... · raw materi e-scale inve ttlenecks an. mentioned, ity issues, tr patent dispu rate risk, b th

RandersInterim fCompanPage 14

Vestas Win

In the sgeneratioactivity, per centXuzhou,minimumused. Cconsumpproductio Vestas hconsumpthe Isle oVestas Alive up towill be sinstallatio Vestas’ eavailabilsources than 95 In the srenewabper centper centquarter ohigh shathe USAturbines also in tcouple o The poscontinueto the se Safety copast fivemillion wmaximumof 3.2 fotarget fothe entire SharehoAt the enregistereDanish sBlackRosharehoand to

s, 17 August inancial repo

ny announcem4 of 33

nd Systems A/S

second quaron was up bespecially int in the seco China, whe

m of new moConsumption ption of raw on.

has implemeption from Veof Wight, UKAmericas in Po the new grsignificantly on of Denma

energy policity. The targby 2011. Thper cent by 2

econd quartble electricityt and 78 per t, respectiveof 2010, Vesare of renewaA, where acc

for in-housethis connectiof projects un

sitive develoed. In the sececond quarte

omes first ate years proveworking hourm incidence or the first hr 2015 is a me industry to

olders nd of June 2ed shareholdshareholders

ock Inc., USAlding that exinform this

2011 ort, first half yment No. 37

AlsvejTel: +Bank:CompComp

rter of 2011by 23 per cen the USA. Tond quarter re an efficienulding sand.of energy materials b

nted a greenestas' buildin

K, and at LemPortland, USeen buildingreduced co

ark’s largest

cy stipulates get is for 40he preconditi2011.

ter of 2011, y was 61 per

cent, respeely, which is stas has closable energy,ess to renewe use in ordon act as co

nder construc

opment in tcond quarterer of 2010 an

t Vestas. Thee that Vestass was 5.0 inof 5.0 indusalf-year, Ves

maximum of further impr

011, Vestas ders held 91 s owned aboA, and Capitaxceeds five pgroup open

year 2011 /2011

j 21, 8940 Rander45 9730 0000, Fa Nordea Bank Da

pany Reg. No.: 10 pany Reg. Name: V

, consumptent relative tThe proportio

of 2010. Cont internal reFurthermorerose by 6 pecause ene

n building pongs in the yem, Denmark, SA, and for th

policy. The ompared witgeothermal h

that all elect0 per cent oon is that th

the share or cent. The cctively. For tbelow the t

ed a total of , and at the wable energyer to balanc

o-investor in ction in Easte

he incidenc, it improvedd is the lowe

e ultimate gos is on the rign 2010, declitrial injuries stas is well 0.5. Vestas hrove safety.

had 162,720per cent of tout 44 per cal Research

per cent. Vesly about the

rs SV, Denmark ax: +45 9730 0001anmark A/S, Reg. 40 37 82 Vestas Wind Syst

ion of raw to the seconon of recycleontributing t

ecycling facile, the mouldper cent. Enrgy consum

olicy, which wears ahead. T as well as the Vestas Grannual CO2

h a similar heating plan

tricity must bof Vestas’ ene proportion

of renewablecorrespondinthe half-yeartarget for thf five factoriesame time Vy in certain rce the energ

customer pern Europe.

ce of industd to 2.6. This est level in V

oal is zero acght track. Thning from 8.per one millunderway. Thas joined a

0 registered the companycent of Vest and Managstas seeks toe company's

1, vestas@vestasNo.: 2100, Accou

tems A/S

materials rond quarter ofed waste rosto this increaity helps ensing sand is snergy consuption is linke

will contributeThe extensiohe establishroup, in Aarhemissions abuilding, amt.

be from renenergy consu of renewab

e energy wang figures for period, the

he full-year 2s in Denmar

Vestas has inregions is limgy consumptrojects, and

trial injuries represents a

estas' history

ccidents, andus, the incid.1 in 2009. Tion working The target fojoint global s

shareholdery’s share captas, which hement Comp

o have an ins long-term

.com, www.vestasnt No.: DKK 0651

ose by 13 pf 2010 due t

se sharply toase was Vesure that the sold for recycumption incred to capaci

e substantialon of the devment of the nhus, Denmart the new he

mong other

wable energmption to cole electricity

as 34 per cer the year-efigures were

2011. As anrk and Swedencreased its

mited. Vestasion. In someVestas is cu

per one ma reduction oy.

d constant imence of indu

The aim for 2hours, and wor 2012 is a safety educa

s, including cpital. At the ehas a free flpany, USA, ternational gtargets, prio

s.com 117097 - EUR 50

per cent, anto the highe

o 60 per centestas' new foe foundry concling after it reases less ity rather tha

lly to reducinvelopment cenew headqurk, respectiveeadquarters i

things owin

gy sources, some from reis increased

ent and the arlier periode 32 per cen

nnounced in en, all of wh capacity in

s will hencefoe cases, Veurrently invo

million workinof 43 per cen

mprovementsustrial injuries2011 is to mwith an incidea maximum oational progra

custodian baend of June,loat of 100 have both re

group of sharorities and

005 677997

nd waste r level of t from 41 oundry in nsumes a has been than the

an actual

ng energy entres on arters for ely will all n Aarhus

ng to the

subject to enewable d to more

share of were 49 nt and 65 the third

ich had a Asia and orth build stas may

olved in a

ng hours nt relative

s over the s per one

maintain a ence rate of 3. The amme for

anks. The , 157,738 per cent. eported a reholders initiatives

Page 15: any announcement from Vestas Wind Systems A/S/media/vestas/investor/investor pdf... · raw materi e-scale inve ttlenecks an. mentioned, ity issues, tr patent dispu rate risk, b th

RandersInterim fCompanPage 15

Vestas Win

conducteoften precover moin 2011. Develop ActivitieIn the seoutput ofcapacitysecond q

MW un

MW de

MW pro

MW un At the enquarterlyhalf-yearturbines.accounterespectiv Income Europe aand Asiarevenue revenue quarter ocompriseand gene Vestas rbefore. Tover andfluctuatioEBITDA cent and Positivelbearing in the se2011 am The net

s, 17 August inancial repo

ny announcem5 of 33

nd Systems A/S

ed with due esents its inore than 25 In addition, V

pment, seco

es and orderecond quartef 1,417 MW

y delivered toquarter of 20

der completi

elivered to cu

oduced and s

der completi

nd of the quay order intaker, the order . The order ed for 55 pevely. The val

statement and Africa aca Pacific acc

amounted tin 2010. Se

of 2010. Seres among oteral service

recorded a gThe gross md the improveons dependiwas EUR 1

d an EBIT ma

ly affected bdebt, financiecond quarte

mounted to E

profit has inc

2011 ort, first half yment No. 37

AlsvejTel: +Bank:CompComp

consideratioterim reportscapitals and Vestas arran

ond quarter 2

r backlog er of 2011, V(722 turbineo the custom

010.

ion, 1 April 2

stomers in th

shipped in th

ion, 30 June

arter, turbinee was 2,265intake was backlog am

er cent and lue of the ord

ccounted forcounted for 4to 20 per ce

ervice revenurvice revenuether things tand mainten

ross profit ofmargin thus ro

ed capacity ing on the t150m and EBargin of 5.5 p

by exchangeal items amo

er of 2010. VUR (1,075)m

creased to E

year 2011 /2011

j 21, 8940 Rander45 9730 0000, Fa Nordea Bank Da

pany Reg. No.: 10 pany Reg. Name: V

on to the shs in Londonfinancial cen

nges a large

2011

Vestas produs) against 58mers amoun

2011

he period

he period

2011

e projects wit MW, of whi2,895 MW,

mounted to 8the America

der backlog w

r 45 per cent46 per cent ent of the exue amountede for the firsthe sale of s

nance work o

f EUR 248m ose to 17.7 putilisation. Rtype of projeBIT amounteper cent.

e rate adjustounted to a nVestas’ averam, against EU

UR 55m, ag

rs SV, Denmark ax: +45 9730 0001anmark A/S, Reg. 40 37 82 Vestas Wind Syst

hort-term op, UK, and Nntres in Nortnumber of m

uced and shi88 MW (283 nted to 1,127

EuropeAfric

(3

1

th a total outch 65 per ceof which mo

8,306 MW aas and Asiawas EUR 8.0

t of revenue and 9 per cxpected full-d to EUR 16t half-year amspare parts aon an hourly

in the seconper cent from

Revenue and ects handeded to EUR 7

ments, but anet expense age interest-UR (637)m in

ainst a loss o

1, vestas@vestasNo.: 2100, Accou

tems A/S

pportunities aNew York, USth America, E

meetings with

ipped wind pturbines) in

7 MW, an in

and a

Ame

990 3

384) (64

595 7

,201 3

tput of 2,044ent has beenore than 25 at the end oa Pacific acc0bn at the en

in the seconcent of reven-year revenu9m, an incremounted to Eand repair, gbasis.

nd quarter of m 1.2 per ce

earnings mad over and t77m, equal to

adversely imof EUR 1m,

-bearing net n the year-ea

of EUR 143m

.com, www.vestasnt No.: DKK 0651

and limitatioSA, as part Europe, the Mh private inve

power systemthe second qncrease of 3

ericas P

01

47)

12

66

MW were un announcedper cent wef June 2011

counted for nd of June 20

nd quarter ofnue, respectiue, against 1ease of 6 peEUR 342m. Tguaranteed u

2011, againnt, reflectingay show majtherefore reco an EBITDA

mpacted by aagainst an eposition in t

arlier period.

m in the seco

s.com 117097 - EUR 50

ns. The Groof roadshowMiddle East estors in Den

ms with an aquarter of 2034 per cent

Asia Pacific

463

(96)

110

477

nder compled publicly. Foere for V1001. Europe a31 and 14 011.

f 2011. The Aively. Secon15 per cent er cent on thThe service

uptime for a

nst EUR 12mg the projectsjor quarter-ocognised asA margin of

a higher netexpense of Ethe second q

ond quarter o

005 677997

oup most ws, which and Asia

nmark.

aggregate 010. Final from the

Total

1,754

(1,127)

1,417

2,044

etion. The or the first or V112 nd Africa per cent,

Americas d-quarter of actual e second business fixed fee

m the year s handed n-quarter

s income. 10.7 per

t interest-EUR 17m quarter of

of 2010.

Page 16: any announcement from Vestas Wind Systems A/S/media/vestas/investor/investor pdf... · raw materi e-scale inve ttlenecks an. mentioned, ity issues, tr patent dispu rate risk, b th

RandersInterim fCompanPage 16

Vestas Win

BalanceVestas hend of JVestas shas subs600m, aNordic InJune 20 Net worVestas’ nJune 20been recprojects During ttrade paVestas is Trade reTrade re2010. CConstruccompleti WarrantIn 2011,Provisionunless aEUR 29remedy and actu ChangeVestas’ 2010. Cash floAs a resprofile ofto financworking quarter amounteactivitiesdevelopm

s, 17 August inancial repo

ny announcem6 of 33

nd Systems A/S

e sheet had total assJune 2011, signed a EUstantial bilate

a loan for EUnvestment B10.

rking capitalnet working 10. Prepaymcognised anwere hande

he second qayables, whils working str

eceivables aeceivables aConstruction ction contracion of the pro

ty provision, Vestas expns are madea written agr9m in the seand other co

ual costs may

s in equity equity amou

ow and invesult of the slf the orders

ce its organiccapital roseof 2010. C

ed to EUR 12s amounted ment project

2011 ort, first half yment No. 37

AlsvejTel: +Bank:CompComp

sets of EUR 7Vestas’ inteR 1.3bn reveral facilitiesUR 250m witBank. Financ

l capital at 30

ments, whichd prepaymeed over. Traquarter, net lst the declinructurally to f

and construmounted to contracts a

cts compriseojects.

ns pects to mae for all costsreement hasecond quarteosts in accory deviate sub

unted to EU

stments lowing orderreceived, Ve

c growth throe to EUR 88Cash flow fro26m, againstto EUR (18s.

year 2011 /2011

j 21, 8940 Rander45 9730 0000, Fa Nordea Bank Da

pany Reg. No.: 10 pany Reg. Name: V

7,144m at 30rest-bearing olving credit, a EUR-denth the Europial debt oblig

June 2011 ah include payents on ordeade payablesworking capne in prepayfurther reduc

ction contraEUR 629m

amounted toprojects in p

ake warrantys associated s been madeer, equivalenrdance with bstantially fro

R 2,707m a

r intake fromestas draws ough operatio8m in the seom operatint EUR (309)m9)m. The in

rs SV, Denmark ax: +45 9730 0001anmark A/S, Reg. 40 37 82 Vestas Wind Syst

0 June 2011net position

t facility withnominated copean Investmgations rose

amounted toyments on ars, declined s and trade

pital fell by Eyments is ofce its invento

acts at 30 June

o EUR 98m,progress, for

y provisions with turbinee with the snt to 2.1 pespecific agre

om such esti

at 30 June 2

m the autumnon its credit

ons. Cash floecond quarteng activities m in the seco

nvestments w

1, vestas@vestasNo.: 2100, Accou

tems A/S

, against EUn amounted nine interna

orporate bonment Bank a

by EUR 163

o EUR 872maccount for t

in step with receivables

EUR 38m, dffset by a coories.

2011, comp, net, againr which inco

of less thane repairs, andupplier to th

er cent of reeements. Promates.

2011, an incr

n of 2008 tot facilities. Loow from operer of 2011 f

including cond quarter owere made p

.com, www.vestasnt No.: DKK 0651

UR 8,332m thto EUR (1,

ational banksd with a prinnd a loan fo3m to EUR 1

, against EUurbine proje

h the inventos rose relativriven primarorresponding

ared with EUst EUR 136me is recogn

n 3 per centd any reimbuhat effect. Wevenue, coveovisions are

rease of EU

o the end of onger term, Vrating activitifrom EUR (2costs for waof 2010. Casprimarily in

s.com 117097 - EUR 50

he year befo071)m. On s. In additionncipal amounor EUR 55m1,277m relat

R 655m at thects that havories as a nve to 30 Jurily by an incg drop in inv

UR 470m at6m the yeanised in step

t of annual ursement is

Warranty prover possible based on e

UR 335m on

2009 and thVestas will toies before ch247)m in thearranty comsh flow from buildings, pl

005 677997

re. At the 22 June, n, Vestas nt of EUR

m with the tive to 30

he end of e not yet umber of ne 2010. crease in ventories.

t 30 June ar before. p with the

revenue. not offset visions of costs for

estimates,

30 June

he timing o be able hanges in e second mitments investing lants and

Page 17: any announcement from Vestas Wind Systems A/S/media/vestas/investor/investor pdf... · raw materi e-scale inve ttlenecks an. mentioned, ity issues, tr patent dispu rate risk, b th

RandersInterim fCompanPage 17

Vestas Win

Disclaim This docoperatiodeemed expectatknown adiffer ma Forwardexposureforecastsoperatiolooking sVestas' competitincludingcountriesterms of (h) abilityrisks; an All forwastatemenforward-annual refactors adocumenstatementhese rislooking s

s, 17 August inancial repo

ny announcem7 of 33

nd Systems A/S

mer and cau

cument contans and bus

to be, forwtions that ar

and unknownaterially from

-looking stae to market s, projectionsns and couldstatements inproducts; (btion; (d) envg changes ins and regionf contracts wy to enforce

nd (l) supply o

ard-looking snts containelooking stateeport for the also should bnt. Vestas dont as a resulsks, results statements c

2011 ort, first half yment No. 37

AlsvejTel: +Bank:CompComp

utionary stat

ains forwardiness. All st

ward-looking re based onn risks and u those expre

tements incrisks and sts and assumd cause Vesncluded in th

b) currency aironmental a tax or accou

ns; (g) politicith governmepatents; (i) pof componen

statements ced or referenements. Addyear ended

be considereoes not undet of new infocould differ

contained in t

year 2011 /2011

j 21, 8940 Rander45 9730 0000, Fa Nordea Bank Da

pany Reg. No.: 10 pany Reg. Name: V

tement

-looking stattatements o

statementsn managemencertainties

essed or impl

lude, amongatements ex

mptions. Therstas' results his documentand interest and physical unting policiecal risks, incental entitiesproduct devents.

contained in nced to in thditional factor

31 Decembeed. Each forwertake any ormation or fumaterially f

this documen

rs SV, Denmark ax: +45 9730 0001anmark A/S, Reg. 40 37 82 Vestas Wind Syst

tements conother than ss. Forward-loent’s currentthat could calied in these

g other thingxpressing mare are a numto differ mat, including (rate fluctuarisks; (e) leg

es; (f) econocluding the ris, and delayselopment risk

this documehis statemenrs that may er 2010 (avaward-lookingobligation to uture eventsfrom those snt.

1, vestas@vestasNo.: 2100, Accou

tems A/S

cerning Vestatements oooking statet expectationause actual statements.

gs, statemeanagement’smber of factoaterially from (without limitaations; (c) logislative, fiscmic and finasks of expro

s or advanceks; (j) cost of

ent are exprnt. Undue reaffect future

ailable at wwwg statement spublicly updothers than

stated, implie

.com, www.vestasnt No.: DKK 0651

tas' financiaof historical fments are

ns and assuresults, perfo

nts concerns expectationors that could

those expreation): (a) chss of markecal and reguncial market

opriation andments in thef commoditie

ressly qualifieliance shoue results are w.vestas.comspeaks only ate or reviserequired by Ded or inferre

s.com 117097 - EUR 50

al condition, rfact are, orstatements

umptions andormance or

ing Vestas' ns, beliefs, ed affect Vestessed in thehanges in deet share andulatory develt conditions id renegotiatie approval ofes; (k) custom

ed by the culd not be p

contained inm/investor) aas of the da

e any forwarDanish law. ed from the

005 677997

results of may be

of future d involve events to

potential estimates, as' future forward-

emand for d industry opments, n various on of the f projects; mer credit

autionary placed on n Vestas' and these ate of this rd-looking In light of forward-

Page 18: any announcement from Vestas Wind Systems A/S/media/vestas/investor/investor pdf... · raw materi e-scale inve ttlenecks an. mentioned, ity issues, tr patent dispu rate risk, b th

RandersInterim fCompanPage 18

Vestas Win

The inte

s, 17 August inancial repo

ny announcem8 of 33

nd Systems A/S

Con

Con Con Con Con Con Sum Acc Ma Com Sal MW Wa Seg

rim financial

2011 ort, first half yment No. 37

AlsvejTel: +Bank:CompComp

In

ntents

nsolidated in

nsolidated st

nsolidated ba

nsolidated ba

nsolidated st

mmarised co

counting poli

nagement’s

mpany anno

es

W overview p

arranty provis

gment inform

report has n

year 2011 /2011

j 21, 8940 Rander45 9730 0000, Fa Nordea Bank Da

pany Reg. No.: 10 pany Reg. Name: V

Thenterim finan

1 Januar

ncome statem

tatement of c

alance sheet

alance sheet

tatement of c

onsolidated c

cies

statement

uncements f

er quarter 20

sions

mation

neither been

rs SV, Denmark ax: +45 9730 0001anmark A/S, Reg. 40 37 82 Vestas Wind Syst

e Vestas Grncial report fry 2011-30 J

ment

comprehensi

t – Assets

t – Equity an

changes in e

cash flow sta

from Vestas

011

audited nor

1, vestas@vestasNo.: 2100, Accou

tems A/S

oup for the perio

June 2011

ive income

nd liabilities

quity

tement

Wind System

reviewed.

.com, www.vestasnt No.: DKK 0651

od

ms A/S

s.com 117097 - EUR 50

Page

19

20

21

22

23

24

25

26

27

29

30

31

32

005 677997

Page 19: any announcement from Vestas Wind Systems A/S/media/vestas/investor/investor pdf... · raw materi e-scale inve ttlenecks an. mentioned, ity issues, tr patent dispu rate risk, b th

RandersInterim fCompanPage 19

Vestas Win

Consoli mEUR

Revenu

Cost of

Gross p

Researc

Selling

Adminis

Operati

Income

Net fina

Profit/(l

Corpora

Net pro

Earning

Earning

Earning

s, 17 August inancial repo

ny announcem9 of 33

nd Systems A/S

dated incom

ue

sales

profit

ch and deve

and distribut

strative expe

ing profit/(lo

from investm

ancials

loss) before

ation tax

ofit/(loss) fo

gs per share

gs per share

gs per share

2011 ort, first half yment No. 37

AlsvejTel: +Bank:CompComp

me statemen

lopment cos

tion expense

enses

oss)

ments in ass

e tax

r the period

e (EPS)

for the perio

for the perio

year 2011 /2011

j 21, 8940 Rander45 9730 0000, Fa Nordea Bank Da

pany Reg. No.: 10 pany Reg. Name: V

nt

ts

s

ociates

d (EUR), bas

d (EUR), dilu

rs SV, Denmark ax: +45 9730 0001anmark A/S, Reg. 40 37 82 Vestas Wind Syst

Q2

1

(1,

sic

uted

1, vestas@vestasNo.: 2100, Accou

tems A/S

2011 Q

,401

153) (1

248

(39)

(50)

(82)

77

0

(1)

76

(21)

55

0.27

0.27

.com, www.vestasnt No.: DKK 0651

2 2010 1

1,032

1,020)

12

(44)

(46)

(102)

(180)

0

(17)

(197)

54

(143)

(0.70)

(0.70)

s.com 117097 - EUR 50

1 half year 2011

2,461

(2,113)

348

(72)

(101)

(167)

8

0

(50)

(42)

12

(30)

(0.15)

(0.15)

005 677997

1 half yea2010

1,881

(1,768)

113

(62)

(90)

(180)

(219)

0

(35)

(254)

72

(182)

(0.89)

(0.89)

ar

Page 20: any announcement from Vestas Wind Systems A/S/media/vestas/investor/investor pdf... · raw materi e-scale inve ttlenecks an. mentioned, ity issues, tr patent dispu rate risk, b th

RandersInterim fCompanPage 20

Vestas Win

Consoli

mEUR

Profit/(l

Exchan

Fair valthe peri

Fair valtransfer

Tax on

Other co

Total co

s, 17 August inancial repo

ny announcem0 of 33

nd Systems A/S

dated statem

loss) for the

ge rate adjus

ue adjustmeod

ue adjustmerred to the in

derivative fin

omprehensiv

omprehens

2011 ort, first half yment No. 37

AlsvejTel: +Bank:CompComp

ment of com

e period

stments rela

ents of deriva

ents of derivacome statem

nancial instru

ve income af

ive income

year 2011 /2011

j 21, 8940 Rander45 9730 0000, Fa Nordea Bank Da

pany Reg. No.: 10 pany Reg. Name: V

mprehensive

ting to foreig

ative financia

ative financiament (cost of

uments

fter tax for th

for the perio

rs SV, Denmark ax: +45 9730 0001anmark A/S, Reg. 40 37 82 Vestas Wind Syst

e income

gn entities

l instruments

l instrumentssales)

he period

od

1, vestas@vestasNo.: 2100, Accou

tems A/S

s for

s

.com, www.vestasnt No.: DKK 0651

1 half year 2011

(30)

(13)

18

(6)

(3)

(4)

(34)

s.com 117097 - EUR 50

r 1

005 677997

half year 2010

(182)

37

(41)

8

8

12

(170)

Page 21: any announcement from Vestas Wind Systems A/S/media/vestas/investor/investor pdf... · raw materi e-scale inve ttlenecks an. mentioned, ity issues, tr patent dispu rate risk, b th

RandersInterim fCompanPage 21

Vestas Win

Consoli

mEUR GoodwiCompleSoftwarDevelop

Total in Land anPlant anOther fixProperty

Total p

InvestmOther reDeferre

Total ot Total n InventoTrade reConstruOther reCorporaCash at

Total cu

TOTAL

s, 17 August inancial repo

ny announcem of 33

nd Systems A/S

dated balan

ill eted developre pment projec

ntangible as

nd buildings nd machineryxtures, fittingy, plant and

roperty, pla

ments in assoeceivables d tax

ther non-cu

on-current a

ries eceivables uction contraeceivables ation tax t bank and in

urrent asset

ASSETS

2011 ort, first half yment No. 37

AlsvejTel: +Bank:CompComp

nce sheet – A

ment project

cts in progres

ssets

y gs, tools andequipment in

ant and equi

ociates

urrent assets

assets

cts in progre

n hand

ts

year 2011 /2011

j 21, 8940 Rander45 9730 0000, Fa Nordea Bank Da

pany Reg. No.: 10 pany Reg. Name: V

Assets

ts

ss

equipmentn progress

pment

s

ess

rs SV, Denmark ax: +45 9730 0001anmark A/S, Reg. 40 37 82 Vestas Wind Syst

3

1, vestas@vestasNo.: 2100, Accou

tems A/S

30 June 2011

320 170

87 568

1,145

904 314 235 302

1,755

4

18 268

290

3,190

2,545 629 113 379

82 206

3,954

7,144

.com, www.vestasnt No.: DKK 0651

30 June 2010

320 128

73 379

900

747 262 240 456

1,705

1

20 393

414

3,019

4,135 470 136 238 116 218

5,313

8,332

s.com 117097 - EUR 50

31 Dec20

31

4

1,0

8322

1,7

2

2

2,9

2,76

2

3

4,0

7,0

005 677997

cember 010

20 69 88 57

34

67 04 48 85

04

4

25 24

53

91

35 24 40 77 64 35

75

66

Page 22: any announcement from Vestas Wind Systems A/S/media/vestas/investor/investor pdf... · raw materi e-scale inve ttlenecks an. mentioned, ity issues, tr patent dispu rate risk, b th

RandersInterim fCompanPage 22

Vestas Win

Consoli

mEUR Share cOther reRetaine

Total eq

DeferreProvisioPensionFinancia

Total n PrepaymConstruTrade pProvisioFinanciaOther liaCorpora

Total cu

Total lia

TOTAL

s, 17 August inancial repo

ny announcem2 of 33

nd Systems A/S

dated balan

capital eserves ed earnings

quity

d tax ons n obligations al liabilities

on-current l

ments from cuction contrapayables ons al liabilities abilities ation tax

urrent liabil

abilities

EQUITY AN

2011 ort, first half yment No. 37

AlsvejTel: +Bank:CompComp

nce sheet –

liabilities

customers cts in progre

ities

ND LIABILIT

year 2011 /2011

j 21, 8940 Rander45 9730 0000, Fa Nordea Bank Da

pany Reg. No.: 10 pany Reg. Name: V

Equity and l

ess

TIES

rs SV, Denmark ax: +45 9730 0001anmark A/S, Reg. 40 37 82 Vestas Wind Syst

liabilities

302

2,

2,

1,

1,

1,

1,

3,

4,

7,

1, vestas@vestasNo.: 2100, Accou

tems A/S

June 2011

27 5

,675

,707

0 121

2 ,273

,396

,437 15

,090 191

4 252

52

,041

,437

,144

.com, www.vestasnt No.: DKK 0651

30 June 2010

27 (29)

2,374

2,372

0 117

2 1,109

1,228

3,137 0

873 240

5 314 163

4,732

5,960

8,332

s.com 117097 - EUR 50

31 Dec20

2,7

2,7

1

9

1,0

1,5

1,12

3

3,2

4,3

7,0

005 677997

cember 010

27 9

718

754

6 39 2

910

057

546 15 20

223 4

323 24

255

312

066

Page 23: any announcement from Vestas Wind Systems A/S/media/vestas/investor/investor pdf... · raw materi e-scale inve ttlenecks an. mentioned, ity issues, tr patent dispu rate risk, b th

RandersInterim fCompanPage 23

Vestas Win

Consoli

mEUR

Equity

Acquisit

Share b

Total cothe peri

Equity

Consoli

mEUR

Equity

Acquisit

Share b

Total cothe peri

Equity

s, 17 August inancial repo

ny announcem3 of 33

nd Systems A/S

dated statem

at 1 January

tion of treasu

based payme

omprehensivod

at 30 June 2

dated statem

at 1 January

tion of treasu

based payme

omprehensivod

at 30 June 2

2011 ort, first half yment No. 37

AlsvejTel: +Bank:CompComp

ment of cha

y 2011

ury shares

ents

ve income for

2011

ment of cha

y 2010

ury shares

ents

ve income for

2010

year 2011 /2011

j 21, 8940 Rander45 9730 0000, Fa Nordea Bank Da

pany Reg. No.: 10 pany Reg. Name: V

anges in equ

Shacapi

r

anges in equ

Shacapi

r

rs SV, Denmark ax: +45 9730 0001anmark A/S, Reg. 40 37 82 Vestas Wind Syst

uity – six mo

are ital

Transreser

27

-

-

- (

27 (

uity – six mo

are ital

Transreser

27

-

-

-

27

1, vestas@vestasNo.: 2100, Accou

tems A/S

onths 2011

slation rve

Caheres

3

-

-

13)

10)

onths 2010

slation rve

Caheres

(35)

-

-

37

2

.com, www.vestasnt No.: DKK 0651

ash flow dging serve

6

-

-

9

15

ash flow dging serve

(6)

-

-

(25)

(31)

s.com 117097 - EUR 50

Retained earnings

2,718

(17)

4

(30)

2,675

Retained earnings

2,556

-

0

(182)

2,374

005 677997

Total

2,754

(17)

4

(34)

2,707

Total

2,542

-

0

(170)

2,372

Page 24: any announcement from Vestas Wind Systems A/S/media/vestas/investor/investor pdf... · raw materi e-scale inve ttlenecks an. mentioned, ity issues, tr patent dispu rate risk, b th

RandersInterim fCompanPage 24

Vestas Win

Summa

mEUR

Profit/(los

Adjustme

Corporatio

Net intere

Cash flowchange in

Change in

Cash flow

Net inves

Net invesequipmen

Other

Cash flow

Free cash

Acquisitio

Raising o

Cash flow

Change iless curr

Cash at bportion of

Exchangebank and

Cash at bportion o

The amou

Cash at brestriction

Cash at brestriction

Total cash

Current p

s, 17 August inancial repo

ny announcem4 of 33

nd Systems A/S

rised conso

ss) for the period

nts for non-cash

on tax paid

est

w from operatingn working capita

n working capita

w from operati

tment in intangi

tment in propernt

w from investin

h flow

on of treasury sh

of non-current lia

w from financin

in cash at bankrent portion of

bank and in hanf bank debt at 1

e rate adjustmenin hand

bank and in haof bank debt at

unt can be spec

bank and in hanns

bank and in hanns

h at bank and in

ortion of bank d

2011 ort, first half yment No. 37

AlsvejTel: +Bank:CompComp

olidated cas

d

h transactions

g activities beforal

al

ng activities

ible assets

rty, plant and

ng activities

hares

abilities

ng activities

k and in hand bank debt

d less current April/1 January

nts of cash at

nd less curren30 June

cified as follows

d without dispos

d with disposal

n hand

debt

year 2011 /2011

j 21, 8940 Rander45 9730 0000, Fa Nordea Bank Da

pany Reg. No.: 10 pany Reg. Name: V

h flow state

Q

20

(

(

re

1

(

(1

(1

(

(

y 2

nt 2

:

sal 1

2

2

rs SV, Denmark ax: +45 9730 0001anmark A/S, Reg. 40 37 82 Vestas Wind Syst

ement

Q2

11

55

69

(25)

(11)

88

38

126

(78)

10)

(1)

89)

(63)

(10)

73

63

0

201

2

203

173

33

206

(3)

203

1, vestas@vestasNo.: 2100, Accou

tems A/S

Q2

2010

(143)

(128)

33

(9)

(247)

(62)

(309)

(70)

(129)

(3)

(202)

(511)

0

248

248

(263)

459

19

215

200

18

218

(3)

215

.com, www.vestasnt No.: DKK 0651

1 half y2011

s.com 117097 - EUR 50

year 1

(30)

146

(32)

(25)

59

(200)

(141)

(159)

(201)

7

(353)

(494)

(17)

363

346

(148)

332

19

203

173

33

206

(3)

203

005 677997

1 half year 2010

(182)

(122)

(56)

(9)

(369)

(338)

(707)

(136)

(211)

(4)

(351)

(1,058)

0

768

768

(290)

479

26

215

200

18

218

(3)

215

Page 25: any announcement from Vestas Wind Systems A/S/media/vestas/investor/investor pdf... · raw materi e-scale inve ttlenecks an. mentioned, ity issues, tr patent dispu rate risk, b th

RandersInterim fCompanPage 25

Vestas Win

Accoun Basis ofThe inteSystems AccounThe inteas adoplisted co Apart frounchangReportinreport fo New IASWith effedisclosua defineinstrume Vestas epresent. Referencstandard New IASIn 2011,

The stanto the fin

s, 17 August inancial repo

ny announcem5 of 33

nd Systems A/S

ting policies

f preparatioerim report cs A/S.

ting policiesrim financial ted by the Empanies.

om the effeged from thosng Standardsor 2010 for a

Ss/IFRSs imect from 1 Jares, to IAS 3ed benefit aents.

evaluates th

ce is made tds and interp

S/IFRSs issuthe following

ndards have nancial statem

2011 ort, first half yment No. 37

AlsvejTel: +Bank:CompComp

s

on comprises a

s report has b

EU and addi

ect of new se applied tos (IFRS) appcomplete de

mplemented anuary 201132 regarding asset and to

he changes

to page 132 pretations.

ued in 2011 g new standa

IFRS 10 ConIFRS 11 JoinIFRS 12 DisIFRS 13 FairIAS 27 SepaIAS 28 InvesIAS 19 EmplIAS 1 Prese

not yet beenments.

year 2011 /2011

j 21, 8940 Rander45 9730 0000, Fa Nordea Bank Da

pany Reg. No.: 10 pany Reg. Name: V

summary of

been preparetional Danis

IFRS/IAS imo the annual proved by thescription of t

in the perio, Vestas impfinancial ins

o IFRIC 19

and interpre

of the annu

to be impleards or amen

nsolidated Fint Ventures/Jclosures of Ir value meas

arate Financistments in Asloyee Benefintation of Ite

n approved b

rs SV, Denmark ax: +45 9730 0001anmark A/S, Reg. 40 37 82 Vestas Wind Syst

f the Consol

ed in accordash disclosure

mplemented report for 20

he EU. Referthe Group’s

d plemented amstruments pre

regarding

etations not

ual report for

mented in fndments to s

inancial StatJoint arrangenterests in Osurement ial Statemenssociates anits

ems of Other

by the EU. V

1, vestas@vestasNo.: 2100, Accou

tems A/S

lidated Finan

ance with IASe requiremen

in the peri010 preparedrence is madaccounting p

mendments esentation, textinguishing

to have an

2010 for mo

uture accoustandards ha

ement ements Other Entities

ts nd Joint Vent

Comprehen

Vestas is at t

.com, www.vestasnt No.: DKK 0651

ncial Statem

S 34 ”Interimnts for interim

od, the accd under the Inde to pagespolicies.

to IAS 24 reto IFRIC 14 rg financial

ny material i

ore details o

unting perioave been issu

s

ures

sive Income

he moment e

s.com 117097 - EUR 50

ments of Ves

m Financial Rm financial r

counting polnternational

s 85-91 of th

egarding relaregarding thliabilities wit

impact on V

of the aforem

ods ued:

evaluating th

005 677997

stas Wind

Reporting” reports of

icies are Financial

he annual

ated party e limit on th equity

Vestas at

mentioned

he impact

Page 26: any announcement from Vestas Wind Systems A/S/media/vestas/investor/investor pdf... · raw materi e-scale inve ttlenecks an. mentioned, ity issues, tr patent dispu rate risk, b th

RandersInterim fCompanPage 26

Vestas Win

Manage The Exeinterim fi The inteas adoplisted co

In our opfinancialperiod 1

Further, Group's Group's the Grou

K

s, 17 August inancial repo

ny announcem6 of 33

nd Systems A/S

ement’s stat

ecutive Maninancial repo

rim financial ted by the Empanies. Th

pinion the int position at January to 3

in our opiniooperations afinancial pos

up.

DPres

Ben

Carsten B

Håkan Erik

Kim Hvid Tho

2011 ort, first half yment No. 37

AlsvejTel: +Bank:CompComp

ement

agement anort of Vestas

report has bEU and addihe interim fina

terim financia30 June 20130 June 201

on the Managand financialsition as a w

Ditlev Engel sident and C

nt Erik CarlsChairman

Bjerg

ksson

omsen

year 2011 /2011

j 21, 8940 Rander45 9730 0000, Fa Nordea Bank Da

pany Reg. No.: 10 pany Reg. Name: V

nd the BoardWind System

been preparetional Danisancial report

al report give11 and of the1.

gement's revl matters, thehole and des

Rand

Exec

CEO

Bo

en

Elly

Jørge

Ku

Sus

rs SV, Denmark ax: +45 9730 0001anmark A/S, Reg. 40 37 82 Vestas Wind Syst

d of Directoms A/S for th

ed in accordash disclosuret has neither

es a true ande results of

view gives a e results of tscribes the s

ders, 17 Augu

cutive Mana

oard of Dire

y Smedegaa

en Huno Ras

urt Anker Nie

ssie Dvinge A

1, vestas@vestasNo.: 2100, Accou

tems A/S

rs have todhe period 1 J

ance with IASe requiremen

been audite

d fair view of the Group's

true and fairthe Group's significant ris

ust 2011

agement

Executiv

ctors

To

rd Rex

smussen

elsen

Agerbo

.com, www.vestasnt No.: DKK 0651

ay discusseanuary to 30

S 34 ”Interimnts for interimd nor review

the Group's operations a

r review of thoperations fo

sks and unce

Henrik Nørrve Vice Pres

rsten Erik RaDeputy Cha

Fre

Jørn

Michael

s.com 117097 - EUR 50

ed and appr0 June 2011.

m Financial Rm financial r

wed.

assets, liabiand cash flo

he developmefor the periodertainties per

remark sident and CF

asmussen airman

eddy Frands

Ankær Thom

l Abildgaard

005 677997

roved the .

Reporting” reports of

ilities and ow for the

ent in the d and the rtaining to

FO

sen

msen

Lisbjerg

Page 27: any announcement from Vestas Wind Systems A/S/media/vestas/investor/investor pdf... · raw materi e-scale inve ttlenecks an. mentioned, ity issues, tr patent dispu rate risk, b th

RandersInterim fCompanPage 27

Vestas Win

Compan

Disclose

17.01.20

09.02.20

10.02.20

11.02.20

28.02.20

28.02.20

02.03.20

18.03.20

21.03.20

28.03.20

30.03.20

31.03.20

Disclose

08.04.20

14.04.20

18.04.20

20.04.20

26.04.20

03.05.20

04.05.20

06.05.20

11.05.20

13.05.20

18.05.20

24.05.20

27.05.20

30.05.20

09.06.20

20.06.20

22.06.20

30.06.20

s, 17 August inancial repo

ny announcem7 of 33

nd Systems A/S

ny announc

ed during th

011 01

011 02

011 03

011 04

011 05

011

011 06

011 07

011 08

011 09

011 10

011 11

ed during th

011 12

011 13

011 14

011 15

011 16

011 17

011 18

011 19

011 20

011 21

011 22

011 23

011 24

011 25

011 26

011 27

011 28

011 29

2011 ort, first half yment No. 37

AlsvejTel: +Bank:CompComp

ements from

he first quar

Major Shar

Annual rep

Major Shar

Rumours in

Rumours inGermany

Convening

Share base

Rumours in

Vestas nam

Vestas Win

Vestas lau

Vestas rec

he second q

Rumours in

Major shar

Major shar

Vestas rec

Major shar

Vestas rec

Interim fina

Vestas rec

Vestas rec

Vestas rec

Vestas rec

Rumours in

Vestas rec

Vestas rec

Rumours in

Vestas rec

New syndic

EDF Energonshore wfuture onsh2014

year 2011 /2011

j 21, 8940 Rander45 9730 0000, Fa Nordea Bank Da

pany Reg. No.: 10 pany Reg. Name: V

m Vestas Wi

rter of 2011

reholder ann

port 2010

reholder ann

n the market

n the market

g for Vestas W

ed incentive

n the market

med as a def

nd Systems A

nches next g

ceives 150 M

quarter of 20

n the market

reholder anno

reholder anno

ceives 104 M

reholder anno

ceives 100 M

ancial report,

ceives 102 M

ceives 72 MW

ceives 80 MW

ceives 200 M

n the market

ceives 219 M

ceives 149 M

n the market

ceives 78 MW

cated facility

gies Nouvelleind installatiohore wind ins

rs SV, Denmark ax: +45 9730 0001anmark A/S, Reg. 40 37 82 Vestas Wind Syst

ind Systems

nouncement

nouncement

t regarding o

t regarding o

Wind System

programme

t regarding a

fendant in a

A/S’ Annual

generation of

MW order in B

011

t regarding o

ouncement –

ouncement –

MW order in C

ouncement –

MW order for

, first quarter

MW order in C

W order in Tu

W order in Br

MW order in U

t regarding o

MW order in C

MW order in C

t regarding o

W order in Sw

y well receive

es will purchaons in Europstallations in

1, vestas@vestasNo.: 2100, Accou

tems A/S

s A/S

– Central Ba

– Central Ba

order in Swed

offshore orde

ms A/S’ Annu

2011

a wind farm p

lawsuit in the

General Mee

ffshore turbin

Brazil

offshore proje

– Central Ba

– Central Ba

Canada

– Central Ba

China

r 2011

California, US

urkey

razil

USA

order in India

California, US

Canada

order in Cana

weden

ed by the loa

ase a minimpe and a mini

the US from

.com, www.vestasnt No.: DKK 0651

ank of Norwa

ank of Norwa

den

r from PNE W

ual General M

project in Mex

e USA

eting on 28.0

ne

ect in Belgium

nk of Norway

nk of Norway

nk of Norway

SA

SA

ada

n market

um of 50 perimum of 30 p

m Vestas for d

s.com 117097 - EUR 50

ay

ay

WIND AG in

Meeting

xico

03.2011

m

y

y

y

r cent of all itper cent of adeliveries in

005 677997

ts future ll its 2012 to

Page 28: any announcement from Vestas Wind Systems A/S/media/vestas/investor/investor pdf... · raw materi e-scale inve ttlenecks an. mentioned, ity issues, tr patent dispu rate risk, b th

RandersInterim fCompanPage 28

Vestas Win

Compan

Disclose

01.07.20

05.07.20

08.07.20

15.07.20

26.07.20

09.08.20

15.08.20

s, 17 August inancial repo

ny announcem8 of 33

nd Systems A/S

ny announc

ed after the

011 30

011 31

011 32

011 33

011 34

011 35

011 36

2011 ort, first half yment No. 37

AlsvejTel: +Bank:CompComp

ements from

interim rep

Vestas rec

Information

Information

Vestas rec

Vestas rec

Vestas rec

Vestas rec

year 2011 /2011

j 21, 8940 Rander45 9730 0000, Fa Nordea Bank Da

pany Reg. No.: 10 pany Reg. Name: V

m Vestas Wi

orting perio

ceives 60 MW

n in the mark

n in the mark

ceives 90 MW

ceives 92 MW

ceives 92 MW

ceives 202 M

rs SV, Denmark ax: +45 9730 0001anmark A/S, Reg. 40 37 82 Vestas Wind Syst

ind Systems

od

W order in Br

ket regarding

ket regarding

W order in Br

W order in As

W order in Sp

MW order in th

1, vestas@vestasNo.: 2100, Accou

tems A/S

s A/S

razil

g 180 MW fra

g order in the

razil

sia Pacific

pain

he USA

.com, www.vestasnt No.: DKK 0651

ame agreeme

e USA

s.com 117097 - EUR 50

ent in Swede

005 677997

en

Page 29: any announcement from Vestas Wind Systems A/S/media/vestas/investor/investor pdf... · raw materi e-scale inve ttlenecks an. mentioned, ity issues, tr patent dispu rate risk, b th

RandersInterim fCompanPage 29

Vestas Win

Sales (d Sales in

Germany

France

Romania

Great Bri

Italy

Sweden

Greece

Ireland

Portugal

Poland

The Neth

Turkey

Spain

Bulgaria

Denmark

Belgium

Cyprus

Hungary

Switzerla

Czech Re

Austria

South Afr

Total Eu

USA

Canada

Mexico

Brazil

Uruguay

Jamaica

Chile

Total Am

China

India

New Zea

Australia

Total As

Total wo

s, 17 August inancial repo

ny announcem9 of 33

nd Systems A/S

deliveries)

MW

y

a

itain

herlands

k

and

epublic

rica

rope and Afric

mericas

aland

ia Pacific

orld

2011 ort, first half yment No. 37

AlsvejTel: +Bank:CompComp

ca

year 2011 /2011

j 21, 8940 Rander45 9730 0000, Fa Nordea Bank Da

pany Reg. No.: 10 pany Reg. Name: V

rs SV, Denmark ax: +45 9730 0001anmark A/S, Reg. 40 37 82 Vestas Wind Syst

Q2 2011

87

56

55

45

44

29

29

28

6

4

1

0

0

0

0

0

0

0

0

0

0

0

384

647

0

0

0

0

0

0

647

65

28

3

0

96

1,127

1, vestas@vestasNo.: 2100, Accou

tems A/S

Q2 2010

66

66

0

183

44

26

30

68

0

85

0

15

0

40

3

0

0

4

0

12

0

0

642

2

48

0

0

10

0

3

63

70

64

0

0

134

839

.com, www.vestasnt No.: DKK 0651

1 half year 2011

238

148

57

49

78

75

37

28

6

4

10

98

60

11

1

0

0

0

0

0

0

0

900

784

26

0

0

0

0

0

810

160

85

36

0

281

1,991

s.com 117097 - EUR 50

1 half year 2010

140

108

0

197

90

102

50

68

0

87

0

42

82

217

3

0

0

4

0

14

0

0

1,204

59

48

0

74

10

0

3

194

70

129

0

0

199

1,597

005 677997

Full year 2010

261

212

228

533

248

358

155

118

10

87

6

96

179

219

77

183

82

21

16

14

6

2

3,111

1,093

172

102

74

20

18

3

1,482

857

242

0

150

1,249

5,842

Page 30: any announcement from Vestas Wind Systems A/S/media/vestas/investor/investor pdf... · raw materi e-scale inve ttlenecks an. mentioned, ity issues, tr patent dispu rate risk, b th

RandersInterim fCompanPage 30

Vestas Win

MW ove

MW

Q1

MW un

MW de

MW pro

MW un

Q2

MW un

MW de

MW pro

MW un

s, 17 August inancial repo

ny announcem0 of 33

nd Systems A/S

erview per q

der completi

elivered to cu

oduced and s

nder comple

der completi

elivered to cu

oduced and s

nder comple

2011 ort, first half yment No. 37

AlsvejTel: +Bank:CompComp

uarter 2011

ion, 1 Janua

stomers dur

shipped duri

etion, 31 Mar

ion, 1 April 2

stomers dur

shipped duri

etion, 30 Jun

year 2011 /2011

j 21, 8940 Rander45 9730 0000, Fa Nordea Bank Da

pany Reg. No.: 10 pany Reg. Name: V

ry 2011

ing the perio

ng the period

rch 2011

2011

ing the perio

ng the period

ne 2011

rs SV, Denmark ax: +45 9730 0001anmark A/S, Reg. 40 37 82 Vestas Wind Syst

Europand Af

1,24od (51d 2

9

9od (38d 5

1,2

1, vestas@vestasNo.: 2100, Accou

tems A/S

pe rica Ame

46

16) (

60

90

90

84) (

95

01

.com, www.vestasnt No.: DKK 0651

ericas A

Pa

291

163)

173

301

301

647)

712

366

s.com 117097 - EUR 50

Asia acific

447

(185)

201

463

463

(96) (

110

477

005 677997

Total

1,984

(864)

634

1,754

1,754

(1,127)

1,417

2,044

Page 31: any announcement from Vestas Wind Systems A/S/media/vestas/investor/investor pdf... · raw materi e-scale inve ttlenecks an. mentioned, ity issues, tr patent dispu rate risk, b th

RandersInterim fCompanPage 31

Vestas Win

Warrant

mEUR

Warrant

Exchan

ProvisioWarrantperiod

Adjustmdiscoun

Warran30 June

The propayable

< 1 yea

> 1 yea

s, 17 August inancial repo

ny announcem of 33

nd Systems A/S

ty Provision

ty provisions

ge rate adjus

ons for the pety provisions

ments relatingnting of warra

nty provisione/31 Decem

ovisions are ee as follows:

r

r

2011 ort, first half yment No. 37

AlsvejTel: +Bank:CompComp

ns

s, 1 January

stments

eriod s used during

g to the chananty provisio

ns, ber

expected to b

year 2011 /2011

j 21, 8940 Rander45 9730 0000, Fa Nordea Bank Da

pany Reg. No.: 10 pany Reg. Name: V

g the

nge in ns

be

rs SV, Denmark ax: +45 9730 0001anmark A/S, Reg. 40 37 82 Vestas Wind Syst

30 June 2011

283

0

56

(85)

0

254

152

102

1, vestas@vestasNo.: 2100, Accou

tems A/S

302

.com, www.vestasnt No.: DKK 0651

0 June 2010

339

0

96

(132)

0

303

209

94

s.com 117097 - EUR 50

31 Dece2010

33

19

(253

28

17

11

005 677997

mber 0

9

0

4

3)

3

3

1

2

Page 32: any announcement from Vestas Wind Systems A/S/media/vestas/investor/investor pdf... · raw materi e-scale inve ttlenecks an. mentioned, ity issues, tr patent dispu rate risk, b th

RandersInterim fCompanPage 32

Vestas Win

Segmen

mEUR

Q2 2011

Externa

Internal

Total serevenue

Reportasegmenresults

Total as

Q2 2010

Externa

Internal

Total serevenue

Reportasegmenresults

Total as

Reconc

Reporta

All other

Consoli

*) Includes

by costs

s, 17 August inancial repo

ny announcem2 of 33

nd Systems A/S

nt informatio

1

l revenue

revenue

egment e

able nts’ operating(EBIT)

ssets

0

l revenue

revenue

egment e

able nts’ operating(EBIT)

ssets

ciliation

able segments

r operating se

idated operat

s parent compas related to Ves

2011 ort, first half yment No. 37

AlsvejTel: +Bank:CompComp

on

Europe Africa

sales un

g (

1,

g

2,

s’ EBIT

gments’ EBIT

ting profit (EB

any income (manstas Technology

year 2011 /2011

j 21, 8940 Rander45 9730 0000, Fa Nordea Bank Da

pany Reg. No.: 10 pany Reg. Name: V

and a nits

Amsal

627

52

679

(18)

952

628

124

752

123

693

*)

BIT)

nagement fee, sy R&D and Grou

rs SV, Denmark ax: +45 9730 0001anmark A/S, Reg. 40 37 82 Vestas Wind Syst

mericas les units

646

19

665

(61)

732

109

27

136

3

721

service, royalty up staff function

1, vestas@vestasNo.: 2100, Accou

tems A/S

Asia Pacsales un

and other rentas.

.com, www.vestasnt No.: DKK 0651

cific nits

125

6

131

(41)

560

292

16

308

(12)

991

al income from g

s.com 117097 - EUR 50

Production units

3

1,163

1,166

82

2,325

3

640

643

(139)

2,515

Q2 2011

(38)

115

77

group companie

005 677997

Totalreportasegmen

1,4

1,2

2,6

(3

5,5

1,0

8

1,8

(2

6,9

Q2 201

(2

(15

(18

es) reduced

l ble nts

401

240

641

38)

569

032

807

839

25)

920

10

25)

55)

80)

Page 33: any announcement from Vestas Wind Systems A/S/media/vestas/investor/investor pdf... · raw materi e-scale inve ttlenecks an. mentioned, ity issues, tr patent dispu rate risk, b th

RandersInterim fCompanPage 33

Vestas Win

Segmen

mEUR

H1 2011

Externa

Internal

Total serevenue

Reportasegmenresults

Total as

H1 2010

Externa

Internal

Total serevenue

Reportasegmenresults

Total as

Reconc

Reporta

All other

Consoli

*) Includes

by costs

s, 17 August inancial repo

ny announcem3 of 33

nd Systems A/S

nt informatio

1

l revenue

revenue

egment e

able nts’ operating(EBIT)

ssets

0

l revenue

revenue

egment e

able nts’ operating(EBIT)

ssets

ciliation

able segments

r operating se

idated operat

s parent compas related to Ves

2011 ort, first half yment No. 37

AlsvejTel: +Bank:CompComp

on

Europe Africa

sales un

1,

1,

g (

1,

1,

1,

g

2,

s’ EBIT

gments’ EBIT

ting profit (EB

any income (manstas Technology

year 2011 /2011

j 21, 8940 Rander45 9730 0000, Fa Nordea Bank Da

pany Reg. No.: 10 pany Reg. Name: V

and a nits

Amsal

289

183

472

(21)

952

377

277

654

142

693

*)

BIT)

nagement fee, sy R&D and Grou

rs SV, Denmark ax: +45 9730 0001anmark A/S, Reg. 40 37 82 Vestas Wind Syst

mericas les units

835

35

870

(66)

732

195

56

251

0

721

service, royalty up staff function

1, vestas@vestasNo.: 2100, Accou

tems A/S

Asia Pacsales un

and other rentas.

.com, www.vestasnt No.: DKK 0651

cific nits

333

10

343

(30)

560

306

28

334

(23)

991

al income from g

s.com 117097 - EUR 50

Production units

4

1,529

1,533

37

2,325

3

960

963

(199)

2,515

H1 2011

(80)

88

8

group companie

005 677997

Totalreportasegmen

2,4

1,7

4,2

(8

5,5

1,8

1,3

3,2

(8

6,9

H1 201

(8

(13

(2

es) reduced

l ble nts

461

757

218

80)

569

881

321

202

80)

920

10

80)

39)

19)