full year 2013, outlook for 2014 and strategic update - …/media/vestas/investor/investor...

Full year 2013, outlook for 2014 and strategic update

Copenhagen, 4 February 2014

This presentation contains forward-looking statements concerning Vestas' financial condition, results of operations and business. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements.

Forward-looking statements include, among other things, statements concerning Vestas' potential exposure to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. There are a number of factors that could affect Vestas' future operations and could cause Vestas' results to differ materially from those expressed in the forward-looking statements included in this presentation, including (without limitation): (a) changes in demand for Vestas' products; (b) currency and interest rate fluctuations; (c) loss of market share and industry competition; (d) environmental and physical risks; (e) legislative, fiscal and regulatory developments, including changes in tax or accounting policies; (f) economic and financial market conditions in various countries and regions; (g) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, and delays or advancements in the approval of projects; (h) ability to enforce patents; (i) product development risks; (j) cost of commodities; (k) customer credit risks; (l) supply of components from suppliers and vendors; and (m) customer readiness and ability to accept delivery and installation of products and transfer of risk.

All forward-looking statements contained in this presentation are expressly qualified by the cautionary statements contained or referenced to in this statement. Undue reliance should not be placed on forward-looking statements. Additional factors that may affect future results are contained in Vestas' annual report for the year ended 31 December 2013 (available at vestas.com/investor) and these factors also should be considered. Each forward-looking statement speaks only as of the date of this presentation. Vestas does not undertake any obligation to publicly update or revise any forward-looking statement as a result of new information or future events others than required by Danish law. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this presentation.

Disclaimer and cautionary statement

2 Full year 2013, outlook for 2014 and strategic update

Agenda


Completion of the turnaround

Outlook and financial targets

Summary, questions and answers

Profitable growth for Vestas

2013 financials and order intake

3

New organisation

and operating business

model

Advanced wind turbine technology

Efficient manufac-turing of wind turbines

Sale and service of wind power plants

Improve capacity utilisation

Reduce costs I

III


Turnaround plan Build new organisation and operating business model

4

Reduce investments II

Three core focus areas

Improve capacity utilisation and capital efficiency through divestments, supply to third parties and NWC management.

III

Reduce investments through asset-light solutions and simplified product roadmap.

II

Reduce costs through operational excellence.

I

I

(58)

(9)

(52)

152

273

Sale Production R&D Fixed capacity costs Q4

2013

Administrative Fixed capacity costs Q4

2011

(2)

-121


Fixed cost savings of EUR 484m* achieved Quarterly fixed costs reductions of EUR 121m comparing Q4’11 to Q4‘13

5

Fixed capacity cost savings mEUR

*With full effect as from the end of 2011 to the end of 2013. Excluding bonus provisions.

Cost levers

Contribution from reduction in number of salaried employees

9,875

Q4 2011 Q4 2013

-4,287

5,588 >70%

Contribution from site simplification, closure of factories and other cost measures

<30%

Proportion of the EUR 484m fixed cost savings:

15,497

2013 FY 2012 FY

17,778

22,721 -7,224

2011 FY Hourly paid employees

Salaried employees

Total reduction of employees

2,937

4,287

7,224


Employee reductions of 32 per cent -of which 59 per cent were salaried

I

6

Employees, end of period Number of employees

Employee reductions Number of employees

Net investments, last five years mEUR

286

761789808

239 ~250

-522

FY 2013

FY 2014E

FY 2012

FY 2011

FY 2010

FY 2009

• Capex requirement reduced significantly while launching of new product variants and developing the V164-8.0 MW.

• Launch of:

V105-3.3 MW V112-3.3 MW V117-3.3 MW V126-3.3 MW V110-2.0 MW

II


Reduced capex requirement Capex requirement reduced by more than EUR 500m

7

Joint Venture*

Joint venture between Vestas and MHI A strong joint venture to address the expected growth in the offshore segment

II

• Lower and more flexible capex set-up at Vestas.

• Strong parent positions combined in one offering.

• A strong company for the future offshore market.

Full year 2013, outlook for 2014 and strategic update 8 *The transaction is subject to customary closing conditions.

Operational drivers Strategic levers

mEUR

III

• Improved cash conversion driven by improved installation time, better planning and control of inventory and alignment of payment terms and payment milestones according to industry best practice.

• Still room for improvement in MW under completion even though it was markedly improved during Q4.

• From 31 to 19 factories in two years to optimise capacity utilisation while maintaining a global manufacturing footprint.

• Continued improvement of balance sheet.

• Optimised invested capital through better net working capital and a more asset-light and scalable manufacturing footprint.

(596)

(117) (56)

197 233 481 330

20

Q4 2013

Q3 2013

Q2 2013

Q1 2013

Q4 2012

Q1 2012

Q3 2012

Q2 2012


Production sites divested or closed since end of 2011.

Current production sites.

Capital efficiency and capacity utilisation Net working capital at record low level end 2013

9

Net working capital

From 31 to 19 factories

6

2

0

(2)

8

4

Q3 2013

Q3 2012

Q4 2013

(4)

Q1 2012

Q4 2011

Q2 2013

Q1 2013

Q4 2012

Q2 2012

(6)

EBIT margin before special items, last 12 months ROIC, last 12 months


Return on invested capital Turnaround plan has improved ROIC substantially

10

ROIC has increased due to:

• Improved earnings through cost reduction and growth in the service business.

• Better capital efficiency through capex-light solutions and improved net working capital.

Return on invested capital (ROIC) Percentage

A more scalable, flexible, agile and lean Vestas Foundation for the future strengthened via the capital increase

Full year 2013, outlook for 2014 and strategic update 11

Foundation Results Strategy

Two-year turnaround Profitable growth for Vestas

Two-year turnaround plan completed:

Turnaround resulting in a Vestas today:

Strengthening Vestas’ global leadership:

• Fixed cost savings of almost EUR 500m*.

• Capex requirements lowered by more than EUR 500m.

• NWC lowered to approx EUR (600)m.

• Improved operations during 2013.

• Double-digit EBIT margin in Q4.

• Free cash flow EUR ~1bn in 2013.

• Strengthening the balance sheet via announced capital increase to generate more and better business for Vestas.

*With full effect as from the end of 2011 to the end of 2013.

Agenda







12

*R&D, administration and distribution

mEUR Q4 2013 Q4 2012 % change

Revenue 2,361 2,512 (6)%

Cost of sales (1,905) (2,179) (13)%

Gross profit 456 333 37%

Fixed costs* (216) (178) 21%

EBIT before special items 240 155 55%

Special items (10) (485) (98)%

EBIT after special items 230 (330) -

Net profit/(loss) 218 (618) -

Gross margin 19.3% 13.3% 6.0%-pts

EBITDA margin before special items 14.3% 10.6% 3.7%-pts

EBIT margin before special items 10.2% 6.2% 4.0%-pts

• Gross profit increased by 37 per cent despite lower revenue due to improved project margins, lower fixed capacity costs and lower depreciation.

• EBIT before special items increased by 55 per cent.

• EBIT margin before special items increased by 4.0 percentage points to 10.2 per cent.


Income statement Q4

13

*R&D, administration and distribution

mEUR FY 2013 FY 2012 % change

Revenue 6,084 7,216 (16)%

Cost of sales (5,188) (6,420) (19)%

Gross profit 896 796 13%

Fixed costs* (685) (792) (14)%

EBIT before special items 211 4 -

Special items (109) (701) (84)%

EBIT after special items 102 (697) -

Net profit/(loss) (82) (963) -

• Decrease in revenue more than offset by lower fixed capacity costs, depreciation and better project margins.

• EBIT before special items increased by EUR 207m.

• EBIT margin before special items increased by 3.4 percentage points to 3.5 per cent.


Income statement Full year

Gross margin 14.7% 11.0% 3.7%-pts

EBITDA margin before special items 10.0% 6.6% 3.4%-pts

EBIT margin before special items 3.5 % 0.1% 3.4%-pts

14

EBIT Q4 2013 vs. Q4 2012 mEUR

(29)

133

(32) 42

44

12

(94)

240

155

Bonus provisions

D&A Q4 2013 EBIT

Project margin

Q4 2012 EBIT

Project volume

9

Fixed capacity

costs

Service volume

Service margin

Warranty provisions

EBIT increased by EUR 85m in Q4 2013 compared to Q4 2012 driven by: • Margin improvements in both

wind turbines and service, lower D&A and fixed costs more than offset lower volume and bonus provisions.


EBIT development Q4 2013 vs. Q4 2012 EBIT improved despite 6 per cent revenue drop

15

EBIT FY 2013 vs. FY 2012 mEUR

211 (94)

68

4

Service margin

Bonus provisions

FY 2013 EBIT

43

D&A Fixed capacity

costs

266

Warranty provisions

19

Project margin

(256)

FY 2012 EBIT

133

Service volume

28

Project volume

EBIT increased by EUR 207m in 2013 compared to 2012 driven by: • Margin improvements in both

wind turbines and service, lower D&A and fixed costs more than offset lower volume and bonus provisions.


EBIT development FY 2013 vs. FY 2012 EBIT improved despite 16 per cent revenue drop

16

Service revenue mEUR

886

705

623

504

954

+17%

FY 2013

FY 2012

FY 2011

FY 2009

FY 2010

• Full-year service growth of 8 per cent.

• CAGR* from 2009-2013 of 17

per cent.

• 2013 EBIT before allocation of Group costs: EUR 213m. Margin: 22 per cent.

• 2013 EBIT after allocation of Group costs: EUR 147m. Margin: 15 per cent.

• Around 5,000 employees in the service business.

*Compound annual growth rate.


Service Full year

17

Assets (mEUR) FY 2013 FY 2012 Abs. Change

% Change

Intangible assets 741 1,016 (275) (27)%

Property, plant and equipment 1,221 1,286 (65) (5)%

Other non-current assets 190 179 11 6%

Non-current assets 2,152 2,481 (329) (13)%

Current assets 3,156 4,360 (1,204) (28)%

Current and non-current assets held for sale 332 131 201 153%

Total assets 5,640 6,972 (1,332) (19)%

Liabilities (mEUR) FY 2013 FY 2012 Abs. change

% change

Equity 1,524 1,622 (98) (6)%

Non-current liabilities 827 1,652 (825) (50)%

Current liabilities 3,046 3,698 (652) (18)%

Liabilities held for sale 243 0 243 -

Total equity and liabilities 5,640 6,972 (1,332) (19)%

Net debt (86) 900 (986) -

Net working capital (596) 233 (829) -

Solvency ratio (%) 27.0 23.3 - 3.7%-pts

• Current assets lowered due to

lower inventories and receivables.

• NWC improvement was the main driver of the net debt reduction of more than EUR 800m, resulting in a net cash position of EUR 86m.

• Solvency ratio to improve via capital increase.


Balance sheet Full year

18

• Inventories reduced due to lower MW under completion and good cash conversion.

• Prepayments stable despite the lower MW under completion.

• Receivables reduced due to improved cash collection.

*Construction contracts in progress.

NWC improvement over the last year NWC improvement during Q4 • Inventories reduced due to lower MW under completion

and good cash conversion. • Smooth execution on installations and transfer of risk in

December allowing for payment collections. • Prepayments stable despite the lower MW under

completion.

NWC change over the last 12 months mEUR

NWC change over the last three months mEUR

233

Other liabilities

159

Pre- payments

(32)

NWC end 2013

(596)

Payables NWC end 2012

(749)

(238)

Inventories

5

26

Receiv- ables

CCP*

(694)

CCP* NWC end Q3 2013

7

(117)

263

(73)

(596)

Receiv- ables

Other liabilities

Payables Pre- payments

(29)

47

NWC end Q4 2013

Inventories


Change in net working capital Strong progress on implemented initiatives during 2013

19

148148

194

292

117119

179

253257

84

FY 2011

FY 2012

FY 2010

FY 2009

-24%

FY 2013

Provisions made Provisions consumed

0

1

2

3

4

5

Dec 2013

Dec 2012

Dec 2011

Dec 2009

Dec 2010

Warranty provisions and consumption Lost Production Factor (LPF) • Warranty consumption steadily declining due do

improved quality. • Provisions made were higher than provisions

consumed for the second year in a row.

• End 2013: LPF at 1.7 per cent. • LPF measures potential energy production not

captured by the wind turbines.

Warranty provisions made and consumed mEUR

Lost production factor Percentage


Warranty provisions and Lost Production Factor Warranty consumption and LPF continue at a low level

20

mEUR Q4 2013 Q4 2012 Abs. change

% change

Cash flow from operating activities before change in working capital 428 247 181 73%

Change in working capital 478 248 230 93%

Cash flow from operating activities 906 495 411 83%

Cash flow from investing activities (90) (79) (11) 14%

Free cash flow 816 416 400 96%

Cash flow from financing activities (493) (11) (482) -

Change in cash at bank and in hand less current portion of bank debt 323 405 (82) (20)%

• Increased cash flow from operations, mainly driven by NWC improvements.

• Q4 FCF of EUR 816m.


Cash flow statement Q4 FCF of EUR 816m

21

• Increased cash flow from operations, mainly driven by NWC improvements.

• Free cash flow improved by EUR 1,368m to EUR 1,009m.

mEUR FY 2013 FY 2012 Abs. change

% change

Cash flow from operating activities before change in working capital 419 231 81%

Change in working capital 829 (304) 1,133

Cash flow from operating activities 1,248 (73) 1,321

Cash flow from investing activities (239) (286) (16)%

Free cash flow 1,009 (359) 1,368

Cash flow from financing activities (1,150) 832 (1,982)

Change in cash at bank and in hand less current portion of bank debt (141) 473 (614)


Cash flow statement Full year FCF of EUR 1,009m

22

Net debt mEUR

728779

972900

(86)

-986

Q4 2013

Q3 2013

Q2 2013

Q4 2012

Q1 2013

• Net debt reduction of approx EUR 1bn over the last 12 months resulting in a net cash position of EUR 86m.

• Reduction primarily driven by

NWC improvements.


Net debt Net debt converted to net cash position of EUR 86m

23

Net debt to EBITDA ×EBITDA

• Net debt to EBITDA fell to (0.1) in 2013 down from 1.9 in 2012.

• Development driven by both

net debt reduction and improved EBITDA.

Q3 2013

-0.1

1.6 1.4

-0.3

FY 2009

1.9

FY 2012

Q2 2013

FY 2011

Q4 2013

1.8

0.8

Q1 2013

1.8

FY 2010

FY 2008

-0.1

Net debt to EBITDA before special items, last 12 months


Net debt to EBITDA Negative net debt to EBITDA

24

Improved wind turbine order intake • 2013 order intake was 60 per cent higher than in

2012 – primarily driven by pick-up in the USA and new wind markets.

• Global footprint and competitive turbine offerings secured orders in different markets.

Price per MW • Price per MW decreased by 4 per cent compared to

2012. • Price per MW depends on a variety of factors i.e. wind

turbine type, geography, scope and uniqueness of offering.

• Relatively more supply-only orders received in 2013.

3,072

8,673

+2,226

FY 2013

5,964

FY 2012

3,738

FY 2011

7,397

FY 2009

FY 2010

1.04

FY 2010

FY 2009

0.99

-4%

FY 2013

0.97

FY 2012

1.02

FY 2011

0.99

Order intake MW

Average selling price of order intake mEUR per MW


Wind turbine order intake Full year 2013

25

Wind turbines:

EUR 6.8bn

Service:

EUR 6.7bn


Backlog: Wind turbines and service Combined backlog increased by EUR 1.1bn to EUR 13.5bn

26

EUR -0.3bn EUR +1.4bn

Agenda







27

• Market environment • Vestas’ key differentiators • Vestas’ strategy

Continued growth in the electricity market Electricity generation to increase by 20 per cent until 2020

ENERGY GENERATION

• Forecasted growth in global electricity generation above 3 per cent per year increasing total generation by over 20 per cent during the period 2014-2020.

• Higher growth in non-OECD countries (4 per cent per year, 25 per cent for the period) compared to OECD countries (1 per cent per year, 7 per cent for the period).

Electricity Generation OECD and Non-OECD

Full year 2013, outlook for 2014 and strategic update Source: Worldbank.

28

TWh

Power plants are being retired in the USA and Europe 195 GW of capacity to be shut down in the next 10 years due to economical and environmental reasons POWER PLANT RETIREMENT

US Energy Supply Forecasts: new capacity additions / removals (MW)¹

Source: DB Climate Change Advisors

Gas Wind Solar CSP Solar PV Geothermal Nuclear Coal

20.000

15.000

10.000

5.000

0

-5.000

-10.000

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

Full year 2013, outlook for 2014 and strategic update Source: 1 Citi Global Perspectives & Solutions (Citi GPS) “Energy Darwism”, 2013. 2 DB Climate Change Advisors “Repowering America: Creating Jobs”, 2011.

29

• An estimated 95 GW of capacity to shut down in Europe in the next 10 years1.

• Expected 100 GW of coal-fired plants to be retired in the USA in the next 10 years2.

Wind is competitive against other energy sources While levelised cost of energy increases for many energy sources, cost of energy for wind has decreased by 15 per cent over the last five years LEVELISED COST OF ENERGY

70 82 82 91

140 149

313

134

187

140 166

329

0

50

100

150

200

250

300

350

Hydro Gas Wind Coal Nuclear Solar PV

LCOE evolution mid 2009 – H1 2014 5% 68% -15% 65% 51% -52%

LCOE USD/MWh (Jan 2014)

Current LCOE per energy source (Jan 2014)

Full year 2013, outlook for 2014 and strategic update Source: BNEF, January 2014. (Note: wind only covers onshore. Hydro and nuclear have only been covered since Q2 2012)

30

• Renewable energy such as wind and solar are key to meet increasing electricity demand as their levelised costs keep decreasing.

• Today wind is already on a par with new-build gas and has lower costs than new coal in more than 30 listed countries.

26 64

37 60

32

82

Wind market forecast 2013-2020 Growth rates of 4-10 per cent expected

WIND MARKET FORECAST (GW)

Full year 2013, outlook for 2014 and strategic update Source: IHS Emerging Energy Research December 2013. MAKE Consulting November 2013.

31

2019e

65

40

35

50

2016e 2015e

55

2020e 2018e

60

2014e 2013e

45

0 2017e

IHS MAKE

CAGR: +10 per cent

CAGR: +4 per cent

• Different views but growth is expected.

Vestas major key differentiators Largest installed base, world-class products, global reach and a strong brand


• World-class product portfolio: geographical fit and reach, siting flexibility, best-in-class quality.

• Largest global installed base, providing significant service business potential.

• Very strong and competitive product offering. • 2013 order intake of 6 GW from 37 countries.

Vestas

~60

2nd largest WTG supplier

~40

+50%

012345

Dec 2009

Dec 2010

Dec 2013

Dec 2012

Dec 2011

Total installed base (GW) Lost production factor

Latest product launches Global reach in sales, installation and manufacturing

32

Low wind

Medium wind

High wind

2 MW platform

3 MW platform

V110-2.0 MW V100-2.0 MW

V112-3.3 MW

V117-3.3 MW

V105-3.3 MW

V112-3.3 MW

V117-3.3 MW

V126-3.3 MW

The building blocks of the Vestas strategy A strengthened global leadership position for the long term

Global wind leader Vision: Bringing wind on par with oil and gas


Grow profitably in mature & emerging markets

Capture full potential of the service business

Reduce levelised cost of energy

Improve operational excellence

Governance, leadership & culture

Mid-term (3-5 years)

Market leader in volume | Best-in-class margins | Strongest brand in industry

Grow faster than the market Build partnerships and generate new opportunities to enable growth

OBJECTIVE MID-TERM AMBITIONS & INITIATIVES

• Strengthen position in mature markets.

• Grow market share in emerging markets.

• Build partnership with our strategic accounts.

• Pursue opportunities with new market segments.

• Build partnership based on value, business case certainty and stability.

Grow faster than the market Grow profitably in

mature & emerging markets

1

Profitable Growth for Vestas

STRATEGY

Global reach, trusted partner & strong brand.


Grow the service business by more than 30 per cent Leverage on the installed base and establish a new service organisation


• Capture service business on all new orders.

• Establish a new service organisation, which will report directly to CEO.

• Segmented service portfolio.

• Improve renewal rate via increased service business innovation.

• Efficiency from knowledge and scale.

Grow the service business by more than 30 per cent

Grow profitably in mature &

emerging markets 1


STRATEGY

Leverage on the biggest installed base in the world.


Capture full potential of the

service business 2

Reduce cost of energy faster than market average Increase competitiveness and reduce dependency on support schemes


• Industrialisation to ensure a flexible, scalable, generic and modular product architecture.

• Effectiveness, efficiency and pace of the product development process.

• Increase product functionality and competitiveness via larger rotors and generators.

• Cost out on 2 MW and 3 MW turbine platforms to increase competitiveness.

Reduce levelised cost of energy faster than market average


emerging markets 1


STRATEGY

Largest wind R&D to focus on industrialisation and cost out.


Reduce the levelised

cost of energy 3


service business 2

Improve earnings capability Reducing time and costs to achieve operational excellence


• Reduce external spend with suppliers to lower variable costs.

• Continued focus on fixed costs, e.g. shared service centres, increased outsourcing and site consolidation.

• Working capital management to reduce cash conversion cycle days and leadtimes.

• Modular product development to reduce time and cost.

• Cross-functional processes.

Improve earnings capability Grow profitably in

mature & emerging markets

1


STRATEGY

Economies of scale and full focus on wind.



service business 2


cost of energy 3


4

Governance to execute the strategy Changes to the organisation and new principles to ensure implementation of the strategy across Vestas

STRATEGY GOVERNANCE & LEADERSHIP PRINCIPLES



Speed. Simplicity. Accountability.

Changes to organisational structure: • Creation of a new unit for the service business reporting to

the CEO.

• Extend Group Management from five to eight seats with GSVP Service, GSVP Marketing & Communications and GSVP HR.

Governance principles: • Increase transparency.

• Improve performance management.

• Delegation to measurable (P&L) units.

• Cross-functional EVP Governance.

• Yearly strategy cycle.

Vestas’ profitable growth strategy to strengthen global leadership Each of the four objectives will allow Vestas to reach its vision and long-term ambitions

OBJECTIVES STRATEGY AMBITIONS VISION

39



emerging markets 1


service business 2


cost of energy 3


4

Grow faster than the market

Grow the service business by more than 30 per cent

Reduce levelised cost of energy faster than market

average

Improve earnings capability

Global wind leader • Wind on a par with oil & gas. • Market leader in volume. • Best-in-class margins. • Strongest brand in industry.

Efficiency

Products

Service

Markets & Customers


Agenda







40

Outlook and financial targets 2014 and beyond


Outlook 2014

41

Mid-term financial targets

• Service business is expected to continue to grow with stable margins in 2014.

Revenue (bnEUR) min. 6

EBIT margin before special items (%) min. 5

Total investments (mEUR) approx 250

Free cash flow (mEUR) min. 300

ROIC: • Double-digit each year over the cycle.

FCF: • Positive FCF each year.

Capital structure:

• Net debt/EBITDA ratio must be lower than 1 at the end of each financial year.

• Solvency ratio must be above 30 per cent at the of end financial year.

Priorities for excess cash:

1. Repayment of debt if net debt/EBITDA ratio is above target.

2. Allocation to shareholders if solvency ratio is above target.

Capital increase of up to 9.99 per cent Strengthen balance sheet to enable more and better business


Customers Suppliers Banks

• Availability of improved guarantee facilities.

• Strong enabler for improved business.

• Increased number of projects from risk-averse customers.

• Potential to receive better terms. • Bank facilities with longer maturity, lower costs and more flexibility.

Solvency ratio increase to a target level of above 30 per cent.


Revised bank agreement Longer maturity and more bonding lines

43

Syndicated credit facility

• Revolving credit facility – EUR 850m.

• Expiration 2019.

• Full facility available for project guarantees.

Corporate bond

• Corporate bond listed at Bourse de Luxembourg – EUR 600m.

• Expiration March 2015.

Agenda







44

Summary Successful turnaround as foundation for a strengthened global leadership position for Vestas


Turnaround achievements

45

2014 and beyond

• Fixed cost savings of almost EUR 500m*.

• Capex requirements lowered by more than EUR 500m.

• NWC lowered to EUR (596)m.

• Free cash flow of more than EUR 1bn (FY 2013).

• Improved operations.

• Profitable growth.

• Capture more service business.

• Reduce levelised cost of energy.

• Improve operational excellence.

Capital increase to strengthen Vestas. *With full effect as from the end of 2011 to the end of 2013.

Questions & answers 5 Financial calendar 2014:

• Annual general meeting in Aarhus, Denmark (24 March, 2014).

• Disclosure of Q1 2014 (9 May 2014). • Disclosure of Q2 2014 (20 August 2014). • Disclosure of Q3 2014 (7 November 2014).

• Vestas is hosting a Capital

Markets Day on 12 June 2014.

Q&A

46 Full year 2013, outlook for 2014 and strategic update

full year 2013, outlook for 2014 and strategic update - …/media/vestas/investor/investor...

Documents