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Vestas returns major 2012 loss

Vestas has published its 2012 annual report; write-downs of more than EUR500m.

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Denmark’s wind energy company Vestas came out of 2012 with an overall loss before tax of EUR 713 million or DKK 5.3 billion.

The company was expected to make a large loss in 2012, but CEO Ditlev Engel seemed to see some optimism going forward.

“We have now overcome the first year, which as expected proved to be challenging. However, Vestas generally succeeded in implementing a number of initiatives in 2012 which makes us prepared for an even more challenging 2013,” Engel says in the report.

“The fourth quarter of 2012 is important because that was when the initiatives we implemented started to materialise,” Engel says adding that the fourth quarter of 2012 was the highest quarterly free cash flow recorded by the company for five years.

Revenues for 2012 were at EUR 7,216.

As a result of waning earnings and a more conservative estimate of the future market, Vestas has chosen in its 2012 accounts to introduce write-downs on its long-term assets of more than EUR500 million.

The report says that in keeping with the company’s new business model, Vestas wishes to sell off some of its assets.

“Some production plants have been re-classified as assets for sale, and are expected to be sold off before next year,” the report says.

In its outlook for 2013, the accounts say that: “Shipments are expected to decline to 4-5 GW compared to the previous guidance of around 5 GW. The change is due to a weaker order intake than expected”.

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