Denmark’s wind power giant Vestas returned its best-ever result in 2009 at EUR 800 million before tax or just under DKK 6 billion with a 10 percent increase in revenue to just under DKK 50 billion.

Nonetheless Vestas has lowered expectations for 2010 as orders have been slower than expected and most revenue will come in the latter half of 2010.

Fewer orders
Vestas says that order intake in 2009 was much lower than planned

“The year's order intake was significantly lower than originally planned, and orders were received much later in the year than expected. It is only now at the beginning of 2010, that the market for bank funding truly appears to be approaching a normal trend, although the banks are now far more critical and require much more documentation than they did previously,” Vestas says.

“We appreciate this trend, although it prolongs the contract negotiation process considerably, as it is clearly to the advantage of financially strong quality manufacturers such as Vestas and thus helps to mature our industry,” the company continues.

Last year’s result brings Vestas a step closer to its goal of achieving an EBIT margin of 15 per cent and revenue of EUR 15 billion no later than 2015.