Vestas net profit of 771 million euro

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In a challenging year, Vestas revenue increased while earnings decreased in 2020, and free cash flow stayed at around the same level. For 2021, Vestas expects revenue to range between EUR 16bn and 17bn, including service revenue, which is expected to grow by approx. 15 percent.

“In 2020 Vestas continued to play a key role in the fight against climate crisis, and we met our revised guidance on all parameters, leading the industry on revenue, order intake, and profitability despite COVID-19 affecting all parts of our value chain. In this environment, we achieved more than 17 GW of deliveries and bolstered our total order backlog to an all-time high of EUR 43bn through strong order intake, service growth, and the re-integration of offshore wind. Service performance was once again very strong with a 10 percent increase in revenue year-over-year and record EBIT margin of 28 percent”, says Henrik Andersen, Group President & CEO.

“Group profitability was negatively impacted by warranty provisions and increased execution costs. In addition to acquiring MHI Vestas Offshore Wind, Vestas also made strategic strides to increase our presence across the value chain, including establishing a dedicated development business unit, launching the largest turbine in offshore wind”, says Henrik Andersen.

“To position Vestas strongly for future growth and profitability, our focus in 2021 will be to fully integrate offshore and address executional challenges”,

As a result of the performance in 2020, the Board of Directors of Vestas Wind Systems A/S proposes to the Annual General Meeting that a dividend of DKK 8.45 per share be distributed to the shareholders, compared to DKK 7.93 last year, and equivalent to 30.0 percent of the net profit for the year.

Source: Vestas