Vestas booked a profit before EBITDA in 2016 of €1.8bn, up from €1.2bn in 2015, and hailed the last 12 months as a “record year”.
The Danish turbine giant recorded strong gains on a number of key financial indicators including revenue at €10.2bn up from €8.4bn and gross profit at €2.1bn from €1.5bn in annual results published today.
Vestas also swelled its order intake with a shave under 10.5GW confirmed during the year compared with 8.9GW in 2015.
The value of the company’s service orders is also now worth €10.7bn, up €1.8bn on the year-ago period.
“I am extremely pleased with Vestas’ 2016 performance, delivering a record year on revenue, EBIT margin, net profit, free cash flow, order intake, and combined order backlog,” said chief executive Anders Runevad.
“Deliveries are up more than 29% year-on-year, while costs remained tightly under control. All regions contributed to the strong results, demonstrating once again the power of Vestas’ global reach.”
This year Vestas expects a drop in revenue to remain in the same region between €9.25bn and €10.25bn and to achieve an EBIT margin before special items of 12% to 14% with the service EBIT margin remaining stable.
Meanwhile, Solstra Capital Partners and Sampension will buy the two Vestas headquarters buildings at Hedeager 42 and Hedeager 44 in Aarhus. The turbine manufacturer will lease back Hedeager 42 in its entirety and parts of Hedeager 44.
Image: Vestas
