Categorized | Finance, Wind Energy

Vestas profits up to €925 million in 2015

Vestas pre-tax profits increased by 75% in its 2015 financial year on the back of a strong order intake totalling almost 9GW.

Danish manufacturer posted full year 2015 pre-tax profits of €925m, up from €523m in 2014, on the back of €8.4bn in revenues.

The latter figure was up from €6.9bn in 2014 while the EBIT margin was 10.2%. Net profits were €685m compared with €392m in 2014.

Vestas’ investments for the year totalled €425 million and included the acquistion of servicing firm UpWind Solutions in the US. For 2016, investments are expected to increase to €500 million, including the €88 million deal to buy German servicing specialist Availon, announced in January:

“The activity level and earnings were driven by the stable execution of strong order books for wind turbines and service, both of which continued to grow during the year as a result of solid execution and a favourable market environment”, the company said.

Chief executive Anders Runevad also commented these figures saying the company posted its highest ever net profit and a achieved a record order intake “across 34 countries on five continents, which bodes well for continued high activity levels in 2016”.

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