Danish wind turbine manufacturer Vestas Wind Systems
A/S (VWS.KO) said Wednesday its first quarter net loss narrowed slightly as its
turnaround efforts continue according to plan, and maintained its full-year
guidance.
MAIN FACTS:
-"The
Vestas turnaround continues according to plan and...results are becoming
increasingly visible," said CEO Ditlev Engel
-"For the first time in five years, we were able to free up liquidity by
reducing the net working capital during the first quarter. This development was
the major contributor to our substantial free cash flow improvement."
-Vestas maintains its full year guidance, expecting shipments of 4-5 GW,
revenue of at least EUR5.5 billion and Ebit margin before special items of at
least 1%.
-Free cash flow is still expected to be positive in 2013 after it increased by
EUR235 million in 1Q to a loss of EUR60 million. It was a loss of EUR295
million in 1Q 2012.
-Order intake in the first quarter was 644 MW, down by 49% from last year's
1,269 MW.
-Turbine order backlog was EUR7 billion at the end of March 2013, down 30% from
last year's EUR10 billion.
-Vestas produced and shipped 613 MW in 1Q, down 34% from a year earlier.
-Net loss narrowed to EUR151 million, from a net loss of EUR162 million a
year-earlier and against analysts' expectations for a net loss of EUR92.8
million.
-Revenue fell to EUR1.1 billion, beating analyst's expectations of EUR1.08
billion. Ebit loss narrowed to EUR122 million from EUR245 million. Analysts had
expected a loss of EUR101.3 million.
-The development of the V164-8.0 MW turbine continues, with installation of the
first prototype now expected to take place in 1Q 2014 - a quarter earlier than
previously expected.
-There are no plans to invest in new production facilities, and thus
investments in property, plant and equipment are expected to be around EUR150
million.
-Still expects to further reduce the number of employees during 2013 with the
year-end number of employees expected to be no more than 16,000, as perviously
announced.
-At 0734
GMT shares traded 6.6% higher at DKK56.40.