Vestas meets expectations with 14 pct rise in 2014 revenue

Danish wind turbine manufacturer Vestas fulfilled its announced expectations for 2014 with a 14 percent rise in revenue, the company said here on Wednesday.

Overall revenue amounted to 6.9 billion euros (7.8 billion U.S. dollar) in 2014, up 14 percent from that in 2013, the company said in its annual financial statement.

The company made a profit of 523 million euros before tax for the full year 2014, as compared to a loss of 36 million euros for the same period last year. The company's financial situation "was all in line with the latest expectations," Vestas said.

The wind turbine order intake was 6,544 megawatts in 2014, which was 10 percent higher than the year before.

The year 2014 was the first year in the implementation of Vestas' new strategic plan for profitable growth. The company said the general performance substantially improved in 2014 due to the successful execution of this plan, combined with a continued focus on the parameters which were at the center of the previous turnaround plan.

"I'm pleased to see that Vestas' financial performance continues to improve, with solid results on all key financial and operational parameters. One year on, the 'Profitable Growth for Vestas' strategy is very much on track," said Vestas president and CEO Anders Runevad in the statement.

For the first time since 2002, the board of directors recommended that a dividend of 3.9 Danish krone per share, equivalent to 29.5 percent of the net profit for the year, be distributed to the shareholders.

In 2015, Vestas expects revenue to amount to a minimum of 6.5 billion euros, with an EBIT operating margin, or earnings before sales and before special items, of at least 7 percent.

Free cash flow in 2015 is expected to be minimum 400 million euros, with annual total investment forecast of approximately 300 million euros. (1 euro = 1.13 U.S. dollar) Enditem