Vestas sets new profit record
OFFSHORE: With a total sale of 45 billion DKK and a profit, which grew by 76 percent to 3.8 billion DKK, 2008 was the best year so far for the Danish windmill giant. And within the next 10 years, things will speed up, Vestas notifies.
After the best fourth quarter ever, Vestas' balance sheet not only outdid the company's own expectations, but also those of the entire market. And the order book I filled. "Despite of the financial crisis, which has increased the cost of, and even prevented many projects, the order intake rose by 406 MW to 6019 MW", it appears from the balance sheet.
Within the coming months, Vestas will introduce two new windmills - firstly a V112-3.0 MW mill and shortly after a V100-1.8 mill.
The marketing of the new windmills begins now and the first mills will be ready for delivery in 2010, Vestas states in the annual report.
"Vestas expects that the installed wind power capacity on average will grow by app. 20 percent annually in the coming 10 years, partly because wind power do not use water or discharges CO2 in the production of electricity", the report states.
Vestas expects that wind power will provide at least 10 percent of the world's electricity by 2020.
Even though Vestas delivers a balance sheet, which is profoundly better than expected, the company's shareholders should not expect to get a part of the profit,
"The board will put forward at the general meeting that there will not, due to the large investments and the need for a strong financial readiness, be paid dividend for 2008" it says in the balance report.
Source: euroinvestor.dk
