Vestas Wind Systems A/S engages in the design, manufacture, installation, and services of wind turbines the United States, the United Kingdom, Denmark, and internationally. The company operates in two segments, Power Solutions and Service. The Power Solutions segment offers onshore and offshore wind power plants, wind turbines, development sites, etc. The Service segment engages in the sale of service contracts, spare parts, and related activities. The company was founded in 1898 and is headquartered in Aarhus, Denmark.

Vestas Wind Systems A/S

MHI Vestas Offshore Wind

UpWind Solutions, Inc.

Vestas 11th Hour Racing

Vestas is the energy industry’s global partner on sustainable energy solutions. We design, manufacture, install, and service wind turbines across the globe, and with +154 GW of wind turbines in 87 countries, we have installed more wind power than anyone else.

Through our industry-leading smart data capabilities and +132 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 29,000 employees are bringing the world sustainable energy solutions to power a bright future.

European Investment Bank

Vestas

Transforming our sustainability strategy to action. That’s what our sustainability rankings highlight, and that’s why we’re proud of:

◾  Our continued inclusion in the Dow Jones Sustainability World Index (#DJSI) and CDP’s Climate Change Leadership band (#CDP), highlighting our progress within environmental, social and governance responsibility.

◾  Being named best performing wind turbine manufacturer in the 2023 Renewable Energy & Human Rights Benchmark, evidencing our commitment to integrating human rights into the way we do business.

As the world’s largest wind turbine manufacturer and service provider, we play a fundamental role in transforming the global energy system to be powered by renewable energy. However, it is paramount that we ensure this transformation happens in a sustainable way. 

“Together with our strategic partners, we’re committed to sustainability and the global energy transition. Our recent recognitions confirm that we are on the right track to lead this transition. I am pleased to see our progress so far, and I look forward to advancing driving our sustainability commitments and priority projects”, says Lisa Ekstrand, Vice President, and Head of Sustainability at Vestas.

Gain more insights on how we’re delivering on our ambitious sustainability strategy. Read our recently launched Sustainability Report: https://brnw.ch/21wH229

#Sustainability #HumanRights



In 2023, we maintained our leading position in wind power with 177 GW of total installed power capacity. We also returned to profitability, driven by strong progress in Manufacturing & Construction. 

To build operational readiness, in 2023 we: 
◾ Advanced on offshore wind by laying the foundation stone at our nacelle and hub factory in Poland and announcing our intention to build a second blades factory in the country.
◾ Announced a $40 million investment in the USA to manufacture the V163-4.5 MW onshore turbine, strengthening our established Colorado onshore manufacturing footprint. 
◾ Achieved 25% material efficiency improvements in 2023 due to continuous improvement in our factories' recycling processes.
◾ Avoided landfilling 250 blades by repairing and reintroducing them into the supply chain and recycled 188 blades through blade shredding and material reuse.

All these developments illustrate how we spur economic growth, create even more green jobs, and increase energy security - while still infusing sustainability across our efforts.  

We are proud to continue supporting global climate goals by leading the expansion of wind energy. Read more about our performance: https://brnw.ch/21wGZCW and https://brnw.ch/21wGZCV

Rendering image: Courtesy of Vestas Wind Systems A/S. The 3D rendering is a preliminary image that may differ from the final appearance of the facility. 


Solid growth and profitability for Vestas in 2023. That's what Service helped push forward, with an ongoing focus on efficiency and scalability.
 
Key highlights from last year include:
◾ 152 GW across more than 50,000 turbines under Service
◾ 15,000 colleagues across 77 countries
◾ Record high Service backlog of EUR 34.1 bn
◾ Progress on decarbonising our Service fleet by pioneering the first CTV powered by 100% bio-methanol and transitioning to electric vehicles
 
We're proud to solidify our position as the largest Service business in the industry, providing resilience and stability in a constantly evolving environment.

Going forward, we remain focused on delivering our promises to our customers and strengthening the global energy system.
 
Read more:  https://brnw.ch/21wGXDH and https://brnw.ch/21wGXDF

Our people define Vestas as a company, and we strive to be the employer of choice in the renewables industry.  In 2023, we focused on different initiatives to attract, develop, and retain the best talent. Highlights include:

◾ An all-time high of 15,000 applications for our Global Graduate Programme  
◾ Mandatory Inclusive Leadership Training for all our people managers marking progress in our Diversity, Equity, Inclusion and Belonging journey
◾ Continued strategic focus on talent mobility and succession plans 

With this, we ensure future-proofing Vestas.

Read more in our annual report 2023: https://brnw.ch/21wGVlM

Partnerships allow us to unlock value, distribute risks, collaborate better and scale faster. In 2023, it has served as a catalyst toward our return to profitability and helped us progress within sustainability. 

Examples include: 
◾ 18.4 GW record breaking order intake
◾ Two giga project partnerships with trusted long-term customers in Brazil and the USA
◾ Strategic sustainability partnerships to drive offerings such as circular blades and low-emission steel forward 

We look forward to a continued focus on partnerships, and together, paving the way for a sustainable energy industry and planet.

Read more about our performance in 2023: https://brnw.ch/21wGTPT and https://brnw.ch/21wGMxt

	Dec '14	Dec '15	Dec '16	Dec '17	Dec '18	Dec '19	Dec '20	Dec '21	Dec '22	Dec '23
net income	392M -	685M 74.74%	965M 40.88%	894M 7.36%	683M 23.60%	700M 2.49%	771M 10.14%	176M 77.17%	-1.57B 993.18%	78M 104.96%
depreciation and amortization	377M -	305M 19.10%	405M 32.79%	421M 3.95%	458M 8.79%	546M 19.21%	684M 25.27%	989M 44.59%	1.09B 10.01%	789M 27.48%
deferred income tax	31M -	62M 100%	378M 509.68%	98M 74.07%	-1M 101.02%	-1M 0%	-42M 4,100%	-199M 373.81%		-78M -
stock based compensation	5M -	8M 60%	12M 50%	18M 50%	18M 0%	25M 38.89%	16M 36%	13M 18.75%	7M 46.15%	34M 385.71%
change in working capital	260M -	397M 52.69%	388M 2.27%	162M 58.25%	-169M 204.32%	-437M 158.58%	-588M 34.55%	9M 101.53%	-192M 2,233.33%	33M 117.19%
accounts receivables						127M -	-843M 763.78%	122M 114.47%	836M 585.25%
inventory						-1.20B -	200M 116.65%	-705M 452.50%	-763M 8.23%
accounts payables
other working capital						637M -	55M 91.37%	592M 976.36%	-265M 144.76%
other non cash items	61M -	15M 75.41%	33M 120%	32M 3.03%	32M 0%	-10M 131.25%	-98M 880.00%	8M 108.16%	474M 5,825%	171M 63.92%
net cash provided by operating activities	1.13B -	1.47B 30.73%	2.18B 48.17%	1.63B 25.49%	1.02B 37.17%	823M 19.39%	743M 9.72%	996M 34.05%	-195M 119.58%	1.03B 626.67%
investments in property plant and equipment	-278M -	-368M 32.37%	-489M 32.88%	-491M 0.41%	-607M 23.63%	-776M 27.84%	-688M 11.34%	-876M 27.33%	-819M 6.51%	-892M 8.91%
acquisitions net		-55M -	-149M 170.91%	-15M 89.93%	-4M 73.33%	38M 1,050%	247M 550%	-113M 145.75%	-40M 64.60%	57M 242.50%
purchases of investments			-200M -	-8M 96%		-303M -	-1M 99.67%	-13M 1,200%		-19M -
sales maturities of investments			202M -	-215M 206.44%		546M -	174M 68.13%	400M 129.89%	119M 70.25%	3M 97.48%
other investing activites	-7M -	-2M 71.43%	-181M 8,950%	322M 277.90%	8M 97.52%	4M 50%	1M 75%	-337M 33,800%	61M 118.10%	69M 13.11%
net cash used for investing activites	-285M -	-425M 49.12%	-817M 92.24%	-407M 50.18%	-603M 48.16%	-491M 18.57%	-267M 45.62%	-939M 251.69%	-679M 27.69%	-782M 15.17%
debt repayment		-604M -	-4M 99.34%			-8M -	-37M 362.50%	-960M 2,494.59%	-713M 25.73%	-221M 69.00%
common stock issued	432M -	40M 90.74%	11M 72.50%	1M 90.91%				507M -
common stock repurchased	-43M -	-176M 309.30%	-417M 136.93%	-697M 67.15%	-402M 42.32%	-201M 50%		-12M -		-11M -
dividends paid		-116M -	-201M 73.28%	-278M 38.31%	-250M 10.07%	-197M 21.20%	-209M 6.09%	-228M 9.09%	-50M 78.07%
other financing activites		496M -			13M -	39M 200%	12M 69.23%	-22M 283.33%	1.61B 7,413.64%	975M 39.40%
net cash used provided by financing activities	389M -	-360M 192.54%	-611M 69.72%	-974M 59.41%	-639M 34.39%	-367M 42.57%	-234M 36.24%	-715M 205.56%	846M 218.32%	743M 12.17%
effect of forex changes on cash	94M -	64M 31.91%	32M 50%	-141M 540.63%	-27M 80.85%	5M 118.52%	-67M 1,440%	15M 122.39%	-14M 193.33%	-48M 242.86%
net change in cash	1.32B -	751M 43.28%	785M 4.53%	103M 86.88%	-735M 813.59%	-30M 95.92%	175M 683.33%	-643M 467.43%	-42M 93.47%	940M 2,338.10%
cash at beginning of period	690M -	2.01B 191.88%	2.77B 37.29%	3.55B 28.39%	3.65B 2.90%	2.92B 20.12%	2.89B 1.03%	3.06B 6.06%	2.42B 20.99%	2.38B 1.74%
cash at end of period	2.01B -	2.77B 37.29%	3.55B 28.39%	3.65B 2.90%	2.92B 20.12%	2.89B 1.03%	3.06B 6.06%	2.42B 20.99%	2.38B 1.74%	3.32B 39.53%
operating cash flow	1.13B -	1.47B 30.73%	2.18B 48.17%	1.63B 25.49%	1.02B 37.17%	823M 19.39%	743M 9.72%	996M 34.05%	-195M 119.58%	1.03B 626.67%
capital expenditure	-278M -	-368M 32.37%	-489M 32.88%	-491M 0.41%	-607M 23.63%	-776M 27.84%	-688M 11.34%	-876M 27.33%	-819M 6.51%	-892M 8.91%
free cash flow	848M -	1.10B 30.19%	1.69B 53.26%	1.13B 32.98%	414M 63.49%	47M 88.65%	55M 17.02%	120M 118.18%	-1.01B 945.00%	135M 113.31%

COM:VESTAS

Vestas Wind Systems A/S

Last Close

99.48

25/11 09:40

Market Cap

164.65B

Beta: -

Volume Today

1.08M

Avg: -

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