Third quarter Vestas Wind Systems A/S. Copenhagen, 9 November Classification: Public

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1 Third quarter Vestas Wind Systems A/S Copenhagen, 9 November Classification: Public

2 Disclaimer and cautionary statement This document contains forward-looking statements concerning Vestas financial condition, results of operations and business. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning Vestas potential exposure to market risks and statements expressing management s expectations, beliefs, estimates, forecasts, projections and assumptions. A number of factors that affect Vestas future operations and could cause Vestas results to differ materially from those expressed in the forward-looking statements included in this document, include (without limitation): (a) changes in demand for Vestas products; (b) currency and interest rate fluctuations; (c) loss of market share and industry competition; (d) environmental and physical risks, including adverse weather conditions; (e) legislative, fiscal, and regulatory developments, including changes in tax or accounting policies; (f) economic and financial market conditions in various countries and regions; (g) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, and delays or advancements in the approval of projects; (h) ability to enforce patents; (i) product development risks; (j) cost of commodities; (k) customer credit risks; (l) supply of components; and (m) customer created delays affecting product installation, grid connections and other revenue-recognition factors. All forward-looking statements contained in this document are expressly qualified by the cautionary statements contained or referenced to in this statement. Undue reliance should not be placed on forward-looking statements. Additional factors that may affect future results are contained in Vestas annual report for the year ended 31 December (available at and these factors also should be considered. Each forward-looking statement speaks only as of the date of this document. Vestas does not undertake any obligation to publicly update or revise any forward-looking statement as a result of new information or future events other than as required by Danish law. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this document. 2 Third quarter (Public) 9 November,

3 Key highlights Solid performance in Increased order intake Order intake in the quarter reached 2,615 MW up 48 percent compared to Revenue of EUR 2,743m Revenue 9M of EUR 6,834m on par with EBIT of EUR 355m EBIT decreased 18 percent compared to Service revenue continues to increase Revenue increased 18 percent with an EBIT margin of 17.9 percent Free cash flow reached EUR 193m Free cash flow improved 25 percent year-on-year Outlook Guidance for adjusted mainly based on visibility for the remainder of the year 3 Third quarter (Public) 9 November,

4 Agenda Interim financial report, third quarter 1. Orders and markets 2. Financials 3. Outlook and questions & answers 4 Third quarter (Public) 9 November,

5 The wind power industry continues to evolve Market is transitioning quickly to more competitive tenders and auction systems Americas EMEA Asia Pacific PTC timing in USA Strong US demand driven by current PTC structure and competitiveness of wind Proposed House Tax legislation creating uncertainty And several auctions coming up in Latin America Auctions expected in Brazil and Mexico for Q4 Auctions recently completed in Bolivia and Chile Colombia expected to announce an auction in 2018 EU introducing auctions and discussing electricity market better adapted for RES First two of three total auctions in Germany in with high shares of citizen wind with longer realisation times, resulted in stricter rules for the first two rounds in 2018 Auction expected in France in Q4 And positive signals in MEA Steady growth and continued commitment, but coming from a low base 400 MW wind auction launched in Saudi Arabia results expected in early 2018 Continued commitment in China 13 th 5-year plan wind target of 210 GW cumulative installations by 2020 Curtailment being addressed in some markets India is uncertain Target of 60 GW by 2022 remains in place First auctions executed and three more expected before end of February 2018, although delays creating uncertainty And broader Asia Pacific region on the move Renewable targets in most markets Auction expected in Australia in Q As the market continues its transformation and as competition accelerates, Vestas maintains its global leadership position. Vestas remains committed to its strategy, and continues to lower the cost of energy and optimise products and service offerings. 5 Third quarter (Public) 9 November,

6 Increased order intake Order intake at 2,615 MW, with an average selling price of EUR 0.80m per MW in the quarter Order intake MW 4, Average selling price of order intake meur per MW ,769 2,049 2,667 2, Q4 Q1 Q2 Q4 Q1 Q2 Key highlights : order intake was 846 MW higher than in, an increase of 48 percent Mexico, USA, France, and UK were the main contributors to order intake in, accounting for approximately 60 percent Price per MW in negatively impacted by highly competitive markets, leading to price pressure Notwithstanding the competitive markets, price per MW depends on a variety of factors, i.e. wind turbine type, geography, scope, and uniqueness of the offering 6 Third quarter (Public) 9 November,

7 Strong order intake Order intake 9M increased 23 percent compared to 9M, mainly driven by developing markets Americas MW +48% EMEA MW -15% Asia Pacific MW 2,320 3,435 3,302 2, % 340 1,097 9M 9M 9M Increase primarily driven by strong order intake in USA, Mexico, and Argentina Strong order intake across Europe, primarily driven by Germany and Sweden Increased order intake in France, UK, and Denmark partly offsetting decline from 1 GW Statkraft order in Q1 Strong development in China, India, and Thailand Also good order intake in Australia, Mongolia, and South Korea 7 Third quarter (Public) 9 November,

8 Regional delivery split deliveries down 14 percent, mainly driven by the Americas Americas MW -17% EMEA MW -1% Asia Pacific MW 3,307 2,735-41% 1,733 1,025 2,6762, % +65% -20% 909 1, M 9M 9M Solid US market deliveries, albeit at a lower level Good activity in Brazil and Canada Strong development in Germany and France, driving increase in Increased deliveries in UK compensating for 9M drops in South Africa and Sweden Positive development in other Asia Pacific markets such as Mongolia, South Korea, and Japan in China and India remain fairly stable 8 Third quarter (Public) 9 November,

9 Order backlog remains at a high level Combined backlog of more than EUR 20bn Wind turbines: EUR 8.8bn Service: EUR 11.4bn EUR (0.3)bn* EUR +0.3bn* * Compared to Q2. 9 Third quarter (Public) 9 November,

10 JV continues positive development Firm and unconditional order for the 252 MW Deutsche Bucht project announced Since JV formation ~2.7 GW Announced FOI* Near-term project execution Walney Extension (UK) 330 MW V MW Borkum Riffgrund (DE) 450 MW V MW Aberdeen Bay (UK) 92.4 MW V MW Projects currently in progress ~2.5 GW Announced conditional & preferred supplier agreements* Key highlights Final installation of Rampion (UK) and Blyth (UK): the last V MW turbine installed in record low time, showing the great learning curve of the installation teams Announcement of the 252 MW Deutsche Bucht project as firm and unconditional * As at 9 November * Announced in Q4 Preferred supplier announcement of the 860 MW Triton Knoll (UK) and 950 MW Moray East* (UK) projects (V MW turbine) 9 November, 10 Third quarter (Public)

11 Agenda Interim financial report, third quarter 1. Orders and markets 2. Financials 3. Outlook and questions & answers 11 Third quarter (Public) 9 November,

12 Income statement Lower activity in resulting in weaker margins meur % change Revenue 2,743 2,903 (6)% Production costs (2,217) (2,312) 4% Gross profit (11)% SG&A costs* (171) (158) (8)% EBIT (18)% Income from investments in associates and joint ventures (18) (20) 10% Net profit (18)% Revenue decreased 6 percent, primarily driven by Power solutions segment; partly offset by higher revenue in Service Gross profit down by 1.2 percentage points, mainly driven by decreased volumes and lower average margins in the Power solution segment EBIT down by 18 percent, mainly driven by lower gross profit Gross margins 19.2% 20.4% (1.2)%-pts EBITDA margin 16.5% 18.2% (1.7)%-pts EBIT margin 12.9% 14.9% (2.0)%-pts * R&D, administration, and distribution. 12 Third quarter (Public) 9 November,

13 SG&A costs SG&A costs continue to be under control, providing leverage YoY SG&A costs (TTM)* meur and percent of revenue (0.3) %-pts SG&A costs slightly down YoY Relative to activity levels, SG&A costs amounted to 6.9 percent a decrease of 0.3 percentage points compared to 8.1% 7.7% 7.9% 7.8% 7.2% 6.9% 6.6% 6.7% 6.9% Relative to activity levels, SG&A costs saw an increase of 0.2 percentage points compared to Q2, primarily driven by distribution costs and lower revenue 2015 Q Q1 Q2 Q4 Q1 Q2 * R&D, administration, and distribution on trailing 12 months basis. 13 Third quarter (Public) 9 November,

14 Service Strong service performance driven by high activity levels Service revenue meur +18% Service revenue increased by 18 percent compared to, mainly driven by higher activity levels EBIT: EUR 66m EBIT margin: 17.9 percent 312 Service order backlog growth of EUR 0.3bn compared to Q2 Q4 Q1 Q2 14 Third quarter (Public) 9 November,

15 Balance sheet Balance sheet remains strong Assets (meur) Abs. change % change Non-current assets 2,778 2, % Current assets 7,784 6,780 1,004 15% Total assets 10,562 9,337 1,225 13% Liabilities (meur) Equity 3,163 3, % Non-current liabilities 1, % Current liabilities 6,286 5,278 1,008 19% Net cash position increased to EUR 2,609m Positive net working capital development of EUR 266m Total equity and liabilities 10,562 9,337 1,225 13% Key figures (meur) Interest bearing position (net) 2,609 2, % Net working capital (1,053) (787) (266) (34)% Solvency ratio (%) %-pts 15 Third quarter (Public) 9 November,

16 Change in net working capital Satisfactory net working capital management despite impact from high activity levels NWC change over the last 12 months meur NWC change over the last 3 months meur (306) 671 (787) (727) (11) 22 (226) (29) (1,053) 11 (1,053) (1,225) NWC end CCP* Other liabilities NWC end NWC end Q2 Inventories Prepayments Payables Receivables CCP* Receivables Inventories Prepayments Payables Other liabilities NWC end Improvement driven by prepayments, and trade payables mainly offset by higher inventory * Construction contracts in progress. Net working capital increased by EUR 172m in, due to higher activity levels Development mainly driven by timing of receivables and trade payables 16 Third quarter (Public) 9 November,

17 Warranty provisions and Lost Production Factor Warranty consumption and LPF continue at a low level Warranty provisions made and consumed meur Lost Production Factor (LPF) Percent Provisions made Q4 Q1 Q2 0 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec Sep Provisions consumed Warranty consumption increased, in line with past provisions made Warranty provisions made correlates with revenue in the quarter, corresponding to under 2 percent in LPF continues at a low level below 2.0 LPF measures potential energy production not captured by Vestas wind turbines 17 Third quarter (Public) 9 November,

18 Cash flow statement Solid underlying cash generation from operating activities; positive NWC development meur Abs. change Cash flow from operating activities before change in net working capital (70) Change in net working capital* (173) (295) 122 Cash flow from operating activities Cash flow from investing activities* (127) (113) (14) Free cash flow** Free cash flow improvement of EUR 38m, driven by changes in working capital partly offset by lower earnings and higher investments Higher cash outflow from financing activities due to acquisition of treasury shares, as per the announced share buy-back programme More than 50 percent of the share buy-back completed, the largest in Vestas history Cash flow from financing activities (177) (122) (55) Net decrease in cash and cash equivalents (17) * Change in net working capital in impacted by non-cash adjustments and exchange rate adjustments with a total amount of net EUR (1)m. ** Before investments in marketable securities and short-term financial investments. 18 Third quarter (Public) 9 November,

19 Total investments Total investments in line with expectations Total investments* meur Investments increased by EUR 14m compared to, primarily driven by tangible blade investments (99) Q4 Other acquisitions and divestments (12) Q1 Q2 Cash flow from investing activities * Before investments in marketable securities and short-term financial investments. 19 Third quarter (Public) 9 November,

20 Capital structure Net debt to EBITDA well below threshold; solvency ratio declined due to share buy-back Net debt to EBITDA xebitda (1.2) (1.8) Q4 (1.5) Q1 (1.4) (1.5) Q2 <1.0 Solvency ratio Percent Q Q Q Net debt to EBITDA, last 12 months Net debt to EBITDA, financial target Solvency ratio Solvency ratio, financial target range Net debt to EBITDA remains at low level of (1.5) in Solvency ratio of 29.9 percent in Decrease driven by share buy-back programme 20 Third quarter (Public) 9 November,

21 Return on invested capital ROIC at very high level of percent Return on invested capital (ROIC) Percent ROIC increased to percent in, an improvement of 290 percentage points compared to Development primarily driven by lower net invested capital due to working capital elements Q4 Q1 Q2 ROIC, last 12 months 21 Third quarter (Public) 9 November,

22 Agenda Interim financial report, Third quarter 1. Orders and markets 2. Financials 3. Outlook and questions & answers 22 Third quarter (Public) 9 November,

23 Outlook Outlook Revenue (bneur) EBIT margin before special items (%) Total investments (meur) (Before investments in marketable securities and short-term financial investments, and incl. proceeds of EUR 99m from sale of office building facilities.) approx. 400 Free cash flow (meur) (Before investments in marketable securities and short-term financial investments, and incl. proceeds of EUR 99m from sale of office building facilities.) The outlook is based on current foreign exchange rates. 23 Third quarter (Public) 9 November,

24 Q&A Financial calendar 2018: Disclosure of annual report and outlook for 2018 (7 February) Annual General Meeting in Aarhus (3 April) Disclosure of Q (4 May) Disclosure of Q (15 August) Disclosure of 2018 (7 November) 24 Third quarter (Public) 9 November,

25 Thank you for your attention Copyright Notice The documents are created by Vestas Wind Systems A/S and contain copyrighted material, trademarks, and other proprietary information. All rights reserved. No part of the documents may be reproduced or copied in any form or by any means - such as graphic, electronic, or mechanical, including photocopying, taping, or information storage and retrieval systems without the prior written permission of Vestas Wind Systems A/S. The use of these documents by you, or anyone else authorized by you, is prohibited unless specifically permitted by Vestas Wind Systems A/S. You may not alter or remove any trademark, copyright or other notice from the documents. The documents are provided as is and Vestas Wind Systems A/S shall not have any responsibility or liability whatsoever for the results of use of the documents by you.

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