18.08.04

18.8.2004: Meldung: Vestas A/S: Halbjahreszahlen (engl.)

Interim financial statement for the first half year 2004 (1 January – 30 June 2004)

The Board of Directors of Vestas Wind Systems A/S has today approved the unaudited interim financial statement for the Vestas Group for the period 1 January - 30 June 2004, which has been prepared in accordance with the accounting policies of the latest annual accounts. NEG Micon A/S is included in the interim financial statement with four months (1 March – 30 June 2004) as a consequence of the combination between Vestas Wind Systems A/S and NEG Micon A/S.


Turnover as expected and growth in MW deliveries of more than 25 per cent:

The Group"s net turnover for the first half year of 2004 amounts to mEUR 874 against mEUR 659 in the first half year of 2003. The turnover for the first half year of 2004 amounts to 34 per cent of the expected turnover for 2004 which is in accordance with expectations. Vestas’ deliveries in the first half year of 2004 totalled 974 MW compared to 766 MW in the same period of 2003 which is an increase of more than 25 per cent.

Loss before financial items and tax (EBIT) amounts to mEUR 39 against a profit of mEUR 9 in the first half year of 2003.

Pre-tax result is a loss of mEUR 54.

Expectations for turnover and result for the full year 2004:

As stated in stock exchange announcement No. 32/2004 of 9 August 2004 Vestas has reduced its expectations for turnover and result. This is due to a lower turnover as a result of the lacking adoption of the Production Tax Credit (PTC) scheme in the US.

Vestas now expects a turnover in the order of bnEUR 2.6 and an EBIT margin of approximately 6 per cent including the effect of expected cost synergies of mEUR 14, but before integration and restructuring costs and before goodwill amortisation arising from the combination with NEG Micon. The EBIT margin after integration and restructuring costs but before goodwill amortisation arising from the combination is expected to be approximately 4 per cent.

More detailed information concerning the company’s financial figures for the first half year of 2004 and the expectations for the full accounting year is included in the interim financial statement attached hereto. This announcement and the enclosed interim financial statement are available in Danish and English. In case of doubt, the Danish version shall apply.

In connection with the publication of the interim financial statement, Vestas will host a presentation meeting (including telephone conference and webcast) for investors, analysts and the press on Wednesday, 18 August 2004 at 3 p.m. (CET). The presentation meeting will be held in English and it will be possible to attend the meeting via Vestas’ website www.vestas.com as well as via the website of the Copenhagen Stock Exchange www.cse.dk. Interested parties from Denmark who wish to ask questions during the meeting may call tel. +45 7026 5040, interested parties from the rest of Europe may call tel. +44 20 7769 6432, and interested parties from the US may call tel. +1 877 203 9364.

Instant replay will be available via Vestas’ website www.vestas.com and the website of the Copenhagen Stock Exchange www.cse.dk.

Any questions may be addressed to the Executive Management of Vestas Wind Systems A/S, tel. +45 9730 0000.

Yours faithfully,
Vestas Wind Systems A/S
Bent Carlsen Svend Sigaard
Chairman of the Board of Directors President and CEO
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