Financial and operational key figures mEUR 2020 2019 FINANCIAL HIGHLIGHTS INCOME STATEMENT Revenue 14,819 12,147 Gross profit Operating profit before amortisation, depreciation and impairment losses (EBITDA) before special items 1,538 1,391 1,761 1,550 Operating profit (EBIT) before special items Operating profit before amortisation, depreciation and impairment losses (EBITDA) 750 1,382 1,004 1,550 Operating profit (EBIT) 698 1,004 Net operating profit after tax (NOPAT) 619 773 Net financial items (95) (98) Profit before tax 934 909 Profit for the year 771 700 BALANCE SHEET Balance sheet total 18,160 14,331 Equity 4,703 3,345 Investments in property, plant and equipment 379 451 Net working capital (1,127) (1,583) Capital employed 6,057 4,165 Interest-bearing position (net), at the end of the period 1,920 2,452 Interest-bearing debt, at the end of the period 1,354 820 CASH FLOW STATEMENT Cash flow from operating activities 743 823 Cash flow from investing activities before acquisitions of subsidiaries and financial investments (659) (729) Free cash flow before acquisitions of subsidiaries and financial investments 84 94 Free cash flow FINANCIAL RATIOS¹ ) 476 332 FINANCIAL RATIOS Gross margin (%) 10.4 14.5 EBITDA margin (%) before special items 9.4 12.8 EBIT margin (%) before special items 5.1 8.3 EBITDA margin (%) 9.3 12.8 EBIT margin (%) 4.7 8.3 Return of capital employed (ROCE) (%) 13.5 19.7 Net interest-bearing debt/EBITDA before special items (1.4) (1.6) Solvency ratio (%) 25.9 23.3 Return on equity (%) 21.4 22.1 SHARE RATIOS Earnings per share (EUR) 3.9 3.6 Book value per share (EUR) 23.3 16.8 P/E ratio 49.6 25.4 Dividend per share (EUR) 1.14²) 1.06 Payout ratio (%) 30.0²) 30.0 Share price at the end of the period (EUR) 193.5 90.1 Number of shares at the end of the period OPERATIONAL KEY FIGURES³ ) 201,973,452 198,901,963 Order intake (bnEUR) 12.7 13.8 Order intake (MW) 17,249 17,877 Order backlog – wind turbines (bnEUR) 19.0 16.0 Order backlog – wind turbines (MW) 24,630 20,974 Order backlog – service (bnEUR) 23.9 17.8 Produced and shipped wind turbines (MW) 17,055 12,618 Produced and shipped wind turbines (number) 5,239 4,185 Deliveries (MW) 17,212 12,884 2018 10,134 1,631 1,394 959 1,379 921 719 (51) 910 683 11,899 3,104 312 (2,040) 3,602 3,046 498 1,021 (603) 418 (69) 16.1 13.8 9.5 13.6 9.1 20.4 (2.2) 26.1 22.6 3.4 15.1 19.3 1.00 30.0 65.9 205,696,003 10.6 14,214 11.9 15,646 14.3 10,676 3,729 10,847 2017 9,953 1,963 1,651 1,230 1,651 1,230 923 2 1,192 894 10,871 3,112 268 (1,984) 3,609 3,359 497 1,625 (407) 1,218 1,218 19.7 16.6 12.4 16.6 12.4 25.1 (2.0) 28.6 28.1 4.2 14.4 13.6 1.24 29.9 57.6 215,496,947 8.9 11,176 8.8 11,492 12.1 11,237 4,241 8,779 2016 10,237 2,126 1,826 1,421 1,826 1,421 1,066 (33) 1,287 965 9,931 3,190 304 (1,941) 3,686 3,255 496 2,181 (617) 1,564 1,364 20.8 17.8 13.9 17.8 13.9 30.8 (1.8) 32.1 32.6 4.4 14.4 14.0 1.31 30.0 61.7 221,544,727 9.5 10,494 8.5 9,530 10.7 9,957 4,264 9,654 1)The ratios have been calculated in accordance with the guidelines from “Finansforeningen” (The Danish Finance Society) (Recommendations and Financial ratios). 2)Based on proposed dividend. 3)The order backlog for Vestas Offshore Wind A/S (former MHI Vestas Offshore Wind A/S) is included as at 31 December 2020. The remaining operational key figures include Vestas Offshore Wind A/S for the period 14 December 2020 to 31 December 2020. 006 Vestas Annual Report 2020
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