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ENERGY

Vestas raises forecast after record order intake

Danish wind turbine maker Vestas Wind Systems on Wednesday raised its full-year guidance after posting an 18 percent revenue rise in a "historically strong first quarter" that saw orders rise to record levels.

Published: 6 May 2015 13:35 CEST
Vestas raises forecast after record order intake
Vestas reported its highest intake of orders ever. Photo: Claus Fisker/Scanpix
Vestas's revenue rose 18 percent to 11.3 billion kroner (1.52 billion euros, $1.7 billion) in the first quarter as the group reported its highest order intake ever in the January to March period.
 
Together with a strengthening US dollar, the 47 percent increase in orders prompted the group to raise its yearly revenue forecast to 7.5 billion euros, up from a previous estimate of 6.5 billion.
 
"This has been a historically strong first quarter on revenue, margins, order intake, and return on invested capital," chief executive Anders Runevad said in a statement.
 
Net profit jumped to 56 million euros from two million euros, partly due to a fall in losses on financial items.
 
The results were "strong across the board," Sydbank analyst Jacob Pedersen told news agency Ritzau, adding that he thought the company would post "record results" for the year.
 
Shares in Vestas were 3.1 percent higher in midday trading on the Copenhagen bourse, where the main index was down by 0.3 percent.

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BUSINESS

France’s EDF hails €10billion profit, despite huge UK nuclear charge

French energy giant EDF has unveiled net profit of €10billion and cut its massive debt by increasing nuclear production after problems forced some plants offline.

Published: 16 February 2024 10:45 CET
France's EDF hails €10billion profit, despite huge UK nuclear charge

EDF hailed an “exceptional” year after its loss of €17.9billion in 2022.

Sales slipped 2.6 percent to €139.7billion , but the group managed to slice debt by €10billion euros to €54.4billion.

EDF said however that it had booked a €12.9 billion depreciation linked to difficulties at its Hinkley Point nuclear plant in Britain.

The charge includes €11.2 billion for Hinkley Point assets and €1.7billion at its British subsidiary, EDF Energy, the group explained.

EDF announced last month a fresh delay and additional costs for the giant project hit by repeated cost overruns.

“The year was marked by many events, in particular by the recovery of production and the company’s mobilisation around production recovery,” CEO Luc Remont told reporters.

EDF put its strong showing down to a strong operational performance, notably a significant increase in nuclear generation in France at a time of historically high prices.

That followed a drop in nuclear output in France in 2022. The group had to deal with stress corrosion problems at some reactors while also facing government orders to limit price rises.

The French reactors last year produced around 320.4 TWh, in the upper range of expectations.

Nuclear production had slid back in 2022 to 279 TWh, its lowest level in three decades, because of the corrosion problems and maintenance changes after
the Covid-19 pandemic.

Hinkley Point C is one of a small number of European Pressurised Reactors (EPRs) worldwide, an EDF-led design that has been plagued by cost overruns
running into billions of euros and years of construction delays.

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