Vestas Wind Systems A/S at a Glance

Uppers

  • The largest provider and manufacturer of wind turbines worldwide
  • Competitive salaries and comprehensive benefits package

Downers

  • Lack of demand and failure to meet sales targets has resulted in thousands of layoffs
  • Some insiders believe the company is disorganized with poor leadership from management

The Bottom Line

  • Denmark-based Vestas Wind Systems is the largest international developer, provider and manufacturer of wind turbines with a goal of working toward providing the world with wind-generated energy; however, it has failed to reach shorter term financial goals which has resulted in repeat layoffs in the tens to the thousands.

About Vestas Wind Systems A/S

Vestas believes the answer to the world's energy needs is "blowin' in the wind." Vestas Wind Systems and its subsidiaries manufacture and sell land-based and offshore wind turbines used to produce electricity. In all, Vestas has installed about 54,000 wind turbines in more than 70 countries. Besides installation, Vestas, the world's largest manufacturer of wind turbines, also maintains more than 21,500 turbines with a capacity of 38,000 MW, for customers that include more than 200 energy and utility companies. Vestas has served EDP RenováveisE.ON, and in the US, Enel North America and Noble Environmental Power. Vestas generates more than 50% of its sales in Europe and Africa.

Geographic Reach

Vestas has offices in 24 countries and five regional sales business units; Northern Europe; Central Europe; Americas; Mediterranean; and Asia/Pacific and China.

Operations

The company on behalf of its customers has installed wind turbines in more than 70 countries across six continents. Its products have generated more than 64,000 MW of installed wind power and more than 42,000 MW under service globally. The US is its largest market.

Financial Performance

In 2014 Vestas' revenues increased by 14% due to higher activities worldwide.

The company has maintained a positive trend in net income since 2012. In 2014 the Vestas' net income increased by 578% due to higher revenues, lower expenses, and gains from the establishment of an offshore joint venture. These gains were partially offset by increase in administrative expenses and income taxes.

In 2014 Vestas' operating cash flows decreased by 10%, due to smaller improvements in working capital.

Strategy

The company is focused on reducing energy costs, along with growing the service business by more than 30% in the mid‐term; and growing profitably in mature and emerging markets.

Vestas' strategy includes focusing on offshore wind power, which entails the largest development project in the Vestas' history, the new V164-7.0 MW offshore turbine, which DONG Energy has ordered for testing. Another important part of Vestas' strategy is the Key Account Management group, which includes the appointment of account managers for all key customers. The company credits the group with obtaining an agreement for about 2,000 MW with EDF. The group also scored a 550-plus MW order from E.ON. The company has additionally established the Global Solutions and Services group for pre-sales and aftermarket services and a Power Plant Solutions group to provide planning and other services for the integration of wind energy with the power grid.

Company Background

Vestas, which began manufacturing wind turbines in 1979, traces its roots back to the 19th century.

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Vestas Wind Systems A/S

Hedeager 42
Aarhus, Midtjylland 8200
Phone: 45 9730-0000
Fax: 45 9730-0001
www.vestas.com

Stats

  • Employer Type: Public
  • President and CEO: Anders Runevad
  • Chairman: Bert Nordberg
  • President and CEO: Anders Runevad

Major Office Locations

  • Aarhus, Midtjylland

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