Interim financial report, second quarter 2008 - No. 1 in Modern Energy: Financial guidance retained

Vestas generated second-quarter revenue of EUR 1,094m against EUR 1,067m in the second quarter of 2007, which was in line with expectations. EBIT rose from EUR 90m to EUR 92m, corresponding to an EBIT margin of 8.4 per cent, consistent with expectations. In the second quarter of 2007, the EBIT margin was also 8.4 per cent. Net working capital stood at EUR (53)m, or (1) per cent of expected annual revenue against 5 per cent the year before. Cash flow from operating activities rose by EUR 174m to EUR 222m. Vestas retains its forecasts for 2008, with 69 per cent of revenue being generated in the second half. The order backlog at 30 June 2008 amounted to EUR 7.2bn, an increase of 67 per cent relative to June 2007.

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