Green Street: Vestas keeps its poker face on while the transformation process continues

Vestas had its best poker face on when it reported its third-quarter financial results this week.

The Danish wind turbine manufacturer announced new cost-cutting measures, modified its guidance for the year and gave some colour on the uncertainties it faces as the end of 2012 approaches.

But once again, some of the big questions were declared out of bounds, leaving analysts and commentators to try to read the smoke signals.

Firstly, can Vestas make it through the current crisis, and how close are its bank lenders to forcing through a rights issue? Closely watched free-cash-flow figures were significantly worse than expected, coming in at a negative €142m Log in to read complete article.

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