LIVE: Vestas update meeting
Vestas executives are updating investors, analysts and the media this morning following release of the wind giant's 2013 annual report.
You can follow the main points here, and via @Rechargenews on Twitter. Robert Clover, director of Recharge Insight, our new analysis service, is at the event. He'll be chipping in here and tweeting @RobertClover.
The meeting is due to start in Copenhagen at 0930 CET. After a spate of announcements last night, including plans for a share issue that could raise about €450m ($608m) and news of the company's first quarterly profit for two years, all eyes will be on any strategy updates from recently-installed CEO Anders Runevad.
Recharge Insight director Robert Clover says investors will be particularly alert for any clues over what Vestas may do with the bounty from its share issue.
Robert Clover Tweeted: Analyst meeting starting in Copenhagen. Preliminary indications are that there are no plans to inject capital raised into offshore JV.
Anders Runevad is speaking now. Says the company employed just under 15,500 at the end of 2013 as part of the Vestas cost-saving programme.
Runevad says plans for JV with Mitsubishi are "on track".
Now CFO Marika Fredriksson has taken the floor.
She is showing how Vestas improved its Ebit despite lower revenues, with margin improvements in both wind turbines and the service business.
Net debt is now negative. "We have repayed our debt in the 12 months" "We are a debt-free company, a really, really great achievement."
Andrers Runevad back for his strategy update
Wind already on a par with gas in many countries. Planning on basis of wind market growth between 4% and 10% out to 2023.
Big installed base is a great asset for growing service business. New unit to be created for service business, reporting to Runevad.
Ambition is to grow faster than the market.
Strategic accounts looking for opportunities in new markets, Vestas can follow them.
Wants to grow the service business by more than 30%.
Vestas will continue focus on fixed costs and "not lose sight of all the good work done" in that area.
Vestas will move from a bi-yearly to a yearly strategy cycle.
CFO Marika Fredriksson is back again
Expects minimum €6bn revenue in 2014.
"We have now delivered a turnaround plan." Capital increase and bank facility will allow us to accelerate our strategic objectives.
And now its Runevad and the CFO for Q&As
Fredriksson: Ambition is to do more on cost-savings.
An analyst wants to know why Vestas is raising more cash.
Runevad: Customers rate financial stability as hugely important.
Robert Clover of Recharge Insightasks where Vestas sees growth in emerging markets:
Runevad: Sees promising signs in South Africa, Middle East, Lat Am. Big 3 remain India, China and Brazil.
Vestas must keep driving cost efficiency and reduce cost of energy for turbines relevant to those markets.
Clover asks Runevad if share issue proceeds indicate M&A plans, need to inject cash into offshore JV.
Runevad: "Strategy is based on organic growth. We're clear on that, we have not included any M&A, that is not the reason. There is no change to our JV with MHI."
Now Runevad is asked about his view of EU climate and energy policy announcements.
Runevad: "We are working hard to get further clarity...We'd like long-term targets that we can plan for."
Runevad stresses the flexibility of the new-look Vestas.
Robert Clover Tweeted: Vestas CEO - growth strategy will be further fleshed out on Cap Mkts day on 12/6/14 as "not much time today with results"
The press conference is now over.