0583 Renewable Energy Equipment

Vestas Wind Systems A/S Period End 31 December 2010

Vestas Wind Systems A/S Annual Report 2010
Change in revenue recognition policy significantly reduces prior year profit and equity
Danish wind turbine manufacturer Vestas Wind Systems changes its policies to delay the timing of recognising revenue from supply-and-installation projects and to record warranty provisions at an earlier time and the resultant restatements of prior year comparatives reduce pre-tax profit by 75% and equity by 24%.

Restructuring costs reduce profit by 40%
Danish wind turbine manufacturer Vestas Wind Systems records €158 million costs on a restructuring, mainly relating to impairments and staff costs, and reports them as a separate line item titled “one-off costs”.

Vestas Wind Systems A/S Period End 31 December 2009

Intra-group eliminations not shown in reconciliation of segmental profit
Danish Vestas Wind Systems eliminates intra-group items in its reconciliations to consolidated figures of segmental revenue and assets but not in that of profit.