Wednesday, 8 February 2012

Vestas, the world´s biggest wind-turbine manufacturer, makes huge loss

Now No. 1 loss maker

Vestas, the world´s biggest wind-turbine manufacturer, today delivered a terrible result for 2011, with an annual loss four times wider than analysts had estimated:

Three members of wind turbine maker's board, including chairman, announce their departure after declaring billion kroner loss 

Wind turbine maker Vestas suffered pretax losses of 1.1billion kroner in 2011, far higher than the 450 million kroner loss which was expected.
The numbers were announced on Wednesday and were followed by the news that chairman Bent Erik Carlsen, his deputy chairman, and the company's head of finance will leave after the annual general meeting in March.
The company had already lowered its earnings forecast, but after the loss turned out to be almost triple what was expected, the company has now decided not to publish its expected number of orders for coming years.
“After input from several of the company’s large shareholders, we have decided to reduce the number of parameters that Vestas publishes information about in 2012,” the company said in a press release.
Vestas share prices tumbled almost 15 percent overnight, wiping about two billion kroner off the company’s value.

This comment to the article in the Copenhagen Post pretty well describes what has been happening in Denmark:

According to our current government, this is where the future growth of DK should be--green energy sources.......The government hates other industries and has done everything to ruin them such as high energy costs (greenhouses), NOx fees (cement), over the top animal rights and pesticide legislation (meat and farming), high petrol taxes, environmental zones (transport). The only growth I can see will be an increase in border shopping in Germany and Sweden.   

No comments: