Due to the outbreak of Covid-19, Vestas has decided to suspend its expectations for 2020, Vestas said in a press release.
Since the outbreak of Covid-19, Vestas has implemented measures to protect employees and limit the impact of the coronavirus pandemic on Vestas' operations, but the global spread of the virus and the national measures introduced to contain it have led to disruptions in Vestas' production, supply chain and installations.
Preliminary figures indicate that the first quarter result is at the expected level, as well as the total order intake for the first quarter of 3.3 GW, which is in line with expectations for 2020, but due to the great uncertainty, especially regarding the duration of the pandemic and the full extent of its consequences on a global scale, Vestas is suspending its full-year expectations.
- The situation is changing from day to day and my colleagues' ability to quickly adapt and submit to extensive safety measures has been absolutely essential to keep the first quarter results in line with expectations. Unfortunately, we continue to see a spread of the pandemic, and without a clear forecast for when important wind energy markets such as the USA, Brazil and India will recover, we are suspending our expectations due to the lack of visibility for the rest of the year, says Henrik Andersen, Group President & CEO.
The proposed dividend for 2019 will not be affected by the decision to suspend expectations.
The company will continue to monitor the situation closely and develop and implement contingency plans as the pandemic evolves.
The production facilities in China are back in normal operation and Vestas is working to mitigate the impact of lost production time through the company's global production setup, including utilizing the capacity in China to address challenges in other parts of the world where restrictions and disruptions are increasingly being seen.
As soon as the company assesses that it is able to provide new estimates for the results for the full year, Vestas will publish updated expectations.
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