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1、Annualreport2009Vestasannualreport2009VestasWindSystemsA/SAlsvej21DK-8940RandersSVDenmarkTel:+4597300000Fax:+4597300001vestas@vestas.comvestas.comvestas.comVestasannualreport2009ManagementreportVestasannualreport2009004StrongfoundationforTriple15Non-financialis
2、sues006FinancialhighlightsfortheGroup007Non-financialhighlightsfortheGroup009Overview014Managementreport030Corporategovernance050Non-financialissues064Consolidatedaccounts120AnnualaccountsforVestasWindSystemsA/S131Shareholdersandthestockexchange136Informationab
3、outthecompany138IndexConsolidatedaccountsThisannualreportisavailableinDanishandEnglish.Incaseofdoubt,theDanishversionshallapply.VestasWindSystemsA/SStrongfoundationforTriple15In2009,Vestasincreaseditsrevenueby10percenttoEURlevelofinvestmentindevelopmentactiviti
4、esaroundtheworld6.6bn,recordinga28percentEBITincreasetoEUR856m;thisbecausewindpowerisahigh-technologyraceinwhichday-by-wasthebestfinancialperformanceever.Theimprovementwasdaycompetitionisbecomingmoreandmorefierce.achievedinaverydifficultmarket,inwhichthecredits
5、queezeaffectednotonlytheheadlines,butalsoVestas'day-to-dayoper-Intheyearsahead,large,experiencedandfinanciallystrongcom-ationsand,notleast,ourorderintake,whichwillmake2010anpanieswilljointherace,havingrealisedthatVestas'vision,Wind,evengreaterchallengethan2009t
6、urnedouttobe.OilandGas,isabouttobecomeareality.Retainingourmarketleadershipandthepositionasa“pureplay”spokespersonforOn27October2009,Vestasdefinedthefinancialtargets–modernenergywillonlybepossiblethroughcloserelationsandTriple15–foritsNo.1inModernEnergystrategy
7、;VestasaimscollaborationwithourexistingandnewcustomersaroundthetoachieveanEBITmarginof15percentandrevenueofEURworld.Consequently,dramaticallyimprovedcustomersatisfac-15bnnolaterthan2015.ThistranslatesintoanaverageannualtionisparamountforustoaccomplishTriple15.g
8、rowthofatleast15percentandasubstantialimprovementoftheEBITmargin.StronggrowthandahigherEBITmarginarepre-COP15didnotturnouttobetheglobalandsupranationalrequisitesforVestastor
