Key Developments: Vestas Wind Systems A/S (VWDRY.PK)
4.46USD
19 Jun 2013
$0.04 (+0.90%)
$4.42
$4.47
$4.47
$4.46
700
44,276
$4.99
$1.30
Latest Key Developments (Source: Significant Developments)
Vestas Wind Systems A/S Gets 42 MW Turbine Order in Croatia-Reuters
Reuters reported that Vestas Wind Systems A/S has received a 42 megawatt (MW) turbine order in Croatia. The order is for 14 of Vestas' V90-3.0 MW turbines. They will to be installed in the province of Obrovac The first turbine delivery is planned for the first quarter of 2014 and the wind power plant is expected to be commissioned during the second quarter of 2014. Financial details were not disclosed. Full Article
Vestas Wind Systems A/S Secures Service Contract Renewal in Wisconsin-Ritzau
Ritzau reported that We Energies has renewed its four-year service and maintenance contract with Vestas Wind Systems A/S. The agreement covers 309 MW worth of wind turbines at three wind farms in Wisconsin. Financial details were not disclosed. Full Article
Vestas Wind Systems A/S Receives 94 MW Order in South Africa
Vestas Wind Systems A/S announced that the Company has received a firm and unconditional order for 47 V90-2.0 MW wind turbines for South Africa from Aurora Wind Power, a joint venture between GDF SUEZ, Investec and Kagiso Investment. The contract includes supply, installation and commissioning of the turbines, a VestasOnline Business SCADA solution, full scope civil and electrical works as well as a 15-year full-scope service agreement (AOM 5000). Delivery of the wind turbines is planned to start in the third quarter of 2014 and the wind power plant is expected to be commissioned by May 2015. Full Article
Vestas Wind Systems A/S Outsources Warehouse Operations in Europe to DB Schenker-Ritzau
Ritzau reported that Vestas Wind Systems A/S has decided to outsource its warehouse operations for spare parts and service tools to logistics supplier DB Schenker. This move is part of Vestas’ strategy to reduce operational and capacity costs. Following on that 22 local warehouses will be closed and the new spare parts network will be mainly organised by one central warehouse in Germany, and three area warehouses in Romania, Spain and Sweden. In addition approximately 75 emergency stock locations will be established throughout the EMEA region to secure two-three hour service for turbine spare part orders. Vestas has 150 employees working with the daily operation of spare parts & tools in warehousing in the EMEA region and will adjust the workforce in the warehouses primarily by working to transfer employees to DB Schenker in similar positions or looking for other possibilities within Vestas wherever possible. Full Article
Vestas Wind Systems A/S Receives Order
Vestas Wind Systems A/S announced that it has received a firm and unconditional order for 30 V112-3.0 MW turbines for Uruguay. The contract includes supply, installation and commissioning of the scope: wind turbines, civil and electrical works, a VestasOnline Business SCADA solution as well as a 15 year full-scope service agreement (AOM 5000). Full Article
Vestas Wind Systems A/S Hands Over Case Concerning Former CFO to Fraud Squad
Vestas Wind Systems A/S announced that in December 2012, Vestas’ Board of Directors took steps to involve the State Prosecutor for Serious Economic and International Crime (the Fraud Squad) in the case regarding the former Chief Financial Officer’s (CFO), Henrik Noerremark’s financial transactions in relation to an Indian cooperation partner. Since then, the Fraud Squad has carried out its preliminary investigations and has, as part of these, interviewed members of the Board of Directors, the Group President & CEO, several executives as well as a number of Vestas employees. At the same time, the Board of Directors has informed the former CFO that he will be held responsible for the losses which the company may suffer due to his transactions. Overall, the case involves two matters, namely (i) former CFO entering into extensive agreements which have resulted in Vestas making provisions for EUR 18.9 million in 2012 to cover possible losses in this connection, and (ii) CFO exceeding his powers as Group Executive as he was not authorized to bind Vestas the way he did in these specific situations. The investigations made by the external auditors and lawyers have proven that neither the Board of Directors nor the Group President & CEO have been involved in or have had any knowledge of the mentioned transactions. Full Article
Vestas Wind Systems A/S Receives 155 Megawatt Order in Mexico
Vestas Wind Systems A/S announced that the Company has received a firm and unconditional order for 47 V112-3.3 MW turbines for Mexico. The customer is IEnova. The contract includes supply and commissioning of the wind turbines, a VestasOnline Business SCADA solution as well as a five-year AOM 5000 service agreement. Delivery of the wind turbines will begin in the third quarter of 2014 and the wind power plant is expected to be commissioned by the first quarter of 2015. Financial details were not disclosed. Full Article
Vestas Wind Systems A/S Maintains FY 2013 Financial Guidance
Vestas Wind Systems A/S announced that the Company maintains its fiscal year 2013 financial guidance. The Company continues to expect fiscal year 2013 EBIT margin before special items of at least 1% and fiscal year 2013 revenue of at least EUR 5.5 billion, including service revenue, which is expected to amount to approximately EUR 1 billion. Service EBIT margin before allocation of the Company's costs is still expected to be approximately 17%. According to I/B/E/S Estimates analysts on average are expecting the Company to report revenue of EUR 5,580.53 million for the fiscal year 2013. Full Article
Vestas Wind Systems A/S Receives Order from Belgium-Reuters
Reuters reported that Vestas Wind Systems A/S has received an order for three V112-3.0 MW (megawatt) turbines and nine V90-2.0 MW turbines from Aspiravi NV and Limburg win(d)t in Belgium. The contract includes the delivery, installation and implementation as well as a 15-year service agreement. The turbines are expected to be delivered by the end of 2013 and they are expected to be operational at the end of 2013 and the beginning of 2014. The financial details of the agreement were not disclosed. Full Article
Vestas Wind Systems A/S Receives Order from Chile
Vestas Wind Systems A/S announced that it has received a firm and unconditional order for 57 V100 turbines for Chile. The customer is Empresas Publicas de Medellin E.S.P. The order includes 22 V100-1.8 MW (megawatt) turbines and 35 V100-2.0 MW turbines, together 109.6 MW. The contract includes supply, installation and commissioning of the wind turbines, civil and electrical works, a VestasOnline Business SCADA solution as well as a 10-year AOM 4000 service agreement. Delivery of the wind turbines will begin in the third quarter of 2013 and the wind power plant is expected commissioned by the third quarter of 2014. The financial details were not disclosed. Full Article
UPDATE 1-Vestas says fraud squad investigating ex-finance chief
COPENHAGEN, May 24 - The former chief financial officer of Danish wind turbine maker Vestas Wind Systems A/S is being investigated by the country's fraud squad over two agreements he made with an Indian firm, Vestas said.
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