The Danish group announced a new quarterly loss (T3) valued at € 175 million, nearly three times that of the same quarter of 2011.
Therefore, before the end of next year, Vestas expects to save an additional $ 150 million. The group says that this new effort will be achieved through financial divestitures, as well as hiring freezes layoffs. Since the end of 2011, Vestas has conducted cost reductions totaling valued at 400 million euros.
The Danish group said in a statement it would increase its workforce by approximately 18 000 end of 2012 to 16,000, by the end of 2013. At the beginning of 2012, Vestas employed about 22,700 people.
“Vestas is growing faster than expected in the execution of its plan to reduce its operating costs., We expect a difficult year 2013 for the wind industry. In order to adapt to the future development of a market yet uncertain, we decided to increase our cost reduction plan. And that, to ensure that we are flexible and able to respond quickly to challenges that require us to market in the coming years, “said Ditlev Engel, the CEO.
Despite strong revenue growth in the third quarter of 2012 (+49% to 1.988 billion euros), the wind turbine manufacturer is overcapacity in wind turbines with an estimated value of 8.3 billion euros, September 30, 2012, resulting in an impairment of assets. “Vestas is currently evaluating its manufacturing, including the identification of opportunities for outsourcing and sales,” he explained. Cash Vestas is indeed negative € 142 million while debt remains sharply higher.