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Vestas Wind Systems A/S (VWDRY) CEO Henrik Andersen on Q1 2020 Results - Earnings Call Transcript

May 05, 2020 10:45 PM ETVestas Wind Systems A/S (VWDRY), VWSYF
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Vestas Wind Systems A/S (OTCPK:VWDRY) Q1 2020 Earnings Conference Call May 5, 2020 4:00 AM ET

Company Participants

Henrik Andersen - Group President & CEO

Marika Fredriksson - EVP & CFO

Conference Call Participants

Kristian Johansen - Danske Bank

Vivek Midha - Deutsche Bank

Akash Gupta - JPMorgan Chase & Co.

Lars Heindorff - SEB

Supriya Subramanian - UBS Investment Bank

Casper Blom - ABG

Dan Togo - Carnegie

Martin Wilkie - Citigroup

Frans Hoyer - Handelsbanken

Sean McLoughlin - HSBC

Claus Almer - Nordea Markets

Mark Freshney - Crédit Suisse

Rajesh Singla - Societe Generale

Henrik Andersen

Good morning, everyone, and welcome to Vestas' Q1 presentation. First of all, I will say we didn't choose the music ourselves, so would you just leave that out to another atmosphere on another day.

I will also say, on behalf of Marika and myself, we've been looking forward to this investor call. First of all, it comes on the back of very intensive communication with a lot of our other stakeholders, namely customers and colleagues. And therefore, let's go through our first quarter and also how we have performed, but not least also how we are addressing the current lockdown due to COVID-19.

Disclaimer, you know all about. So the key highlights of Q1. First of all, safety first in this very challenging environment. I will comment on it much further in the coming slides on how we are doing in the COVID-19 crisis and what we have put in place and how we're dealing with it.

The increased order intake, you knew from the 7th of April when we said we had an order intake of 3.3 gigawatt, up 10% compared to Q1 2019. That leads us to an all-time high order backlog of €34 billion.

And in the quarter, we had

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