Vestas Wind Systems A/S (OTCPK:VWDRY) Q2 2020 Earnings Conference Call August 11, 2020 4:00 AM ET
Company Participants
Henrik Andersen – President and Chief Executive Officer
Marika Fredriksson – Executive Vice President and Chief Financial Officer
Conference Call Participants
Kristian Johansen – Danske Bank
Claus Almer – Nordea
Dan Togo – Carnegie
Gael de-Bray – Deutsche Bank
Akash Gupta – JPMorgan
Sean McLoughlin – HSBC
Casper Blom – ABG
Frans Hoyer – Handelsbanken
Katie Self – Morgan Stanley
Mark Freshney – Crédit Suisse
Ben Heelan – Bank of America
Lars Heindorff – SEB
Jacob Pedersen – Sydbank
Henrik Andersen
Good morning, everyone. And a warm welcome to the Q2 presentation from Vestas.
From me and on behalf of Executive Management here, first, I would like just to extend a huge thank you to our colleagues around the world. I think for their commitment, their dedication and also how we have been able to absolutely focus on business continuity is nothing less than exceptional in a quarter like the second quarter of 2020.
And with that, I would just like to take you directly to our key highlights. So in Q2 2020, we had strong performance in, again, a challenging environment, and we have gone through this without having any – received any state aid in any of our countries. Revenue was €3.5 billion. It's up 67% compared to the Q2 in 2019. Our order intake continued at a very high level at stable pricing. So we took 4.1 gigawatt of order intake in second quarter. It also leads to an all-time high backlog of – in excess of €35 billion.
In terms of the EBIT margin, we had an underlying EBIT margin of 5.9%. That was impacted by an extraordinary warranty provision of €175 million, meaning that the reported EBIT margin for the quarter
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