About Vestas - Wind Logistics Group 1 After...Classification: Restricted Key highlights 4 Vestas Corporate Slide Deck Q2 2019 Highest ever quarterly order intake and all-time high

About Vestas

Classification: Restricted

The Vestas story

Technology, vision and leadership build the strongest brand in the industry

Vestas Corporate Slide Deck Q2 2019

1945

1985

1990

Blacksmith

beginningsThe story begins in

Lem, Jutland by the

hands of blacksmith

Smith Hansen

The Vestas

nameSmith and his son, Peder

establish VEstjysk

STaalteknik A/S. The

name is soon shortened

to Vestas

Global

footprintVestas opens

the first factory

in China,

becoming the

first global

manufacturer in

the industry

ManufacturingVestas starts to produce

its own fiberglass

components ensuring high

quality in every stage of

production

World leaderWith a new blade

design that weighs just

1,100 kg, Vestas

blades stand out. A

record order is made in

the US: 342 wind

turbines in California

Continued

growth

TechnologyIntelligent turbines – a

quantum leap in

technology. The first

pitch-regulated turbine

rolls out which

constantly fine tunes the

angle of the blades. No

competitors can match

the increased efficiency

Steady

growthNew technology,

efficiencies and the

merge with NEG

Micon leads to Vestas

becoming the

undisputed world-

leader in modern wind

energy

Intelligent

turbinesVestas purchased

the world’s third

biggest commercial

supercomputer

‘Firestorm’

1st TurbineThe first Vestas

turbine is sold and

installed – with a 10-

meter rotor and

capacity of 30 kW

1979

1981

2000s 2013

Vestas undergoes

further expansion with

the acquisitions of

UpWind Solutions and

Availon

20152006

Hybrid

Horizons Vestas receives

order for the world’s

first utility-scale, on-

grid hybrid power

plant, The Kennedy

Project in Australia.

It will feature wind

turbines, solar

panels and battery

storage

20171898Harnessing

dataVestas acquires Utopus

Insights, Inc., an energy

analytics provider.

Together, we will

deliver best-in-class

digital applications,

accelerating the

availability of cost-

effective, renewable

energy globally

2018

2

Vestas is the only global wind energy company

+24,500

We employ 24,809

people worldwide and

have 40 years of

experience with wind

energy

+41,000

We have a total of

41,870 combined

turbines under service,

or more than 86 GW

+ 67,000

We have a total of

68,787 turbines or more

than 105 GW of

installed wind power

capacity in 80 countries

worldwide spanning six

continents

€ 10.1bn

Vestas’ revenue in 2018

was EUR 10.1bn



Key highlights


Highest ever quarterly order intake and all-time high order backlog5.7 GW of order intake in Q2 including first order for the new EnVentus platform

Total revenue of EUR 2,121mSix percent decrease compared to Q2 2018

EBIT of EUR 128mEBIT margin at 6.0 percent impacted by competitive markets, tariffs, and back-end loaded activity level

Strong service performance Revenue growth of 15 percent, and EBIT margin of 28.4 percent

Increasing profit in MHI Vestas Offshore WindNet profit of EUR 22m; an underlying improvement of EUR 49m YoY

Outlook 2019Guidance for 2019 narrowed for revenue and EBIT margin based on performance and improved visibility

Classification: RestrictedVestas Corporate Slide Deck Q2 2019

Innovating to lower the cost of energy

Delivering value every step of the way

• Profitably bringing market-driven, innovative solutions to our

customers.

• Custom configurations based on modularized building blocks.

• Broad and flexible product portfolio to precisely meet the

unique needs of every site.

• Collaboration with external partners to develop innovative

solutions and integrate external technologies in new ways.

5


Vestas’ corporate strategy

Global leader in

Wind Power Plant solutions

Global leader in

Wind Service solutions

Our mid-term

objectives

Global leader in

Sustainable Energy Solutions

Our long-term

vision

Transform

commercial

capabilities Our mid-term

priorities

Our values

Expand industry

leading wind

portfolio

Expand Service

value and cost

leadership

Actively build

project pipeline

to grow margin

Sustain a talented, agile and cost-effective organisation

Accountability ∙ Collaboration ∙ Simplicity

Pioneer solutions

to increase wind

penetration

6


Organisation chart

A strong team for continued success

ServiceChristian Venderby

FinanceMarika Fredriksson

Power SolutionsAnders Vedel

SalesJuan Araluce

People & CultureHelle Bay

Manufacturing & Global Procurement

Jean-Marc Lechêne

Group Marketing Communications &

Public Affairs Morten DyrholmCorporate Strategy

Rasmus Lundsgaard Nielsen

Group President & CEOHenrik Andersen

7


Pioneering the industry

Vestas has succeeded in bringing renewable energy to 38 markets


Over the past 40 years, Vestas has

continuously pioneered new technologies and

solutions that have allowed us, together with

our customers, to be the first to bring reliable

wind energy solutions to 38 markets, thus

planting the seeds of the modern wind

industry. • Market Vestas has

pioneered

8


Global manufacturing footprint

A flexible setup with supply from Vestas’ own factories and Vestas’ subcontractors


USAAssembly

Blades

Towers

MexicoBlades

Towers

ArgentinaAssembly

Towers

BrazilAssembly

Blades

Towers

Generators

Converters

SpainBlades

Generators

Towers

DenmarkAssembly

Converters

Blades

Towers (V164)

GermanyBlades

Generators

ItalyBlades

Towers

RussiaAssembly

Blades

Towers

TurkeyBlades

Generators

Towers

IndiaAssembly

Blades

Blades

Towers

ChinaAssembly

Blades

Converters

Generators

Blades

Towers

VietnamTowers

AustraliaAssembly

Towers

Vestas’ own factory

Vestas’ subcontractor

9


Vestas’ value chain

World leading wind energy solutions with a comprehensive range of capabilities


Project

planning &

design

Ensuring high quality

project planning and

design helps us to

maximise total return on

investment from project

start up.

Vestas’ versatile and agile

procurement and

manufacturing concept

provides competitive

advantage.

Vestas possesses

construction and

installation expertise to

coordinate cooperative

efforts or assumes full

responsibility for wind

power plant construction

and commissioning.

Vestas provides

preventative and

corrective service and

maintenance for

consistently optimised

performance.

Procurement &

manufacturing

Construction &

installation

Operation &

maintenance

Research &

Development

Vestas has a strong

focus on continuously

developing and

optimising to lower the

cost of energy thereby

meeting customer needs

and remaining the

technology leader in the

wind power industry

10


Executing the plan

Vestas’ construction and installation expertise

brings visions to life

Construction and installation

Vestas can coordinate a cooperative effort or

assume full responsibility for wind power plant

construction and connection to the grid.

Supply-only

• Simply supplying the wind turbines – may

include supervising, commissioning and

transport tasks

Supply-and-install

• Supply and installation tasks involving cranes,

manpower and more.

Engineering, procurement and construction

(EPC)

• Supply, installation and plant related tasks

such as roads, foundations, cabling and

substations.



Versatile solutions for any wind energy project

Ongoing innovation from the undisputed global wind leader

Installed*

+44 GW

YEAR OF

PROTOTYPE

PRODUCT-

CAPACITY

Installed**

+26 GW

* As of 30 June 2019, including V80-1.8/2.0 MW™ and V90-1.8 MW™

** As of 30 June 2019, Including V112-3.0 MW™

Not shown: V90-3.0 MW®, constituting +10 GW

Not shown: ‘Other’ turbine models constituting +23 GW

2 MW Platform

2004 2009 2014

V90-2.0

MW®

V100-

2.0 MW®

V110-

2.0 MW®

2017 2018

V116

2.1 MW™

V120

2.2 MW™

4 MW Platform

2014 2013 2013 2018

V105-

3.45 MW™V112-

3.45 MW ® **V117-

3.45 MW ®

V126-

3.45 MW ®

2016

V136-

3.45 MW ®

V117-

4.2 MW™

2013 2018

V136-

4.2 MW™

2018

V150-

4.2 MW™V150-

5.6 MW™

V162-

5.6 MW™

EnVentus™ Platform

2019 2020

12

Today’s topic:Standardizationin wind logistics


Logistics standardization intro here

SC&RA and ESTA introduction

SC&RA – specialized cargo and rigging association

Americas

ESTA – European association of abnormal road transport and mobile cranes

Europe

Is there a similar forum?

Asia-Pacific


Documents

About Vestas - Wind Logistics Group 1 After...Classification: Restricted Key highlights 4 Vestas Corporate Slide Deck Q2 2019 Highest ever quarterly order intake and all-time high