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Vestas Wind Systems A/S
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== '''Cash Flows''' == 1. Net Working Capital: As of 31 December 2022, Vestas had a net liability of EUR 1,349m in net working capital, representing a negative development of EUR 300m compared to the end of 2021. The increase in inventory level during 2022 was offset by rising prepayments. 2. Cash Flow from Operating Activities: Cash flow from operating activities was negative EUR 195m in 2022, decreasing by EUR 1,151m compared to 2021. The negative profit in 2022 impacted the cash flow, but this was partly offset by the improvement in net working capital. 3. Cash Flow from Investing Activities: Cash flow from investing activities before acquisitions of subsidiaries, joint ventures, associates, and financial investments resulted in a net outflow of EUR 758m in 2022, slightly lower than the net outflow of EUR 773m in 2021. The decrease in net investments was mainly due to reduced investments in transportation equipment and construction tools, partially offset by increased investments in V236-15.0 MW offshore technology and cash inflow from the disposal of the Lauchhammer production facilities. 4. Free Cash Flow: Free cash flow before acquisitions of subsidiaries, joint ventures, associates, and financial investments amounted to negative EUR 953m in 2022, significantly lower than the EUR 183m in 2021. The decline was primarily driven by the negative cash flow from operating activities. 5. Strategic Acquisitions and Divestments: In August 2022, Vestas agreed to sell its controls & converter business, including three factories and associated staff functions, to KK Wind Solutions. The transaction, expected to be completed in Q1 2023, classified the assets as held for sale as of 31 December 2022. The sale is anticipated to impact EBIT before special items by approximately EUR 150m. '''Value-adding investments''' '''Over the last five years, we have invested in a new modular platform, and taken full ownership of the offshore business.''' ==== DCF ==== [[File:Screenshot 2023-07-28 at 12.40.20.png|thumb|959x959px]]
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