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Vestas Wind Systems A/S
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== '''Financial performance''' == '''1. Administration costs:''' In 2022, administration costs amounted to EUR 351m, representing 2.4 percent of revenue. The decrease from 2021 was mainly due to offshore integration activities impacting the previous year. '''2. Depreciation, amortisation, and impairment:''' Depreciation, amortisation, and impairment in 2022 totaled EUR 1,089m before special items, an increase from EUR 914m in 2021. The rise was primarily due to the impairment of the V164/V174 offshore technology and related assets, along with other minor impairments. '''3. Operating profit (EBIT):''' EBIT before special items was negative EUR 1,152m in 2022, down from EUR 428m in 2021. The EBIT margin before special items decreased by 10.8 percentage points compared to the previous year, driven by lower revenue and gross profit margin. '''4. Income from investments in associates and joint ventures:''' Income from investments in associates and joint ventures amounted to a net profit of EUR 10m in 2022, down from EUR 36m in 2021. The decrease was related to lower development activities in the USA and impairment of projects in Latin America, partially offset by higher income from investments in Copenhagen Infrastructure Partners P/S. '''5. Net financial items:''' Financial items in 2022 were negative EUR 110m, slightly higher than the negative EUR 101m in 2021, including interests, fees, and currency-related items. '''6. Income tax:''' Income tax amounted to positive EUR 124m in 2022, a significant change from negative EUR 81m in 2021. The effective tax rate was 7.4 percent, primarily influenced by non-deductible costs relating to the Russia and Ukraine conflict and updated valuation of tax assets in the USA and Denmark. '''7. Net loss for the year:''' In 2022, Vestas reported a net loss of EUR 1,572m, in contrast to a net income of EUR 143m in 2021. The loss was mainly due to the diluted EBIT margin and high levels of costs classified as special items. '''8. Profitability ratios:''' Earnings per share in 2022 were negative EUR 1.6, down from EUR 0.1 in 2021, reflecting the net loss. Return on capital employed (ROCE) was negative 18.5 percent in 2022, a significant decrease from 4.5 percent in 2021. Return on equity was negative 43.9 percent, reflecting the lower profit for the year.
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