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Vestas Wind Systems A/S
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== '''Financial highlights - 2022 Results''' == '''1. Revenue:''' In 2022, Vestas' revenue amounted to EUR 14,486m, a decrease of 7.1 percent compared to 2021. The decline was primarily due to challenges in the Power Solutions segment, with transportation and project execution delays impacting deliveries in most regions. However, there was a partial offset by increasing Service revenue. Revenue in EMEA accounted for 54 percent, down from 56 percent in 2021, while the Americas' share increased to 35 percent from 31 percent. Asia Pacific contributed 11 percent of the revenue in 2022, down from 13 percent in the previous year. '''2. Gross Profit:''' The gross profit in 2022 was EUR 118m, with a gross margin of 0.8 percent, a 9.2 percentage point decrease compared to 2021. Gross profit was negatively affected by external cost inflation and supply chain disruptions in the Power Solutions segment. Warranty provisions also impacted the gross profit margin due to increased repair and upgrade costs related to external factors and specific cases, along with additional costs related to offshore technology. '''3. Warranty Provisions:''' The warranty costs in 2022 amounted to EUR 930m net of supplier claims, representing 6.4 percent of revenue, an increase of 2.0 percentage points from 2021. The higher warranty level was mainly due to repair and upgrade costs influenced by external cost inflation and supply chain disruptions. Additional costs related to the V164/V174 offshore technology also contributed to the warranty provisions. '''4. Research and Development Costs:''' Research and development costs recognised in the income statement were EUR 457m, with an increase from EUR 389m in 2021. The rise was primarily due to impairment losses on the V164/V174 offshore technology. Total research and development expenditure before capitalisation and amortisation also increased to EUR 514m, primarily attributed to investments in the V236-15.0 MW offshore technology. '''5. Distribution Costs:''' Distribution costs in 2022 amounted to EUR 462m, up from EUR 371m in 2021. The increase was mainly driven by higher depreciation on transportation equipment and additional equipment costs, along with increased sales promotion activity and impairment losses on the V164/V174 offshore technology. === Income Statement === {| class="wikitable" !mEUR !2022 !2021 |- !Revenue !14,486 !15,587 |- |Production costs |14,368 |14,031 |- !Gross profit !118 !1,556 |- |Research and development costs |457 |389 |- |Distribution costs |462 |371 |- |Administration costs |351 |368 |- !Operating profit (EBIT) before special items !1,152 !428 |- |Special items |444 |139 |- !Operating profit (EBIT) !1,596 !289 |- |Income/(loss) from investments in joint ventures and associates |10 |36 |- |Financial income |52 |21 |- |Financial costs |162 |122 |- !Profit before tax !1,696 !224 |- |Income tax |124 |81 |- !Profit for the year !1,572 !142 |- ! colspan="3" |Profit is attributable to: |- |Owners of Vestas Wind Systems A/S |1,572 |134 |- |Non-controlling interests |0 |9 |- !Earnings per share (EPS): | | |- |Earnings per share (EUR) |1.56 |0.13 |- |Earnings per share (EUR), diluted |1.56 |o.13 |} === Balance sheet === {| class="wikitable" |+ ! colspan="3" |Assets ! colspan="3" |liabilities |- !mEUR !2022 !2021 ! !2022 !2021 |- |Intangible assets |3,065 |3,062 |Share capital |27 |27 |- |Property, plant and equipment |1,752 |2,091 |Other reserves |15 |22 |- |Investments in joint ventures and associates |646 |609 |Retained earnings |3,002 |4,635 |- |Other investments |88 |81 !Equity attributable to Vestas !3,044 !4,684 |- |Tax receivables |100 |229 |Non-controlling interests |16 |13 |- |Deferred tax |497 |378 !Total equity !3,060 !4,697 |- |Other receivables |219 |234 |Provisions |944 |686 |- |Financial investments |95 |100 |Deferred tax |158 |362 |- !Total non-current assets !6,462 !6,784 |Financial debts |2,179 |732 |- |Inventories |6,373 |5,673 |Tax payables |177 |326 |- |Trade receivables |1,280 |1,531 |Other liabilities |59 |145 |- |Contract assets |1,399 |1,227 !Total non-current liabilities !3,517 !2,251 |- |Contract costs |753 |690 |Financial debts |248 |704 |- |Tax receivables |51 |102 |Contract liabilities |6,937 |6,180 |- |Other receivables |1,221 |1,105 |Trade payables |4,089 |4,286 |- |Financial investments | - |116 |Provisions |829 |646 |- |Cash and cash equivalents |2,378 |2,420 |Tax payables |58 |75 |- |Assets held for sale |173 | - |Other liabilities |1,349 |809 |- !Total current assets !13,628 !12,864 |Liabilities related to assets held for sale |3 | - |- !Total assets !20,090 !19,648 !Total current liabilities !13,513 !12,700 |- | colspan="3" | !Total liabilities !17,030 !14,951 |- | colspan="3" | !Total equity and liabilities !20,090 !19,648 |}
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