Vestas cuts guidance after booking hefty Ukraine, Russia writedowns
Vestas Wind Systems AS late Sunday cut its full-year guidance after announcing hefty write-downs on its Russia and Ukraine business, higher warranty provisions and impairment losses on legacy offshore activities.
"At the same time, we have seen lockdowns in China that will continue to impact the wind-power industry throughout 2022, together with increased cost inflation for raw materials, wind-turbine components and energy prices." The Danish wind-turbine maker said it recognized EUR401 million of costs following its decision to withdraw from the Russian market while stopping all service and construction activities in Ukraine.
Further costs of EUR183 million were booked in relation to an adjustment of its manufacturing footprint by ceasing production at certain factories in China and India, the company said.
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