Q1 2021 Vestas Wind Systems A/S Earnings Call Transcript
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Thank you, and good morning, and welcome to this Vestas presentation of our Q1 results. And with me, as always, Marika is here. And therefore, let's go through the presentation and also have the following Q&A.
If we go to the key highlights first, we finished Q1 2021 with an all-time high order backlog. The combined order backlog now is EUR 45 billion, and that comes despite the lower order intake in Q1 2021. And we are working very hard to integrate the offshore business, so a little bit more than 3,000 new colleagues have been welcomed into Vestas also to capture the future value of the offshore market, and not least also create the structure for how we operate the combined businesses going forward. Revenue of EUR 2 billion in Q1, slightly lower than Q1 2020 due to lower activity levels and especially impact from the supply chain constraints, which we will talk more about. EBIT margin ended at minus 3.6%. That is slightly down from Q1 2020. It is impacted by the lower turnover
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