01/04/2014 08:00:51

MHI Vestas Offshore Wind now operational

Final closing of the joint venture between Vestas and Mitsubishi Heavy

Industries (MHI), dedicated to offshore wind power, has now taken place. The

new company, MHI Vestas Offshore Wind, has 380 employees and is headquartered

in Aarhus, Denmark.

Aarhus, Denmark, 2014-04-01 09:00 CEST (GLOBE NEWSWIRE) --

Following the approval from all relevant authorities, MHI Vestas Offshore Wind

has been formally established as of 1 April 2014, ref. company announcements

Nos. 41/2013 of 27 September 2013 and 9/2014 of 28 February 2014.

The joint venture is responsible for the design, further development,

procurement, manufacturing, installation, commissioning and service related to

the V164-8.0 MW turbine as well as all marketing, sales and after-sales service

related to offshore wind. Vestas and MHI have transferred a total of 380

employees to the new entity, which is owned equally by the parent companies.

Anders Runevad, CEO of Vestas Wind Systems A/S and Vice Chairman of MHI Vestas

Offshore Wind, is confident about the future of the new joint venture and

states: “The Offshore wind power industry is very challenging and it takes just

the right combination of reliable and proven technology, experience, knowledge

and track record to succeed. I am confident that MHI Vestas Offshore Wind has

exactly that right combination and I look forward to closely following the

company towards becoming a global leader in offshore wind power.”

“I am pleased to see MHI Vestas Offshore Wind now being operational. Vestas and

Mitsubishi Heavy Industries each hold invaluable experience and knowledge which

makes this joint venture an ideal opportunity and a technologically and

financially robust platform to obtain a global leadership position within

offshore wind,” says Chairman of the Board of MHI Vestas Offshore Wind,

Masafumi Wani.

From a financial perspective, the closing of the joint venture will only have a

marginal impact on Vestas’ 2014 revenues and earnings due to the

deconsolidation of the offshore business unit. A gain on the joint venture

transaction of around EUR 50m will be booked as a special item.

Furthermore, the closing will have the following balance sheet impacts for

Vestas as from 1 April 2014:

-- a decrease in assets held for sale of EUR 350m as the V164 project and the

offshore service order book are transferred to the joint venture,

-- a decrease in liabilities directly associated with assets held for sale of

EUR 203m as the offshore service order book is transferred to the joint

venture,

-- an increase in payables of EUR 51m primarily related to net project

prepayments,

-- an increase in investments in associates of EUR 198m as the joint venture

will be treated as an associated company in Vestas’ accounts from the time

of closing,

-- an increase in cash at bank and in hand of EUR 50m as capex conducted from

1 September 2013 is reimbursed to Vestas and

-- an increase in retained earnings of EUR 50m due to the expected gain on the

joint venture transaction.

Management of MHI Vestas Offshore Wind

The Board of Directors of MHI Vestas Offshore Wind consists of representatives

from both companies chaired by Masafumi Wani, Chairman of Mitsubishi Heavy

Industries Europe, Ltd. Vice Chairman of the Board of Directors is Vestas CEO

Anders Runevad.

The management team in MHI Vestas Offshore Wind consists of:

Chief Executive Officer: Jens Tommerup

Co-Chief Executive Officer: Jin Kato

Chief Financial Officer: Takao Arai

Chief Sales Officer: Uffe Vinther-Schou

Chief Operations Officer: Flemming Ougaard

Chief Strategy Officer: Masato Yamada

Chief Technical Officer: Torben Hvid Larsen

Deputy Chief Technical Officer: Masahide Umaya

“We are already seeing the benefits of building on the capabilities and

offshore track record of Vestas and MHI’s long-standing presence in global

power markets and within related technologies and we have received tremendous

positive feedback from our customers on the establishment of the joint venture.

We look forward to taking the next steps in providing very competitive products

and services to our customers as an independent company,” says Chief Executive

Officer of MHI Vestas Offshore Wind, Jens Tommerup.

The joint venture will be headquartered at:

Dusager 4

8200 Aarhus N

Denmark

The joint venture’s homepage is www.mhivestasoffshore.com and the site will

become fully operational within a few hours after the disclosure of this

announcement.

Vestas’ future disclosure rules in relation to MHI Vestas Offshore Wind

Vestas will inform the market through NASDAQ OMX Copenhagen if and when any

events taking place in the joint venture are assessed to affect the price

formation of the Vestas share, among other things, receipt of orders, which

meet the below requirements:

-- Firm and unconditional orders from the joint venture to Vestas for

Vestas-produced products (e.g. V112 turbines) with a value in excess of DKK

500m (~EUR 66m).

-- Firm and unconditional orders received by the joint venture with a value in

excess of DKK 1bn (~EUR 130m).

Contact details

Vestas Wind Systems A/S, Denmark

Lars Villadsen, Senior Vice President, Investor Relations

Tel.: +45 9730 0000

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