Disastrous financial loss sees changes at Vestas

Vestas Wind Systems’ CFO has resigned after the company reported a full-year loss of €166m ($220m), four times larger than the $70m loss expected by the market consensus.

Revenue also clocked in at $7.7bn, well below the company's own $9.2bn forecast and the Danish wind turbine maker saw fourth quarter revenue drop 35 per cent to $2.65bn.

The company's Chief Financial Officer Henrik Norremark quit, while a company filing revealed that its Chairman Bent Erik Carlsen, Deputy Chairman Torsten Erik Rasmussen and board member Freddy Frandsen don't plan to run for re-election at the annual general meeting in March.

The company also warned that "disruptions in production and challenges in relation to wind turbine installation, for example bad weather, lack of grid connections and similar matters may thus cause delays that could affect Vestas' financial results for 2012.

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