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Vestas Yield Eases as Cash Outlook Improves: Copenhagen Mover

The yield on Vestas Wind Systems A/S’ benchmark 2015 note fell the most in more than three months in Copenhagen trading after the world’s largest maker of wind turbines said its cash outlook improved.

The yield on Vestas’ 4.625 percent 600 million-euro ($785 million) bond maturing in 2015 fell 214 basis points, or 2.14 percentage points, to 16.42 percent, the biggest decline since Nov. 26, according to Composite Bloomberg Bond Trader prices. The company’s stock rose the most in a month after fourth-quarter revenue exceeded analyst estimates.

Vestas said today its free cash flows rose to a five-year high in the fourth quarter, enabling the Aarhus, Denmark-based company to reduce its net debt by about 30 percent. The turbine maker, which is struggling to make a profit as overcapacity in the industry squeezes margins, said today its cash flow will be positive this year after a 2012 outflow.

“The positive cash flows are particularly important as they allow Vestas to substantially reduce its debt, which is one of our priority areas,” Vestas said in the statement.

Vestas had free cash flow of 416 million euros ($563 million) in the fourth quarter, paring 2012’s outflow to 359 million euros. Net debt declined to 900 million euros from 1.29 billion euros over the quarter. Sales rose 25 percent from a year earlier to 2.5 billion euros, exceeding the average estimate of 2.3 billion euros in a survey of 14 analysts.

Vestas shares rose as much as 12 percent today, the most since Jan. 2.

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