In 2006, Denmark's Vestas Wind Systems, the world's leading wind turbine manufacturer, moved the presentation of its accounts from Copenhagen to London, a change that has provided significant exposure to international investors and the global media. National daily newspaper Berlingske Tidende now reports that in 2009 Vestas will for the first time also present its accounts in New York. The company will present the annual report 2008 to US investors and the press in February.
Peter Kruse, head of investor relations of Vestas says: "We aim to build the world's strongest brand and so we naturally need to be on the world's largest markets. USA is a very important and large market for us, and we have many investors in USA. We are opening many new factories and reckon we will employ more than 4,000 people in USA in 2010. Our largest investments right now are actually in the USA. In addition, Barack Obama's agenda makes it even more natural to us."
At Jefferies & Co., a US full-service investment bank and institutional securities firm, analyst Michael McNamara is enthusiastic about the move:
"My impression is clearly that investors value it. In the investor environment in London they have appreciated having Vestas four times a year. It is a really smart move from Vestas to go to New York. There are many US investors who have not had the same access to the management. They can get that now and that will without doubt increase their investor base in the USA in the long term."
The Vestas share is covered by 37 analysts from Danish and international financial companies. Foreign shareholders currently account for 65% of the company's shares.
Vestas is headquartered in Randers, Jutland, and employs 17,000 people worldwide. The company has installed more than 35,500 wind turbines in 63 countries on five continents, and has a 23% share of the world market. In H1 2008, Vestas increased its net profit by 44% to EUR 98m (USD 123m). The company's forecast for 2008 is a 25% worldwide market share and a turnover of EUR 5,700m (USD 7,152m).