Assets
| Type | Time | Amount | Unit |
|---|
Revenue
| Type | Start date | End date | Amount | Unit |
|---|
XML
See the xml submitted here:
XML: INVALID
Separator
The full data:
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<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statutory report on gender distribution</td></tr><tr><td colspan="1">As required in section 99b of the Danish Financial Statements Act,</td></tr><tr><td colspan="1">Vestas has a policy to offer all employees equal opportunities and aims</td></tr><tr><td colspan="1">for a more equal distribution of gender among employees in leadership</td></tr><tr><td colspan="1">positions. But, Vestas does not compromise on qualifications and will</td></tr><tr><td colspan="1">continue to employ the most qualified candidate regardless of gender,</td></tr><tr><td colspan="1">political, religious, or personal orientation.</td></tr><tr><td colspan="1">Vestas has a global organisation and the employee base is becoming</td></tr><tr><td colspan="1">more and more diverse. The management believes that having employees</td></tr><tr><td colspan="1">with many different skills, backgrounds, and experiences benefits</td></tr><tr><td colspan="1">the Group and equips Vestas to more effectively address the global</td></tr><tr><td colspan="1">challenges ahead.</td></tr><tr><td colspan="1">In general, men are over-represented in Vestas. This is not unusual in</td></tr><tr><td colspan="1">the industry, which traditionally has more job roles attracting men than</td></tr><tr><td colspan="1">women. These are primarily technical and manufacturing roles such as</td></tr><tr><td colspan="1">engineers, technicians, and industrial workers.</td></tr><tr><td colspan="1">Follow-up and reporting</td></tr><tr><td colspan="1">In January, Executive Management receives a report which describes</td></tr><tr><td colspan="1">the development of the share of women and men at the various management</td></tr><tr><td colspan="1">levels. If the share of either women or men at management</td></tr><tr><td colspan="1">level is below 40 percent, Executive Management evaluates the need</td></tr><tr><td colspan="1">for further actions.</td></tr><tr><td colspan="1">Once a year, the Nomination and Compensation Committee discusses</td></tr><tr><td colspan="1">the status of diversity and the strategy for the diversity area in Vestas</td></tr><tr><td colspan="1">for the coming year â and the Board of Directors discusses the overall</td></tr><tr><td colspan="1">principles regarding diversity.</td></tr><tr><td colspan="1">In the annual report, Vestas will report on the progress against the target</td></tr><tr><td colspan="1">setting in accordance with ref. section 99b of the Financial Statements</td></tr><tr><td colspan="1">Act.</td></tr><tr><td colspan="1">The Board of Directors of Vestas Wind Systems A/S</td></tr><tr><td colspan="1">The Board of Directors believes that its members should be chosen</td></tr><tr><td colspan="1">for their overall competences, yet it also recognises the benefits of a</td></tr><tr><td colspan="1">diverse board in respect of culture, gender, and other factors.</td></tr><tr><td colspan="1">The Board of Directors pursues the goal of having members representing</td></tr><tr><td colspan="1">multiple nationalities as well as both genders. In addition, the Board</td></tr><tr><td colspan="1">of Directors focuses on having a diverse age distribution. However,</td></tr><tr><td colspan="1">these goals must not compromise the other recruitment criteria.</td></tr><tr><td colspan="1">In compliance with legislation, Vestas has set a target for the underrepresented</td></tr><tr><td colspan="1">gender in the Board of Directors. The target has been</td></tr><tr><td colspan="1">reached, as the number of the under-represented gender has increased</td></tr><tr><td colspan="1">in the period from one to two. Further information about the composition</td></tr><tr><td colspan="1">of the Board of Directors is available at vestas.com/investor/</td></tr><tr><td colspan="1">corporate_governance.</td></tr><tr><td colspan="1">Vestas will continue working on expanding the under-represented</td></tr><tr><td colspan="1">gender in the Board of Directors and has adjusted the target that is</td></tr><tr><td colspan="1">expected to be reached no later than end 2021. The target is to reach</td></tr><tr><td colspan="1">equal gender distribution1) among the members of the Board of Directors</td></tr><tr><td colspan="1">of Vestas Wind Systems A/S elected by the general meeting within</td></tr><tr><td colspan="1">four years.</td></tr><tr><td colspan="1">The Board of Directors of Vestasâ subsidiaries</td></tr><tr><td colspan="1">Among the Groupâs Danish subsidiaries, five companies are subject to</td></tr><tr><td colspan="1">the reporting requirement for the under-represented gender according</td></tr><tr><td colspan="1">to section 99b in the Danish Financial Statements Act.</td></tr><tr><td colspan="1">The directors in the boards of the subsidiaries are appointed based on</td></tr><tr><td colspan="1">key positions in Vestas Wind Systems A/S, and the current constitution</td></tr><tr><td colspan="1">of the boards is therefore reflecting who is currently holding these positions</td></tr><tr><td colspan="1">within Vestas Wind Systems A/S.</td></tr><tr><td colspan="1">In 2013, the five subsidiaries set a target to reach equal gender distribution</td></tr><tr><td colspan="1">no later than 31 December 2017. During the period, all five</td></tr><tr><td colspan="1">subsidiaries have reached the target â which means that all five subsidiaries</td></tr><tr><td colspan="1">have an equal gender distribution in their boards among the</td></tr><tr><td colspan="1">members elected by the general meeting. Therefore, a new target will</td></tr><tr><td colspan="1">not be set.</td></tr><tr><td colspan="1">Vestasâ policy on gender distribution The purpose of Vestasâ gender distribution</td></tr><tr><td colspan="1">policy is to describe and support the on-going work at Vestas</td></tr><tr><td colspan="1">on increasing the number of the under-represented gender in management</td></tr><tr><td colspan="1">positions in Vestas and by that enhance a more equal distribution</td></tr><tr><td colspan="1">of the number of men and women.</td></tr><tr><td colspan="1">In that respect, Vestasâ strategic objectives also comprise that Vestas</td></tr><tr><td colspan="1">obtains a more equal distribution of men and women in management,</td></tr><tr><td colspan="1">and that the composition of managers reflects the distribution of</td></tr><tr><td colspan="1">women and men in the labour market in the longer run, however, always</td></tr><tr><td colspan="1">considering competencies when deciding who are the best qualified</td></tr><tr><td colspan="1">persons for the job.</td></tr><tr><td colspan="1">Processes</td></tr><tr><td colspan="1">Each year a People Review process is carried out, where the majority</td></tr><tr><td colspan="1">of employees are being evaluated. In this process the employeeâs</td></tr><tr><td colspan="1">manager, the manager of the latter and colleagues and a representative</td></tr><tr><td colspan="1">from People &amp; Culture participate. Based on the results, a profile</td></tr><tr><td colspan="1">description is worked out including a description of management capabilities</td></tr><tr><td colspan="1">and potential of the employee and the potential for promoting</td></tr><tr><td colspan="1">the employee. Based on the People Review evaluations, Vestas obtains</td></tr><tr><td colspan="1">a tool to support that recruitment of managers internally and promotions</td></tr><tr><td colspan="1">are carried out in consideration of Vestasâ objectives to ensure</td></tr><tr><td colspan="1">everyone equal career opportunities.</td></tr><tr><td colspan="1">Naturally, the distribution of men and women in management positions</td></tr><tr><td colspan="1">is considered in that connection. In continuation hereof, Vestas will not</td></tr><tr><td colspan="1">accept any kind of differential treatment and is therefore obliged to let</td></tr><tr><td colspan="1">qualifications be the only deciding factor in all aspects of employment,</td></tr><tr><td colspan="1">including recruitment, development, and promotion.</td></tr><tr><td colspan="1">Activities in 2017</td></tr><tr><td colspan="1">In November 2017, the Nomination &amp; Compensation Committee discussed</td></tr><tr><td colspan="1">the status of diversity and the strategy for the diversity area</td></tr><tr><td colspan="1">in Vestas for the coming year â and in November 2017, the Board of</td></tr><tr><td colspan="1">Directors discussed the overall principles regarding diversity.</td></tr><tr><td colspan="1">Vestas is working with several activities to ensure relevant diversity at</td></tr><tr><td colspan="1">management levels, such as</td></tr><tr><td colspan="1">- Assuring that both genders are represented in the search process â</td></tr><tr><td colspan="1">and in the last process of the selection of the new employee.</td></tr><tr><td colspan="1">- Improve the terms for maternity and paternity to become more</td></tr><tr><td colspan="1">attractive to young professionals in Denmark.</td></tr><tr><td colspan="1">- Exposing the engineering opportunities to women, including specific</td></tr><tr><td colspan="1">events for female engineering candidates.</td></tr><tr><td colspan="1">- Hosted events for female engineering students at Vestasâ technology</td></tr><tr><td colspan="1">centre.</td></tr><tr><td colspan="1">- Participated in events aimed at female business students.</td></tr><tr><td colspan="1">Vestasâ initiatives related to gender focus on building a pipeline of</td></tr><tr><td colspan="1">female talents both outside and inside Vestas through the internal</td></tr><tr><td colspan="1">talent and development programmes, such as situational leadership</td></tr><tr><td colspan="1">training and leadership transition programmes. These programmes are</td></tr><tr><td colspan="1">offered to all leaders in Vestas, giving all equal opportunity.</td></tr><tr><td colspan="1">In 2017, the share of women at management level within Vestas was</td></tr><tr><td colspan="1">19 percent, which means that from the implementation of the policy</td></tr><tr><td colspan="1">regarding gender distribution and until 2017 the share of women both</td></tr><tr><td colspan="1">in the Board of Directors and at management level has increased by 13</td></tr><tr><td colspan="1">percentage points and 2 percentage points, respectively.</td></tr></table></mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Combined with additional information about Vestasâ sustainability</td></tr><tr><td colspan="1">initiatives at vestas.com, this annual report constitutes Vestasâ âCommunication</td></tr><tr><td colspan="1">on Progressâ (COP)1) under the UN Global Compact. In this</td></tr><tr><td colspan="1">way, Vestas applies the option stipulated in section 99a of the Danish</td></tr><tr><td colspan="1">Financial Statements Act concerning the statutory duty of large</td></tr><tr><td colspan="1">enterprises to report non-financial information by referring to the COP report.</td></tr><tr><td colspan="1">1) Read more: www.vestas.com/en/about/sustainability.</td></tr></table></mrv:StatementOfCorporateSocialResponsibility>
<mrv:CorporateGovernanceReport contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statutory report on corporate governance</td></tr><tr><td colspan="1">Pursuant to section 107b of the Danish Financial Statements Act and</td></tr><tr><td colspan="1">clause 4.3 of âRules for Issuers of Shares â Nasdaq Copenhagenâ, listed</td></tr><tr><td colspan="1">companies shall give a statement on how they address the recommendations</td></tr><tr><td colspan="1">on corporate governance issued by the Danish Committee on</td></tr><tr><td colspan="1">Corporate Governance. The recommendations of the report specify that</td></tr><tr><td colspan="1">the circumstances of each company will govern the extent to which the</td></tr><tr><td colspan="1">recommendations are complied with or not, as the key issue is to create</td></tr><tr><td colspan="1">transparency in corporate governance matters.</td></tr><tr><td colspan="1">Vestasâ statutory report, which is part of the annual report, is available</td></tr><tr><td colspan="1">at vestas.com/investor/corporate_governance#!statutoryreports.</td></tr><tr><td colspan="1">Vestas follows all recommendations of the Danish Corporate Governance</td></tr><tr><td colspan="1">recommendations except from three recommendations which</td></tr><tr><td colspan="1">Vestas partly complies with.</td></tr></table></mrv:CorporateGovernanceReport>
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<ifrs-full:IncreaseDecreaseInCashAndCashEquivalents contextRef="ctx1" unitRef="vEUR" decimals="-6">244000000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalents>
<ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents contextRef="ctx1" unitRef="vEUR" decimals="-6">-141000000</ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Managementâs statement</td></tr></table></sob:StatementByExecutiveAndSupervisoryBoards>
<sob:IdentificationOfApprovedAnnualReport contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Executive Management and Board of Directors have today considered and adopted the annual report of Vestas Wind Systems A/S for the financial year 2017.</td></tr></table></sob:IdentificationOfApprovedAnnualReport>
<sob:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements in the Danish Financial Statements Act.</td></tr><tr><td colspan="1">The financial statements of Vestas Wind Systems A/S have been prepared in accordance with the Danish Financial Statements Act. The management report is also prepared in accordance with the Danish disclosure requirements for listed companies.</td></tr></table></sob:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement>
<sob:ConfirmationThatFinancialStatementGivesTrueAndFairViewOfAssetsLiabilitiesEquityFinancialPositionAndResults contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the consolidated financial statements and the financial statements give a true and fair view of the financial position of the Group and the company as at 31 December 2017 and of the results of the Group and companyâs operations and consolidated cash flows for the financial year 1 January â 31 December 2017.</td></tr></table></sob:ConfirmationThatFinancialStatementGivesTrueAndFairViewOfAssetsLiabilitiesEquityFinancialPositionAndResults>
<sob:ManagementsStatementAboutManagementsReview contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the management report includes a fair review of the development in the operations and financial circumstances of the Group and the company, of the results for the year and of the financial position of the Group and the company as well as a description of the most significant risks and elements of uncertainty facing the Group and the company.</td></tr></table></sob:ManagementsStatementAboutManagementsReview>
<sob:ConfirmationThatSupplementaryReportsGiveTrueAndFairViewInAccordanceWithGenerallyAcceptedGuidelinesForSuchReports contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the social and environmental statements have been prepared in accordance with the accounting policies applied. They give a fair review of the Groupâs social and environment performance.</td></tr></table></sob:ConfirmationThatSupplementaryReportsGiveTrueAndFairViewInAccordanceWithGenerallyAcceptedGuidelinesForSuchReports>
<sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the Annual General Meeting approve the annual report.</td></tr></table></sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting>
<sob:PlaceOfSignatureOfStatement contextRef="ctx1" xml:lang="en">Aarhus</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx1">2018-02-07</sob:DateOfApprovalOfAnnualReport>
<arr:IndependentAuditorsReportsAudit contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The independent auditorâs report</td></tr></table></arr:IndependentAuditorsReportsAudit>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the Shareholders of Vestas Wind Systems A/S</td></tr></table></arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Our opinion</td></tr><tr><td colspan="1">In our opinion, the Consolidated Financial Statements give a true and</td></tr><tr><td colspan="1">fair view of the Groupâs financial position at 31 December 2017 and</td></tr><tr><td colspan="1">of the results of the Groupâs operations and cash flows for the financial</td></tr><tr><td colspan="1">year 1 January to 31 December 2017 in accordance with International</td></tr><tr><td colspan="1">Financial Reporting Standards as adopted by the EU and further</td></tr><tr><td colspan="1">requirements in the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Moreover, in our opinion, the Parent Company Financial Statements</td></tr><tr><td colspan="1">give a true and fair view of the Parent Companyâs financial position at</td></tr><tr><td colspan="1">31 December 2017 and of the results of the Parent Companyâs opera-</td></tr><tr><td colspan="1">tions for the financial year 1 January to 31 December 2017 in accord-</td></tr><tr><td colspan="1">ance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Our opinion is consistent with our Auditorâs Long-form Report to the</td></tr><tr><td colspan="1">Audit Committee and the Board of Directors.</td></tr><tr><td colspan="1">What we have audited</td></tr><tr><td colspan="1">The Consolidated Financial Statements and the Parent Company</td></tr><tr><td colspan="1">Financial Statements of Vestas Wind Systems A/S for the financial</td></tr><tr><td colspan="1">year 1 January to 31 December 2017 comprise income statement,</td></tr><tr><td colspan="1">balance sheet, statement of changes in equity and notes, including</td></tr><tr><td colspan="1">summary of significant accounting policies for the Group as well as for</td></tr><tr><td colspan="1">the Parent Company and statement of comprehensive income and cash</td></tr><tr><td colspan="1">flow statement for the Group. Collectively referred to as the âFinancial</td></tr><tr><td colspan="1">Statementsâ.</td></tr></table></arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards</td></tr><tr><td colspan="1">on Auditing (ISAs) and the additional requirements applicable in Den-</td></tr><tr><td colspan="1">mark. Our responsibilities under those standards and requirements are</td></tr><tr><td colspan="1">further described in the Auditorâs responsibilities for the audit of the</td></tr><tr><td colspan="1">Financial Statements section of our report.</td></tr><tr><td colspan="1">We believe that the audit evidence we have obtained is sufficient and</td></tr><tr><td colspan="1">appropriate to provide a basis for our opinion.</td></tr><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">We are independent of the Group in accordance with the International</td></tr><tr><td colspan="1">Ethics Standards Board for Accountantsâ Code of Ethics for Profes-</td></tr><tr><td colspan="1">sional Accountants (IESBA Code) and with the additional requirements</td></tr><tr><td colspan="1">applicable in Denmark. We have also fulfilled our other ethical respon-</td></tr><tr><td colspan="1">sibilities in accordance with the IESBA Code.</td></tr><tr><td colspan="1">To the best of our knowledge and belief, prohibited non-audit services</td></tr><tr><td colspan="1">referred to in Article 5(1) of Regulation (EU) No 537/2014 were not</td></tr><tr><td colspan="1">provided.</td></tr><tr><td colspan="1">Appointment</td></tr><tr><td colspan="1">Following the admission of the shares of Vestas Wind Systems A/S</td></tr><tr><td colspan="1">for listing on Nasdaq Copenhagen, we were first appointed auditors of</td></tr><tr><td colspan="1">Vestas Wind Systems A/S on 5 May 1999. We have been reappointed</td></tr><tr><td colspan="1">annually by shareholder resolution for a total period of uninterrupted</td></tr><tr><td colspan="1">engagement of 19 years including the financial year 2017.</td></tr></table></arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Key audit matters</td></tr><tr><td colspan="1">Key audit matters are those matters that, in our professional judge-</td></tr><tr><td colspan="1">ment, were of most significance in our audit of the Financial State-</td></tr><tr><td colspan="1">ments for 2017. These matters were addressed in the context of our</td></tr><tr><td colspan="1">audit of the Financial Statements as a whole, and in forming our opin-</td></tr><tr><td colspan="1">ion thereon, and we do not provide a separate opinion on these matters.</td></tr><tr><td colspan="1">Key audit matter</td></tr><tr><td colspan="1">Revenue recognition</td></tr><tr><td colspan="1">Recognition of the Groupâs revenue is complex due to</td></tr><tr><td colspan="1">several types of customer contracts utilised, including</td></tr><tr><td colspan="1">sale of wind turbines and power plants (supply-only,</td></tr><tr><td colspan="1">supply-and-installation and turnkey), service contracts</td></tr><tr><td colspan="1">and sale of spare parts.</td></tr><tr><td colspan="1">We focused on this area as recognition of revenue</td></tr><tr><td colspan="1">involves significant judgement made by Management</td></tr><tr><td colspan="1">including, whether contracts contain deliverables</td></tr><tr><td colspan="1">which should be separated for revenue recognition</td></tr><tr><td colspan="1">purposes and the most appropriate revenue</td></tr><tr><td colspan="1">recognition methodology for each of those elements,</td></tr><tr><td colspan="1">determining the allocation of consideration on a fair</td></tr><tr><td colspan="1">value basis between components of multi-element</td></tr><tr><td colspan="1">contracts as noted above, assessing when transfer</td></tr><tr><td colspan="1">of risk has occurred regarding sale of wind turbines</td></tr><tr><td colspan="1">supply-only and supply-and-installation) and sale of</td></tr><tr><td colspan="1">spare parts, and assessing the degree of completion of</td></tr><tr><td colspan="1">project and service contracts which are accounted for</td></tr><tr><td colspan="1">on a âpercentage of completionâ basis.</td></tr><tr><td colspan="1">Refer to Note 1.2 and Note 2.4.</td></tr><tr><td colspan="1">How our audit addressed the key audit matter</td></tr><tr><td colspan="1">We tested the relevant internal controls used to ensure the completeness, accuracy and timing of</td></tr><tr><td colspan="1">revenue recognized, including controls over the degree of completion of turnkey and service contracts</td></tr><tr><td colspan="1">at year-end.</td></tr><tr><td colspan="1">We read a sample of both project and service contracts to assess whether the revenue recognition</td></tr><tr><td colspan="1">methodology was relevant and consistent with accounting standards, and had been applied</td></tr><tr><td colspan="1">consistently. We focused on contract classification, allocation of income and cost to the individual</td></tr><tr><td colspan="1">parts of the contracts and timing of transfer of risk. Where a contract contained multiple elements,</td></tr><tr><td colspan="1">we considered Managementâs judgements as to whether there were elements that should be</td></tr><tr><td colspan="1">accounted for separately, and, in such cases, challenged the judgements made in the allocation of the</td></tr><tr><td colspan="1">consideration to each element.</td></tr><tr><td colspan="1">We evaluated and challenged the significant judgements and estimates made by Management</td></tr><tr><td colspan="1">in applying Vestasâ accounting policy to a sample of specific contracts and separable elements of</td></tr><tr><td colspan="1">contracts, and we obtained evidence to support them, including details of contractual agreements,</td></tr><tr><td colspan="1">delivery records, cash receipts and project plans. For the contracts selected, we inspected original</td></tr><tr><td colspan="1">signed contracts and agreed the revenue recognised to the underlying accounting records.</td></tr><tr><td colspan="1">We obtained a sample of Managementâs calculations of the degree of completion of turnkey and</td></tr><tr><td colspan="1">service contracts at year-end. We matched a sample of source data used in Managementâs calculation</td></tr><tr><td colspan="1">to supporting evidence, and evaluated the judgements applied. We also considered the historical</td></tr><tr><td colspan="1">outturns of judgements used in prior periods.</td></tr><tr><td colspan="1">We applied Computer Assisted Audit Techniques to establish, whether any revenue had been recognised</td></tr><tr><td colspan="1">where no corresponding accounts receivable or cash item had been recorded in the general ledger.</td></tr><tr><td colspan="1">Key audit matter</td></tr><tr><td colspan="1">Tax risks</td></tr><tr><td colspan="1">The Group operates in a complex multinational tax</td></tr><tr><td colspan="1">environment and the Group is part in tax cases with</td></tr><tr><td colspan="1">domestic and foreign tax authorities.</td></tr><tr><td colspan="1">We focused on this area as the amounts involved are</td></tr><tr><td colspan="1">material and as the valuation of the provision and</td></tr><tr><td colspan="1">deferred tax assets is associated with a high degree of</td></tr><tr><td colspan="1">judgement.</td></tr><tr><td colspan="1">At 31 December 2017, the Group has recognised</td></tr><tr><td colspan="1">provisions in respect of uncertain tax positions.</td></tr><tr><td colspan="1">Furthermore, the Group has recognised write-downs</td></tr><tr><td colspan="1">on deferred tax assets.</td></tr><tr><td colspan="1">Refer to Note 5.1 and 5.2.</td></tr><tr><td colspan="1">How our audit addressed the key audit matter</td></tr><tr><td colspan="1">We evaluated relevant internal controls regarding completeness of records of uncertain tax positions</td></tr><tr><td colspan="1">and Managementâs procedure for estimating the provision for uncertain tax provisions and write-down</td></tr><tr><td colspan="1">of deferred tax assets.</td></tr><tr><td colspan="1">In understanding and evaluating Managementâs judgements, we considered the status of recent and</td></tr><tr><td colspan="1">current tax authority audits and enquiries, the outcome of previous claims, judgemental positions</td></tr><tr><td colspan="1">taken in tax returns and current estimates and developments in the tax environment.</td></tr><tr><td colspan="1">In addition, we used PwC local and international tax specialists to evaluate and challenge the</td></tr><tr><td colspan="1">adequacy of Managementâs key assumptions and read correspondence with tax authorities to assess</td></tr><tr><td colspan="1">Managementâs estimates.</td></tr><tr><td colspan="1">We evaluated the Groupâs model for valuation of deferred tax assets, including the forecasts used to</td></tr><tr><td colspan="1">estimate the expected future taxable income.</td></tr><tr><td colspan="1">Key audit matter</td></tr><tr><td colspan="1">Warranty provisions</td></tr><tr><td colspan="1">The Groupâs product warranties primarily cover</td></tr><tr><td colspan="1">expected costs to repair or replace components</td></tr><tr><td colspan="1">with defects or functional errors and financial losses</td></tr><tr><td colspan="1">suffered by the Groupâs customers in connection with</td></tr><tr><td colspan="1">unplanned suspension of operations. Warranties are</td></tr><tr><td colspan="1">usually granted for a two-year period from delivery of</td></tr><tr><td colspan="1">the turbine, however, in certain cases, a warranty of up</td></tr><tr><td colspan="1">to five years is granted. Additionally, provisions are</td></tr><tr><td colspan="1">also made for turbines sold with serial errors.</td></tr><tr><td colspan="1">We focused on this area as the completeness and</td></tr><tr><td colspan="1">valuation of the expected outcome of warranty</td></tr><tr><td colspan="1">provisions requires a high degree of Management</td></tr><tr><td colspan="1">judgement and the use of estimates giving rise to</td></tr><tr><td colspan="1">inherent uncertainty in the amounts recorded in the</td></tr><tr><td colspan="1">financial statements.</td></tr><tr><td colspan="1">Refer to Note 3.5.</td></tr><tr><td colspan="1">How our audit addressed the key audit matter</td></tr><tr><td colspan="1">We tested the relevant internal controls regarding completeness of warranty provisions and how</td></tr><tr><td colspan="1">Management assesses valuation of provisions.</td></tr><tr><td colspan="1">We challenged the assumptions underlying the valuation of provisions by checking and corroborating</td></tr><tr><td colspan="1">the inputs used to calculate the provisions, including interviewing project managers, cost controllers</td></tr><tr><td colspan="1">and Management regarding individual cases. We assessed specific warranty provisions held for</td></tr><tr><td colspan="1">individual cases to evaluate whether the warranty provisions were sufficient to cover expected costs</td></tr><tr><td colspan="1">at year-end.</td></tr><tr><td colspan="1">Further, we assessed the level of historical warranty claims to assess whether the total warranty</td></tr><tr><td colspan="1">provisions held at year-end were sufficient to cover expected costs in light of known and expected</td></tr><tr><td colspan="1">cases and standard warranty periods provided.</td></tr><tr><td colspan="1">Key audit matter</td></tr><tr><td colspan="1">Inventory valuation</td></tr><tr><td colspan="1">The valuation of inventory across the Group is</td></tr><tr><td colspan="1">dependent on establishing appropriate valuation</td></tr><tr><td colspan="1">controls.</td></tr><tr><td colspan="1">We focused on this area as Management judgement</td></tr><tr><td colspan="1">is applied to estimate the appropriate write-down for</td></tr><tr><td colspan="1">obsolete inventories and the indirect production costs</td></tr><tr><td colspan="1">manually capitalised as inventory. These judgements</td></tr><tr><td colspan="1">are key elements in the valuation of inventories.</td></tr><tr><td colspan="1">Refer to Note 2.2.</td></tr><tr><td colspan="1">How our audit addressed the key audit matter</td></tr><tr><td colspan="1">We tested relevant internal controls that the Group uses to ensure proper valuation of inventory,</td></tr><tr><td colspan="1">including the procedures for write-down of obsolete inventory and the indirect production costs</td></tr><tr><td colspan="1">manually capitalised as inventory.</td></tr><tr><td colspan="1">We tested the adequacy of write-downs for excess and/or obsolete inventory by verifying future</td></tr><tr><td colspan="1">demand data, historical usage, historical accuracy of write-downs and Managementâs plans to utilise</td></tr><tr><td colspan="1">the inventory.</td></tr><tr><td colspan="1">We evaluated and challenged the significant judgements and estimates made by Management in</td></tr><tr><td colspan="1">applying Vestasâ accounting policy in relation to indirect production costs.</td></tr></table></arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on Managementâs Review</td></tr><tr><td colspan="1">Management is responsible for Managementâs Review.</td></tr><tr><td colspan="1">Our opinion on the Financial Statements does not cover Managementâs</td></tr><tr><td colspan="1">Review, and we do not express any form of assurance conclusion</td></tr><tr><td colspan="1">thereon.</td></tr><tr><td colspan="1">In connection with our audit of the Financial Statements, our responsibil-</td></tr><tr><td colspan="1">ity is to read Managementâs Review and, in doing so, consider whether</td></tr><tr><td colspan="1">Managementâs Review is materially inconsistent with the Financial State-</td></tr><tr><td colspan="1">ments or our knowledge obtained in the audit, or otherwise appears to be</td></tr><tr><td colspan="1">materially misstated.</td></tr><tr><td colspan="1">Moreover, we considered whether the Managementâs Review includes</td></tr><tr><td colspan="1">the disclosures required by the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, in our view, Managementâs</td></tr><tr><td colspan="1">Review is in accordance with the Consolidated Financial Statements</td></tr><tr><td colspan="1">and Parent Company Financial Statements and has been prepared in</td></tr><tr><td colspan="1">accordance with the Danish Financial Statements Act. We did not iden-</td></tr><tr><td colspan="1">tify any material misstatement in Managementâs Review.</td></tr></table></arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Managementâs responsibilities for the Financial Statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of consolidated finan-</td></tr><tr><td colspan="1">cial statements that give a true and fair view in accordance with Inter-</td></tr><tr><td colspan="1">national Financial Reporting Standards as adopted by the EU and fur-</td></tr><tr><td colspan="1">ther requirements in the Danish Financial Statements Act and for the</td></tr><tr><td colspan="1">preparation of parent company financial statements that give a true</td></tr><tr><td colspan="1">and fair view in accordance with the Danish Financial Statements Act,</td></tr><tr><td colspan="1">and for such internal control as Management determines is necessary</td></tr><tr><td colspan="1">to enable the preparation of Financial Statements that are free from</td></tr><tr><td colspan="1">material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the Financial Statements, Management is responsible for</td></tr><tr><td colspan="1">assessing the Groupâs and Parent Companyâs ability to continue as a</td></tr><tr><td colspan="1">going concern, disclosing, as applicable, matters related to going con-</td></tr><tr><td colspan="1">cern and using the going concern basis of accounting unless Manage-</td></tr><tr><td colspan="1">ment either intends to liquidate the Group or the Parent Company or to</td></tr><tr><td colspan="1">cease operations, or has no realistic alternative but to do so.</td></tr></table></arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditorâs responsibilities for the audit of the Financial Statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance about whether the</td></tr><tr><td colspan="1">Financial Statements as a whole are free from material misstatement,</td></tr><tr><td colspan="1">whether due to fraud or error, and to issue an auditorâs report that</td></tr><tr><td colspan="1">includes our opinion. Reasonable assurance is a high level of assur-</td></tr><tr><td colspan="1">ance, but is not a guarantee that an audit conducted in accordance</td></tr><tr><td colspan="1">with ISAs and the additional requirements applicable in Denmark will</td></tr><tr><td colspan="1">always detect a material misstatement when it exists. Misstatements</td></tr><tr><td colspan="1">can arise from fraud or error and are considered material if, individually</td></tr><tr><td colspan="1">or in the aggregate, they could reasonably be expected to influence</td></tr><tr><td colspan="1">the economic decisions of users taken on the basis of these Financial</td></tr><tr><td colspan="1">Statements.</td></tr><tr><td colspan="1">As part of an audit in accordance with ISAs and the additional require-</td></tr><tr><td colspan="1">ments applicable in Denmark, we exercise professional judgement and</td></tr><tr><td colspan="1">maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">·Identify and assess the risks of material misstatement of the</td></tr><tr><td colspan="1">Financial Statements, whether due to fraud or error, design and</td></tr><tr><td colspan="1">perform audit procedures responsive to those risks, and obtain audit</td></tr><tr><td colspan="1">evidence that is sufficient and appropriate to provide a basis for our</td></tr><tr><td colspan="1">opinion. The risk of not detecting a material misstatement resulting</td></tr><tr><td colspan="1">from fraud is higher than for one resulting from error, as fraud may</td></tr><tr><td colspan="1">involve collusion, forgery, intentional omissions, misrepresentations,</td></tr><tr><td colspan="1">or the override of internal control.</td></tr><tr><td colspan="1">·Obtain an understanding of internal control relevant to the audit</td></tr><tr><td colspan="1">in order to design audit procedures that are appropriate in the</td></tr><tr><td colspan="1">circumstances, but not for the purpose of expressing an opinion on</td></tr><tr><td colspan="1">the effectiveness of the Groupâs and the Parent Companyâs internal</td></tr><tr><td colspan="1">control.</td></tr><tr><td colspan="1">·Evaluate the appropriateness of accounting policies used and the</td></tr><tr><td colspan="1">reasonableness of accounting estimates and related disclosures</td></tr><tr><td colspan="1">made by Management.</td></tr><tr><td colspan="1">·Conclude on the appropriateness of Managementâs use of the</td></tr><tr><td colspan="1">going concern basis of accounting and based on the audit evidence</td></tr><tr><td colspan="1">obtained, whether a material uncertainty exists related to events</td></tr><tr><td colspan="1">or conditions that may cast significant doubt on the Groupâs and</td></tr><tr><td colspan="1">the Parent Companyâs ability to continue as a going concern. If</td></tr><tr><td colspan="1">we conclude that a material uncertainty exists, we are required to</td></tr><tr><td colspan="1">draw attention in our auditorâs report to the related disclosures in</td></tr><tr><td colspan="1">the Financial Statements or, if such disclosures are inadequate, to</td></tr><tr><td colspan="1">modify our opinion. Our conclusions are based on the audit evidence</td></tr><tr><td colspan="1">obtained up to the date of our auditorâs report. However, future events</td></tr><tr><td colspan="1">or conditions may cause the Group or the Parent Company to cease to</td></tr><tr><td colspan="1">continue as a going concern.</td></tr><tr><td colspan="1">·Evaluate the overall presentation, structure and content of the</td></tr><tr><td colspan="1">Financial Statements, including the disclosures, and whether the</td></tr><tr><td colspan="1">Financial Statements represent the underlying transactions and</td></tr><tr><td colspan="1">events in a manner that achieves fair presentation.</td></tr><tr><td colspan="1">·Obtain sufficient appropriate audit evidence regarding the financial</td></tr><tr><td colspan="1">information of the entities or business activities within the Group to</td></tr><tr><td colspan="1">express an opinion on the Consolidated Financial Statements. We</td></tr><tr><td colspan="1">are responsible for the direction, supervision and performance of the</td></tr><tr><td colspan="1">group audit. We remain solely responsible for our audit opinion.</td></tr><tr><td colspan="1">We communicate with those charged with governance regarding,</td></tr><tr><td colspan="1">among other matters, the planned scope and timing of the audit and</td></tr><tr><td colspan="1">significant audit findings, including any significant deficiencies in inter-</td></tr><tr><td colspan="1">nal control that we identify during our audit.</td></tr><tr><td colspan="1">We also provide those charged with governance with a statement that</td></tr><tr><td colspan="1">we have complied with relevant ethical requirements regarding inde-</td></tr><tr><td colspan="1">pendence, and to communicate with them all relationships and other</td></tr><tr><td colspan="1">matters that may reasonably be thought to bear on our independence,</td></tr><tr><td colspan="1">and where applicable, related safeguards.</td></tr><tr><td colspan="1">From the matters communicated with those charged with governance,</td></tr><tr><td colspan="1">we determine those matters that were of most significance in the audit</td></tr><tr><td colspan="1">of the Financial Statements of the current period and are therefore the</td></tr><tr><td colspan="1">key audit matters. We describe these matters in our auditorâs report</td></tr><tr><td colspan="1">unless law or regulation precludes public disclosure about the matter</td></tr><tr><td colspan="1">or when, in extremely rare circumstances, we determine that a matter</td></tr><tr><td colspan="1">should not be communicated in our report because the adverse con-</td></tr><tr><td colspan="1">sequences of doing so would reasonably be expected to outweigh the</td></tr><tr><td colspan="1">public interest benefits of such communication.</td></tr></table></arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:SignatureOfAuditorsPlace contextRef="ctx1" xml:lang="en">Hellerup</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx1">2018-02-07</arr:SignatureOfAuditorsDate>
<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx1">Ã
rsrapport</gsd:InformationOnTypeOfSubmittedReport>
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<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx1" xml:lang="en">2900 Hellerup</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
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<gsd:PredingReportingPeriodEndDate contextRef="ctx1">2016-12-31</gsd:PredingReportingPeriodEndDate>
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<ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="ctx2" unitRef="vEUR" decimals="-6">287000000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
<ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="ctx2" unitRef="vEUR" decimals="-6">21000000</ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
<ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities contextRef="ctx2" unitRef="vEUR" decimals="-6">83000000</ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities>
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<ifrs-full:Liabilities contextRef="ctx3" unitRef="vEUR" decimals="-6">7759000000</ifrs-full:Liabilities>
<ifrs-full:EquityAndLiabilities contextRef="ctx3" unitRef="vEUR" decimals="-6">10871000000</ifrs-full:EquityAndLiabilities>
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<ifrs-dk:Securities contextRef="ctx4" unitRef="vEUR" decimals="-6">190000000</ifrs-dk:Securities>
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<ifrs-full:Equity contextRef="ctx4" unitRef="vEUR" decimals="-6">3190000000</ifrs-full:Equity>
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<ifrs-full:CurrentTaxLiabilitiesCurrent contextRef="ctx4" unitRef="vEUR" decimals="-6">191000000</ifrs-full:CurrentTaxLiabilitiesCurrent>
<ifrs-full:CurrentLiabilities contextRef="ctx4" unitRef="vEUR" decimals="-6">5627000000</ifrs-full:CurrentLiabilities>
<ifrs-full:Liabilities contextRef="ctx4" unitRef="vEUR" decimals="-6">6741000000</ifrs-full:Liabilities>
<ifrs-full:EquityAndLiabilities contextRef="ctx4" unitRef="vEUR" decimals="-6">9931000000</ifrs-full:EquityAndLiabilities>
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<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx5" xml:lang="en">Profit for the year</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
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<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx6" xml:lang="en">Profit for the year</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
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<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx7" xml:lang="en">Cash flow from operating activities before change in net working capital</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx7" unitRef="vEUR" decimals="-6">1461000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx8" xml:lang="en">Cash flow from operating activities before change in net working capital</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx8" unitRef="vEUR" decimals="-6">1793000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx9" xml:lang="en">Disposal of non-current assets held for sale</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx9" unitRef="vEUR" decimals="-6">99000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx10" xml:lang="en">Additions of shares in joint ventures</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx10" unitRef="vEUR" decimals="-6">-15000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx11" xml:lang="en">Additions of shares in joint ventures</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx11" unitRef="vEUR" decimals="-6">-66000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx12" xml:lang="en">Cash flow from investing activities before marketable securities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx12" unitRef="vEUR" decimals="-6">-407000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx13" xml:lang="en">Cash flow from investing activities before marketable securities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx13" unitRef="vEUR" decimals="-6">-617000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx14" xml:lang="en">Free cash flow before marketable securities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx14" unitRef="vEUR" decimals="-6">1218000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx15" xml:lang="en">Free cash flow before marketable securities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx15" unitRef="vEUR" decimals="-6">1564000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx16" xml:lang="en">Disposal of treasury shares</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx16" unitRef="vEUR" decimals="-6">1000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx17" xml:lang="en">Disposal of treasury shares</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx17" unitRef="vEUR" decimals="-6">11000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-full:CashAndCashEquivalents contextRef="ctx18" unitRef="vEUR" decimals="-6">3550000000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents contextRef="ctx19" unitRef="vEUR" decimals="-6">2765000000</ifrs-full:CashAndCashEquivalents>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx20" xml:lang="en">Anders Runevad</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx20" xml:lang="en">Group President & CEO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx21" xml:lang="en">Marika Fredriksson</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx21" xml:lang="en">Executive Vice President & CFO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx22" xml:lang="en">Anders Vedel</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx22" xml:lang="en">Executive Vice President & CTO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx23" xml:lang="en">Jean-Marc Lechêne</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx23" xml:lang="en">Executive Vice President & COO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx24" xml:lang="en">Juan Araluce</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx24" xml:lang="en">Executive Vice President & CSO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx25" xml:lang="en">Bert Nordberg</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx25" xml:lang="en">Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx26" xml:lang="en">Lars Josefsson</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx26" xml:lang="en">Deputy chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx27" xml:lang="en">Carsten Bjerg</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx28" xml:lang="en">Eija Pitkänen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx29" xml:lang="en">Henrik Andersen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx30" xml:lang="en">Henry Sténson</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx31" xml:lang="en">Torben Ballegaard Sørensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx32" xml:lang="en">Lykke Friis</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx33" xml:lang="en">Kim Hvid Thomsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx34" xml:lang="en">Michael Abildgaard Lisbjerg</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx35" xml:lang="en">Sussie Dvinge Agerbo</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx36" xml:lang="en">Peter Lindholst</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameOfAuditFirm contextRef="ctx37" xml:lang="en">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx37">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameAndSurnameOfAuditor contextRef="ctx37" xml:lang="en">Kim Füchsel</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx37" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<arr:IdentificationNumberOfAuditor contextRef="ctx37">mne9291</arr:IdentificationNumberOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx38" xml:lang="en">Kim Tromholt</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx38" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<arr:IdentificationNumberOfAuditor contextRef="ctx38">mne33251</arr:IdentificationNumberOfAuditor>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx38">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx38" xml:lang="en">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
</xbrli:xbrl>