Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2020-12-31 | 18160000000 | eur |
| ifrs-full:Assets | 2019-12-31 | 14331000000 | eur |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2020-01-01 | 2020-12-31 | 14819000000 | eur |
| ifrs-full:Revenue | 2019-01-01 | 2019-12-31 | 12147000000 | eur |
XML
See the xml submitted here:
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<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx-1" xml:lang="en">The V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>estas Sustainability Report 2020</mrv:StatementOfCorporateSocialResponsibility>
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<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-1" id="pp-value9" xml:lang="en">The Executive Management and Board of Directors hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e today consid-ered and adopted the Annual Report of V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>estas Wind Systems A/S for the financial year 2020.The consolidated financial statements have been prepared in accor-dance with International Financial Reporting Standards as adopted by the EU and additional requirements in the Danish Financial Statements Act. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>The financial statements of V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>estas Wind Systems A/S have been prepared in accordance with the Danish Financial Statements Act. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>The Managementâs Re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>view is also prepared in accordance with the Danish disclosure requirements for listed companies.In our opinion, the consolidated financial statements and the financial statements give a true and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>air view of the financial position of V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>estas and Parent Company as at 31 December 2020 and of the results of V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"/>estasâ and Parent Companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"/>s operations and consolidated cash ï¬ows for the financial year 1 January to 31 December 2020.In our opinion, the Managementâs Re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>view includes a fair review of the development in the oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"/>ations and financial circumstances of V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"/>estas and Parent Company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, of the results for the year and of the financial position of vestas and P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"/>arent Company as well as a description of the most significant risks and elements of uncertainty facing <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"/>estas and Parent Company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.In our opinion, the social and environmental statements have been pre-pared in accordance with the accounting policies applied. The<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>y give a fair review of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>estasâ social and environment performance.In our opinion, the Annual Report of V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>estas Wind Systems A/S for the financial year 1 January to 31 December 2020 identified as VWS-2020-12-31.zip is prepared, in all material respects, in compliance with the ESEF Regulation.W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e recommend that the Annual General Meeting approv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e the Annual Report.</sob:StatementByExecutiveAndSupervisoryBoards>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" xml:lang="en">T<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">o the Shareholders of V<span class="_ _0"/><span class="ws11">estas <span class="ws0">Wind Systems A/S<span class="ff45 fs10 ws8d"> </span></span></span></span></arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx-1" id="pp-value42" xml:lang="en">In our opinion, the <span xmlns="http://www.w3.org/1999/xhtml" class="ff47">C</span>onsolidated <span xmlns="http://www.w3.org/1999/xhtml" class="ff47">F</span>inancial <span xmlns="http://www.w3.org/1999/xhtml" class="ff47">S</span>tatements give a true and fair view of the Groupâs financial position at 31 December 2020 and of the results of the Groupâs operations and cash flows for the financial year 1 January to 31 December 2020 in accordance with<span xmlns="http://www.w3.org/1999/xhtml" class="ff47"> </span>Internatio<span xmlns="http://www.w3.org/1999/xhtml" class="ff49">-</span>nal Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act.Moreover<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, in our opinion, the Parent Company Financial Statements give a true and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>air view of the Parent Companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"/>s financial position at 31 December 2020 and of the results of the P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>arent Companyâs oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>a-tions for the financial year 1 January to 31 December 2020 in accord<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>-ance with the Danish Financial Statements Act.Our opinion is consistent with our Auditorâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s Long-form Report to the Audit Committee and the Board of Directors.What we have auditedThe <span xmlns="http://www.w3.org/1999/xhtml" class="ff47">C</span>onsolidated <span xmlns="http://www.w3.org/1999/xhtml" class="ff47">F</span>inancial <span xmlns="http://www.w3.org/1999/xhtml" class="ff47">S</span>tatements and the Parent Company Financial Statements of <span xmlns="http://www.w3.org/1999/xhtml" class="ws11">Vestas </span>Wind Systems A/S for the financial year 1 January to 31 December 2020 comprise income statement, balance sheet, statement of changes in equity and notes, including summary of significant accounting policies for the Group as well as for the Parent Company, and statement of comprehensive income and statement of cash flows for the Group. Collectively referred to as the âFinancial Statementsâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls6d">.</span></arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-1" id="pp-value65" xml:lang="en">W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Den-mark. Our responsibilities under those standards and requirements are further described in the Auditorâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s responsibilities for the audit of the Financial Statements section of our report. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e believe that the audit e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>vidence we have obtained is sufficient and appropriate to provide a basis for our opinion.IndependenceW<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e are independent of the Group in accordance with the International Ethics Standards Board for Accountantsâ Code of Ethics f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>or Prof<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>es-sional Accountants (IESBA Code) and the additional requirements applicable in Denmark. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"/>e have also fulfilled our other ethical respon-sibilities in accordance with the IESBA Code. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the best of our knowledge and belief<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, prohibited non-audit services referred to in Article 5(1) of Regulation (EU) No 537/2014 were not provided.AppointmentW<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e were first appointed auditors of V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>estas Wind Systems A/S on 5 May 1999 for the financial year 1999. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e have been reappointed annually by shareholder resolution f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>or a total period of uninterrupted engagement of 22 years including the financial year 2020.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx-1" id="pp-value88" xml:lang="en">Ke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>y audit matters are those matters that, in our professional judge-ment, were of most significance in our audit of the Financial State-ments for 2020. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opin-ion thereon, and we do not provide a separ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ate opinion on these matters.Ke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>y audit matterHow our audit addressed the ke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>y audit matterRevenue recognitionRecognition of the Groupâs re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>venue is complex due to sev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>eral<span xmlns="http://www.w3.org/1999/xhtml" class="ws77"> </span>types of customer contracts utilised, including sale of wind<span xmlns="http://www.w3.org/1999/xhtml" class="ws77"> </span>turbines and wind power plants (supply-only<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"/>, supply-and-installation and turnke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>y), service<span xmlns="http://www.w3.org/1999/xhtml" class="ws88"> </span>sales and sale of spare parts.W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e focused on this area as recognition of rev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>enue involv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>es significant judgement and accounting estimates made by Management including, whether contracts contain multiple performance obligations which should be accounted f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>or separately and the most appropriate method f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>or recognition of revenue f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>or the identified performance obligations in the contr<span xmlns="http://www.w3.org/1999/xhtml" class="ws89">acts. </span>This includes assessing whether perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ormance obligations in supply-and-installation contracts are satisfied at a point in time or over time. Further<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"/>, it comprises the point in time when transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>er of control has occurred regarding sale of wind turbines and sale of spare parts, and assessing the degree of completion of project and service contracts, which are accounted for ov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>er time. The total consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ation for service contracts is subject to estimates regarding v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ariable elements <span xmlns="http://www.w3.org/1999/xhtml" class="ws8b">and the degree of </span>completion <span xmlns="http://www.w3.org/1999/xhtml" class="ws8b">f</span>or <span xmlns="http://www.w3.org/1999/xhtml" class="ws8b">project and service </span>contracts is subject to estimates regarding the remaining costs to complete the contracts. Furthermore, the reduction in revenue related to damages or penalties regarding project and service contracts is subject to estimates.Finally<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"/>, significant estimates are involved in allocation of the consideration to the individual perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ormance obligations in a contract.Refer to Note 1.2, Note 2.3 and Note 2.4 in the<span xmlns="http://www.w3.org/1999/xhtml" class="ff47 ws2f"> <span class="ws0">C</span></span>onsoli<span xmlns="http://www.w3.org/1999/xhtml" class="ff48">-</span>dated<span xmlns="http://www.w3.org/1999/xhtml" class="ws8c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff47">F</span>inancial <span xmlns="http://www.w3.org/1999/xhtml" class="ff47">S</span>tatements. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e obtained an understanding of the Groupâ applied revenue recognition policies. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e tested the relevant internal controls in this area implemented b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>y Management to ensure the completeness, accuracy and timing of recognised rev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>enue, including controls over the degree of completion of relevant project and service contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>acts at year-end.W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e reviewed a sample of both project and service contracts to assess whether the method for recognition of rev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>enue was relevant and consistent with IFRS 15, and had been applied consistently<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"/>. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e focused on contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>act classification, allocation of fixed and variable consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ation and cost to the individual performance obligations and timing of tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ansfer of control. For supply-and-installation projects with revenue recognition o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ver time we reviewed Managementâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s assessment of a sample of projects and challenged the judgement made by Management in terms of no alternative use of the project. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>Where a contract contained multiple elements, we considered Managementâs judgements as to whether the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>y comprised performance obligations that should be accounted for separ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ately<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"/>, and, in such cases, challenged the significant assumptions used in the allocation of the consideration to each perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ormance obligation. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e evaluated and challenged the significant judgements and accounting estimates made by Management in applying <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"/>estasâ accounting policy to a sample of specific contracts and separable perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ormance obligations of contracts. As part of this we obtained evidence to support them, including inspecting signed contracts, deliv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ery records, cash receipts and project plans and reconciled the revenue recognised to the underlying accounting records. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e obtained a sample of Managementâs calculations of the degree of completion of project and service contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>acts, which are accounted for ov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>er time, and matched a sample of source data used in Managementâs calculation to supporting evidence, and ev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>aluated the judgements and assumptions applied. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e further challenged the estimated cost to complete for the sampled contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>acts. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e also considered the historical outcome of accounting estimates used in prior periods.W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e reviewed the disclosures included in the notes and sample tested additional disclosure information to accounting records.Ke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>y audit matterHow our audit addressed the ke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>y audit matterW<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>arranty provisionsThe Groupâs product warr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>anties primarily cover expected costs to repair or replace components with defects or functional errors and financial losses suffered b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>y the Groupâs customers in connection with unplanned suspension of oper<span xmlns="http://www.w3.org/1999/xhtml" class="ws76">ations. </span>W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"/>arranties are<span xmlns="http://www.w3.org/1999/xhtml" class="ff4b"> </span>usually granted f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>or a two-year period from legal transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>er of the turbine, however<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"/>, in certain cases, a warranty of up to fiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e years is granted.W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e focused on this area as the completeness and<span xmlns="http://www.w3.org/1999/xhtml" class="ws8e"> </span>valuation of the expected outcome of warr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>anty<span xmlns="http://www.w3.org/1999/xhtml" class="ws77"> </span>provisions requires significant Management judgement<span xmlns="http://www.w3.org/1999/xhtml" class="ws8e"> </span>and the use of significant assumptions concerning<span xmlns="http://www.w3.org/1999/xhtml" class="ws77"> </span>expected failure r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ates and expected repair costs giving<span xmlns="http://www.w3.org/1999/xhtml" class="ws77"> </span>rise to inherent uncertainty in the accounting estimates<span xmlns="http://www.w3.org/1999/xhtml" class="ws77"> </span>recorded in the financial statements. Refer to Note 3.6 in the <span xmlns="http://www.w3.org/1999/xhtml" class="ff4c">C</span>onsolidated <span xmlns="http://www.w3.org/1999/xhtml" class="ff4c">F</span>inancial S<span xmlns="http://www.w3.org/1999/xhtml" class="ff3">tatements.</span>W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e tested the relevant internal controls regarding completeness of warr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>anty provisions and how Management assesses valuation of provisions.W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e performed substantive audit procedures on the methodology<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, data, assumptions and model used by Management to calculate the provision and through selection of a sample of specific pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>visions.W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e challenged the significant assumptions underlying the valuation of provisions b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>y checking and corroborating the inputs used to calculate the provisions, including interviewing project managers, cost controllers and Management regarding individual cases. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"/>e assessed specific warranty provisions held for individual cases to e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>valuate whether the warranty pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>visions were sufficient to cover expected costs at y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ear-end and whether the disclosures included in the notes appropriately reï¬ected the risk.Further<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"/>, we assessed the level of historical warranty claims to assess whether the total warr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>anty provisions held at year-end were sufficient to cov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>er expected costs in light of known and expected cases and standard warranty periods provided.T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"/>ax risksThe Group operates in a complex multinational tax environment and the Group is part in tax cases with domestic and foreign tax authorities.The Group has recognised provisions in respect of uncertain tax positions.Furthermore, the Group has recognised write-downs on deferred tax assets related to the uncertainty about potential future utilisation of these tax assets.W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e focused on this area as the amounts involv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ed are material and as the valuation of the provision and deferred tax assets is associated with significant accounting estimates and judgements.Refer to Note 5.1 and 5.2 in the <span xmlns="http://www.w3.org/1999/xhtml" class="ff4d">C</span>onsolidated<span xmlns="http://www.w3.org/1999/xhtml" class="ff4e"> <span class="ff4d">F</span></span>inan<span xmlns="http://www.w3.org/1999/xhtml" class="ff4e">-</span>cial <span xmlns="http://www.w3.org/1999/xhtml" class="ff4d">S</span>tatements.W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e evaluated relev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ant internal controls regarding completeness of records of uncertain tax positions and Managementâs procedure f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>or estimating the provision for uncertain tax pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>visions and write-down of deferred tax assets.In understanding and evaluating Managementâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"/>s accounting estimates and judgements, we considered the status of recent tax authority audits and enquiries, the outcome of previous claims, judgmental positions taken in tax returns and estimates and de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>velopments in the tax environment.W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e used PwC tax specialists to evaluate and challenge the adequacy of Managementâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s significant assumptions and read correspondence with tax authorities to assess Managementâs accounting estimates.W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e evaluated the Groupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s model for v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>aluation of deferred tax assets, including the data used to estimate the expected future taxable income.W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e reviewed the disclosures included in the notes and sample tested additional disclosure information to accounting records.</arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="pp-value213" xml:lang="en">Management is responsible for Managementâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"/>s Review pages 003-062 and pages 133-139.Our opinion on the Financial Statements does not cover Managementâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"/>s Review, and we do not express any form of assur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"/>ance conclusion thereon.In connection with our audit of the Financial Statements, our respon-sibility is to read Managementâs Re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>view and, in doing so, consider whether Managementâs Review is materially inconsistent with the Financial Statements or our knowledge obtained in the audit, or other-wise appears to be materially misstated. Moreover<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"/>, we considered whether Managementâs Re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>view includes the disclosures required by the Danish Financial Statements Act. Based on the work we have performed, in our view, Managementâs Review is in accordance with the <span xmlns="http://www.w3.org/1999/xhtml" class="ff4e">C</span>onsolidated <span xmlns="http://www.w3.org/1999/xhtml" class="ff4e">F</span>inancial <span xmlns="http://www.w3.org/1999/xhtml" class="ff4e">S</span>tatements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Managementâs Review.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-1" id="pp-value235" xml:lang="en">Management <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f"/>is <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f"/>responsible <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f"/>for <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f"/>the preparation <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f"/>of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff4e">C</span>onsolidated <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff4e">F</span>inan-cial <span xmlns="http://www.w3.org/1999/xhtml" class="ff4e">S</span>tatements that give a true and fair view in accordance with Inter-national Financial Reporting Standards as adopted by the EU and fur-ther requirements in the Danish Financial Statements Act and for the preparation of parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"/>.In preparing the Financial Statements, Management is responsible for assessing the Groupâs and the P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"/>arent Companyâs ability to continue as a going concern, disclosing, as applicable, matters related to going con-cern and using the going concern basis of accounting unless Manage-ment either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-1" id="pp-value253" xml:lang="en">Our objectives are to obtain reasonable assur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"/>, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high lev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>el of assur-ance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"/>, individually or in the aggregate, they could reasonably be expected to inï¬uence the economic decisions of users taken on the basis of these Financial Statements.As part of an audit in accordance with ISAs and the additional require-ments applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e also:·<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">Identify and assess the risks of material misstatement of the </span>Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">The risk of not detecting a material misstatement resulting </span>from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.·<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">Obtain an understanding of internal control relevant to the audit </span>in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Groupâs and the Parent Companyâs internal control.·<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">Evaluate the appropriateness of accounting policies used and the </span>reasonableness of accounting estimates and related disclosures made by Management.·<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">Conclude on the appropriateness of Managementâs use of the </span>going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Groupâs and the Parent Companyâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Group or the Parent Company to cease to continue as a going concern.·<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">Evaluate the overall presentation, structure and content of the </span>Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.·<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">Obtain sufficient appropriate audit evidence regarding the financial </span>information of the entities or business activities within the Group to express an opinion on the <span xmlns="http://www.w3.org/1999/xhtml" class="ff4f">C</span>onsolidated <span xmlns="http://www.w3.org/1999/xhtml" class="ff4f">F</span>inancial <span xmlns="http://www.w3.org/1999/xhtml" class="ff4f">S</span>tatements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in inter-nal control that we identify during our audit.W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e also provide those charged with gov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ernance with a statement that we have complied with relev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ant ethical requirements regarding inde-pendence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Financial Statements of the current period and are therefore the ke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>y audit matters. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"/>e describe these matters in our auditorâs report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse con-sequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:AuditorsReportOnXbrlTagging contextRef="ctx-1" id="pp-value326" xml:lang="en">As part of our audit of the Financial Statements we performed proce-dures to express an opinion on whether the annual report of V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>estas Wind Systems A/S for the financial year 1 January to 31 December 2020 with the filename VWS-2020-12-31.zip is prepared, in all mate-rial respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Reg-ulation) which includes requirements related to the preparation of the Annual Report in XHTML format and iXBRL tagging of the <span xmlns="http://www.w3.org/1999/xhtml" class="ff4f">C</span>onsoli<span xmlns="http://www.w3.org/1999/xhtml" class="ff4f">-</span>dated <span xmlns="http://www.w3.org/1999/xhtml" class="ff4f">F</span>inancial <span xmlns="http://www.w3.org/1999/xhtml" class="ff4f">S</span>tatements.Management is responsible for the prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ation of an Annual Report that complies with the ESEF Regulation. This responsibility includes:·<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">The preparation of the Annual Report in XHTML format;</span>·<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff3 ls6e"> <span class="ls0 ws0">The selection and application of appropriate iXBRL tags including </span></span>extensions and the anchoring thereof for all financial information required to be tagged using judgement where necessary;·<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff3 ls6e"> <span class="ls0 ws0">Ensuring consistency between iXBRL tagged data and the </span></span>C<span xmlns="http://www.w3.org/1999/xhtml" class="ff3">onsolidated </span>F<span xmlns="http://www.w3.org/1999/xhtml" class="ff3">inancial </span>S<span xmlns="http://www.w3.org/1999/xhtml" class="ff3">tatements presented in human-readable </span>format; and·<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff3 ls6e"> <span class="ls0 ws0">For such internal control as Management determines necessary to </span></span>enable the preparation of annual reports that are compliant with the ESEF Regulation.Our responsibility is to obtain reasonable assurance on whether the Annual Report is prepared, in all material respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditorâs judgement, including the assessment of the risks of material departures from the require-ments set out in the ESEF Regulation, whether due to fraud or error<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"/>. The procedures include:·<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff3 ls6e"> <span class="ls6c ws0">T<span class="ls0">esting whether the Annual Report is prepared in XHTML format;</span></span></span>·<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff3 ls6e"> <span class="ls0 ws0">Obtaining an understanding of the companyâs iXBRL tagging process </span></span>and of internal control over the tagging process; ·<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">Evaluating the completeness of the iXBRL tagging of the </span>C<span xmlns="http://www.w3.org/1999/xhtml" class="ff3">onsolidated </span>F<span xmlns="http://www.w3.org/1999/xhtml" class="ff3">inancial </span>S<span xmlns="http://www.w3.org/1999/xhtml" class="ff3">tatements;</span>·<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff3 ls6e"> <span class="ls0 ws0">Evaluating the appropriateness of the companyâs use of iXBRL </span></span>elements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified;·<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff3 ls6e"> <span class="ls0 ws0">Evaluating the use of anchoring of extension elements to elements in </span></span>the ESEF taxonomy; and·<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff3 ls6e"> <span class="ls0 ws0">Reconciling the iXBRL tagged data with the audited <span class="ff51">C</span>onsolidated </span></span>F<span xmlns="http://www.w3.org/1999/xhtml" class="ff3">inancial </span>S<span xmlns="http://www.w3.org/1999/xhtml" class="ff3">tatements.</span>In our opinion, the Annual Report of V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>estas Wind Systems A/S for the financial year 1 January to 31 December 2020 with the file name VWS-2020-12-31.zip is prepared, in all material respects, in compli-ance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
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