Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2021-12-31 | 19712000000 | eur |
| ifrs-full:Assets | 2020-12-31 | 18160000000 | eur |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2021-01-01 | 2021-12-31 | 15587000000 | eur |
| ifrs-full:Revenue | 2020-01-01 | 2020-12-31 | 14819000000 | eur |
XML
See the xml submitted here:
XML: http://regnskaber.virk.dk/28730401/amNsb3VkczovLzAzLzQyLzA1LzUyL2I1LzczMjAtNDM2Ny1iNmRiLTU4MGY5NWI3MTQ3Mw.xml
Separator
The full data:
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T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>he<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>e, we a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>re co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>mm<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>te<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>d to ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ki<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ng su<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>re al<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>l cu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>rre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>t an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>d fu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ure Ves<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>tas e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>mp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>loye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>es e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>njo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>y eq<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ual op<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>po<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>uni<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>tie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>, reg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ard<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>les<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>s of so<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>cial i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>nt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>y. 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<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx-1" id="pp-value-39" xml:lang="en">Ou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>r Di<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>sit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"/>y &amp; Inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>lusio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>n Po<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>lic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>y se<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ts s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>nd<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ard<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>s an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>d re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>qu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>irem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>nt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>s for th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>e eve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>yd<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ay co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>nd<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>uc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>t o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>f ou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>r em<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>pl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>oye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>. 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<mrv:LinkToCorporateGovernanceReport contextRef="ctx-1" id="pp-value-46" xml:lang="en">https://www.vestas.com/content/dam/vestas-com/global/en/investor/reports-and-presentations/esg/corporate-governance/CorporateGovernance_2021.pdf</mrv:LinkToCorporateGovernanceReport>
<mrv:StatementOfPolicyForDataEthics contextRef="ctx-1" id="pp-value-47" xml:lang="en">Dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>a e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>thi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>cs r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>t Th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>e ove<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>rall o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>bje<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ve of o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ur D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>a Ethic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>s Po<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>lic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>y is to en<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>e an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>d mo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>tiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ate a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ll em<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>plo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>yee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>s of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>he Vest<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>as Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>p to ha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>nd<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>le da<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ta w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ith ut<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>mo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>st c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>re an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>d res<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>pe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>t an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>d to a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>dh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ere to a r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>esp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>sibl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>e an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>d sus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _18"/>- abl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>e use o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>f da<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ta by fol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>low<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>g ou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>r gu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>idin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>g pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>cip<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>les o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>n da<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ta e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>thi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>cs<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>. As a g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>bal c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>om<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>pa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ny w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>e alig<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>n wi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>th u<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>niv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>sa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>l pri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>nc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>iple<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>s on f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>u<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>nd<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>am<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>en<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>-tal ri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>ghts.Through eth<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>ical<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/> use<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/> of our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/> smar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>t data<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/> capabi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>liti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>es and groundbreaki<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>ng ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>w tec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>hn<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>olo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>gie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>s o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ur ai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>m is to ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>hiev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>e ou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>r lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ng<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>-ter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>m bu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>sin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ess obj<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>s an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>d ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"/>ten<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>d ou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>r p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>osit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ion a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>s th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>e en<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>erg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>y in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>us<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"/>âs le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ad<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>g global<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/> partner on sustai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>nable<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/> energy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>.We repo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>t o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>n th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>is in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>cord<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ce w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>h sec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"/>tio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>n 99d of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>he D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ish Fin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>cia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>l State<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>en<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ts Ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>.</mrv:StatementOfPolicyForDataEthics>
<gsd:NameOfReportingEntity contextRef="ctx-1" id="pp-value-48" xml:lang="en">Vestas Wind Systems A/S</gsd:NameOfReportingEntity>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-1" id="pp-value-69" xml:lang="en">The Executive Management and Board of Directors hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>e today considered and adopted the annual report of V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>estas Wind Systems A/S for the financial year 2021.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. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>The parent company financial statements of V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>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="_ _b"/>The Managementâs Re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>view is also prepared in accordance with the Danish disclosure requirements for listed companies.In our opinion, the consolidated financial statements and the parent company financial statements give a true and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>air view of the financial position of the Group and parent company as at 31 December 2021 and of the results of Groupâs and parent companyâs oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>ations and consolidated cash ï¬ows for the financial year 1 January to 31 December 2021.In our opinion, the Managementâs Re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>view includes a true and fair review of the de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>velopment in the oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>ations and financial circumstances of the Group and parent company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>, of the results for the year and of the financial position of the Group and parent company as well as a description of the most significant risks and elements of uncertainty facing the Group and parent company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>.In our opinion, the social and environmental statements have been prepared in accordance with the accounting policies applied. The<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>y give a fair review of the Groupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>s social and environment performance.In our opinion, the annual report of V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>estas Wind Systems A/S for the financial year 1 January to 31 December 2021 identified as VWS-2021-12-31.zip is prepared, in all material respects, in compliance with the ESEF Regulation.W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>e recommend that the Annual General Meeting approv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>e the Annual Report.Managemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>s s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>em<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ent</sob:StatementByExecutiveAndSupervisoryBoards>
<sob:PlaceOfSignatureOfStatement contextRef="ctx-1" xml:lang="en">Aarhus</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx-1" xml:lang="en">2022-02-10</sob:DateOfApprovalOfAnnualReport>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-46" xml:lang="en">Henrik Andersen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-46" xml:lang="en">Group President &amp; CEO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-47" xml:lang="en">Marika Fredriksson</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-47" id="pp-value-54" xml:lang="en">Executive Vice President &amp; CFO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-48" xml:lang="en">Bert Nordberg</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-48" xml:lang="en">Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-49" xml:lang="en">Kentaro Hosomi</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-50" xml:lang="en">Helle Thorning-Schmidt</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-51" xml:lang="en">Bruce Grant</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-52" id="pp-value-60" xml:lang="en">Eva Merete Søfelde Berneke</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-53" xml:lang="en">Lars Josefsson</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-54" xml:lang="en">Anders Runevad</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-54" xml:lang="en">Deputy chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-55" xml:lang="en">Karl-Henrik Sundström</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-56" xml:lang="en">Michael Abildgaard Lisbjerg</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-57" xml:lang="en">Sussie Dvinge</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-58" xml:lang="en">Kim Hvid Thomsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-59" xml:lang="en">Pia Kirk Jensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" xml:lang="en">T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>o the shareholders of V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>estas Wind Systems A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx-1" id="pp-value-73" xml:lang="en">Report on the au<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>dit of the Financi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>al S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>tat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>ementsOur opinionIn our opinion, the Consolidated Financial Statements give a true and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>air view of the Groupâs financial position<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/> at 31 December 2021 and of the results of the Groupâs<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/> operations and cash ï¬ows f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>or the financial year 1 January to 31 December 2021 in accordance with International 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="_ _7"/>, in our opinion, the P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>arent Company Financial Statements give a true and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>air view of the Parent Companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>s financial position at 31 December 2021 and of the results of the Parent Companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>s operations for the financial year 1 January to 31 December 2021 in accordance with the Danish Financial Statements Act.Our opinion is consistent with our Auditorâs Long-f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>orm Report<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/> to the Audit Committee and the Board of Directors.What we have auditedThe Consolidated Financial Statements and the Parent Company Financial Statements of V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>estas Wind Systems A/S, pages 65<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>-129, f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>or the financial year 1 January to 31 December 2021 comprise income statement, balance sheet, statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>t of changes in equity and notes, including summary of signi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>ficant accounting policies f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>or the Group as well as for the Parent Company and statement of comprehensiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>e income and cash ï¬ow statement for the Group. Collectiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>ely referred to as the âFinancial Statementsâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>.</arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-1" id="pp-value-72" xml:lang="en">Basis for opinionW<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>e conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditorâs responsibilities f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>or the audit of the Financial Statements section of our report. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>e believe that the audit e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>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="_ _b"/>e are independent of the Group in accordance with the International Ethics Standards Board for Accountantsâ International Code of Ethics for P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>rofessional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>e have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>o the best of our knowledge and belief<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>, 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="_ _b"/>e were first appointed auditors of V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>estas Wind Systems A/S on 5 May 1999 for the financial year 1999. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>We have been reappointed annually by shareholder resolution f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>or a total period of uninterrupted engagement of 23 years including the financial year 2021.Ke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>y audit mattersKe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>y audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial Statements for 2021. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.â</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx-1" id="pp-value-71" xml:lang="en">Ke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>y audit matter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _23c"> </span>How our audit addressed the ke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>y audit matterRevenue recognitionRecognition of the Groupâs re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>venue is complex W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>e obtained an understanding of the Groupâs applied re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>venue recognition due to sever<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>al types of customer contracts policies. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>e tested the relevant internal controls in this area implemented by utilised, including sale of wind turbines and Management to ensure the completeness, accuracy and timing of recognised wind power plants (supply-only<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>, supply-and-revenue, including controls o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>ver the degree of completion of relev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>ant project installation and turnke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>y), service sales and sale and service contracts. of spare parts. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>e reviewed a sample of both project and service contracts to assess W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>e focused on this area as recognition of whether the method for recognition of rev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>enue was relevant and consistent revenue inv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>olves significant judgement and with the Groupâs accounting policy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>e focused on contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>act classification, accounting estimates made by Management allocation of fixed and variable consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>ation and cost to the individual including, whether contracts contain multiple performance obligations and timing of tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>ansfer of control. F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>or supply-and-performance obligations which should be installation projects with revenue recognition o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>ver time we reviewed a sample accounted for separ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>ately and the most of projects and challenged the judgement made by Management in terms of no appropriate method for recognition of rev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>enue alternative use of the project. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>Where a contract contained multiple elements, for the identified perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>ormance obligations in we considered Managementâs judgements as to whether the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>y comprised the contracts. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>This includes assessing whether performance obligations that should be accounted f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>or separately<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>, and, in such performance obligations in supply-and-cases, challenged the significant assumptions used in the allocation of the installation contracts are satisfied at a point in consideration to each perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>ormance obligation. time or over time. Further<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>, it comprises the point in time when transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>er of control has occurred W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>e evaluated and challenged the significant judgements and accounting regarding sale of wind turbines and sale of spare estimates made by Management in applying the Groupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>s accounting policy parts, and assessing the degree of completion to a sample of specific contracts and separ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>able performance obligations of of project and service contracts, which are contracts. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>e tested the point in time when transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>er of control occured by accounted for ov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>er time. The total consideration obtaining evidence, including inspecting signed contracts, deliv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>ery records, for service contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>acts is subject to estimates cash receipts and project plans and reconciled the revenue recognised to regarding variable elements and the degree of the underlying accounting records. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>e obtained a sample of Managementâs completion for project and service contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>acts is calculations of the degree of completion of project and service contracts, subject to estimates regarding the remaining which are accounted for ov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>er time, and matched a sample of source data used cost to complete the contracts. Furthermore, in Managementâs calculation to e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>vidence, and evaluated the judgements and the reduction in revenue related to damages or assumptions applied. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>e further challenged the estimated cost to complete penalties regarding project and service contracts for the sampled contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>acts. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>e also considered the historical outcome of is subject to estimates. accounting estimates made in prior periods. Finally<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>, significant estimates are involv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>ed in W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>e reviewed the disclosures included in the notes and sample tested allocation of the consideration to the individual additional disclosure information to accounting records.performance obligations in a contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>act. Refer to Note 1.2, Note 2.3 and Note 2.4 in the Consolidated Financial Statements. Ke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>y audit matter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _23c"> </span>How our audit addressed the ke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>y audit matterW<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>arranty pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>visionsThe Groupâs product warr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>anties primarily cover W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>e obtained an understanding of the Groupâs applied warr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>anty provision expected costs to repair or replace components policy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>e tested the relevant internal controls regarding completeness of with defects or functional errors. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>arranties are warranty provisions and e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>valuated how Management assesses v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>aluation of usually granted f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>or a two-year period from legal provisions. transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>er of the turbine, however<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>, in certain cases, a warranty of up to fiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>e years is granted. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>e performed substantiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>e audit procedures on the methodology<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>, data, assumptions and model used by Management to calculate the provisions W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>e focused on this area as the amounts inv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>olved and reviewed a sample of specific warranty cases. are significant and the completeness and valuation of the expected outcome of warr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>anty W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>e challenged the significant assumptions applied in the valuation of provisions requires significant Management provisions by check<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>ing and corroborating the inputs used to calculate the judgement and estimates. This includes the use provisions, including interviewing project managers, cost controllers and of significant assumptions concerning expected Management regarding individual cases. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>e assessed specific warranty failure r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>ates and expected repair costs. provisions held for individual cases to e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>valuate whether the warr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>anty provisions were sufficient to cov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>er expected costs at year-end and whether Refer to Note 3.6 in the Consolidated Financial the disclosures included in the notes appropriately reï¬ected the risk. Statements.Further<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>, we assessed the level of historical warranty claims to assess whether the total warranty provisions held at y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>ear-end were sufficient to cover expected costs in light of known and expected cases.T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>ax risksThe Group operates in a complex multinational W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>e obtained an understanding of the Groupâs applied tax accounting policy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>. tax environment and the Group is part in tax W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>e evaluated the design of rele<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>vant internal controls regarding completeness cases with domestic and foreign tax authorities. of records of uncertain tax positions and Managementâs procedure f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>or estimating the provision for uncertain tax pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>visions and write-down of The Group has recognised provisions in respect deferred tax assets. of uncertain tax positions. Furthermore, the Group has recognised write-downs on deferred In understanding and evaluating Managementâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>s accounting estimates and tax assets related to the uncertainty about judgements, we considered the status of recent tax authority audits and potential future utilisation of these tax assets. enquiries, the outcome of previous claims, judgmental positions tak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>en in tax returns and estimates and developments in the tax environment. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>e focused on this area as the amounts involv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>ed are material and as the valuation of the W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>e used PwC tax specialists to evaluate and challenge the adequacy of provision and deferred tax assets is associated Managementâs significant assumptions and read correspondence with tax with significant accounting estimates and authorities to assess Managementâs significant accounting estimates. judgements. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>e evaluated the Groupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>s model for valuation of def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>erred tax assets, Refer to Note 5.1 and Note 5.2 in the including the data used to estimate the expected future taxable income. Consolidated Financial Statements.W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>e also considered the historical outcome of accounting estimates made in prior periods.W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>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-value-77" xml:lang="en">Statement on Managementâs Re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>viewManagement is responsible for Managementâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>s Review, pages 3 -64 and pages 136 -144.Our opinion on the Financial Statements does not cover Managementâs Re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>view, and we do not express any form of assurance conclusion thereon.In connection with our audit of the Financial Statements, our responsibility is to read Managementâs Re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>view and, in doing so, consider whether Managementâs Re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>view is materially inconsistent with the Financial Statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. Moreover<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>, we considered whether Managementâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>s Review includes the disclosures required by the Danish Financial Statements Act. Based on the work we have perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>ormed, in our view, Manage-mentâs Re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>view is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>e did not identify any material misstatement in Managementâs Re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>view.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-1" id="pp-value-76" xml:lang="en">Managementâs responsibilities f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>or the Financial StatementsManagement is responsible for the prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>ation of consoli-dated financial statements that give a true and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>air view in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act and for the prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>ation of parent company financial statements that give a true and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>air 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="_ _7"/>.In preparing the Financial Statements, Management is responsible for assessing the Groupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>s and the Parent Companyâs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternativ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>e but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-1" id="pp-value-75" xml:lang="en">Auditorâs responsibilities f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>or the audit of the Financial StatementsOur objectives are to obtain reasonable assur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>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="_ _7"/>, 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="_ _7"/>el of assurance, 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="_ _7"/>, 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 requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>e also: <span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"/>ż<span xmlns="http://www.w3.org/1999/xhtml" class="_ _80"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17"/>Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>, design and perform audit procedures responsiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>e 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="_ _7"/>The risk of not detecting a material misstatement resulting from fraud is higher than f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>or one resulting from error<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>, as fraud may involv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>e collusion, forgery<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>, intentional omissions, misrepresentations, or the override of internal control. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"/>ż<span xmlns="http://www.w3.org/1999/xhtml" class="_ _80"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17"/>Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>eness of the Groupâs and the Parent Companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>s internal control. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"/>ż<span xmlns="http://www.w3.org/1999/xhtml" class="_ _80"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17"/>Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"/>ż<span xmlns="http://www.w3.org/1999/xhtml" class="_ _80"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17"/>Conclude on the appropriateness of Managementâs use of the 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 P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>arent 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<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>, 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. Howe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>ver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>, 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="_ _137"/>ż<span xmlns="http://www.w3.org/1999/xhtml" class="_ _80"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17"/>Evaluate the ov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>erall presentation, structure and content of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and ev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>ents in a manner that gives a true and fair view. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"/>ż<span xmlns="http://www.w3.org/1999/xhtml" class="_ _80"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17"/>Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the Consolidated Financial Statements. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>e are responsible for the direction, supervision and performance of the group audit. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>e remain solely responsible for our audit opinion.W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>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 internal control that we identify during our audit.W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>e also provide those charged with gov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>ernance with a statement that we have complied with relev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>ant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and, where applicable, actions taken to eliminate threats or safeguards applied.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 k<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>ey audit matters. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>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 consequences 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-value-91" xml:lang="en">Report on compli<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>nce with the ESEF<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/> Regulatio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>nAs part of our audit of the Financial Statements we performed procedures to express an opinion on whether the annual report of V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>estas Wind Systems A/S for the financial year 1 January to 31 December 2021 with the filename VWS-2021-12-31.zip is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the Consolidated Financial Statements. Management is responsible for the prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>ation of an Annual Report that complies with the ESEF Regulation. This responsibility includes: <span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"/>ż<span xmlns="http://www.w3.org/1999/xhtml" class="_ _80"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17"/>The preparing of the annual report in XHTML format; <span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"/>ż<span xmlns="http://www.w3.org/1999/xhtml" class="_ _80"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17"/>The selection and application of appropriate iXBRL tags including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy for all financial information required to be tagged using judgement where necessary; <span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"/>ż<span xmlns="http://www.w3.org/1999/xhtml" class="_ _80"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17"/>Ensuring consistency between iXBRL tagged data and the Consolidated Financial Statements presented in human-readable format; and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"/>ż<span xmlns="http://www.w3.org/1999/xhtml" class="_ _80"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17"/>For such internal control as Management determines necessary to enable the preparation of an annual report that is 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 requirements set out in the ESEF Regulation, whether due to fraud or error<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>. The procedures include: <span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"/>ż<span xmlns="http://www.w3.org/1999/xhtml" class="_ _80"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17"/>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>esting whether the annual report is prepared in XHTML format; <span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"/>ż<span xmlns="http://www.w3.org/1999/xhtml" class="_ _80"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17"/>Obtaining an understanding of the companyâs iXBRL tagging process and of internal control over the tagging process; <span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"/>ż<span xmlns="http://www.w3.org/1999/xhtml" class="_ _80"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17"/>Evaluating the completeness of the iXBRL tagging of the Consolidated Financial Statements; <span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"/>ż<span xmlns="http://www.w3.org/1999/xhtml" class="_ _80"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17"/>Evaluating the appropriateness of the companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>s use of iXBRL 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="_ _137"/>ż<span xmlns="http://www.w3.org/1999/xhtml" class="_ _80"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17"/>Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"/>ż<span xmlns="http://www.w3.org/1999/xhtml" class="_ _80"> </span>Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements. In our opinion, the annual report of V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>estas Wind Systems A/S for the financial year 1 January to 31 December 2021 with the file name VWS-2021-12-31.zip is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
<arr:SignatureOfAuditorsPlace contextRef="ctx-1" xml:lang="en">Hellerup</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx-1" xml:lang="en">2022-02-10</arr:SignatureOfAuditorsDate>
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<cmn:NameAndSurnameOfAuditor contextRef="ctx-60" xml:lang="en">Claus Lindholm Jacobsen</cmn:NameAndSurnameOfAuditor>
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<cmn:NameAndSurnameOfAuditor contextRef="ctx-61" id="pp-value-86" xml:lang="en">Kim Tromholt</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-61" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx-61" xml:lang="en">mne33251</cmn:IdentificationNumberOfAuditor>
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<gsd:AddressOfReportingEntityDistrictName contextRef="ctx-1" xml:lang="en">Aarhus N</gsd:AddressOfReportingEntityDistrictName>
<gsd:TelephoneNumberOfReportingEntity contextRef="ctx-1" xml:lang="en">+45 9730 0000</gsd:TelephoneNumberOfReportingEntity>
<gsd:EmailOfReportingEntity contextRef="ctx-1" id="pp-value-99" xml:lang="en">vestas@vestas.com </gsd:EmailOfReportingEntity>
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<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx-1" xml:lang="en">Annual report</gsd:InformationOnTypeOfSubmittedReport>
<cmn:TypeOfAuditorAssistance contextRef="ctx-1" xml:lang="en">Auditor's report on audited financial statements</cmn:TypeOfAuditorAssistance>
<gsd:ToolForPreparingTheXBRLInstanceDocument contextRef="ctx-1" xml:lang="en">ParsePort XBRL Converter</gsd:ToolForPreparingTheXBRLInstanceDocument>
<gsd:ReportingPeriodStartDate contextRef="ctx-1" xml:lang="en">2021-01-01</gsd:ReportingPeriodStartDate>
<gsd:ReportingPeriodEndDate contextRef="ctx-1" xml:lang="en">2021-12-31</gsd:ReportingPeriodEndDate>
<gsd:PrecedingReportingPeriodStartDate contextRef="ctx-1" xml:lang="en">2020-01-01</gsd:PrecedingReportingPeriodStartDate>
<gsd:PredingReportingPeriodEndDate contextRef="ctx-1" xml:lang="en">2020-12-31</gsd:PredingReportingPeriodEndDate>
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<fsa:ClassOfReportingEntity contextRef="ctx-1" xml:lang="en">Reporting class D</fsa:ClassOfReportingEntity>
<gsd:LegalEntityIdentifierOfSubmittingEnterprise contextRef="ctx-1" xml:lang="en">549300DYMC8BGZZC8844</gsd:LegalEntityIdentifierOfSubmittingEnterprise>
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<gsd:NameOfSubmittingEnterprise contextRef="ctx-1" xml:lang="en">VESTAS WIND SYSTEMS A/S</gsd:NameOfSubmittingEnterprise>
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