Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2023-12-31 | 22514000000 | eur |
| ifrs-full:Assets | 2022-12-31 | 20090000000 | eur |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2023-01-01 | 2023-12-31 | 15382000000 | eur |
| ifrs-full:Revenue | 2022-01-01 | 2022-12-31 | 14486000000 | eur |
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<mrv:StatementOfPolicyForDataEthics contextRef="ctx-1" id="s8_notesesefdkgaap__7__7" xml:lang="en">Data ethics policy and reportThe overall objective of our data ethics policy is to encourage and motivate all employees to handle data with care and respect, and to follow our guiding principles on data use and ethics�Through the ethical use of our smart data capabilities and ground- breaking technologies, we aim to achieve our objectives and extend our position as the industryâs leading global partner on sustainable energy� We report on these efforts in accordance with section 99d of the Danish Financial Statements Act�</mrv:StatementOfPolicyForDataEthics>
<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx-1" id="s8_notesesefdkgaap__7__10" xml:lang="en">DiversityWe believe that a diverse and inclusive board, management, and workforce are vital for accelerating the green energy transition globally� We know that our differences make us stronger, more innovative, and better equipped to address the challenges that lie ahead� Diversity at Group level We believe we can achieve true diversity by ensuring that Vestas accurately reflects the diverse societies in which we operate� By making inclusion a fundamental aspect of every part of the employee experience, we will ensure we become the workplace we want to be� We report on these efforts in accordance with section 107d of the Danish Financial Statements Act� Policy for Diversity, Equity, Inclusion, & Belonging Read more in our DEIB Policy� Our targets for the Vestas Group At Vestas, we are committed to diversity and inclusion� Our primary focus is on gender diversity, which serves as a measurable indicator of our progress, although we acknowledge that diversity extends beyond this� We have set clear targets to increase the representation of women 1in leadership roles� Our aim is to achieve 25 percent female representation in our leadership by 2025, and 30 percent by 2030� Currently, women constitute 24 percent of our corporate leadership, indicating that we are on track to meet these objectives�Over the past four years, we have seen a positive shift in gender diversity at Vestas, with the percentage of women in our workforce increasing from 14 percent in 2019 to 17 percent in 2023� This trend reflects our commitment to fostering a work environment that attracts and engages all gender identities�This progress is not just a goal, but a cornerstone of our strategy to build a more inclusive and innovative company, powering the future of green energy�Sustainability Report 2023 We report on the progress on our Group targets for gender and diversity in general in our Sustainability Report, pages 51, 57, and 78�Gender diversity at parent company level In 2022, the Danish Parliament passed new legislation on gender representation� The new laws introduced stricter requirements around target figures and policies relating to Danish legal entities� They include a focus on gender balance among shareholder-elected 2members of company boards and the two management levels below�For Vestas, reporting must now be included in our management report and should include a short summary of our gender policy and target, plus information about our company activities and develop-ments in 2023� The following constitutes the reporting of our parent company, Vestas Wind Systems A/S, in accordance with section 99b of the Danish Financial Statements Act�Summary of our parent companyâs gender policyâ Policy for Diversity, Equity, Inclusion, & Belonging (DEIB) Acknowledging that the majority of positions within our parent com- pany is still taken up by male employees (a trend consistent with the broader science, technology, engineering, and mathematics (STEM) industries), we are focused on enhancing gender representation�We are committed to achieving gender balance within the companyâs top management� This applies to both non-executive directors at board level, and in the two management levels below the Board of 2Directors (the Board)�Development in female representation Total workforce (%)17161514142019 20212020 2022 2023Gender diversity in parent companyâs management as at 31 December 2023 FemaleMale43% 19%The two The management levels Board of Directorsbelow the Board57% 81%In the Vestas Group, and hence also in our parent company, we are committed to ensuring that all potential, future and current Vestas employees are guaranteed equal opportunities and fair treatment regardless of their gender identity�Our parent company target3We have achieved equal gender distribution among the board members elected by the shareholders since 2022� If this should change at a future Annual General Meeting, we will define a new target and target year according to applicable law� For the two 2management levels below the Board in our parent company, we have set a realistic, yet ambitious, target to increase our share of the underrepresented gender to 25 percent by 2025� We recognise the unique challenges in achieving gender diversity, especially in senior management� These challenges stem from the operational demands of many positions in the field and the historical underrepresentation of women in STEM educations� We are dedicated to overcoming these challenges and attracting more women to senior roles, despite the limited pool of female talent in the industry�Our progress and activities in 2023Diversity among board members elected by the shareholdersOn 12 April 2023, our shareholders elected three female and four male board members, achieving equal gender distribution as defined by the Danish Business Authorities� Furthermore, all three board committees have equal gender distribution�Diversity in the two management levels below the BoardIn 2023, we took a number of key steps on our journey towards equal gender distribution among the two management levels below the Board in our parent company�⢠Increased focus on diversity in senior management positions We increased our focus on women in senior management positions, working on retaining and developing our female succession pipeline� This process includes conducting a remuneration review, which is part of our ongoing focus on pay equity, as well as establishing a development plan and a womenâs network for our Vice Presidents�⢠Improving our ability to recruit female talent In 2023, we examined our recruitment processes for bias within our parent company� To follow up on these results, we developed a plan to test debiasing methods in key recruitment moments: from the way we advertise our job openings to the way salary negotiations are carried out when hiring new employees� ⢠Building an inclusive culture To build on our efforts from 2022, and to maintain an inclusive culture where everyone thrives, in 2023 we introduced a manda- tory Inclusive Leadership programme� In the first phase, we rolled out our âInclusive Leadership: Foundationsâ training to all of the companyâs people managers� In November 2023, we initiated the second phase of the programme, which encompasses all of our corporate leadership positions� This second phase also includes a new mandatory module for all company people managers, aiming to secure continuity in the creation of a psychologically safe and inclusive culture� Gender diversity and targets 2030 2025 2023 2022 2021 2020 2019The Vestas GroupWomen in leadership positions* (%)24 23 21 19 19 Targets (%) 30 25Parent company â Vestas Wind Systems A/SBoard of Directors Members elected by the shareholders (number)7 8 8 8 7Underrepresented gender (%) 43 38 25 25 43Two management levels below the Board**Members (number)47 45 48 44 42Underrepresented gender (%) 19 20 17 16 17Target (%) 25* Comprises managers, specialists, project managers, and above.** Comprises the Executive Management team and employees of Vestas Wind Systems A/S who report directly to a member of the Executive Management team and who have managerial responsibilities.⢠Salary review Our commitment to pay equity also remains firm� In 2023, we implemented additional measures to promote pay equity, including comprehensive training and education for our People & Culture teams� This extended to Business Partners and Talent Acquisition to ensure responsible pay setting� Additionally, we incorporated guidelines and information on this subject into internal resources, enabling employees to access details regarding relevant actions taken� Furthermore, we undertook salary reviews to measure pay equity across the organisation, as well as in selected focus areas to address any pay disparities� 1 Comprises managers, specialists, project managers, and above.2 Comprises the Executive Management team and employees of Vestas Wind Systems A/S who report directly to a member of the Executive Management team and who have managerial responsibilities.3 According to the Danish Business Authoritiesâ definition, see Danish Business Authorities: Guidelines on target figures, policies and reporting on gender composition of management. March 2016.</mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<mrv:LinkToStatementOfDiversityPolicies contextRef="ctx-1" id="s8_notesesefdkgaap__7__9" xml:lang="en"> Policy for Diversity, Equity, Inclusion, & Belonging Read more in our DEIB Policy</mrv:LinkToStatementOfDiversityPolicies>
<mrv:YearOfFulfillmentOfTargetFigureOfUnderrepresentedGenderOtherManagementLevels contextRef="ctx-74" id="s8_notesesefdkgaap__7__17" xml:lang="en">2025</mrv:YearOfFulfillmentOfTargetFigureOfUnderrepresentedGenderOtherManagementLevels>
<mrv:TotalNumberOfMembersOfBoardOfDirectorsExcludingEmployeeelectedMembers contextRef="ctx-94"
decimals="0"
id="s8_notesesefdkgaap__11__19"
unitRef="pure">7</mrv:TotalNumberOfMembersOfBoardOfDirectorsExcludingEmployeeelectedMembers>
<mrv:TotalNumberOfMembersOfBoardOfDirectorsExcludingEmployeeelectedMembers contextRef="ctx-74"
decimals="0"
id="s8_notesesefdkgaap__7__19"
unitRef="pure">7</mrv:TotalNumberOfMembersOfBoardOfDirectorsExcludingEmployeeelectedMembers>
<mrv:TotalNumberOfMembersOfBoardOfDirectorsExcludingEmployeeelectedMembers contextRef="ctx-93"
decimals="0"
id="s8_notesesefdkgaap__10__19"
unitRef="pure">8</mrv:TotalNumberOfMembersOfBoardOfDirectorsExcludingEmployeeelectedMembers>
<mrv:TotalNumberOfMembersOfBoardOfDirectorsExcludingEmployeeelectedMembers contextRef="ctx-92"
decimals="0"
id="s8_notesesefdkgaap__9__19"
unitRef="pure">8</mrv:TotalNumberOfMembersOfBoardOfDirectorsExcludingEmployeeelectedMembers>
<mrv:TotalNumberOfMembersOfBoardOfDirectorsExcludingEmployeeelectedMembers contextRef="ctx-90"
decimals="0"
id="s8_notesesefdkgaap__8__19"
unitRef="pure">8</mrv:TotalNumberOfMembersOfBoardOfDirectorsExcludingEmployeeelectedMembers>
<mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors contextRef="ctx-94"
decimals="2"
id="s8_notesesefdkgaap__11__20"
unitRef="pure">0.43</mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors>
<mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors contextRef="ctx-74"
decimals="2"
id="s8_notesesefdkgaap__7__20"
unitRef="pure">0.43</mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors>
<mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors contextRef="ctx-90"
decimals="2"
id="s8_notesesefdkgaap__8__20"
unitRef="pure">0.38</mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors>
<mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors contextRef="ctx-93"
decimals="2"
id="s8_notesesefdkgaap__10__20"
unitRef="pure">0.25</mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors>
<mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors contextRef="ctx-92"
decimals="2"
id="s8_notesesefdkgaap__9__20"
unitRef="pure">0.25</mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors>
<mrv:TotalNumberOfOtherManagementLevels contextRef="ctx-74"
decimals="0"
id="s8_notesesefdkgaap__7__21"
unitRef="pure">47</mrv:TotalNumberOfOtherManagementLevels>
<mrv:TotalNumberOfOtherManagementLevels contextRef="ctx-90"
decimals="0"
id="s8_notesesefdkgaap__8__21"
unitRef="pure">45</mrv:TotalNumberOfOtherManagementLevels>
<mrv:TotalNumberOfOtherManagementLevels contextRef="ctx-92"
decimals="0"
id="s8_notesesefdkgaap__9__21"
unitRef="pure">48</mrv:TotalNumberOfOtherManagementLevels>
<mrv:TotalNumberOfOtherManagementLevels contextRef="ctx-93"
decimals="0"
id="s8_notesesefdkgaap__10__21"
unitRef="pure">44</mrv:TotalNumberOfOtherManagementLevels>
<mrv:TotalNumberOfOtherManagementLevels contextRef="ctx-94"
decimals="0"
id="s8_notesesefdkgaap__11__21"
unitRef="pure">42</mrv:TotalNumberOfOtherManagementLevels>
<mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels contextRef="ctx-74"
decimals="2"
id="s8_notesesefdkgaap__7__22"
unitRef="pure">0.19</mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels>
<mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels contextRef="ctx-90"
decimals="2"
id="s8_notesesefdkgaap__8__22"
unitRef="pure">0.20</mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels>
<mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels contextRef="ctx-94"
decimals="2"
id="s8_notesesefdkgaap__11__22"
unitRef="pure">0.17</mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels>
<mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels contextRef="ctx-92"
decimals="2"
id="s8_notesesefdkgaap__9__22"
unitRef="pure">0.17</mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels>
<mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels contextRef="ctx-93"
decimals="2"
id="s8_notesesefdkgaap__10__22"
unitRef="pure">0.16</mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels>
<mrv:TargetFigureInPercentageOfUnderrepresentedGenderOtherManagementLevels contextRef="ctx-74"
decimals="2"
id="s8_notesesefdkgaap__7__23"
unitRef="pure">0.25</mrv:TargetFigureInPercentageOfUnderrepresentedGenderOtherManagementLevels>
<mrv:StatusOfAchievementOfTargetFigureOfUnderrepresentedGenderBoardOfDirectors contextRef="ctx-1" id="s8_notesesefdkgaap__7__12" xml:lang="en">We have achieved equal gender distribution among the board members elected by the shareholders since 2022� If this should change at a future Annual General Meeting, we will define a new target and target year according to applicable law</mrv:StatusOfAchievementOfTargetFigureOfUnderrepresentedGenderBoardOfDirectors>
<mrv:InformationOnEqualDistributionOfWomenAndMenBoardOfDirectors contextRef="ctx-1" id="s8_notesesefdkgaap__7__11" xml:lang="en">We have achieved equal gender distribution among the board members elected by the shareholders since 2022� If this should change at a future Annual General Meeting, we will define a new target and target year according to applicable law</mrv:InformationOnEqualDistributionOfWomenAndMenBoardOfDirectors>
<mrv:StatusOfAchievementOfTargetFigureOtherManagementLevels contextRef="ctx-1" id="s8_notesesefdkgaap__7__13" xml:lang="en">For the two 2management levels below the Board in our parent company, we have set a realistic, yet ambitious, target to increase our share of the underrepresented gender to 25 percent by 2025</mrv:StatusOfAchievementOfTargetFigureOtherManagementLevels>
<mrv:TheMainContentOfThePolicyOfTheUnderrepresentedGenderOtherManagementLevels contextRef="ctx-1" id="s8_notesesefdkgaap__7__14" xml:lang="en">Diversity in the two management levels below the BoardIn 2023, we took a number of key steps on our journey towards equal gender distribution among the two management levels below the Board in our parent company�⢠Increased focus on diversity in senior management positions We increased our focus on women in senior management positions, working on retaining and developing our female succession pipeline� This process includes conducting a remuneration review, which is part of our ongoing focus on pay equity, as well as establishing a development plan and a womenâs network for our Vice Presidents�⢠Improving our ability to recruit female talent In 2023, we examined our recruitment processes for bias within our parent company� To follow up on these results, we developed a plan to test debiasing methods in key recruitment moments: from the way we advertise our job openings to the way salary negotiations are carried out when hiring new employees� ⢠Building an inclusive culture To build on our efforts from 2022, and to maintain an inclusive culture where everyone thrives, in 2023 we introduced a manda- tory Inclusive Leadership programme� In the first phase, we rolled out our âInclusive Leadership: Foundationsâ training to all of the companyâs people managers� In November 2023, we initiated the second phase of the programme, which encompasses all of our corporate leadership positions� This second phase also includes a new mandatory module for all company people managers, aiming to secure continuity in the creation of a psychologically safe and inclusive culture� Gender diversity and targets 2030 2025 2023 2022 2021 2020 2019The Vestas GroupWomen in leadership positions* (%)24 23 21 19 19 Targets (%) 30 25Parent company â Vestas Wind Systems A/SBoard of Directors Members elected by the shareholders (number)7 8 8 8 7Underrepresented gender (%) 43 38 25 25 43Two management levels below the Board**Members (number)47 45 48 44 42Underrepresented gender (%) 19 20 17 16 17Target (%) 25* Comprises managers, specialists, project managers, and above.** Comprises the Executive Management team and employees of Vestas Wind Systems A/S who report directly to a member of the Executive Management team and who have managerial responsibilities.⢠Salary review Our commitment to pay equity also remains firm� In 2023, we implemented additional measures to promote pay equity, including comprehensive training and education for our People & Culture teams� This extended to Business Partners and Talent Acquisition to ensure responsible pay setting� Additionally, we incorporated guidelines and information on this subject into internal resources, enabling employees to access details regarding relevant actions taken� Furthermore, we undertook salary reviews to measure pay equity across the organisation, as well as in selected focus areas to address any pay disparities� 1 Comprises managers, specialists, project managers, and above.2 Comprises the Executive Management team and employees of Vestas Wind Systems A/S who report directly to a member of the Executive Management team and who have managerial responsibilities.3 According to the Danish Business Authoritiesâ definition, see Danish Business Authorities: Guidelines on target figures, policies and reporting on gender composition of management. March 2016.</mrv:TheMainContentOfThePolicyOfTheUnderrepresentedGenderOtherManagementLevels>
<mrv:PrimaryActionsForFulfillmentOfTargetFigureOtherManagementLevels contextRef="ctx-1" id="s8_notesesefdkgaap__7__15" xml:lang="en">Improving our ability to recruit female talent In 2023, we examined our recruitment processes for bias within our parent company� To follow up on these results, we developed a plan to test debiasing methods in key recruitment moments: from the way we advertise our job openings to the way salary negotiations are carried out when hiring new employees� ⢠Building an inclusive culture To build on our efforts from 2022, and to maintain an inclusive culture where everyone thrives, in 2023 we introduced a manda- tory Inclusive Leadership programme� In the first phase, we rolled out our âInclusive Leadership: Foundationsâ training to all of the companyâs people managers� In November 2023, we initiated the second phase of the programme, which encompasses all of our corporate leadership positions� This second phase also includes a new mandatory module for all company people managers, aiming to secure continuity in the creation of a psychologically safe and inclusive culture� Gender diversity and targets 2030 2025 2023 2022 2021 2020 2019The Vestas GroupWomen in leadership positions* (%)24 23 21 19 19 Targets (%) 30 25Parent company â Vestas Wind Systems A/SBoard of Directors Members elected by the shareholders (number)7 8 8 8 7Underrepresented gender (%) 43 38 25 25 43Two management levels below the Board**Members (number)47 45 48 44 42Underrepresented gender (%) 19 20 17 16 17Target (%) 25* Comprises managers, specialists, project managers, and above.** Comprises the Executive Management team and employees of Vestas Wind Systems A/S who report directly to a member of the Executive Management team and who have managerial responsibilities.⢠Salary review Our commitment to pay equity also remains firm� In 2023, we implemented additional measures to promote pay equity, including comprehensive training and education for our People & Culture teams� This extended to Business Partners and Talent Acquisition to ensure responsible pay setting� Additionally, we incorporated guidelines and information on this subject into internal resources, enabling employees to access details regarding relevant actions taken� Furthermore, we undertook salary reviews to measure pay equity across the organisation, as well as in selected focus areas to address any pay disparities� 1 Comprises managers, specialists, project managers, and above.2 Comprises the Executive Management team and employees of Vestas Wind Systems A/S who report directly to a member of the Executive Management team and who have managerial responsibilities.3 According to the Danish Business Authoritiesâ definition, see Danish Business Authorities: Guidelines on target figures, policies and reporting on gender composition of management. March 2016.</mrv:PrimaryActionsForFulfillmentOfTargetFigureOtherManagementLevels>
<fsa:AverageNumberOfEmployees contextRef="ctx-1"
decimals="0"
id="s8_notesesefdkgaap__7__28"
unitRef="pure">29463</fsa:AverageNumberOfEmployees>
<fsa:AverageNumberOfEmployees contextRef="ctx-91"
decimals="0"
id="s8_notesesefdkgaap__8__28"
unitRef="pure">28779</fsa:AverageNumberOfEmployees>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-1" id="s8_notesesefdkgaap__7__30" xml:lang="en">The Executive Management and Board of Directors have today considered and adopted the Annual Report of Vestas Wind Systems A/S for the financial year 1 January â 31 December 2023.The Consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act, and the parent company financial statements of Vestas Wind Systems A/S have been prepared in accordance with the Danish Financial Statements Act. The Managementâs Review has been prepared in accordance with the Danish Financial Statements Act and the disclosure requirements of Article 8 of Regulation (EU) 2020/852 (EU Taxonomy Regulation).In our opinion, the Consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the parent company and of the results of the Group and parent company operations and consolidated cash flows for the financial year 1 January â 31 December 2023.In our opinion, the Managementâs Review includes a true and fair review of the development in the operations and financial circumstances of the Group and parent company as well as a description of the most significant risks and elements of uncertainty facing the Group and the parent company.In our opinion, the social and environmental statements have been prepared in accordance with the accounting policies applied. They give a fair review of the Groupâs social and environmental performance.In our opinion, the Annual Report of Vestas Wind Systems A/S for the financial year 1 January to 31 December 2023 with the file name VWS-2023-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.We recommend that the Annual Report be adobted at the General Meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
<sob:PlaceOfSignatureOfStatement contextRef="ctx-1" id="s8_notesesefdkgaap__7__31" xml:lang="en">Aarhus,</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx-1" id="s8_notesesefdkgaap__7__32">2024-02-07</sob:DateOfApprovalOfAnnualReport>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-75" id="s8_notesesefdkgaap__7__33" xml:lang="en">Henrik Andersen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-75" id="s8_notesesefdkgaap__7__34" xml:lang="en">Group President & CEO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-76" id="s8_notesesefdkgaap__7__35" xml:lang="en">Hans Martin Smith</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-76" id="s8_notesesefdkgaap__7__36" xml:lang="en">Executive Vice President & CFO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-77" id="s8_notesesefdkgaap__7__37" xml:lang="en">Anders Runevad</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-77" id="s8_notesesefdkgaap__7__38" xml:lang="en">Chair</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-79" id="s8_notesesefdkgaap__7__41" xml:lang="en">Bruce Grant</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-81" id="s8_notesesefdkgaap__7__43" xml:lang="en">Eva Merete Søfelde Berneke</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-83" id="s8_notesesefdkgaap__7__45" xml:lang="en">Helle Thorning-Schmidt</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-85" id="s8_notesesefdkgaap__7__47" xml:lang="en">Lena Olving</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-78" id="s8_notesesefdkgaap__7__39" xml:lang="en">Karl-Henrik Sundström</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-78" id="s8_notesesefdkgaap__7__40" xml:lang="en">Deputy Chair</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-80" id="s8_notesesefdkgaap__7__42" xml:lang="en">Kentaro Hosomi</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-82" id="s8_notesesefdkgaap__7__44" xml:lang="en">Michael Abildgaard Lisbjerg</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-84" id="s8_notesesefdkgaap__7__46" xml:lang="en">Sussie Dvinge</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-86" id="s8_notesesefdkgaap__7__48" xml:lang="en">Claus Christensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-87" id="s8_notesesefdkgaap__7__49" xml:lang="en">Pia Kirk Jensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="s8_notesesefdkgaap__7__51" xml:lang="en">To the shareholders of Vestas Wind Systems A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx-1" id="s8_notesesefdkgaap__7__52" xml:lang="en">Our opinionIn our opinion, the Consolidated financial statements give a true and fair view of the Groupâs financial position at 31 December 2023 and of the results of the Groupâs operations and cash flows for the financial year 1 January to 31 December 2023 in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act.Moreover, in our opinion, the Parent Company financial statements give a true and fair view of the Parent Companyâs financial position at 31 December 2023 and of the results of the Parent Companyâs operations for the financial year 1 January to 31 December 2023 in accordance with the Danish Financial Statements Act.Our opinion is consistent with our Auditorâs Long-form Report to the Audit Committee and the Board of Directors.What we have auditedThe Consolidated financial statements (pages 48-103) and the Parent Company financial statements (pages 104-113) of Vestas Wind Systems A/S for the financial year 1 January to 31 December 2023 comprise income statement, balance sheet, statement of changes in equity and notes, including material accounting policy information 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.</arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-1" id="s8_notesesefdkgaap__7__53" xml:lang="en">Basis for opinionWe 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 for the audit of the Financial Statements section of our report.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.IndependenceWe are independent of the Group in accordance with the International Ethics Standards Board for Accountantsâ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.To the best of our knowledge and belief, prohibited non-audit services referred to in Article 5(1) of Regulation (EU) No 537/2014 were not provided.AppointmentWe were first appointed auditors of Vestas Wind Systems A/S on 5 May 1999 for the financial year 1999. We have been reappointed annually by shareholder resolution for a total period of uninterrupted engagement of 25 years including the financial year 2023.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx-1" id="s8_notesesefdkgaap__7__54" xml:lang="en">Key audit mattersKey audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial Statements for 2023. 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.Key audit matter Revenue recognitionRecognition of the Groupâs revenue is complex due to several types of customer contracts utilised, including sale of wind turbines and wind power plants (supply-only, supply-and-installation and turnkey), service sales and sale of spare parts. We focused on this area as recognition of revenue involves significant judgement and estimates made by Management including, whether contracts contain multiple performance obligations which should be accounted for separately and the most appropriate method for recognition of revenue for the identified performance obligations in the contracts. This includes assessing whether performance obligations in supply-and-installation contracts are satisfied at a point in time or over time. Further, it comprises the point in time when transfer 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 over time. Significant estimates are involved in allocation of the consideration to the individual performance obligations in a contract. Further, significant estimates are also involved in estimating the variable elements of the consideration for service contracts, and the degree of completion for project and service contracts regarding the remaining cost to complete the contracts. Furthermore, the reduction in revenue related to damages or penalties regarding project and service contractsis subject to significant estimates. Refer to Note 1.2, Note 2.3 and Note 2.4 in the Consolidated financial statements.How our audit addressed the key audit matterWe carried out risk assessment procedures in order to obtain an understanding of IT systems, business processes and relevant controls regarding recognition of revenue. For the controls, we assessed whether they were designed and implemented to effectively address the risk of material misstatement. For selected controls that we planned to rely on, we tested whether they were performed on a consistent basis. We reviewed samples of both project and service contracts to assess whether the method for recognition of revenue was relevant and consistent with the Groupâs accounting policy. We focused on contract classification, allocation of fixed and variable consideration and cost to the individual performance obligations and timing of transfer of control. For supply-and-installation projects with revenue recognition over time we reviewed a sample of projects and challenged the judgement made by Management in terms of no alternative use of the project. Where a contract contained multiple elements, we considered Managementâs judgements as to whether they comprised performance obligations that should be accounted for separately, and, in such cases, challenged the significant assumptions used in the allocation of the consideration to each performance obligation. We evaluated and challenged the significant judgements and estimates made by Management in applying the Groupâs accounting policy to a sample of specific contracts and separable performance obligations of contracts. We tested the point in time when transfer of control occurred by obtaining evidence, including inspecting signed contracts, delivery records, cash receipts and project plans and reconciled the revenue recognised to the underlying accounting records. We obtained a sample of Managementâs calculations of the degree of completion of project and service contracts, which are accounted for over time, and matched a sample of source data used in Managementâs calculation to evidence, and evaluated the judgements and assumptions applied. We further challenged the estimated cost to complete and reductions in revenue related to damages or penalties for the sampled contracts. We also considered the historical outcome of accounting estimates made in prior periods. We reviewed the disclosures included in the notes and sample tested disclosures to accounting records.Key audit matter Warranty provisionsThe Groupâs product warranties primarily cover expected costs to repair or replace components with defects or functional errors. Warranties are usually granted for a two-year period from legal transfer of the turbine, however, in certain cases, a warranty of up to five years is granted. We focused on this area as the amounts involved are significant and the completeness and valuation of the expected outcome of warranty cases require significant Management judgement and estimates. This includes the use of significant assumptions concerning expectedfailure rates and expected repair or replacementcosts. Refer to Note 3.6 in the Consolidated financial statements.Tax 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. We focused on this area as the amounts involved 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 Note 5.2 in the Consolidated financial statements.How our audit addressed the key audit matterWe carried out risk assessment procedures in order to obtain an understanding of IT systems, business processes and relevant controls regarding provision for warranty. For the controls, we assessed whether they were designed and implemented to effectively address the risk of material misstatement. For selected controls that we planned to rely on, we tested whether they were performed on a consistent basis. We performed substantive audit procedures on the methodology, data, assumptions and model used by Management to calculate the provisions and reviewed a sample of specific warranty cases. We challenged the significant assumptions applied in the valuation of provisions by checking and corroborating the inputs used to calculate the provisions, including interviewing project managers, cost controllers and Management regarding individual cases. We assessed specific warranty provisions held for individual cases to evaluate whether the warranty provisions were sufficient to cover future expected costs and whether the disclosures included in the notes appropriately reflected the estimation uncertainty. Further, we assessed the level of historical warranty claims to assess whether the total warranty provisions held at year-end were sufficient to cover expected costs in light of known and expected cases.We carried out risk assessment procedures in order to obtain an understanding of IT systems, business processes and relevant controls regarding recognition for uncertain tax positions and valuation of deferred tax assets. For the controls, we assessed whether they were designed and implemented to effectively address the risk of material misstatement. For selected controls that we planned to rely on, we tested whether they were performed on a consistent basis.In understanding and evaluating Managementâs 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 developments in the tax environment. We used PwC tax specialists to evaluate and challenge the adequacy of Managementâs significant assumptions and read correspondence with tax authorities to assess Managementâs significant accounting estimates. We evaluated the Groupâs model for valuation of deferred tax assets, including the data used to estimate the expected future taxable income. We also considered the historical outcome of accounting estimates made in prior periods.We reviewed the disclosures included in the notes and sample tested disclosures to accounting records.</arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="s8_notesesefdkgaap__7__55" xml:lang="en">Statement on Managementâs ReviewManagement is responsible for Managementâs Review, pages 2-46 and pages 120-130.Our opinion on the financial statements does not cover Managementâs Review, 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 Review and, in doing so, consider whether Managementâs Review is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. Moreover, we considered whether Managementâs Review includes the disclosures required by the Danish Financial Statements Act and Article 8 of Regulation (EU) 2020/852 (EU Taxonomy Regulation). Based on the work we have performed, in our view, Managementâs Review 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 and the disclosure requirements of Article 8 of Regulation (EU) 2020/852 (EU Taxonomy Regulation). We did not identify any material misstatement in Managementâs Review.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-1" id="s8_notesesefdkgaap__7__56" xml:lang="en">Managementâs responsibilities for the Financial StatementsManagement is responsible for the preparation of consoli-dated financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act and for the preparation of parent company financial statements that give a true and fair view in accor-dance 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.In preparing the financial statements, Management is responsible for assessing the Groupâs 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 alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-1" id="s8_notesesefdkgaap__7__57" xml:lang="en">Auditorâs responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high level 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, individually or in the aggregate, they could reasonably be expected to influence 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. We also: ż Identify and assess the risks of material misstatement of the 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. The risk of not detecting a material misstatement resulting 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. ż 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 effectiveness of the Groupâs and the Parent Companyâs internal control. ż Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. ż 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 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. ż Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. ż 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. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.We 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.We also provide those charged with governance with a statement that we have complied with relevant 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 key audit matters. We describe these matters in our auditorâs report unless law or regulation precludes public disclosure about the matter.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:AuditorsReportOnXbrlTagging contextRef="ctx-1" id="s8_notesesefdkgaap__7__58" xml:lang="en">Report on compliance with the ESEF RegulationAs part of our audit of the financial statements we performed procedures to express an opinion on whether the Annual Report of Vestas Wind Systems A/S for the financial year 1 January to 31 December 2023 with the filename VWS-2023-12-31-en.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 including notes.Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes: ż The preparing of the Annual Report in XHTML format; ż 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; ż Ensuring consistency between iXBRL tagged data and the Consolidated financial statements presented in human-readable format; and ż 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. The procedures include: ż Testing whether the Annual Report is prepared in XHTML format; ż Obtaining an understanding of the companyâs iXBRL tagging process and of internal control over the tagging process; ż Evaluating the completeness of the iXBRL tagging of the Consolidated financial statements including notes; ż Evaluating the appropriateness of the companyâs 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; ż Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and ż Reconciling the iXBRL tagged data with the audited Consolidated financial statements.In our opinion, the Annual Report of Vestas Wind Systems A/S for the financial year 1 January to 31 December 2023 with the file name VWS-2023-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
<arr:SignatureOfAuditorsPlace contextRef="ctx-1" id="s8_notesesefdkgaap__7__59" xml:lang="en">Hellerup,</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx-1" id="s8_notesesefdkgaap__7__60">2024-02-07</arr:SignatureOfAuditorsDate>
<cmn:NameOfAuditFirm contextRef="ctx-88" id="s8_notesesefdkgaap__7__61" xml:lang="en">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-88" id="s8_notesesefdkgaap__7__62" xml:lang="en">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
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<cmn:NameAndSurnameOfAuditor contextRef="ctx-88" id="s8_notesesefdkgaap__7__64" xml:lang="en">Claus Lindholm Jacobsen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-88" id="s8_notesesefdkgaap__7__65" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx-88" id="s8_notesesefdkgaap__7__66" xml:lang="en">mne23328</cmn:IdentificationNumberOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-89" id="s8_notesesefdkgaap__7__67" xml:lang="en">Rune Kjeldsen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-89" id="s8_notesesefdkgaap__7__68" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx-89" id="s8_notesesefdkgaap__7__69" xml:lang="en">mne34160</cmn:IdentificationNumberOfAuditor>
<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>
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<gsd:ReportingPeriodStartDate contextRef="ctx-1" xml:lang="en">2023-01-01</gsd:ReportingPeriodStartDate>
<gsd:ReportingPeriodEndDate contextRef="ctx-1" xml:lang="en">2023-12-31</gsd:ReportingPeriodEndDate>
<gsd:PrecedingReportingPeriodStartDate contextRef="ctx-1" xml:lang="en">2022-01-01</gsd:PrecedingReportingPeriodStartDate>
<gsd:PredingReportingPeriodEndDate contextRef="ctx-1" xml:lang="en">2022-12-31</gsd:PredingReportingPeriodEndDate>
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<fsa:ClassOfReportingEntity contextRef="ctx-1" xml:lang="en">Reporting class D</fsa:ClassOfReportingEntity>
<arr:TypeOfModifiedOpinionOnAuditedFinancialStatements contextRef="ctx-1" xml:lang="en">Opinion</arr:TypeOfModifiedOpinionOnAuditedFinancialStatements>
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