VESTAS OFFSHORE WIND A/S

CVR number: 27918042

Hedeager 42, 8200 Aarhus N

Income statement (mEUR)

	2017	2018	2019	2020	2021
Fiscal period length	12	12	12	12	12
Net sales	745.34	1 350.80	1 255.70	664.48	1 445.69
Other operating income	12.23	21.89	26.48	42.15	1 418.12
Costs of manufacturing	- 749.81	-1 260.51	-1 059.99	- 748.24	-1 123.25
External services				-6.41	-0.24
Gross profit	-4.47	90.29	195.71	-83.77	322.44
Costs of management	-36.62	-34.48	-32.69	-25.11	-24.66
Costs of distribution	-10.05	-10.75	-13.00
Wages and salaries	- 119.17
Social security expenses	-10.63
Other operating expenses	-65.91	-58.11	-74.36	-57.62	-43.89
EBIT	- 104.82	8.84	102.14	- 130.75	1 671.76
Other financial income	0.80	5.40	5.02	8.76	39.51
Other financial expenses	-3.22	-4.73	-22.35	-8.36	-31.10
Net income from associates (fin.)	8.22	7.75	-71.05
Pre-tax profit	-99.03	17.25	13.77	- 130.36	1 680.17
Income taxes	0.74	35.74	-11.24	61.92	- 375.44
Net earnings	-98.29	52.99	2.52	-68.44	1 304.73

	2017	2018	2019	2020	2021
Development expenditure	317.73	312.20	340.45	368.56
Intangible rights	22.46	20.46	21.47	15.69
Intangible assets total	340.19	332.66	361.92	384.25
Buildings	25.59	21.84	17.32	14.87
Machinery and equipment	66.48	67.16	58.87	60.95
Advance payments and construction in progress	16.33	10.64	23.09	25.70
Other tangible assets			53.34	78.70
Tangible assets total	108.40	99.64	152.62	180.21
Holdings in group member companies	62.45	71.59	71.33	36.25	32.24
Investments total	62.45	71.59	71.33	36.25	32.24
Non-current other receivables	0.90	1.34	1.60	1.41	0.14
Deferred tax assets		57.35	35.59	97.36
Long term receivables total	0.90	58.69	37.20	98.76	0.14
Finished products/goods	635.10	546.14	584.90	732.95
Inventories total	635.10	546.14	584.90	732.95
Current trade debtors	1.73	5.12	3.96	0.53	1.78
Current amounts owed by group member comp.	35.30	54.90	68.76	424.26	2 112.77
Prepayments and accrued income	4.59	3.75	10.48	19.66	24.74
Current other receivables	14.70	12.17	22.31	15.06	11.11
Current deferred tax assets	0.74	0.74	0.74	0.74	8.39
Short term receivables total	57.05	76.68	106.26	460.25	2 158.79
Cash and bank deposits	100.58	143.68	71.66	175.78	2.20
Cash and cash equivalents	100.58	143.68	71.66	175.78	2.20
Balance sheet total (assets)	1 304.68	1 329.08	1 385.88	2 068.45	2 193.37

	2017	2018	2019	2020	2021
Share capital	13.69	13.69	13.69	13.69	13.69
Other reserves	80.93	115.68	61.30	98.72	-29.18
Retained earnings	199.41	-13.43	126.49	130.69	204.42
Profit of the financial year	-98.29	52.99	2.52	-68.44	1 304.73
Shareholders equity total	195.75	168.92	204.00	174.66	1 493.66
Provisions	30.45	51.70	134.02	255.66
Non-current loans from credit institutions				54.23	0.73
Non-current leasing loans		3.75	39.86
Non-current other liabilities	22.84	38.77	101.97	147.67
Non-current liabilities total	22.84	42.52	141.83	201.90	0.73
Current loans from credit institutions	20.00			270.23
Advances received	748.04	614.97	529.54
Current trade creditors	215.62	213.79	204.43	230.59	34.66
Current owed to participating	29.14	31.76
Current owed to group member	36.58	109.47	164.79	158.85	25.67
Short-term deferred tax liabilities					291.05
Other non-interest bearing current liabilities	36.71	147.66	141.29	223.03	28.32
Accruals and deferred income				809.21	319.28
Current liabilities total	1 086.10	1 117.64	1 040.05	1 691.90	698.98
Balance sheet total (liabilities)	1 335.13	1 380.78	1 519.90	2 324.11	2 193.37

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