The supervisory board and executive board have today discussed and approved the annual report of Vestas Shared Service A/S for the financial year 1 January - 31 December 2022.The annual report is prepared in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the company's financial position at 31 December 2022 and of the results of the company's operations for the financial year 1 January - 31 December 2022.In our opinion, management's review includes a fair review of the matters dealt with in the management's review.Management recommends that the annual report should be approved by the company at the annual general meeting.Javier Rodriguez DiezHenrik AndersenchairmanRasmus GramJavier Rodriguez DiezKerstin Mariella KnappTo the shareholder of Vestas Shared Service A/SIn our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2022, and of the results of the Company’s operations for the financial year 1 January - 31 December 2022 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Vestas Shared Service A/S for the financial year 1 January - 31 December 2022, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (financial statements).We 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 Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Statement on Management’s Review Management is responsible for Management’s Review. Our opinion on the financial statements does not cover Management’s 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 Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review.Management is responsible for the preparation of Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.Our 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 auditor’s 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 conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: 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. 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 Company’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s 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 auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents 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. 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.Hellerup2023-06-16PricewaterhouseCoopersRune KjeldsenState Authorised Public Accountantmne34160Jasmin SerranoState Authorised Public Accountantmne472227457300075080000529840004560003025000-3795000937000-2587000546900010688000-16610001509370001228970001436350003050002240002226100053890002526000113877000106725000926300004383983883.72.8770.886.483.175.486.864.54.65.4510.7-1.8Business review The company's principal activity is the operation of the Vestas Group's Shared Service Center, that is located in a branch in the Philippines and a company in Poland. Financial review The company's income statement for the year ended 31 December 2022 shows a profit of TDKK 5,706, and the balance sheet at 31 December 2022 shows equity of TDKK 125.811. The decrease in profit before tax compared to 2021 is related to exchange rate adjustments. Net profit for the year is considered satisfactory compared to expected. Special risks apart from generally occurring risks in industry Financial risks Refer to the Group annual report where the special risks and financial risks within the Vestas Group are stated. As a service center for the Vestas Group, there are no special risks besides the risk associated with negative results in the Vestas Group. Impact on the external environment and measures taken to prevent, reduce or mitigate damage The company's impact on the external environment is minimal. Research and development activities in or for the company The company has no research and development activities.The annual report of Vestas Shared Service A/S for 2022 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized class C entities. The annual report for 2022 is presented in TDKK.Pursuant to section§112, of the Danish Financial Statements Act, the company has not prepared consolidated financial statements.Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including amortisation, depreciation and impairment losses, are also recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the company and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost using the effective interest method. Amortised cost is calculated as the historical cost less any installments and plus/less the accumulated amortisation of the difference between the cost and the nominal amount. On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which confirm or invalidate matters existing at the balance sheet date.In pursuance of section 32 of the Danish Financial Statements Act, the company does not disclose its revenue. Net sales of service benefits are recognized in the income statement when delivery and transfer of risk to the buyer has taken place.Other external expenses include administration, premises etc.Staff costs include wages and salaries, including compensated absence and pensions, as well as other social security contributions, etc. made to the entity's employees.Amortisation, depreciation and impairment losses comprise the year's amortisation, depreciation and impairment of property, plant and equipment.Financial income and expenses are recognised in the income statement at the amounts that relate to the financial year. Net financials include interest income and expenses, financial expenses relating to finance leases, realised and unrealised capital/exchange gains and losses on securities, liabilities and foreign currency transactions, amortisation of financial assets and liabilities and surcharges and allowances under the Danish Tax Prepayment Scheme, etc.Dividend from investments is recognised in the reporting year in which the dividend is declared.The company is subject to the Danish rules on compulsory joint taxation of the Group's Danish subsidiaries. Subsidiaries participate in the joint taxation arrangement from the time when they are included in the consolidated financial statements and until the time when they withdraw from the consolidation. On payment of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have been able to use tax losses to reduce their own taxable profits. Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity.Items of land and buildings, plant and machinery and fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. The depreciable amount is cost less the expected residual value at the end of the useful life. Land is not depreciated. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use. Straight-line depreciation is provided on the basis of the following estimated useful lives of the assets: Land and buildings 5 years Leasehold improvements 5 years Gains or losses from the disposal of property, plant and equipment are recognised in the income statement as other operating income or other operating expenses, respectively.Right-of-use assets and corresponding lease liabilities are recognised at the lease commencement date, except leases below 12 month and leases less than TDKK 30. These leases, are recognised as an operating expense on a straight-line basis over the term of the lease. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liabilities adjusted for any lease payments made at or before the commencement date, plus any initial costs incurred. The right-of-use assets are subsequently measured at cost less accumulated depreciation and impairment losses. The right-of use assets are from the commencement date depreciated over the shorter period of lease term and useful life of the underlying asset. The estimated useful lives of right-of-use assets are determined on the same basis as those of property and equipment. In addition, the right-of-use assets are periodically reduced by impairment losses, if any, and adjusted in accordance with lease liabilities. The lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined an incremental borrowing rate. Lease payments included in the measurement of the lease liabilities comprise the following: - fixed payments; - variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; - the exercise price of a purchase option if it is reasonably certain that the option will be exercised; and - amounts expected to be payable under residual value guarantees. The lease liabilities are subsequently measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the estimate of the amount expected to be payable under a residual value guarantee, or if the assessment of whether an option will exercised is changed. When the lease liabilities are remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use assets, or is recorded in profit or loss if the carrying amount of the right-of use assets has been reduced to zero.Investment in subsidiaries are measured at cost. If cost exceeds the recoverable amount, a write-down is made to this lower value.Receivables are measured at amortised cost. An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable is impaired, an impairment loss for that individual asset is recognised.Cash and cash equivalents comprise cash and short-term securities whose remaining life is less than three months and which are readily convertible into cash and which are subject only to insignificant risks of changes in valueDividends Proposed dividends are disclosed as a separate item under equity. Dividends are recognised as a liability when declared by the annual general meeting of shareholders.Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account. Joint taxation contributions payable and receivable are recognised in the balance sheet as 'Joint taxation contributions receivable' or 'Joint taxation contributions payable'. Deferred tax is measured according to the liability method in respect of temporary differences between the carrying amount of assets and liabilities and their tax base, calculated on the basis of the planned use of the asset and settlement of the liability, respectively. Deferred tax is measured at net realisable value. Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax adjustments resulting from changes in tax rates are recognised in the income statement, with the exception of items taken directly to equity. Deferred tax assets, including the tax base of tax losses allowed for carry forward, are measured at the value to which the asset is expected to be realised, either as a set-off against tax on future income or as a set-off against deferred tax liabilities within the same legal tax entity. Any deferred net tax assets are measured at net realisable value.Liabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is usually equivalent to nominal value.On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement as financial income or financial expenses. If foreign currency instruments are considered cash flow hedges, any unrealised value adjustments are taken directly to a fair value reserve under ‘Equity’. Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses. No cash flow statement has been prepared for the company, as the company's cash flows are included in the consolidated cash flow statement.No cash flow statement has been prepared for the company, as the company's cash flows are included in the consolidated cash flow statement.1067750007132500096785000624960004595000464100061100031180001550009300058510007213000145000865000570600063480001108700015941000378000205000114650001614600090009000207300019460002082000195500013547000181010001061950001050080009299000570800013630003670001168570001110830001522700015460000132084000126543000145631000144644000500000005000000075811000702250001258110001202250007887000128780007887000128780004653000425900025190001345000122500010300027000100000350900057340001193300011541000198200002441900014563100014464400050000000702250000-12000057060005000000075811000871820005844000020580002522000754500015340009678500062496000719522399000970003000300020900030180006110003118000155000930001550009300068000695000017000077000057060006348000280560005800000-736000-1530000305000273200005952000121150005595000-350000-148000446800012700016233000-557400011087000378000110870000900090009000900090009000Name Registered office Currency Ownership interest Equity Profit/loss for the year Vestas Service Delivery Center - Szczecin sp z.o.o. Poland PLN 99 -2,999 1,085Vestas Service Delivery Center - Szczecin sp z.o.o.Poland99-29991085 Provisions for deferred tax on: Tax loss carry-forward -1,363 -367 Transferred to deferred tax asset 1,363 367 Deferred tax asset Calculated tax asset 1,363 367 Carrying amount 1,363 367 -1363000-36700078870001287800078870001287800046530004259000No events have occured after the balance sheet date which could significantly affect the company's position.The company is included in the joint taxation with the Group's other Danish companies and severally liable for tax on consolidated taxable income etc. The company has no contingent liabilities.All transactions with related parties have been carried out on an arm's length basis.According to the company’s register of shareholders, the following shareholder holds at least 5% of the votes or at least 5% of the share capital:Årsrapport31623685Vestas Shared Service A/SHedeager 428200 Aarhus N2022-01-012022-12-312021-01-012021-12-3131623685Vestas Shared Service A/SHedeager428200Aarhus NDKDanmark2008-08-12Aarhus+45 97 30 00 00+45 97 30 00 01www.vestas.comPricewaterhouseCoopers33771231Rune KjeldsenState Authorised Public AccountantStrandvejen442900HellerupDKDanmark2023-06-16Mikkel Bach JensenRegnskabsklasse C, mellemstor virksomhedRevisionspåtegningCaseWare-FSRfalsefalsefalsefalseReturn on assets Profit/loss before financials x 100Average assets Solvency ratio Equity, end of year x 100Total assets at year-end Return on equity Profit/loss from ordinary operations after tax x 100Average equity316236852022-01-012022-12-31316236852022-01-012022-12-311316236852022-12-31f:LongtermLeaseCommitmentsMember316236852022-01-012022-12-312316236852022-01-012022-12-31f:RetainedEarningsMember316236852021-01-012021-12-31f:RetainedEarningsMember316236852021-12-31316236852022-12-31316236852022-01-01f:LandAndBuildingsMember316236852022-01-012022-12-31f:LandAndBuildingsMember316236852022-12-31f:LandAndBuildingsMember316236852022-01-01f:FixturesFittingsToolsAndEquipmentMember316236852022-01-012022-12-31f:FixturesFittingsToolsAndEquipmentMember316236852022-12-31f:FixturesFittingsToolsAndEquipmentMember316236852022-01-01f:ContributedCapitalMember316236852022-01-012022-12-31f:ContributedCapitalMember316236852022-12-31f:ContributedCapitalMember316236852022-01-01f:RetainedEarningsMember316236852022-01-012022-12-31f:RetainedEarningsMember316236852022-12-31f:RetainedEarningsMember316236852022-01-012022-12-311316236852022-01-012022-12-312316236852022-01-012022-12-313316236852022-01-012022-12-314316236852022-01-012022-12-311316236852022-01-01f:InvestmentsInGroupEnterprisesMember316236852021-01-01f:InvestmentsInGroupEnterprisesMember316236852022-12-31f:InvestmentsInGroupEnterprisesMember316236852021-12-31f:InvestmentsInGroupEnterprisesMember316236852022-12-31f:TaxLossesMember316236852021-12-31f:TaxLossesMember316236852021-01-012021-12-31316236852022-01-012022-12-31d:TwoYearsAgoMember316236852022-12-31d:TwoYearsAgoMember316236852022-01-012022-12-31d:ThreeYearsAgoMember316236852022-12-31d:ThreeYearsAgoMember316236852022-01-012022-12-31d:FourYearsAgoMember316236852022-12-31d:FourYearsAgoMember316236852021-12-31f:LongtermLeaseCommitmentsMember316236852022-12-31f:LandAndBuildingsMemberf:LeasedAssetsMember316236852022-12-31f:FixturesFittingsToolsAndEquipmentMemberf:LeasedAssetsMember316236852022-01-012022-12-31f:SubsidiaryMember1316236852022-12-31f:SubsidiaryMember1iso4217:DKKxbrli:pure