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comprise transportation, crane work, and turnkey solutions for installation of wind turbines as well as other related activities. The activities are primarily performed in the EMEA countries and in North and South America. The activities are performed from the main office in Denmark and through foreign subsidiaries. The parent company is primarily a holding company. The activities also include services for wind turbines in the form of, inter alia, inspection, service, maintenance and repair. The Company achieved a net profit of DKK 17,239k in 2014 against DKK 3,889k in 2013. The profit for the year is considered satisfactory. Operations through 2014 followed - in contrast to 2013 - the seasonal activity level characterized by a relatively low level of activity during the first six months of the year. The activities during the last six months of the year developed satisfactorily within all business and market segments. Due to the relatively low activity in first six months the Company activities increased marginally in 2014 compared to previous year. Growth was especially within the relatively new service segment in Total Wind Service ApS and its subsidiary in Sweden. The activities include service contracts, repair and maintenance and sale of spare parts. Off Shore Installation maintained its activities level as a significant business within Total Wind, as did On Shore Installation in which Crane activities developed satisfactorily. The trading conditions in the industry remained challenging as pressure on both prices and terms continued. The Company’s focus in 2014 on efficiency in both operations and administration and on optimization of the working capital will continue in 2015. The Company expects to achieve satisfactory earnings and capital resources by means of these initiatives. Total Wind’s markets maintain high focus on safety, work environment and local legislation to protect against social dumping and tax/social security evasions. Total Wind meets these requirements and sees a continued improvement in the competitive power. Total Wind is certified according to ISO 9001, ISO 14001 and OHSAS 18001. Quality and assurance are areas which are vital to the Company as a business partner with the professional customers in the world market. The supplementary training activities increased in 2014, which will continue in the coming year. No events have occurred after the balance sheet date to this date which would influence the evaluation of this annual report.The Company foresees a profit for the coming year. The outlook for the installation markets in mid to late 2015 for new turbines looks positive and Total Wind is in good position to secure orders in the market. Indications of increased demand for services within Total Wind’s core competences provide basis for confidence in the Company’s core strategy. The Company expects to expand its core business especially within service and repair offerings as well as crane services, and as a consequence thereof the financing requirements will increase during the coming year. Special risks The Company’s most significant operating risk is attached to the ability to be strongly positioned in the markets where the products are sold and to the ability to ensure that production prices are competitive. Foreign exchange risks The Company’s revenue and expenses are primarily in Euro. The foreign exchange risk is therefore in all material respects limited to the exchange risk of this currency. It is not the Company’s policy to hedge this risk. No speculative foreign currency positions are entered into. Exchange adjustment of investments in subsidiary enterprises and associates that are independent entities is recognized directly in equity. Related exchange risks are generally not hedged because it is the Company’s opinion that a current hedging of such long-term investments will not be optimal from an overall risk and cost viewpoint. Interest risks Considerable changes in the interest level will have a material direct impact on the earnings as the interest bearing debt represents a considerable amount. As a subsidiary of Total Wind Group A/S, Total Wind A/S follows the targets and policies of Total Wind Group A/S. Targets and policies for under-representation of gender As a subsidiary of Total Wind Group A/S, Total Wind A/S follows the targets and policies of Total Wind Group A/S. Jens Nygaard LaursenThe Board of Directors and the Executive Board have today considered and approved the annual report of Total Wind A/S for the financial year 01.01.2014 - 31.12.2014.The annual report is presented in accordance with the Danish Financial Statements Act.We recommend the annual report for adoption at the Annual General Meeting.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.Knud JensenJens Nygaard LaursenBirger BrixLars BlavnsfeldtCEOChairman424580004006800081600013620500093869000660000473800018116900014039500043488000417880001376810009860700093100015310009900018900033232000308590005526000550900081600052790000329090003653000417900073606000507600002049000204900013090003453000148100047200065400071000012676100010406800048419000403030002327900016014000375200003383000033400014670000139210002533000143000022500026180001473000877000026970001504000123600077337000745790001014400015300001923000042150001723700038890005684500060675000719000074370001136000123700012410002665000This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class big enterprises.Assets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.Other fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses, whereas land is not depreciated. Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. Interest expenses on loans for the financing of the manufacture of equipment are included in cost if they relate to the period the asset is being used. All other finance costs are recognised in the income statement. The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets: Other fixtures and fittings, tools and equipment 3-8 years, with a residual value 0-30% Equipment are written down to the lower of recoverable amount and carrying amount. Investments in group enterprises are recognised and measured according to the equity method. This means that investments are measured at the pro rata share of the enterprises’ equity plus or minus unamortised positive, or negative, goodwill and minus or plus unrealised intra-group profits or losses. Group enterprises with negative equity are measured at DKK 0, and any receivables from these enterprises are written down by the Parent’s share of such negative equity value if it is deemed irrecoverable. If the negative equity value exceeds the amount receivable, the remaining amount is recognised under provisions if the Parent has a legal or constructive obligation to cover the liabilities of the relevant enterprise. Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to Reserve for net revaluation according to the equity method under equity. Investments in group enterprises are written down to the lower of recoverable amount and carrying amount. Investments in associates are recognised and measured according to the equity method. This means that investments are measured at the pro rata share of the associates’ equity value plus or minus unamortised positive, or negative, goodwill and minus or plus unrealised pro rata internal profits and losses. Associates with negative equity are measured at DKK 0, and any receivables from these associates are written down by the share of such negative equity if it is deemed irrecoverable. If the negative equity value exceeds the amount receivable, the remaining amount is recognised under provisions if there is a legal or constructive obligation to cover the liabilities of the relevant associate. Upon distribution of profit or loss, net revaluation of investments in associates is transferred to Reserve for net revaluation according to the equity method under equity. Investments in associates are written down to the lower of recoverable amount and carrying amount.Inventories are measured at the lower of cost using the FIFO method and net realisable value. Cost consists of purchase price plus delivery costs. The net realisable value of inventories is calculated as the estimated selling price less completion costs and costs incurred to execute sale. Receivables are measured at amortised cost, usually equalling nominal value less write-downs for bad and doubtful debts.Contract work in progress is measured at the selling price of the work carried out at the balance sheet date. The selling price is measured based on the stage of completion and the total estimated income from the individual contracts in progress. Usually, the stage of completion is determined as the ratio of actual to total budgeted consumption of resources. If the selling price of a project in progress cannot be made up reliably, it is measured at the lower of costs incurred and net realisable value. Each contract in progress is recognised in the balance sheet under receivables or liabilities other than provisions, depending on whether the net value, calculated as the selling price less prepayments received, is positive or negative. Costs of sales work and of securing contracts as well as financing costs are recognised in the income statement as incurred.Deferred tax is recognised on all temporary differences between the carrying amount and tax-based value of assets and liabilities, for which the tax-based value of assets is calculated based on the planned use of each asset. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets. Current tax payable or receivable is recognised in the balance sheet, stated as tax calculated on this year's taxable income, adjusted for prepaid tax.Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost. Cash comprises cash in hand and bank deposits. 4407000439100069300069300089000-73000-3476000-2860000-594000-504000689000900007300035090003509000374000545000-171000297230002735000051520004964000-359000-2900015040008770000-5793000-1360000Other financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Revenue from the sale of manufactured goods and goods for resale is recognised in the income statement when delivery is made and risk has passed to the buyer. Revenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed. Contract work in progress is included in revenue based on the stage of completion so that revenue corresponds to the selling price of the work performed in the financial year (the percentage-of-completion method).Costs of raw materials and consumables comprise the consumption of raw materials and consumables for the financial year after adjustment for changes in inventories of these goods from the beginning to the end of the year. This item includes shrinkage, if any, and ordinary write-downs of the relevant inventories. Other external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes write-downs of receivables recognised in current assets. Income from investments in group enterprises are measured in the parent company’s income statement under the equity method. Income from investments in group associates are measured in the parent company’s income statement under the equity method.Other financial income comprises dividends etc received on other investments, interest income, including interest income on receivables from group enterprises, net capital gains on securities, payables and transactions in foreign currencies, amortisation of financial assets as well as tax relief under the Danish Tax Prepayment Scheme etc. Other financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, net capital losses on securities, payables and transactions in foreign currencies, amortisation of financial liabilities as well as tax surcharge under the Danish Tax Prepayment Scheme etc. Tax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity. The Entity is jointly taxed with the parent company and all Danish subsidiaries of the parent company. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses). Staff costs comprise salaries and wages as well as social security contributions, pension contributions, etc for entity staff. Amortisation, depreciation and impairment losses relating to property, plant and equipment comprise amortisation, depreciation and impairment losses for the financial year, calculated on the basis of the residual values and useful lives of the individual assets and impairment testing as well as gains and losses from the sale of property, plant and equipment. Financial highlights are defined and calculated in accordance with "Recommendations & Ratios 2010" issued by the Danish Society of Financial Analysts. Ratios Calculation formula Ratios reflect Equity ratio Equity x 100 Total assets The financial strength of the Entity. 11315300042603000-112033000-3842400011400001620009000063000200000649000175000196800012980001000-334000-1723000-32600064000112102345300014810002014-12-312014-01-012015-05-2127416837Total Wind A/SIkast-BrandeNordea2015-05-21Knud JensenIn our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2014 and of the results of its operations for the financial year 01.01.2014 - 31.12.2014.2015-05-21BrandeGross profit or loss comprises revenue, work in progress, other operating income, cost of raw materials and consumables and external expenses. Prepayments include the share of prepaid costs that regards 2015. Bank debt is secured by way of a deposited mortgage deed registered to the mortgagor on unsecured claims of DKK 42,000k nominal. The Company has guaranteed for bank loans in Total Wind Service ApS. The maximum limit of the gurantee is DKK 16,200k. The Company participates in a Danish joint taxation arrangement in which Total Wind Group A/S serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Company is therefore liable from 1 July 2012 for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed companies. The following shareholder is recorded in the Company’s register of shareholders with more than 5% of the share capital: Total Wind Group A/S, Brande 33963556Deloitte Statsautoriseret RevisionspartnerselskabCity Tower, Værkmestergade 8000 Aarhus CDenmark89 41 41 4110300001720000181169000140395000531920003632700050000050000028878000189760002381400016851000121600041400080200012676100010406800017237000388900066412000720140007810001035000-1993000-32600010274000241500069630001474000172370003889000-3720001027400024150006963000147400050000050000028878000189760002381400016851000Provision for negative net assets in subsidiaries, where the parent company has an obligation to cover other creditors in the event of default. Total Wind Group A/S, BrandeA-shares500500000Management 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. Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing and additional requirements under Danish audit regulation. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatements of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Entity's preparation of financial statements that give a true and fair view 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 Entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management, as well as the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.Our audit has not resulted in any qualification. In our opinion, the financial statements give a true and fair view of the Company’s financial position at 31.12.2014 and of the results of its operations for the financial year 01.01.2014 - 31.12.2014 in accordance with the Danish Financial Statements Act. The Company has paid out salary without proper withholding of employment tax for which Management may become liable. Pursuant to the Danish Financial Statements Act, we have read the management commentary. We have not performed any further procedures in addition to the audit of the financial statements. On this basis, it is our opinion that the information provided in the management commentary is consistent with the financial statements. Other provisions comprise liabilies regarding investments in group companies. Once it is likely that total costs will exceed total income from a contract in progress, provision is made for the total loss estimated to result from the relevant contract. The cash flow statement for the company is included in the cash flow statement for the group and is therefore not included in the annual report for the company. Total Wind Canada Inc.Total Wind Romania LLCTotal Wind Service ApSKusgoz Total Wind A.STotal Wind Brazil LtdaTotal Wind Blades ApSTotal Wind Maroc S.A.R.L. Total Wind PL Sp.z.o.o.Total Wind Iberia Lda. Total Wind UK Ltd.Total Wind GmbHCanadaRomaniaBrande, DanmarkTurkeyBrazilBrande, DanmarkMoroccoPolandPortugalUnited KingdomGermanyInc.LLCApSA.SLtdaApSS.A.R.L.Sp.z.o.o.Lda.Ltd.GmbH1001001005175511008010070100Total Wind B.V.Site Facility A/SNetherlandsDenmarkB.V.A/S3340Årsrapport931000153100099000189000552600055090003323200030859000Regnskabsklasse C, mellemstor virksomhedTo the owners of Total Wind A/SWe have audited the financial statements of Total Wind A/S for the financial year 01.01.2014 - 31.12.2014, which comprise the accounting policies, income statement, balance sheet, statement of changes in equity and notes. The financial statements are prepared in accordance with the Danish Financial Statements Act. Aarhus2015-05-21658650009422100075866000-3150005091000512500011576000-1219000-1902000119380002719000209400010260002879000819000169800001014400015300009086000268500017237000388900018116900014039500012118100011522300084654000890001263000531920003632700077337000745790000000029.425.925.715.820.138.511.548.515.512.300000181660003108800011273000Equity ratioEquity ratioEquity ratioEquity ratioEquity ratio29.4881021029220.125.915.825.7Sjællandsvej 57330BrandeSkt. Clemens Torv2-68000Aarhus C33963556Deloitte Statsautoriseret RevisionspartnerselskabCity Tower, Værkmestergade28000Aarhus CHenrik VedelThomas Hjøllund JensenState Authorised Public AccountantState Authorised Public Accountant500500000On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the one in effect at the payment date, or the rate at the balance sheet date are recognised in the income statement as financial income or financial expenses. Property, plant and equipment, intangible assets, inventories and other non-monetary assets that have been purchased in foreign currencies are translated using historical rates. Other operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary activities, including rental income and gains from the sale of intangible assets and property, plant and equipment. 37000003700000600037000003700000000000000Revisionspåtegning2618000147300023580000248800000The accounting policies applied for these financial statements are consistent with those applied last year.