42697745 2021-09-22 2022-12-31 42697745 2021-09-22 2022-12-31 1 42697745 2021-09-22 2022-12-31 2 42697745 2022-12-31 42697745 2021-09-21 fsa:ContributedCapitalMember 42697745 2021-09-22 2022-12-31 fsa:ContributedCapitalMember 42697745 2022-12-31 fsa:ContributedCapitalMember 42697745 2021-09-21 fsa:RetainedEarningsMember 42697745 2021-09-22 2022-12-31 fsa:RetainedEarningsMember 42697745 2022-12-31 fsa:RetainedEarningsMember 42697745 2021-09-21 42697745 2021-09-22 2022-12-31 1 42697745 2021-09-22 2022-12-31 1 42697745 2021-09-22 2022-12-31 2 42697745 2021-09-22 2022-12-31 3 xbrli:pure iso4217:DKK Hans Werner Woltmann Statement by the Board of Directors and the Executive Board The Board of Directors and the Executive Board have today discussed and approved the annual report of Vattenfall Vindkraft Thor Holding 7 A/S for the financial year 22 September 2021 - 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 22 September 2021 - 31 December 2022. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Kolding Tilman von Petersdorff CEO Ane Mette Lysbech-Kleis Chairman Hans Werner Woltmann Jonas van Mansfeld Independent Auditor’s Report To the shareholders of Vattenfall Vindkraft Thor Holding 7 A/S Opinion In 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 22 September 2021 - 31 December 2022 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Vattenfall Vindkraft Thor Holding 7 A/S for the financial year 22 September 2021- 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”). Basis for Opinion 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’s Responsibilities for the Financial Statements 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. Auditor’s Responsibilities for the Audit of the Financial Statements 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. Aarhus Thomas Riis Kristian Kjær Jensen statsautoriseret revisor statsautoriseret revisor Vattenfall Vindkraft Thor Holding 7 A/S Jupitervej 6 6000 Kolding PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Jens Chr. Skous Vej 1 8000 Aarhus Management's review Business review The Company's activity is to own shares in Vattenfall Vindkraft Thor P/S. Events after the balance sheet date No events materially affecting the Company's financial position have occurred subsequent to the financial year-end. -29953 -1524 -31477 -6925 -24552 -24552 18476 18476 18476 380000 6925 386925 386925 405401 400000 -24552 375448 18750 11203 29953 29953 405401 400000 0 400000 0 -24552 400000 -24552 true 1 Accounting policies Foreign currency translation On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognized in the income statement as financial income or financial expenses. Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rate 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 recognized in the most recent financial statements is recognized in the income statement as financial income or financial expenses. Income statement Gross margin Gross margin includes costs for other external costs. Other external costs Other external costs includes general administration costs. Income from investment in group entities The proportionate share of the profit/loss after tax of the individual group entities is recognized in the income statement after full elimination of intra-group profits/losses. Tax Tax for the year includes current tax on the year’s expected taxable income and the year’s deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognized in the income statement, whereas the portion that relates to transactions taken to equity is recognized in equity. The company and its Danish group entities are jointly taxed. The Danish income tax charge is allocated between profit making and loss making Danish entities in proportion to their taxable income. Jointly taxed entities entitled to a tax refund reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company. Balance sheet Investments in group entities On initial recognition, equity investments in group entities are measured at cost. Investments in group entities are measured, using the equity method, at the companies’ proportionate share of such enterprises’ equity plus goodwill and less intra-group profits. Investment in enterprises with negative net asset values are measured at DKK 0 (nil), and any receivables from such associates are written down by the parent company's share of the negative net asset values. If the negative equity value exceeds the receivable, the balance is recognised under provisions to the extent the parent company has a legal or constructive obligation to cover a deficit in the enterprise. Equity investments in group entities are measured at net asset value and are subject to impairment test requirements if there is any indication of impairment. Net revaluations of investments in group entities are taken to the net revaluation reserve according to the equity method to the extent the carrying amount exceeds the costs. Impairment of non-current assets The carrying amount of investments in group entities is tested annually for impairment. Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. Assets are written down to the lower of the carrying amount and the recoverable amount. The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the net present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Previously recognized impairment losses are reversed when the reason for recognition no longer exists. Impairment losses on goodwill are not reversed. Receivables Receivables are measured at amortized cost, which is usually equivalent to the nominal value. Write-down is made of the value for anticipated bad debt losses. Corporation tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the expected taxable income for the year, adjusted for tax on the taxable income of prior years and for prepaid tax. Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively. Deferred tax assets, including the tax base of tax loss carry-forward, are measured at the value at which they are expected to be utilized, either through elimination against tax on future earnings or through a set-off against deferred tax liabilities within the same legal tax unit. Any deferred net asset are measured at net realizable values. Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallize as current tax. Changes in deferred tax due to changes in the tax rate are recognized in the income statement. Liabilities Financial liabilities comprising trade payables, amounts owed to group entities as well as other payables are recognized at the date of borrowing at cost. In subsequent periods, financial liabilities are measured at net realizable value. Other liabilities are measured at net realizable value. true 2 Employee costs The Company has no employees from 22. September 2021 to 31. December 2022. 3 Tax on the profit/loss for the year DKK 2021/2022 Current tax for the year -6,925 Total Tax on the profit/loss for the year -6,925 4 Investment in group entities Investment in group entities DKK 000’ Cost at 22 September 2021 20,000 Additions 0 Cost at 31 December 2022 20,000 Value adjustments at 22 September 2021 0 Profit/loss for the year -1,524 Value adjustments at 31 December 2022 -1,524 Carrying amount at 31 December 2022 18,476 Result Equity as of Interest 22 September December 31 2021 – 31 December 2022 Name and domicile DKK DKK Vattenfall Vindkraft Thor P/S 5 % -30,475 369,525 5 Contingent liabilities The Company is jointly taxed with other Danish group entities and is jointly liable with other jointly taxed group entities for payment of income taxes as well as withholding taxes on interest, royalties and dividends. 6 Related parties Vattenfall Vindkraft Thor Holding 7 A/S' related parties comprise the following: Parties exercising control Vattenfall Vindkraft A/S, CVR no.: 31 59 75 44, Jupitervej 6, 6000 Kolding, Denmark, which exercises control. Information about consolidated financial statements Requisitioning of the parent company's Parent Domicile consolidated financial statements Vattenfall AB Stockholm, Sweden Vattenfall AB SE-169 92 Stockholm, Sweden https://corporate.vattenfall.com/investors/financial-reports/ Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2021-09-22 2022-12-31 2023-05-12 Reporting class B 42697745 2021-09-22 0.0 2023-05-12 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup Opinion Basis for Opinion 2023-05-12 mne32174 33771231 mne35627