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2023-01-01 2023-12-31 26 31429293 2022-01-01 2022-12-31 26 31429293 2021-01-01 2021-12-31 26 31429293 2025-01-01 2025-12-31 27 31429293 2024-01-01 2024-12-31 27 31429293 2023-01-01 2023-12-31 27 31429293 2022-01-01 2022-12-31 27 31429293 2021-01-01 2021-12-31 27 31429293 2023-12-31 31429293 2022-12-31 31429293 2021-12-31 31429293 2025-01-01 2025-12-31 1 31429293 2024-01-01 2024-12-31 1 31429293 2023-01-01 2023-12-31 1 31429293 2022-01-01 2022-12-31 1 31429293 2021-01-01 2021-12-31 1 iso4217:DKK xbrli:pure Årsrapport 33963556 Deloitte, Statsautoriseret Revisionspartnerselskab City Tower, Værkmestergade, 2 8000, Aarhus 2024-01-01 2024-12-31 2025-01-01 2025-12-31 31429293 FairWind A/S Lysholt Allé 6 7100 Vejle 2008-05-15 Vejle + 45 75 11 76 20 www.fairwind.com Deloitte, Statsautoriseret Revisionspartnerselskab Deloitte, Statsautoriseret Revisionspartnerselskab 33963556 33963556 Jacob Tækker Nørgaard Thomas Aamand Lund statsautoriseret revisor statsautoriseret revisor mne40049 mne47764 City Tower, Værkmestergade City Tower, Værkmestergade 2 2 8000 8000 Aarhus Aarhus Danmark Danmark 89414141 89414141 2026-04-28 Stewart Andrew Alan Mitchell Regnskabsklasse C, stor virksomhed Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark aktionærerne Aarhus 2026-04-28 Vejle 2026-04-28 Grundlag for konklusion Konklusion The key figures appearing from the survey have been calculated as follows:Gross margin ratio Gross profit x 100 / RevenueProfit margin (EBIT margin) Operating profit or loss (EBIT) x 100 / RevenueAcid test ratio                  Current assets x 100                 / Short term liabilities other than provisionsSolvency ratio Equity, closing balance x 100 / Total assets, closing balanceReturn on equity Net profit or loss for the year x 100 / Average equity 626033000 706650000 5158000 11090000 393939000 415401000 127059000 125997000 110193000 176342000 42889000 128344000 4525000 2812000 62779000 45186000 29773000 8821000 8537000 2827000 14240000 30018000 57269000 48799000 58060000 38053000 7262000 8056000 50798000 29997000 29773000 8821000 21025000 21176000 5804000 7467000 5804000 7467000 481409000 366971000 343000 367000 481752000 367338000 487556000 374805000 453000 714000 453000 714000 88257000 60163000 59188000 78225000 259986000 226834000 9507000 7615000 8589000 714000 425527000 373551000 50535000 9538000 476515000 383803000 964071000 758608000 0 785000 785000 163538000 137925000 101232000 72163000 265555000 210873000 0 37280000 211942000 34303000 211942000 71583000 208505000 145060000 4692000 5615000 29640000 87079000 229585000 189869000 4650000 883000 1462000 0 8040000 47646000 486574000 476152000 698516000 547735000 964071000 758608000 39989000 124793000 1753000 2241000 1147000 1310000 42889000 128344000 34 149 15482000 3186000 41787000 45613000 57269000 48799000 23364000 2924000 11286000 15002000 15897000 4587000 -11286000 9198000 5804000 229046000 37058000 88825000 191988000 317871000 229046000 137925000 152485000 4867000 -11708000 -5084000 -4323000 37240000 15667000 3193000 2479000 -8217000 -7350000 0 -4367000 163538000 137925000 481409000 366971000 123.096 FairWind Offshore A/S Denmark 100 FairWind Rüzgar Enerji Hizmetteri Anonim Sikerti Turkey 100 VestWind A/S Denmark 100 FairWind GmbH Germany 100 FairWind Installation Ltd. United Kingdom 100 White Strit LLC Kazakhstan 100 FairWind Sp. Z.o.o Poland 100 Wind Service Sweden AB Sweden 100 Swedish Wind Service AB Sweden 100 FairWind Ukraine ApS Denmark 100 Geos Construction LLC Ukraine 100 FairWind Ukraine LLC Ukraine 100 FairWind Poland sp. Z.o.o Poland 100 FairWind Inc. United States 100 FairWind Canada Inc. Canada 100 FairWind Finland OY Finland 100 FairWind Holland B.V. Holland 100 European Wind Academy sp. Z.o.o Poland 100 FairWind Installation (PTY) Ltd. South Africa 100 FairWind Installation SLU Spain 100 FairWind Installation Morocco Sarl Marocco 100 FairWind AUS PTY Ltd. Australia 100 FairWind Logistics sp. Z.o.o Poland 100 FairWind Chile SPA Chile 100 FairWind Argentina S.A.U. Argentina 100 Wind1000 Global Holding S.L. Spain 100 Wind1000 Service SL Spain 100 CRANE AND CAR KEY SERVICES SL Spain 100 WIND1000 FRANCE SAS France 100 WIND1000 OFFSHORE GmbH Germany 100 WIND1000 COLOMBIA SAS Colombia 100 MILVENTOS DO BRASIL ENERGIA RENOVAVEL Brazil 100 MILVENTOS DE CHILE ENERGIA RENOVABLE SPA Chile 100 FAIR1000 S.R.L. de C.V. Mexico 100 FairWind Peru S.R.L Peru 100 Cosmic Group Services Pty. Ltd Australien 100 367000 72000 96000 343000 343000 -622992000 -389755000 785000 785000 785000 785000 137925000 152486000 29773000 8821000 -5084000 -4323000 -8217000 -7351000 9141000 -11708000 163538000 137925000 72163000 -48194000 1000 85358000 21025000 21176000 8217000 7351000 -174000 6472000 101232000 72163000 Today, the Board of Directors and the Managing Director have approved the annual report of FairWind A/S for the financial year 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and in our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January – 31 December 2025. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Stewart Andrew Alan Mitchell Mike Winkel Helene Anna Rasmusson Egebøl Wolfgang Müller Nils Henrik Tholander Per Olof Martin Frankling Sara Elisabeth Damberg We have audited the financial statements of FairWind A/S for the financial year 1 January - 31 December 2025, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes, for the Company. The financial statements are prepared under the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025, and of the results of the Company's operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. 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 “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. 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. Plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regarding consolidated financial information of the entities or business units as a basis for forming an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed. 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. Statement on Management’s ReviewManagement is responsible for the management commentary.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 the management commentary provides the information required by relevant law and regulations.Based on the work we have performed, we conclude that Management’s Review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of Management’s Review. 511932000 491368000 522032000 41452000 59785000 146049000 -33366000 -82000 23034000 -4719000 -7133000 44160000 -1091000 21399000 -784000 -632000 43580000 67304000 47998000 -31945000 -6040000 25675000 58060000 38053000 10794000 -9046000 46433000 50798000 29997000 -784000 -632000 43580000 540493000 513905000 419967000 2924000 5998000 3700000 3562000 1366000 105077000 114350000 119576000 130 124 238 17.6 25.0 8.1 12.2 28.0 10.0 6.4 -6.5 0.0 4.4 97.9 80.6 89.0 121.3 137.8 27.5 27.8 19.4 22.3 28.5 21.3 19.0 -0.7 -0.5 64.3 The principal activities of the companyFairWind A/S’s principal activities are technical installation of Wind turbines and other related services. About FairWind Group FairWind Group is one of the global market leaders, providing complete solutions for the installation and service of onshore and offshore wind turbines to the renewables market worldwide. Thanks to its global presence and capabilities, FairWind Group is a strategic partner and subsupplier to wind turbine OEMs and asset owners in 40+ countries. The company is headquartered in Vejle, Denmark, with regional headquarters in Houston, USA, Hamburg, Germany, Santiago de Compostela, Spain, Aberdeen, UK and Brisbane, Australia. Development in activities and financial mattersThe profit for the year amounts to DKK 50.798 thousand (2024: 29.678 thousand) and total equity amounts to DKK 265.555 thousand (2024: 210.873 thousand). The net result for the year is positively affected with DKK 29.773 thousand regarding Income from investments in subsidiaries (2024: 8.821). For the FairWind Group we secured a total revenue of DKK 1.848 thousand, which is within the range of expectations from 1.7515 - 1.865 mDKK presented in last year Annual Report. Furthermore we expected EBITDA margin for the FairWind Group to be at the same level as the year before, but we managed to exceed this, by going from 8.6% EBITDA margin in 2024 to 10.4% in 2025 due to better project execution. FairWind Management considers the development in turnover and profit levels for the year satisfying. The financial performance for 2025 saw a decrease on both revenue and Gross profit compared to last year, which was expected for FairWind A/S due to the fact, that there has been fewer projects in FairWind A/S during this financial year and more projects in subsidiaries. Total revenue compared to 2024 has dropped 11%. While revenue was slightly lower than in 2024, staff costs decreased significantly. The reduction in staff costs is mainly attributable to changes in the geographical mix of projects, with a higher proportion of activities carried out in countries where technicians are sourced through subcontractors rather than directly employed personnel.  The results for 2024 was significantly impacted by a single project at Esbjerg harbour, Denmark, which accounted for 34% of the total revenue for 2024. In the final quarter of 2025, FairWind’s subsidiary Fairwind Australia entered into an agreement to acquire the company of COSMIC Group, a Australian based regional leader in installation of onshore wind solutions, in the Asian Pacific. Final closing date for the acquisition was 6th of November 2025. See Annual Report for our Parent company, Force Bidco A/S, Note 15 for further details regarding closing balance. With the addition of the COSMIC Group business, which historically has been mainly focused on installation, we expect to grow our service business offerings in APAC region, and has already seen a significant increase in service projects in this region. During 2025, Total Assets grew by DKK 205.463 thousand (2025 = 964.071, 2024 = 758.608). Furthermore, considerable capex investments of DKK 2.924 thousand, have been made in the business to support not only the increased revenues in the year, but also the long-term growth of the business.  Continued growth relies upon the ability to attract, retain, and develop qualified employees in the relevant markets where the Group operates. For several years, the Group has operated its own training academy, The European Wind Academy, in Poland, aimed at further developing and upskilling both existing and new colleagues in the wind industry. Throughout 2025, the incorporation of competent and seasoned employees has notably strengthened the Group's knowledge base and competencies, playing the key role in fostering an environment that supports FairWind's expanded operational endeavours. Their expertise and proficiency have not only enriched the organisation's skill set but have also facilitated the scaling up of activities across the entire company. Market and Outlook for 2026Revenue for the company is dependent on which projects the FairWind Group wins during the year. FairWind A/S is the parent company of all project entities in the group, and investments in subsidiaries are measured on the equity method. Therefore the groups revenue will be included in FairWind A/S through revenue or through income from subsidiaries. The below market outlook, should therefore be seen as such. FairWind’s market analysis estimates an additional 10,500 new wind turbine generators (WTGs) to be added to the global fleet (excluding China) in 2026 representing an increase of approximately +5.6% on the 2025 installed base. This trend is expected to be similar throughout our strategy period towards 2028 with CAGR of around +5.7%. The overall generating capacity, measured in GW, will have a higher CAGR of around +8.8% estimated through to 2030 noting that larger WTGs, generating more power per unit, will continue to be introduced to the market over the period.  FairWind continues to monitor order backlog as a measure of both increase in market size and also market share. As of end Q4 2025, order backlog had increased 45% from reporting period at end Q1 2025 with an estimated 932 new wind turbines to be installed through 2026 with some projects extending to 2028. Due to this, we expect total revenue in the range of DKK 2.450 – 2.600 thousand for FairWind A/S and subsidiaries in 2026. The split between FairWind A/S and its subsidiaries is dependent on geographical location on won projects, where we see a lower revenue in FairWind A/S Parent company, offset by an increased revenue in the subsidiaries. Which will be included in FairWind A/S thought group investments. EBITDA margin expected in the same level as 2025. The guidance is reflecting the current market situation. Explanation of Data ethicsThe policy on Data Ethics is reviewed annually and compliant with section 99d of the Danish Financial Statements Act. Data plays an increasingly significant role within FairWind, serving as a vital tool for monitoring, delivering, and enhancing services for customers, employees, and stakeholders. Recognising its value as a crucial asset, we handle data with utmost care, adhering to all relevant laws, regulations, as well as FairWind’s internal standards and policies. Through meticulous management and a transparent approach, we ensure due respect for our customers, business partners, and employees. Continuous monitoring guarantees that data is handled responsibly and ethically at all times. FairWind’s data handling practices are clearly defined and made available as part of our Privacy policy on our website. We continuously strive to optimise our data strategy regarding security measures and data use, implementing new initiatives to ensure confidentiality, integrity, and availability. This includes ongoing efforts to enhance data protection and IT security through employee education, training, and awareness sessions. To maintain compliance with our data ethics, we conduct annual reviews of policies, including data ethics considerations. FairWind’s handling of data is always defined and available on our website. Events occurring after the end of the financial yearFrom the statement of financial position date until today, no events have occurred that would affect the evaluation of the Annual Report. Climate, Social matters and qualityFairWind A/S is a part of the FairWind group. A detailed description of the Groups conditions and strategies towards Climate, Social matters and quality can be find in the consolidated Annual Report for Force Bidco A/S, which is the Parent company and are reporting on CSRD. Report is available at our webpage at: https://fairwind.com/en/bond-information/. 12.Deferred tax assetsDeferred tax assets 1 January 202504.178Deferred tax of the results for the year0-4.178 00 No deferred tax asset is recognised. 18.Charges and securityTrade receivables and work in progress for third parties with a carrying amount of DKK 147.445 thousand have been provided as collateral for bank loans and overdrafts amounting to DKK 208.507 thousand at 31 December 2025. The Company has issued work guarantees of DKK 33.522 thousand for services delivered. The parent company has provided financial support to a subsidiary that has lost its share capital. Management expects that the subsidiary’s share capital can be re established through future earnings. Management does not consider the support provided to give rise to any need for recognition of provisions or impairments in the financial statements. 19.Contractual obligations and contingencies, etc. DKK in thousands Lease liabilities1.918 Total contractual obligations1.918 Total contractual obligations and contingent liabilities1.918 Lease liabilities:The Company has entered into operating leasing agreements with a combined lease payment of DKK 1.918 thousand. The remaining term of the leases is 2 to 36 months. Other contractual obligations:The Company has provided the following guarantees for subsidiaries: - Unlimited guarantee for FairWind Offshore A/S for bank loans from Jyske Bank As of the balance sheet date, the company has not entered into any other significant unrecognised obligations for settlement after the balance sheet date, apart from already recognised obligations.  Joint taxationWith  Force Holdco A/S, company reg. no 42434051 as administration company, the company is subject to the Danish scheme of joint taxation and unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for the total corporation tax. The company has withdrawn from the joint taxation with the former management company Apollo Group 1 A/S as of 28 September 2021 and is liable for any tax claims against the other jointly taxed companies until the time of withdrawal from the joint taxation. 20.Related partiesTransactionsTransactions with related parties have been carried out on an arm's lenght basis. Accordingly, no further disclosures are required. Consolidated financial statementsThe company is included in the consolidated financial statements of: Lowest level: Force Bidco A/S, CVR-no. 42424757, Vejle, Denmark Highest level: Force Holdco A/S, CVR-no. 42434051, Vejle, Denmark The annual report for FairWind A/S has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class C enterprises (large enterprises).   The accounting policies are unchanged from last year, and the annual report is presented in DKK. No consolidated financial statements have been prepared pursuant to section 112 (1) of the Danish Financial Statements Act. The financial statements of FairWind A/S and its group enterprises are included in the consolidated financial statements for Force Bidco A/S, Denmark, CVR nr. 42424757. Pursuant to section 86 (4) of the Danish Financial Statements Act, no statement of cash flows for the enterprise has been prepared, as the relevant information is included in the consolidated financial statements of Force Bidco A/S. Foreign currency translationTransactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Fixed assets acquired and paid for in foreign currency are measured at the exchange rate prevailing at the date of  the transaction. Group enterprises abroad, associates, and equity investments are considered to be independent entities. The income statements are translated at an average exchange rate for the month, and the balance sheet items are translated at the closing rates. Currency translation differences, arising from the translation of the equity of group enterprises abroad at the beginning of the year to the closing rate and from the translation of income statements from average prices to the closing rate, are recognised directly in equity in the fair value reserve in the Consolidated Financial Statement. This also applies to differences arising from translation of income statements from average exchange rate to closing rate. Translation adjustment of balances with group enterprises abroad that are considered part of the total investment in group enterprises are recognised directly in equity in the fair value reserve. Likewise, foreign exchange gains and losses on loans and derived financial instruments for currency hedging independent group enterprises abroad are recognised directly in equity. Business combinationsAcquisition of group enterprises are dealt with in accordance with the acquisition method, and afterwards the assets and liabilities of the acquired entity are measured at fair value at the date of acquisition.  The date of acquisition is the date when the group obtains control of the acquired entity. The cost of the acquired entity represents the fair value of the consideration agreed upon, including the considerations that are conditional on future events. Transaction costs directly attributable to the acquisition of group enterprises are added to the equity investment. Positive differences between the cost of the acquired entity and the identified assets and liabilities are recognised in the equity investment as goodwill, which is amortised on a straight-line basis in the income statement over the expected useful life. Amortisation of goodwill is allocated to the functions to which the goodwill relates. If the difference is negative, this is recognised immediately in the income statement. If the allocation of the purchase price is not final, positive and negative differences may, as a result of changes in recognition and measurement of acquired net assets, be adjusted until the end of the financial year following the acquisition year. These adjustments are also reflected in the value of goodwill or negative goodwill, including depreciation already made. Adjustment of contingent considerations after initial recognition is recognised directly with a counter entry on the original purchase price, whereby the value of goodwill or negative goodwill is corrected. In the case of step acquisitions, the carrying amount of the existing equity investments is included in the cost price. RevenueIncome from the rendering of services is recognised as revenue as the services are rendered. Accordingly, revenue corresponds to the market value of the services rendered during the year (percentage-of-completion method). Income from construction contracts involving a high degree of customisation is recognised as revenue by reference to the stage of completion. Accordingly, revenue corresponds to the market value of the contract work performed during the year (percentage-of-completion method). This method is used where the total income and expenses and the degree of completion of the contract can be measured reliably. Where income from a construction contract cannot be estimated reliably, contract revenue corresponding to the expenses incurred is recognised only in so far as it is probable that such expenses will be recoverable from the counterparty. Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. Cost of salesCost of sales includes the cost of goods used in generating the year's revenue.  Other operating incomeOther operating income comprises items of a secondary nature as regards the principal activities of the enterprise, including profit from the disposal of intangible and tangible assets as well as operating loss and conflict compensation. Compensation is recognized when it is overwhelmingly probable that the company will receive the compensation. Other external expensesOther external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. Staff costsStaff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. Depreciation, amortisation, and write-down for impairmentDepreciation, amortisation, and write-down for impairment comprise depreciation on, amortisation of, and write-down for impairment of intangible and tangible assets, respectively. Results from investments in group enterprisesAfter full elimination of intercompany profit or loss less amortised consolidated goodwill, the investment in the individual entities are recognised in the income statement as a proportional share of the entities' post-tax profit or loss. Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, financial expenses from financial leasing, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Property, plant, and equipmentProperty, plant, and equipment are measured at cost less accrued depreciation and write-down for impairment. Land is not subject to depreciation. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. If the amortisation period or the residual value is changed, the effect on amortisation will, in future, be recognised as a change in the accounting estimates. The cost comprises acquisition cost and costs directly associated with the acquisition until the time when the asset is ready for use. The cost of a total asset is divided into separate components. These components are depreciated separately, the useful lives of each individual components differing, and the individual component representing a material part of the total cost. Depreciation is done on a straight-line basis according to an assessment of the expected useful life: Useful lifeOther fixtures and fittings, tools and equipment   2-10years Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement as other operating income or other operating expenses. LeasesThe capitalised residual lease liability is recognised in the balance sheet as a liability, and the interest element of the lease payment is recognised in the income statement over the term of the lease. Leases that do not transfer substantially all the risks and rewards incident to the ownership to the Company are classified as operating leases. Payments relating to operating leases and any other rent agreements are recognised in the income statement over the term of the lease. The Company's aggregate liabilities relating to operating leases and other rent agreements are disclosed under "Contingent liabilities". Investments in group enterprisesInvestments in group enterprises are recognised and measured by applying the equity method. The equity method is used as a measurement method. Investments in group enterprises are recognised in the statement of financial position at the proportionate share of the enterprise's equity value. This value is calculated in accordance with the parent's accounting policies with deductions or additions of unrealised intercompany gains and losses as well as with additions or deductions of the remaining value of positive or negative goodwill calculated in accordance with the acquisition method. Negative goodwill is recognised in the income statement at the time of acquisition of the equity investment. If the negative goodwill relates to contingent liabilities acquired, negative goodwill is not recognised until the contingent liabilities have been settled or lapsed. Consolidated goodwill is amortised over its estimated useful life, which is determined on the basis of the management's experience with the individual business areas. Consolidated goodwill is amortised on a straight-line basis over the amortisation period, which represent 5-20 years. The depreciation period is determined on the basis of an assessment that these are strategically acquired enterprises with a strong market position and a long-term earnings profile. Investments in group enterprises with a negative equity value are measured at DKK 0, and any accounts receivable from these enterprises are written down to the extent that the account receivable is uncollectible. To the extent that the parent has a legal or constructive obligation to cover an negative balance that exceeds the account receivable, the remaining amount is recognised under provisions. To the extent the equity exceeds the cost, the net revaluation of equity investments in group enterprises  transferred to the reserve under equity for net revaluation according to the equity method. Dividends from group enterprises expected to be adopted before the approval of this annual report are not subject to a limitation of the revaluation reserve. The reserve is adjusted by other equity movements in group enterprises. Newly acquired or newly established companies are recognised in the financial statement as of the time of acquisition. Sold or liquidated companies are recognised until the date of disposal. On the acquisition of enterprises, the acquisition method, the  is applied, cf. the above description under Business combinations. DepositsDeposits are measured at amortised cost and represent lease deposits, etc. Impairment loss relating to non-current assetsThe carrying amount of both intangible and tangible fixed assets as well as equity investments in group enterprises are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. Writedown for impairment is done to the recoverable amount if this value is lower than the carrying amount. The recoverable amount is the higher value of value in use and selling price less expected selling cost. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the asset group and expected net cash flows from the sale of the asset or the asset group after the end of their useful life. Previously recognised impairment losses are reversed when conditions for impairment no longer exist. Impairment relating to goodwill is not reversed. InventoriesInventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value. The net realisable value of inventories is calculated as the sales amount less costs of completion and expenses required to effect the sale and is determined taking into account marketability, obsolescence and development in the expected selling price. Goods for resale are measured at cost, which comprises the cost of acquisition plus delivery costs as well as other expenses directly attributable to the acquisition. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. An impairment loss is recognised if there is objective evidence that a receivable is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis. Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable is used as discount rate. Other receivables consists of VAT etc. Contract work in progressService supplies and contract work in progress for third parties are measured at the market value of the work performed less progress billings. The market value is calculated based on the stage of completion at the balance sheet date and the total expected income from the relevant contract. The stage of completion is calculated based on an assessment of the stage of completion for each wind turbines relating to the relevant contract. Where the outcome of contract work in progress cannot be estimated reliably, the market value is measured at the expenses incurred in so far as they are expected to be paid by the purchaser. Where the total expenses relating to the work in progress are expected to exceed the total market value, the expected loss is recognised as a loss-making agreement under "Provisions" and is expensed in the income statement. The value of work in progress less progress billings is classified as assets when the selling price exceeds progress billings and as liabilities when progress billings exceed the market value. PrepaymentsPrepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalentsCash and cash equivalents comprise cash at bank.  EquityReserve for net revaluation according to the equity methodThe reserve for net revaluation according to the equity method comprises net revaluation of equity investments in subsidiaries, associates and equity interests proportional to cost. The reserve may be eliminated in the event of losses, realisation of equity investments, or changes in the accounting estimates. Income tax and deferred taxCurrent tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Tax receivables from group enterprises" or "Income tax payable to group enterprises" Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Liabilities other than provisionsFinancial liabilities other than provisions related to borrowings are recognised at the received proceeds less transaction costs incurred. In subsequent periods, the financial liabilities are recognised at amortised cost, corresponding to the capitalised value when using the effective interest rate. The difference between the proceeds and the nominal value is recognised in the income statement during the term of the loan. Bank loans are measured at amortised cost which, for cash loans, corresponds to the outstanding payables.  Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. Segmental statement The allocation of revenue to activities and geographical markets is disclosed where these activities and markets differ significantly in the organisation of sales of goods and services.