The supervisory board and executive board have today discussed and approved the annual report of Vestas India Holding A/S for the financial year 1 January - 31 December 2023.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 2023 and of the results of the company's operations for the financial year 1 January - 31 December 2023.In our opinion, management's review includes a fair review of the matters dealt with in the management's review.We recommend that the annual report be adopted at the annual general meeting.Javier Rodriguez DiezHenrik AndersenchairmanRasmus GramJavier Rodriguez DiezTo the shareholder of Vestas India Holding A/SIn our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2023, and of the results of the Company’s operations for the financial year 1 January - 31 December 2023 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Vestas India Holding A/S for the financial year 1 January - 31 December 2023, 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.Hellerup2024-05-17PricewaterhouseCoopersRune KjeldsenState Authorised Public Accountantmne34160Jasmin SerranoState Authorised Public Accountantmne47222Business review The company's principal activity is shares held in the Vestas Group's sales entity in India.Recognition and measurement uncertainties The recognition and measurement of items in the annual report is not associated with any uncertainty.Unusual matters The company's financial position at 31 December 2023 and the results of its operations for the financial year ended 31 December 2023 are not affected by any unusual matters.Financial review The company's income statement for the year ended 31 December 2023 shows a loss of TDKK 26,035, and the balance sheet at 31 December 2023 shows equity of TDKK 454,119. The loss for the year is explained by the impairment of the Indian subsidiary, driven by a change in footprint and closure of the blade factory in 2022. Net loss for the year is considered unsatisfactory.Significant events occurring after the end of the financial year No events have occurred after the balance sheet date which could significantly affect the company's financial position.The annual report of Vestas India Holding A/S for 2023 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to reporting class B entities. The annual report for 2023 is presented in TDKKPursuant 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. 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.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. Administrative expenses comprise expenses incurred in the year related to management, administrative staff, office premises, office expenses, depreciation, etc. 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 realised and unrealised capital/exchange gains and losses on 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. Profit/loss on disposals of investments in associates is recognised under Profit/loss from investments in associates.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.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.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.3300023000-34512000-1990170001090000014980000657000-23645000-198199000239000033000-26035000-198232000734480001079600007344800010796000073448000107960000383077000372381000383077000372381000383077000372381000456525000480341000267110000267110000187009000213044000454119000480154000239000018000016000700024060001870002406000187000456525000480341000267110000213044000-260350002671100001870090001089200014630008000350001090000014980000657000065700023900001800000-147000-26035000-198232000306977000306977000306977000306977000-1990170000-34512000-199017000-233529000-19901700073448000107960000Name Registered office Currency Ownership interest Equity Profit/loss for the year Vestas Wind Technology India Private Ltd India TINR 100 1,122,390 138,950Vestas Wind Technology India Private LtdIndia1001122390138950The share capital consists of 267,110 shares of a nominal value of DKK 1,000. No shares carry any special rights.No 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 Groups other Danish companies and severally liable for tax on consolidated taxable income, etc.All transactions with related parties has 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:Årsrapport10794684Vestas India Holding A/SHedeager 428200 Aarhus N2023-01-012023-12-312022-01-012022-12-3110794684Vestas India Holding A/SHedeager428200Aarhus NDKDanmark1987-05-01Aarhus+45 97 30 00 00-45 97 30 00 01www.vestas.comPricewaterhouseCoopers33771231Rune KjeldsenState Authorised Public AccountantStrandvejen442900HellerupDKDanmark394539452024-05-17Mikkel Bach JensenRegnskabsklasse BtrueRevisionspåtegningCaseWare-FSRfalsefalsefalsefalse107946842023-01-012023-12-31107946842023-01-012023-12-311107946842023-01-012023-12-312107946842022-01-012022-12-31107946842022-12-31107946842023-12-31107946842023-01-01g:ContributedCapitalMember107946842023-12-31g:ContributedCapitalMember107946842023-01-01g:RetainedEarningsMember107946842023-01-012023-12-31g:RetainedEarningsMember107946842023-12-31g:RetainedEarningsMember107946842023-01-012023-12-311107946842023-01-012023-12-312107946842023-01-012023-12-313107946842023-01-012023-12-311107946842023-01-01g:InvestmentsInGroupEnterprisesMember107946842022-01-01g:InvestmentsInGroupEnterprisesMember107946842023-01-012023-12-31g:InvestmentsInGroupEnterprisesMember107946842022-01-012022-12-31g:InvestmentsInGroupEnterprisesMember107946842023-12-31g:InvestmentsInGroupEnterprisesMember107946842022-12-31g:InvestmentsInGroupEnterprisesMember107946842023-01-012023-12-31g:SubsidiaryMember1107946842023-12-31g:SubsidiaryMember1xbrli:pureiso4217:DKK