21109304 2025-01-01 2025-12-31 21109304 2025-01-01 2025-12-31 1 21109304 2025-01-01 2025-12-31 1 21109304 2025-01-01 2025-12-31 2 21109304 2025-01-01 2025-12-31 3 21109304 2025-01-01 2025-12-31 4 21109304 2025-01-01 2025-12-31 1 21109304 2002-01-01 2002-12-31 21109304 2001-01-01 2001-12-31 21109304 2000-01-01 2000-12-31 21109304 2024-01-01 2024-12-31 21109304 2002-12-31 21109304 2001-12-31 21109304 2000-12-31 21109304 2025-12-31 21109304 2024-12-31 21109304 2025-01-01 d:ContributedCapitalMember 21109304 2025-01-01 d:RetainedEarningsMember 21109304 2025-01-01 d:ProposedDividendRecognisedInEquityMember 21109304 2025-01-01 d:HedgeFundMember 21109304 2025-01-01 2025-12-31 d:RetainedEarningsMember 21109304 2025-01-01 2025-12-31 d:HedgeFundMember 21109304 2025-01-01 2025-12-31 d:ContributedCapitalMember 21109304 2025-01-01 2025-12-31 d:ProposedDividendRecognisedInEquityMember 21109304 2025-12-31 d:ContributedCapitalMember 21109304 2025-12-31 d:RetainedEarningsMember 21109304 2025-12-31 d:ProposedDividendRecognisedInEquityMember 21109304 2025-12-31 d:HedgeFundMember 21109304 2025-01-01 d:InvestmentsInGroupEnterprisesMember 21109304 2024-01-01 d:InvestmentsInGroupEnterprisesMember 21109304 2025-12-31 d:InvestmentsInGroupEnterprisesMember 21109304 2024-12-31 d:InvestmentsInGroupEnterprisesMember 21109304 2025-01-01 2025-12-31 d:InvestmentsInAssociatesMember 21109304 2024-01-01 2024-12-31 d:InvestmentsInAssociatesMember 21109304 2025-01-01 2025-12-31 d:InvestmentsInGroupEnterprisesMember 21109304 2024-01-01 2024-12-31 d:InvestmentsInGroupEnterprisesMember 21109304 2025-01-01 2025-12-31 d:SubsidiaryMember 1 21109304 2025-12-31 d:SubsidiaryMember 1 21109304 2025-01-01 2025-12-31 d:SubsidiaryMember 2 21109304 2025-12-31 d:SubsidiaryMember 2 21109304 2025-01-01 2025-12-31 d:SubsidiaryMember 3 21109304 2025-12-31 d:SubsidiaryMember 3 21109304 2025-01-01 2025-12-31 d:SubsidiaryMember 4 21109304 2025-12-31 d:SubsidiaryMember 4 21109304 2025-01-01 2025-12-31 d:SubsidiaryMember 5 21109304 2025-12-31 d:SubsidiaryMember 5 21109304 2025-01-01 2025-12-31 d:SubsidiaryMember 6 21109304 2025-12-31 d:SubsidiaryMember 6 21109304 2025-01-01 2025-12-31 d:SubsidiaryMember 7 21109304 2025-12-31 d:SubsidiaryMember 7 21109304 2025-01-01 2025-12-31 d:SubsidiaryMember 8 21109304 2025-12-31 d:SubsidiaryMember 8 21109304 2025-01-01 2025-12-31 d:SubsidiaryMember 9 21109304 2025-12-31 d:SubsidiaryMember 9 21109304 2025-01-01 2025-12-31 d:SubsidiaryMember 10 21109304 2025-12-31 d:SubsidiaryMember 10 21109304 2025-01-01 2025-12-31 d:SubsidiaryMember 11 21109304 2025-12-31 d:SubsidiaryMember 11 21109304 2025-12-31 d:OtherTaxableTemporaryDifferencesMember 21109304 2024-12-31 d:OtherTaxableTemporaryDifferencesMember 21109304 2025-12-31 d:OtherDeductibleTemporaryDifferencesMember 21109304 2024-12-31 d:OtherDeductibleTemporaryDifferencesMember 21109304 2025-12-31 1 21109304 2025-01-01 21109304 2024-01-01 21109304 2025-12-31 d:OtherProvisionsLiabilitiesLongtermMember 21109304 2024-12-31 d:OtherProvisionsLiabilitiesLongtermMember iso4217:DKK xbrli:pure xbrli:shares false 2024-01-01 2024-12-31 2026-05-22 false Vestas Asia Pacific A/S 2025-01-01 Mikkel Bach Jensen false Årsrapport Regnskabsklasse C, stor virksomhed 21109304 Hedeager 42 false 8200 Aarhus N 2025-12-31 false Revisionspåtegning CaseWare-FSR false The Board of Directors and Executive Management have today discussed and approved the annual report of Vestas Asia Pacific A/S for the financial year 1 January - 31 December 2025. 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 2025 and of the results of the Company's operations for the financial year 1 January - 31 December 2025.   In our opinion, the management's review is prepared in accordance with relevant laws and regulations and contains a fair review of the development of the company's business and financial matters, the result for the year and of the financial position of the company together with description of the principal risks and uncertainties that the company face. We recommend the annual report for adoption at the Annual General Meeting. Annette Høi Butt Terndrup Henrik Andersen chairman Rasmus Gram Annette Høi Butt Terndrup Thomas Gunner Arendt To the shareholder of Vestas Asia Pacific A/S Opinion We have audited the financial statements of Vestas Asia Pacific A/S for the financial year 01.01.2025 - 31.12.2025, which comprise the income statement, balance sheet, statement of changes in equity, and notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2025 and of the results of its operations for the financial year 01.01.2025 - 31.12.2025 in accordance with the Danish Financial Statements Act. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 this auditor’s report. We are independent of the Entity 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 Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity 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 judgement and maintain professional scepticism 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 Entity’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 Entity’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 Entity to cease to continue as a going concern.Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, 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. Statement on the management reviewManagement is responsible for the management review.Our opinion on the financial statements does not cover managemen 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 the management review and, in doing so, consider whether the management review is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the management review provides the information required by relevant law and regulations.Based on the work we have performed, we conclude that the management review is in accordance with the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management review. Copenhagen 2026-05-22 Deloitte Muhammad Ismaeel Rasul State Authorised Public Accountant mne46641 Vestas Asia Pacific A/S Hedeager  42 8200  Aarhus N +45 97 30 00 00 +45 97 30 62 50 www.vestas.com 21109304 Aarhus 33963556 Weidekampsgade 6 2300 Copenhagen S Seen over a 5-year period, the development of the Company may be described by means of the following financial highlights:The financial ratios are calculated in accordance with the CFA Society Denmark's recommendations and guidelines. For definitions, see the summary of significant accounting policies. 1073000000 2275000000 6120000000 -35000000 -17000000 73000000 286000000 79000000 188000000 20000000 -70000000 145000000 -2000000 -8000000 1387000000 1543000000 1954000000 755000000 637000000 668000000 1.0 -0.4 -3.4 0.9 1.0 0.7 -0.3 -2.5 1.1 2.6 79.4 70.1 54.4 41.3 34.2 26.7 7.8 20.8 -0.3 -1.2 Business reviewVestas Asia Pacific A/S was founded in 1998 and is a 100% owned subsidiary of the ultimate parent Vestas Wind Systems A/S. The Company’s principal activity is shares held in the Vestas Group's sales and service units in Asia Pacific region. Moreover, the Company has sales activities and delivers tower sections to other Vestas sales business units across the following geographic regions: Nordics, Europe and Canada. The Company is under the Power Solutions segment of Vestas Wind Systems A/S focused on onshore wind. Financial review The Company's income statement for the year ended 31 December 2025 shows a revenue of TDKK 919,296 (2024: TDKK 1,003,732) and a net profit of TDKK 256,558 (2024: TDKK 63,402) and the balance sheet as of 31 December 2025 shows an equity of TDKK 1,065,466 (2024: TDKK 860,157).The main contributor for the revenue in 2025 was the delivery of tower sections from the subcontracting plant CS Wind Vietnam to other Vestas sales business units mainly in Lithuania and Germany.   The development in net profit for the year is primarily due to higher dividends received in 2025 as compared to 2024. Net profit for the year is within management's expectation and is considered satisfactory. Expected development of the company, including specific prerequisites and uncertaintiesWe expect an increase in the delivery of tower sections from the subcontracting plant CS Wind Vietnam and to other internal sales business units from the three geographic regions. Management expects that revenue for 2026 will increase by 5-15% and the result before financial income and expenses is expected to be in line with current year.   There is a high degree of uncertainty concerning profit before tax as the profit/loss from investments in subsidiaries and the financial income and expenses depend on the performance of several underlying companies and/or external factors. With this said, it is Management's best estimate that profit before tax for 2026  will be in the range of 20-30% of revenue in 2026.Financial risks and use of financial instrumentsForeign currency riskForeign currency risk is the risk that the fair value of future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The foreign currency exposure arises primarily from purchases of materials and the sale of main components and is hedged through foreign exchange forward contracts with the ultimate parent, Vestas Wind Systems A/S.Vestas Wind Systems A/S' hedge strategy is to centralise the management of foreign currency exposure at Group level through internal contracts and trade the net currency exposures in the market.Liquidity risksLiquidity risk results from the Company’s potential inability to meet its financial liabilities. The Company uses a centralised approach to cash management through participation in the in-house bank and cash pool setup managed by Group Treasury. The Company’s cash and funding are primarily managed centrally by Group Treasury through cash pool clearing accounts with the ultimate parent Vestas Wind Systems A/S. The Company finances itself through the Group Treasury’s cash pooling and cash management systems, in which excess liquid funds are deposited at Group Treasury’s in-house bank. As at 31 December, the Company has cash at bank and in hand of TDKK 766 (2024: TDKK 859). At first glance, this might not seem sufficient to meet the current and future obligations. However, the Company has ensured the availability of liquidity through Group financing lines with the ultimate parent Vestas Wind Systems A/S. This will ensure that the Company fulfills its obligations towards its creditors when they fall due and continues its operations. No significant liquidity risks have been identified. Statutory corporate social responsibility reportThe Company refers to the reporting of the ultimate parent Vestas Wind Systems A/S (Business Registration No 10 40 37 82) in accordance with §99a subsection 7 of the Danish Financial Statements Act.    For more information, please refer to the Sustainability Statement found in the annual report for 2025: https://www.vestas.com/en/investor/reporting/2025 Data ethics policyThe overall objective of our data ethics policy is to encourage and motivate all employees to handle data with care and respect, and to follow our guiding principles on data use and ethics. Through the ethical use of our smart data capabilities and groundbreaking technologies, the Company aim to achieve our objectives and extend the Company's position as the industry's leading global partner in sustainable energy. The Company report on these efforts in accordance with section 99d of the Danish Financial Statements Act.   For more information, please refer to the Data Ethics Report 2025 found below: https://www.vestas.com/en/investor/reporting/2025 The annual report of Vestas Asia Pacific A/S for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act ap­plying to large en­ter­pri­ses of re­por­ting class C .The accounting policies applied are consistent with those of last year.The annual report for 2025 is pre­sen­ted in TDKK. Pursuant to section §112 of the Danish Financial Statements Act, the Company has not prepared consolidated financial statements.   Pursuant to section §86 subsection 4 of the Danish Financial Statements Act, the Company has not prepared the Cash Flow statement.   Pursuant to section §96 subsection 3 of the Danish Financial Statements Act, the Company has not disclosed fees to statutory auditors. 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.  Fair value adjustments of financial instruments that are designated and qualify as fair value hedges of recognised assets or liabilities are recognised in the income statement together with any fair value adjustments of the hedged asset or liability that can be attributed to the hedged risk.Changes in the fair value of financial instruments that are designated and qualify as hedges of expected future transactions are recognised in equity under retained earnings as regards the effective portion of the hedge. The ineffective portion of the hedge is recognised in the income statement. If the hedged transaction results in an asset or a liability, amounts deferred under equity are transferred to the cost of the asset or liability. If the hedged transaction results in income or expenses, amounts deferred under equity are transferred to the income statement in the period in which the hedged transaction is recognised. The amount is recognised in the same item as the hedged transaction.Changes in the fair value of financial instruments that are designated and qualify as hedges of net investments in independent foreign subsidiaries, participating interests or associates are recognised directly in equity as regards the effective portion of the hedge, while the ineffective portion is recognised in the income statement. Revenue comprises sale of wind turbines and wind power systems which are recoqnised according to IFRS 15.Sale of individual wind turbines and small wind power systems based on standard solutions are recognised in the income statement provided that the control has been transferred to the buyer prior to the year end, and provided that the income can be measured reliably and is expected to be received.Contracts to deliver large wind power systems with a high degree of customisation are recognised in revenue as the systems are constructed based on the stage of completion of the individual contract (percentage-of-completion-method). Cost of sales comprise the expenses incurred to achieve revenue for the year. Cost comprises raw materials and consumables. Administrative expenses comprise expenses incurred in the year related to audit and consultancy, etc. Investments in subsidiaries are assessed annually for impairment indicators. If cost exceed the recoverable amount, a write-down is made to this lower value. If the recoverable amount is greater than the cost, a reversal is made to the prior year impairment recognized, if there is any.   Dividend from investments is recognised in the reporting year in which the dividend is declared. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Net financials include interest income and expenses, realised and unrealised capital/exchange gains and losses on foreign currency transactions and surcharges and allowances under the Danish Tax Prepayment Scheme, impact of foreign currency hedges, etc. 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. Investments in subsidiaries are measured at cost. If cost exceeds the recoverable amount, a write-down is made to this lower value. Inventory is measured at cost using the weighted average method. Where the net realisable value is lower than the cost, inventories are recognised at this lower value.The cost of finished goods comprise purchase price and transportation costs.The net realisable value of inventory is calculated as the expected selling price less direct costs of completion and expenses incurred to effect the sale. The net realisable value is determined taking into account marketability, obsolescence and expected selling price movements. Receivables are measured at amortised cost.An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable is impaired, an impairment loss for that individual asset is recognised. Cash and cash equivalents comprise cash and deposits at banks. DividendsProposed dividends are disclosed as a separate item under equity. Dividends are recognised as a liability when declared by the annual general meeting of shareholders. Provisions comprise of foreign contractors’ tax withheld for non-resident entities that generated Vietnam source income from contracts with Vietnamese entities. Provisions are recognised when, as a result of a past event, the Company has a legal or constructive obligation and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. 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 tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax adjustments resulting from changes in tax rates are recognised in the income statement, with the exception of items taken directly to equity.Deferred tax assets, including the tax base of tax losses allowed for carry forward, are measured at the value to which the asset is expected to be realised, either as a set-off against tax on future income or as a set-off against deferred tax liabilities within the same legal tax entity. Any deferred net tax assets are measured at net realisable value. Liabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is usually equivalent to nominal value. On initial recognition in the balance sheet, derivative financial instruments are measured at cost and subsequently at fair value. Positive and negative fair values of derivative financial instruments are included in 'Other receivables to group companies' or 'Other payables to group companies', respectively. Operating profit marginOperating profit x 100RevenueReturn on assetsOperating profit x 100Average assetsSolvency ratioEquity at year end x 100Total assetsReturn on equityNet profit for the year x 100Average equity 919296000 1003732000 910269000 1007810000 9027000 -4078000 299000 -117000 264591000 33225000 141710000 174804000 120360000 128882000 294669000 75186000 294669000 75186000 38111000 11784000 256558000 63402000 354633000 364266000 4139000 0 358772000 364266000 358772000 364266000 145969000 211713000 145969000 211713000 18616000 18618000 781196000 597508000 589000 2294000 34594000 31981000 834995000 650401000 766000 859000 981730000 862973000 1340502000 1227239000 33000000 33000000 247042000 790484000 800000000 0 -14576000 36673000 1065466000 860157000 0 9902000 31310000 31310000 31310000 41212000 238995000 301688000 3964000 24135000 767000 47000 243726000 325870000 243726000 325870000 1340502000 1227239000 33000000 790484000 0 36673000 0 -36768000 0 -28966000 0 0 0 14485000 -543442000 800000000 0 33000000 247042000 800000000 -14576000 0 0 Nordics 76,845555,134Europe 842,451139,793Canada 0308,805Total revenue919,2961,003,732Power Solutions 919,2961,003,732Total revenue 919,2961,003,732 141704000 170829000 6000 0 0 3975000 141710000 174804000 111598000 128628000 61000 254000 8701000 0 120360000 128882000 6618000 9231000 0 323000 444000 0 31049000 2230000 800000000 0 -543442000 63402000 372175000 372175000 372175000 372175000 -7909000 -18842000 -9633000 0 0 10933000 -17542000 -7909000 354633000 364266000 Vestas - Australia Wind Technology Pty. Ltd Australia 100 250565 11861 Vestas Asia Pacific Wind Technology Pte. Ltd. Singapore 100 12236 424 Vestas Taiwan Ltd. Taiwan 100 919092 1013560 Vestas Wind Technology (Thailand) Ltd. Thailand 100 356118 29098 Vestas Wind Technology (Beijing) Co. Ltd. China 100 45146 12311 Vestas Korea Wind Technology Corp. South Korea 100 43172388 25462115 Vestas Wind Technology Japan Co. Ltd. Japan 100 1298917 793940 Vestas Mongolia LLC Mongolia 100 18768203 -4934983 Vestas Wind Technology Vietnam LLC Vietnam 100 -111657844 378059280 Vestas Wind Technology Pakistan Private Limited Pakistan 100 -2725 375 Vesta Wind Lanka PVT LTD Sri Lanka 100 1216220 818883 Provision for deferred tax at 1 January 2025 9,902-1,424Deferred tax recognised in income statement 4440Deferred tax recognised in equity -14,48511,326Provision for deferred tax at 31 December 2025 -4,1399,902Provisions for deferred tax on:Other taxable temporary differences -28-27Hedging on equity -4,1119,929Transferred to deferred tax asset -4,1390 09,902 -28000 -27000 -4111000 9929000 The share capital consists of 33,000  shares  of a nominal value of TDKK 1,000. No shares carry any special rights. 33000 1000 Balance at beginning of year at 1 January 2025 31,31045,591Utilised 0-14,281Balance at 31 December 2025 31,31031,310The expected due dates of other provisions are: Between 1 and 5 years 31,31031,310 31,31031,310 31310000 45591000 31310000 31310000 31310000 31310000 No events have occured after the balance sheet date which could significantly affect the Company's financial position. The Company is included in the joint taxation with the Group's other Danish companies and is jointly and severally liable for tax on the consolidated taxable income, etc.The Company has no additional contingent liabilities. 14Financial instrumentsThe Company has entered into derivatives with Vestas Wind Systems A/S in the form of FX forward contracts.2025TDKK2024TDKKAssets14,65560,718Liabilities33,34213,565Net amount recognised as other recievables from group companies / other payables to group companies. -18,68747,153The FX forward contracts are entered into to hedge future purchases of goods and sales in primarily USD. The Company's net position amounts to USD 155m. The derivatives mature in the period 2026 to 2029.   In addition to the above, the Company have entered into sales contracts with customers in USD/EUR. The Company has separated the embedded derivatives and designate the currency element to hedge cost of goods. The company's net position amount to EUR 3m and fair value amounts to DKK -1m (2024: DKK 2m), the amount is recognised as other receivables/other liabilities. All transactions with related parties have been carried out on an arm's length basis. According to the Company’s register of shareholders, the following shareholder holds at least 5% of the votes or at least 5% of the share capital: