0583 Renewable Energy Equipment

Vestas Wind Systems A/S Monitor

Vestas Wind Systems A/S Annual Report 2016
CR Monitor Issue: 
2017/0401
Company covered: 
Vestas Wind Systems A/S
Period End: 
31 December, 2016
Report issued on 4 April 2017 covered the following practice issues:
Pronouncements
Disclosure of the key audit matters in the auditor’s report.
Change
Principal risks table extended to identify new risk factors in respect of "Cyber risks" and "transition to auction-based & risk of reduced support to wind energy".

Vestas Wind Systems A/S Monitor

Vestas Wind Systems A/S Annual Report 2013
CR Monitor Issue: 
2014/0413
Company covered: 
Vestas Wind Systems A/S
Period End: 
31 December 2013
Report issued on 22 April 2014 covered the following practice issues:
Change
Graphical presentations used in financial statements notes.
Change
Accounting policies distributed amongst primary statements and related notes.
Change
Disposal of machining and casting units explained in management commentary.

Vestas Wind Systems A/S Monitor

Vestas Wind Systems A/S Annual Report 2012
CR Monitor Issue: 
2013/0501
Company covered: 
Vestas Wind Systems A/S
Period End: 
31 December 2012
Report issued on 03 May 2013 covered the following practice issues:
Change
Impairment of intangibles included under special items.
Change
Termination benefits included in special items.
Change
Change in segmental allocation of service EBIT.

Vestas Wind Systems A/S Period End 31 December 2010

Vestas Wind Systems A/S Annual Report 2010
Change in revenue recognition policy significantly reduces prior year profit and equity
Danish wind turbine manufacturer Vestas Wind Systems changes its policies to delay the timing of recognising revenue from supply-and-installation projects and to record warranty provisions at an earlier time and the resultant restatements of prior year comparatives reduce pre-tax profit by 75% and equity by 24%.

Restructuring costs reduce profit by 40%
Danish wind turbine manufacturer Vestas Wind Systems records €158 million costs on a restructuring, mainly relating to impairments and staff costs, and reports them as a separate line item titled “one-off costs”.

Vestas Wind Systems A/S Period End 31 December 2009

Intra-group eliminations not shown in reconciliation of segmental profit
Danish Vestas Wind Systems eliminates intra-group items in its reconciliations to consolidated figures of segmental revenue and assets but not in that of profit.