FAIRWIND A/S

The group’s principal activities are installation of wind turbines and other related services.

The profit for the year amounts to DKK 13,556 thousand (2018: DKK 14,238 thousand) and total equity amounts to DKK 97,072 thousand (2018: DKK 80,337 thousand), which is below the expectations set forth in the annual report 2018. Management considers the development in turnover and activity as satisfactory and the development in profit for the year as not satisfactory. The wind turbine manufacturer had in the first half of 2019 challenges in suppling components on site as well as the fact, that several projects from a planning perspective were delayed. The limited execution period had a negative impact on the profit for the year, as FairWind in order to secure the workforce and the execution of the projects, had to maintain a large workforce in the first part of the year and thereby hold on to high not rechargeable cost.

Management expects the group to continue the positive development and expects the profit level for 2020 to improve compared to that of 2019.

It is not yet known to what extent the company will be affected by the COVID-19 outbreak, but management is monitoring the situation closely in order to adjust the cost level to any temporary decline in activity. At the time of approval of the annual report, it has not been possible for the company's management to provide a reliable estimate of the expected impact of COVID-19, but it is not considered to affect the company to such an extent that further incorporation in the 2019 annual report is required.

Other contingent liabilities

Group…

Trade receivables and work in progress for third parties with a carrying amount of DKK 213,498 thousand have been provided as collateral for bank loans and overdrafts amounting to DKK 188,171 thousand at 31 December 2019.