Flex Wind A/S

The Flex Wind group mainly operates with in installation, repair and maintenance of wind turbines in Europe and South America.

The group was founded in 2018 and contains of the following entities: Flex Wind ApS (Denmark), Flex Wind (Poland), Flex Wind (Brazil), Flex Wind (Argentina) and Tighten by Elongation (Denmark).

The income statement of the Group for 2020 shows a profit of DKK 11,684,919, and at 31 December 2020 the balance sheet of the Group shows equity of DKK 20,096,433.

Covid-19 is also in 2021 a factor, which need to be calculated in. Covid-19 will affect the earnings in 2021. We are experience countries where we can´t travel to at the moment due to Covid-19.

Flex Wind expects 2021 to be in line with 2020. External environment It is the objective of Flex Wind to be an environmentally conscious company and partner. In order to achieve this goal, we will contribute to a sustainable development by reducing waste and energy consumption as well as continuously improving the environmental considerations within the Group. We will increase the employees’ environmental awareness, place demands on our suppliers, focus on resource consumption, ensure a correct disposal as well as provide a sound working environment. We have environmentally minded employees. We wis…

The past year has been affected by Covid-19. Projects have been delayed due to Cross-board travelling, quarantine of employees on site, or delay in the pre-phases before installation of the turbines.

As we are a part of the renewable energy sector the restrictions on cross-board travelling has been at a minimum. In regards to Covid-19 on site we have been following the general rules within the specific country, and instructions from the customer.

In consideration of the situation in the world the above presented result is satisfying from a turnover as well as earnings.

Foreign exchange risks

Special risks Activities abroad result in the annual result, cash flows and equity being affected by the development in exchange rates in respect to several currencies. It is the company's policy to minimize the currency risk by hedging against commercial foreign exchange exposure.

Intellectual capital resources

Flex Wind has a strong intellectual capital resource, due to the highly skilled employees. We do our outmost to preserve these assets through engaging the employees and securing a good and stable work environment.

No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.

Charges and security The following assets have been placed as security with mortgage credit institutes: Floting charge of DKK 10.000,000, which provides a pledge of simple receivables, inventories, motor vehicles not previously registered, other fixtures and fittings, tools and equipment, propellants and goodwill. 11.182.543 9.320.212 10.382.587 9.320.212

Flex Wind ApS has submitted a letter of support regarding financial support to Tighten By Elongation ApS. The support is confirmed at least to the date of the ordinary general assembly in 2022.…