alves Water screw generator drives The technology B4VV-8-C Bevel-helical speed reducer B4

Flender/Flender Gear Units/Bevel-helical speed reducer B4

takings which are notmade with view to permanent ownershipare included in the balance sheet under cur-rent assets as participating interests and are,therefore, not consolidated. The shares of profit for the year of these investments are included in the profit and lossaccount according to the equity method. Theshares of profit for the year before extraordi-nary items and tax are included as singleentry, whereas the shares of extraordinaryitems and tax are included under the corre-sponding entries for the parent company. Theamounts included are based on the latestavailable annual accounts or interim accountsprepared in accordance with the parent com-panys accounting principles and policies. Intercompany profits from the manufacture and sale of wind turbines to subsidiary andassociated undertakings are eliminated in pro-portion to the ownership interest. The elimi-nated internal profits are entered as income and concurrently set off against the subsidia-ry or associated undertakings depreciation ofthe relevant wind turbines. The start-up andestablishment costs of the subsidiary or asso-ciated undertakings - including financingcosts up to the date when the wind farm willbecome operational - are included in thecalculation of the value of established windfarms. proportionate share of the profits for the year is included in connection with the pur-chase or sale of participating interests in windfarms. When acquiring such participatinginterests, the difference between cost priceand internal net book value is calculated atthe time of acquisition in accordance with theGroups accounting policies. This difference iscapitalised as goodwill and depreciated accord-ing to the straight-line method over the expe-cted financial lifetime of the wind farm. Translation of foreign currencies Transactions in foreign currencies are trans-lated to Danish kroner at the rate ruling at thetransaction date. Forward contracts in foreign currencies are entered into as part of the daily operatio