Statement by Management on the annual report
Identifikation af den godkendte årsrapport:Today, the board of directors and management have discussed and approved the Annual Report of ZappyTopco ApS for the period 16 September 2022 - 31 December 2023.
Management's review
Beskrivelse af virksomhedens væsentligste aktiviteter:Principal activitiesZappy Topco ApS is the holding company of ZITON A/S. All of the Group's activities are managed by thesubsidiary ZITON A/S. ZITON is the market-leading service provider within offshore wind operations & maintenance for majorcomponent replacements. ZITON has carried out more than 1,650 interventions at 72 wind farms across sevencountries. ZITON's customers are leading wind turbine manufacturers and wind farm owners. ZITON owns and operates a fleet of five dedicated O&M jack-up vessels, which provides us with the flexibilityand versatility to operate at almost every offshore wind farm in the northern Europe. ZITON owns five jack-upvessels of which four vessels were in operation during the year as the newly acquired fifth vessel WIND ENERGYwas transported from China to Denmark and underwent extensive upgrades to bring the vessel up to the highstandards of its sister vessel WIND ENTERPRISE. The Group's fleet of vessels include the following• J/U WIND ENERGY was purchased in 2023. J/U WIND ENERGY is one of the two largest vessels in ourfleet capable of servicing turbines up to 10 MW. The vessel was acquired in 2023 and has just initiated a long-term time charter after yard stays in China and Denmark for extensive upgrades. J/U WIND ENERGY isequipped with an 800 tonnes crane and is capable of working in water depths of up to 48 meters. • J/U WIND ENTERPRISE was acquired in 2021. J/U WIND ENTERPRISE is the sister vessel of J/U WINDENERGY and she is also capable of servicing turbines up to 10 MW. The vessel was acquired in 2021 and iscurrently working on a long-term time charter. Over the past four years, she has built a track record of morethan 140 major component replacements. Like her sister, J/U WIND ENTERPRISE is also equipped with an800 tonnes crane and is capable of working in water depths of up to 48 meters. • J/U WIND SERVER is our third-largest vessel and the only jack-up vessel in the industry purposelybuilt for the O&M market. The vessel was built by ZITON in 2014 and is perfectly dimensioned for majorcomponent replacements on turbines up to 5 MW, where she has a track record of more than 510 majorcomponent replacements. J/U WIND SERVER is equipped with a 400 tonnes crane and capable of working inwater depths of up to 45 meters. • J/U WIND PIONEER was acquired in 2012 by ZITON and rebuilt at Ørskov Yard. The vessel is very well-suited for major component replacements on smaller turbines up to 4 MW, while it also provides a relativelylow carbon footprint. J/U WIND PIONEER has a track record of more than 300 major componentreplacements, and she is equipped with a 150 tonnes crane and capable of working in water depths of up to 34meters. • J/U WIND is our smallest vessel, and she was one of the first jack-ups in offshore wind, and the first onededicated to O&M. ZITON has owned the vessel since 2007, and she has an impressive track record with morethan 560 major component replacements. She also offers a relatively low carbon footprint and is wellsuited forsmaller turbines. J/U WIND is equipped with a 30 tonnes crane and capable of working in water depths of up to35 meters. The group has approximately 249 employees of which 197 employees operate offshore and approximately 52operate onshore. The group’s primary business is to provide jack-up services for major component replacement, includinggearboxes, generators, blades, transformers, main bearings, main shafts, full rotors, etc. In addition, the group provides jack-up services such as installation support, blade repair and decommissioning ofturbines, foundations and met masts. Development in activites and economic positionThe income statement for the group for the financial year 16 September 2022 - 31 December 2023 shows a netrevenue of EUR 83. 5m. The Group realised a loss after taxes of EUR 5. 5m and the result for the financial year was as expected bymanagement. The Group made significant investments in an additional vessel and other assets during the year resulting in a cashoutflow of EUR 94. 2m. During the financial year the Group refinanced its bond debt resulting in a significant positive cash flow. Net cashflow from financing activities during the year was EUR 91. 4m. Cash flow was positively affected by a capitalincrease of approximately EUR 15m. Following the capital increase the Group's equity was improved and was EUR 18. 9m as at 31 December 2023.
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