40335501 2024-01-01 2024-12-31 40335501 2024-01-01 2024-12-31 0 40335501 2024-01-01 2024-12-31 1 40335501 2024-01-01 2024-12-31 2 40335501 2024-01-01 2024-12-31 0 40335501 2023-01-01 2023-12-31 40335501 2024-12-31 40335501 2023-12-31 40335501 2024-01-01 2024-12-31 0 iso4217:DKK xbrli:pure 2024-01-01 2024-12-31 <p xmlns="http://www.w3.org/1999/xhtml">Address: Bygholm Soepark 21E, 8700 Horsens</p><p xmlns="http://www.w3.org/1999/xhtml">Horsens, Danmark</p> 2025-05-20 Rasmus Mühlebach Hangout A/S Bygholm Søpark 21 E 8700 Horsens 4587444400 www.ZITON.eu 40335501 2019-03-05 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management Statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Today, the board of directors and management have discussed and approved the Annual Report of</td></tr><tr><td colspan="1">Hangout A/S for the period 1 January - 31 December 2024.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Annual Report has been prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the Financial Statements give a true and fair view of the Company's financial position</td></tr><tr><td colspan="1">on 31 December 2024 and of the results of the Company's operations for the financial year 1 January -</td></tr><tr><td colspan="1">31 December 2024.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the Management Commentary includes a fair view of the matters dealt with in the</td></tr><tr><td colspan="1">commentary.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the Annual Report be approved at the annual general meeting.</td></tr></table> Horsens 2025-03-23 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent Auditor's Report</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">INDEPENDENT AUDITOR’S REPORT</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of Hangout A/S</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">We have audited the financial statements of Hangout A/S for the financial year 1 January - 31</td></tr><tr><td colspan="1">December 2024 which comprise an income statement, balance sheet, statement of change in</td></tr><tr><td colspan="1">equity, notes and summary of significant accounting policies. The financial statements are prepared</td></tr><tr><td colspan="1">in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the financial statements give a true and fair view of the 's financial position at 31</td></tr><tr><td colspan="1">December 2024 and of the results of the company operations for the financial year 1 January - 31</td></tr><tr><td colspan="1">December 2024 in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for Opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and the addi-</td></tr><tr><td colspan="1">tional requirements applicable in Denmark. Our responsibilities under those standards and</td></tr><tr><td colspan="1">requirements are further described in the “Auditor’s Responsibilities for the Audit of the Financial</td></tr><tr><td colspan="1">Statements” section of our report. We are independent of the Company in accordance with the</td></tr><tr><td colspan="1">International Ethics Standards Board for Accountants’ International Code of Ethics for Professional</td></tr><tr><td colspan="1">Accountants (including International Independence Standards) (IESBA Code), together with the</td></tr><tr><td colspan="1">ethical requirements that are relevant to our audit of the financial statements in Denmark, and we</td></tr><tr><td colspan="1">have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA</td></tr><tr><td colspan="1">Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide</td></tr><tr><td colspan="1">a basis for our opinion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s Responsibilities for the Financial Statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of Financial Statements that give a true and fair view</td></tr><tr><td colspan="1">in accordance with the Danish Financial Statements Act, and for such internal control as</td></tr><tr><td colspan="1">Management determines is necessary to enable the preparation of Financial Statements that are free</td></tr><tr><td colspan="1">from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the Financial Statements, Management is responsible for assessing the Company’s</td></tr><tr><td colspan="1">ability to continue as a going concern, disclosing, as applicable, matters related to going concern</td></tr><tr><td colspan="1">and using the going concern basis of accounting in preparing the Financial Statements unless</td></tr><tr><td colspan="1">Management either intends to liquidate the Company or to cease operations, or has no realistic</td></tr><tr><td colspan="1">alternative but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor’s Responsibilities for the Financial Statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance about whether the Financial Statements as a</td></tr><tr><td colspan="1">whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s</td></tr><tr><td colspan="1">report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a</td></tr><tr><td colspan="1">guarantee that an audit conducted in accordance with ISAs and the additional requirements</td></tr><tr><td colspan="1">applicable in Denmark will always detect a material misstatement when it exists. Misstatements can</td></tr><tr><td colspan="1">arise from fraud or error and are considered material if, individually or in the aggregate, they could</td></tr><tr><td colspan="1">reasonably be expected to influence the economic decisions of users taken on the basis of these</td></tr><tr><td colspan="1">Financial Statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and the additional requirements applicable in</td></tr><tr><td colspan="1">Denmark, we exercise professional judgment and maintain professional skepticism throughout the</td></tr><tr><td colspan="1">audit. We also</td></tr><tr><td colspan="1">• Identify and assess the risks of material misstatement of the Financial Statements, whether due</td></tr><tr><td colspan="1">to fraud or error, design and perform audit procedures responsive to those risks, and obtain</td></tr><tr><td colspan="1">audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of</td></tr><tr><td colspan="1">not detecting a material misstatement resulting from fraud is higher than for one resulting from</td></tr><tr><td colspan="1">error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the</td></tr><tr><td colspan="1">override of internal control.</td></tr><tr><td colspan="1">• Obtain an understanding of internal control relevant to the audit in order to design audit</td></tr><tr><td colspan="1">procedures that are appropriate in the circumstances, but not for the purpose of expressing an</td></tr><tr><td colspan="1">opinion on the effectiveness of the Company’s internal control.</td></tr><tr><td colspan="1">• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting</td></tr><tr><td colspan="1">estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">• Conclude on the appropriateness of Management’s use of the going concern basis of</td></tr><tr><td colspan="1">accounting in preparing the Financial Statements and, based on the audit evidence obtained,</td></tr><tr><td colspan="1">whether a material uncertainty exists related to events or conditions that may cast significant</td></tr><tr><td colspan="1">doubt on the Company’s ability to continue as a going concern. If we conclude that a material</td></tr><tr><td colspan="1">uncertainty exists, we are required to draw attention in our auditor’s report to the related</td></tr><tr><td colspan="1">disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our</td></tr><tr><td colspan="1">opinion. Our conclusions are based on the audit evidence obtained up to the date of our</td></tr><tr><td colspan="1">auditor’s report. However, future events or conditions may cause the Company to cease to</td></tr><tr><td colspan="1">continue as a going concern.</td></tr><tr><td colspan="1">• Evaluate the overall presentation, structure and contents of the Financial Statements, including</td></tr><tr><td colspan="1">the disclosures, and whether the Financial Statements represent the underlying transactions and</td></tr><tr><td colspan="1">events in a manner that gives a true and fair view.</td></tr><tr><td colspan="1">We communicate with those charged with governance regarding, among other matters, the planned</td></tr><tr><td colspan="1">scope and timing of the audit and significant audit findings, including any significant deficiencies in</td></tr><tr><td colspan="1">internal control that we identify during our audit.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on the Management Commentary</td></tr><tr><td colspan="1">Management is responsible for the Management Commentary.</td></tr><tr><td colspan="1">Our opinion on the Financial Statements does not cover the Management Commentary, and we do</td></tr><tr><td colspan="1">not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the Financial Statements, our responsibility is to read the</td></tr><tr><td colspan="1">Management Commentary and, in doing so, consider whether the Management Commentary is</td></tr><tr><td colspan="1">materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or</td></tr><tr><td colspan="1">otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Management Commentary provides the</td></tr><tr><td colspan="1">information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, we conclude that the Management Commentary is in</td></tr><tr><td colspan="1">accordance with the Financial Statements and has been prepared in accordance with the</td></tr><tr><td colspan="1">requirements of the Danish Financial Statements Act. We did not identify any material misstatement</td></tr><tr><td colspan="1">of the Management Commentary.</td></tr></table> Hobro 2025-03-23 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management Commentary</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Principal activities</td></tr><tr><td colspan="1">The Company's principal activity is to develop, own and operate one or more platforms to service</td></tr><tr><td colspan="1">and repair blades on windturbines both onshore and offshore as well as other activities which are</td></tr><tr><td colspan="1">deemed related hereto by the board of directors.</td></tr><tr><td colspan="1">HangOut is a crane-supported work platform used for complex repair of the tip and the leading edge</td></tr><tr><td colspan="1">of a blade. The solution is CE certified, approved by DNV and patented in EU. It is an advanced</td></tr><tr><td colspan="1">platform with refined technical installations, which is raised from the deck of the jack-up and</td></tr><tr><td colspan="1">lowered over the tip of the blade using vacuum suction cups. The HangOut contains all the necessary</td></tr><tr><td colspan="1">equipment to make the repairs, and it provides a safe and protected working zone for blade</td></tr><tr><td colspan="1">technicians, including a work bench, PPE and tools storage, spine boards, monitors, bins,</td></tr><tr><td colspan="1">compressors, an exhaust system, high-pressure cleaners, fire extinguishers, a rescue hatch and an</td></tr><tr><td colspan="1">act-safe rescue system.</td></tr><tr><td colspan="1">Furthermore, it is operational in harsher weather conditions than tolerated for basic blade repair</td></tr><tr><td colspan="1">performed using rope or other platform solutions, since it is possible to create the perfect humidity</td></tr><tr><td colspan="1">and temperature, and thus the perfect work environment for blade repair. This way, HangOut</td></tr><tr><td colspan="1">provides significantly more working days per year reducing costs and speeding up large-scale repair</td></tr><tr><td colspan="1">and leading-edge erosion campaigns significantly. At the same time, it also offers the opportunity to</td></tr><tr><td colspan="1">conduct repairs of much higher quality in the factory-like conditions and of higher complexity.</td></tr><tr><td colspan="1">The platform has been completely developed and tested on onshore turbines. No revenue was</td></tr><tr><td colspan="1">generated during 2024, but the company’s management and shareholders have had discussions</td></tr><tr><td colspan="1">with potential customers about projects where the HangOut solution is attractive compared to</td></tr><tr><td colspan="1">alternative solutions. Nevertheless, no agreement for the lease of the HangOut solution was</td></tr><tr><td colspan="1">materialised.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Development in activities and financial position</td></tr><tr><td colspan="1">The result for the year is adversely affected by impairment write-downs of the company's intangible</td></tr><tr><td colspan="1">assets, tangible fixed assets and value of deferred tax assets.</td></tr><tr><td colspan="1">In 2024, no revenue was generated in Hangout A/S and consequently the asset including the related</td></tr><tr><td colspan="1">patent was tested for impairment. As there is uncertainty of the timing of any potential lease</td></tr><tr><td colspan="1">contracts for the HangOut solution it was not possible to perform an impairment test estimating the</td></tr><tr><td colspan="1">recoverable amount at value in use calculated as the present value of the total expected cash flows</td></tr><tr><td colspan="1">during the rest of the assets’ economic lives. As an alternative the value of the immaterial and</td></tr><tr><td colspan="1">tangible fixed assets have been valued at the estimated recoverable value.</td></tr><tr><td colspan="1">The impairment test shows that the carrying amount of equipment and patents exceeds the</td></tr><tr><td colspan="1">recoverable amount and consequently an impairment loss of 0.8 mill DKK has been recognised in the</td></tr><tr><td colspan="1">annual report for 2024.</td></tr><tr><td colspan="1">The value of the company's deferred tax asset was in excess of the income expected to be realised</td></tr><tr><td colspan="1">from the HangOut platform in the forseeable future and therefore an impairment loss of 0.3 mill DKK</td></tr><tr><td colspan="1">has been recognised in the annual report for 2024.</td></tr><tr><td colspan="1">The result for the year is a loss of 1.4 mill DKK and the deficit is considered dissatisfactory.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Going concern</td></tr><tr><td colspan="1">The company has lost its share capital. Equity as at 31 December 2024 is negative with 0.3 mill DKK.</td></tr><tr><td colspan="1">The shareholders have indicated that the necessary liquidity will be made available until a decision</td></tr><tr><td colspan="1">regarding the re-establishment of the company capital has been made.</td></tr><tr><td colspan="1">On that basis, the management submits the annual accounts under the assumption of continued</td></tr><tr><td colspan="1">operations.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Significant events after 31 December 2024</td></tr><tr><td colspan="1">No significant events have been identified after the balance sheet date, which could affect the 2024</td></tr><tr><td colspan="1">annual report.</td></tr></table> -172000 1147000 -1319000 68000 -1387000 -1387000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Statement of change in equity</b></td></tr><tr><td width="44%" ></td><td width="18%" colspan="1" align="right" valign="middle" ><b>Share</b></td><td width="18%" colspan="1" align="right" valign="middle" ><b>Retained</b></td><td width="20%" colspan="1" align="right" valign="middle" ><b>Total</b></td></tr><tr><td width="44%" ></td><td width="18%" colspan="1" align="right" valign="middle" ><b>capital</b></td><td width="18%" colspan="1" align="right" valign="middle" ><b>earnings</b></td><td width="20%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td width="44%" ></td><td width="18%" colspan="1" align="right" valign="middle" ><b>DKK´000</b></td><td width="18%" colspan="1" align="right" valign="middle" ><b>DKK´000</b></td><td width="20%" colspan="1" align="right" valign="middle" ><b>DKK´000</b></td></tr><tr><td width="44%" colspan="1" align="left" valign="middle" >Equity 1 January 2024</td><td width="18%" align="right" valign="middle" > 574 </td><td width="18%" align="right" valign="middle" > 464 </td><td width="20%" align="right" valign="middle" > 1.038 </td></tr><tr><td width="44%" colspan="1" align="left" valign="middle" >Profit for the year</td><td width="18%" colspan="1" align="right" valign="middle" >-</td><td width="18%" align="right" valign="middle" >- 1.387 </td><td width="20%" align="right" valign="middle" >- 1.387 </td></tr><tr><td width="44%" colspan="1" align="left" valign="middle" >Equity 31 December 2024</td><td width="18%" align="right" valign="middle" > 574 </td><td width="18%" align="right" valign="middle" >- 923 </td><td width="20%" align="right" valign="middle" >- 349 </td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="8%" ></td><td width="92%" colspan="1" align="left" valign="middle" >Notes to the financial statements</td></tr><tr><td colspan="2"></td></tr><tr><td width="8%" align="right" valign="middle" ><b>1</b></td><td width="92%" colspan="1" align="left" valign="middle" ><b>Information on continued operations</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="1" align="left" valign="middle" >The company has lost its share capital. Equity as at 31 December 2024 is negative with 0.3 mill DKK.</td></tr><tr><td width="8%" ></td><td width="92%" colspan="1" align="left" valign="middle" >The shareholders have indicated that the necessary liquidity will be made available until a decision</td></tr><tr><td width="8%" ></td><td width="92%" colspan="1" align="left" valign="middle" >regarding the re-establishment of the company capital has been made.</td></tr><tr><td width="8%" ></td><td width="92%" colspan="1" align="left" valign="middle" >On that basis, the management submits the annual accounts under the assumption of continued</td></tr><tr><td width="8%" ></td><td width="92%" colspan="1" align="left" valign="middle" >operations.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="6%" align="right" valign="middle" ><b>2</b></td><td width="94%" colspan="3" align="left" valign="middle" ><b>Special items</b></td></tr><tr><td width="6%" ></td><td width="94%" colspan="3" align="left" valign="middle" >Special items include significant income and expenses of a special nature relative to the enterprise's</td></tr><tr><td width="6%" ></td><td width="94%" colspan="3" align="left" valign="middle" >ordinary operating activities, such as the cost of extensive structuring of processes and fundamental</td></tr><tr><td width="6%" ></td><td width="94%" colspan="3" align="left" valign="middle" >structural adjustments and any related gains on disposal and losses which, over time, have a significant</td></tr><tr><td width="6%" ></td><td width="94%" colspan="3" align="left" valign="middle" >impact. Special items also include other significant amounts of a non-recurring nature.</td></tr><tr><td width="6%" ></td><td width="94%" colspan="3" align="left" valign="middle" >As mentioned in the management commentary, the net profit or loss for the year is affected by factors</td></tr><tr><td width="6%" ></td><td width="94%" colspan="3" align="left" valign="middle" >that differ from what is considered by management to be part of operating activities.</td></tr><tr><td width="6%" ></td><td width="94%" colspan="3" align="left" valign="middle" >Special items for the year are specified below, indicating where they are recognised in the income</td></tr><tr><td width="6%" ></td><td width="94%" colspan="3" align="left" valign="middle" >statement.</td></tr><tr><td colspan="4"></td></tr><tr><td width="6%" ></td><td width="65%" ></td><td width="14%" align="right" valign="middle" ><b>2024</b></td><td width="15%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td width="6%" ></td><td width="65%" ></td><td width="14%" colspan="1" align="right" valign="middle" ><b>DKK´000</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>DKK´000</b></td></tr><tr><td width="6%" ></td><td width="94%" colspan="3" align="left" valign="middle" >Costs</td></tr><tr><td width="6%" ></td><td width="65%" colspan="1" align="left" valign="middle" >Write off of patent costs</td><td width="14%" align="right" valign="middle" > 50 </td><td width="15%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="6%" ></td><td width="65%" colspan="1" align="left" valign="middle" >Impairment of intangible and tangible fixed assets</td><td width="14%" align="right" valign="middle" > 858 </td><td width="15%" align="right" valign="middle" > 804 </td></tr><tr><td width="6%" ></td><td width="65%" colspan="1" align="left" valign="middle" >Write down of deferred tax asset</td><td width="14%" align="right" valign="middle" > 275 </td><td width="15%" align="right" valign="middle" > 318 </td></tr><tr><td width="6%" ></td><td width="65%" ></td><td width="14%" align="right" valign="middle" > 1.133 </td><td width="15%" align="right" valign="middle" > 1.122 </td></tr><tr><td colspan="4"></td></tr><tr><td width="6%" ></td><td width="65%" colspan="1" align="left" valign="middle" >Special items are recognised in the following headings in the income statement</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="15%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="6%" ></td><td width="65%" colspan="1" align="left" valign="middle" >Gross profit</td><td width="14%" align="right" valign="middle" > 50 </td><td width="15%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="6%" ></td><td width="65%" colspan="1" align="left" valign="middle" >Depreciations and impairments</td><td width="14%" align="right" valign="middle" > 858 </td><td width="15%" align="right" valign="middle" > 804 </td></tr><tr><td width="6%" ></td><td width="65%" colspan="1" align="left" valign="middle" >Tax on profit</td><td width="14%" align="right" valign="middle" > 275 </td><td width="15%" align="right" valign="middle" > 318 </td></tr><tr><td width="6%" ></td><td width="65%" colspan="1" align="left" valign="middle" >Effect of special items, net</td><td width="14%" align="right" valign="middle" > 1.133 </td><td width="15%" align="right" valign="middle" > 1.122 </td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="6%" align="right" valign="middle" ><b>3</b></td><td width="94%" colspan="3" align="left" valign="middle" ><b>Tax on profit for the year</b></td></tr><tr><td width="6%" ></td><td width="65%" ></td><td width="14%" align="right" valign="middle" ><b>2024</b></td><td width="15%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td width="6%" ></td><td width="65%" ></td><td width="14%" colspan="1" align="right" valign="middle" ><b>DKK´000</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>DKK´000</b></td></tr><tr><td width="6%" ></td><td width="65%" colspan="1" align="left" valign="middle" >Income tax for the year</td><td width="14%" align="right" valign="middle" >- 172 </td><td width="15%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="6%" ></td><td width="65%" colspan="1" align="left" valign="middle" >Change in provision for deferred tax</td><td width="14%" align="right" valign="middle" > 275 </td><td width="15%" align="right" valign="middle" > 76 </td></tr><tr><td width="6%" ></td><td width="65%" colspan="1" align="left" valign="middle" >Change regarding previous years</td><td width="14%" align="right" valign="middle" >- 35 </td><td width="15%" align="right" valign="middle" > 20 </td></tr><tr><td width="6%" ></td><td width="65%" ></td><td width="14%" align="right" valign="middle" > 68 </td><td width="15%" align="right" valign="middle" > 96 </td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="7%" align="right" valign="middle" ><b>4</b></td><td width="93%" colspan="2" align="left" valign="middle" ><b>Intangible assets</b></td></tr><tr><td width="7%" ></td><td width="76%" ></td><td width="17%" colspan="1" align="right" valign="middle" ><b>Total</b></td></tr><tr><td width="7%" ></td><td width="76%" ></td><td width="17%" colspan="1" align="right" valign="middle" ><b>DKK´000</b></td></tr><tr><td width="7%" ></td><td width="76%" colspan="1" align="left" valign="middle" >Cost 1 January 2024</td><td width="17%" align="right" valign="middle" > 489 </td></tr><tr><td width="7%" ></td><td width="76%" colspan="1" align="left" valign="middle" >Addition during the year</td><td width="17%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="7%" ></td><td width="76%" colspan="1" align="left" valign="middle" >Cost 31 December 2024</td><td width="17%" align="right" valign="middle" > 489 </td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="76%" colspan="1" align="left" valign="middle" >Depreciation 1 January 2024</td><td width="17%" align="right" valign="middle" > 350 </td></tr><tr><td width="7%" ></td><td width="76%" colspan="1" align="left" valign="middle" >Impairments during the year</td><td width="17%" align="right" valign="middle" > 104 </td></tr><tr><td width="7%" ></td><td width="76%" colspan="1" align="left" valign="middle" >Depreciation during the year</td><td width="17%" align="right" valign="middle" > 35 </td></tr><tr><td width="7%" ></td><td width="76%" colspan="1" align="left" valign="middle" >Impairment and depreciation 31 December 2024</td><td width="17%" align="right" valign="middle" > 489 </td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="76%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December 2024</td><td width="17%" align="right" valign="middle" > - </td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="7%" align="right" valign="middle" ><b>5</b></td><td width="93%" colspan="2" align="left" valign="middle" ><b>Tangible fixed assets</b></td></tr><tr><td width="7%" ></td><td width="76%" ></td><td width="17%" colspan="1" align="right" valign="middle" ><b>Total</b></td></tr><tr><td width="7%" ></td><td width="76%" ></td><td width="17%" colspan="1" align="right" valign="middle" ><b>DKK´000</b></td></tr><tr><td width="7%" ></td><td width="76%" colspan="1" align="left" valign="middle" >Cost 1 January 2024</td><td width="17%" align="right" valign="middle" > 3.985 </td></tr><tr><td width="7%" ></td><td width="76%" colspan="1" align="left" valign="middle" >Addition during the year</td><td width="17%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="7%" ></td><td width="76%" colspan="1" align="left" valign="middle" >Cost 31 December 2024</td><td width="17%" align="right" valign="middle" > 3.985 </td></tr><tr><td width="7%" ></td><td width="76%" colspan="1" align="left" valign="middle" >Depreciation 1 January 2024</td><td width="17%" align="right" valign="middle" > 2.967 </td></tr><tr><td width="7%" ></td><td width="76%" colspan="1" align="left" valign="middle" >Impairments during the year</td><td width="17%" align="right" valign="middle" > 753 </td></tr><tr><td width="7%" ></td><td width="76%" colspan="1" align="left" valign="middle" >Depreciation during the year</td><td width="17%" align="right" valign="middle" > 255 </td></tr><tr><td width="7%" ></td><td width="76%" colspan="1" align="left" valign="middle" >Depreciation 31 December 2024</td><td width="17%" align="right" valign="middle" > 3.975 </td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="76%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December 2024</td><td width="17%" align="right" valign="middle" > 10 </td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="8%" align="right" valign="middle" ><b>6</b></td><td width="92%" colspan="1" align="left" valign="middle" ><b>Contingencies, etc.</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="1" align="left" valign="middle" >The company is liable jointly and severally with the parent company and the other companies in the</td></tr><tr><td width="8%" ></td><td width="92%" colspan="1" align="left" valign="middle" >jointly taxed group for tax on the group's jointly taxed income and for potential withholding taxes,</td></tr><tr><td width="8%" ></td><td width="92%" colspan="1" align="left" valign="middle" >such as dividend tax and royalty tax.</td></tr><tr><td colspan="2"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="1" align="left" valign="middle" >The company partcipates in the national joint taxation scheme with Zappy Topco ApS, Business reg.</td></tr><tr><td width="8%" ></td><td width="92%" colspan="1" align="left" valign="middle" >no. 43 52 06 36, which is the administration company for the joint taxation.</td></tr><tr><td colspan="2"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="1" align="left" valign="middle" >The jointly taxed group income tax liability as at 31 December 2024 amounts to 0 DKK.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="7%" align="right" valign="middle" ><b>7</b></td><td width="93%" colspan="2" align="left" valign="middle" ><b>Related parties and ownership</b></td></tr><tr><td width="7%" ></td><td width="76%" ></td><td width="17%" colspan="1" align="right" valign="middle" >Basis of control</td></tr><tr><td width="7%" ></td><td width="93%" colspan="2" align="left" valign="middle" ><b>Controlling interest</b></td></tr><tr><td width="7%" ></td><td width="76%" colspan="1" align="left" valign="middle" ><b>ZITON A/S, Bygholm Søpark 21 E, 8700 Horsens</b></td><td width="17%" colspan="1" align="right" valign="middle" >Majority shareholder</td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="2" align="left" valign="middle" >The financial statements for Hangout A/S for 2024 are consolidated in the financial statements of</td></tr><tr><td width="7%" ></td><td width="93%" colspan="2" align="left" valign="middle" >ZITON A/S (registered office: Horsens, Denmark) and Zappy Topco ApS (registered office: Horsens,</td></tr><tr><td width="7%" ></td><td width="93%" colspan="2" align="left" valign="middle" >Denmark).</td></tr><tr><td colspan="3"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="2" align="left" valign="middle" >Other related parties</td></tr><tr><td width="7%" ></td><td width="93%" colspan="2" align="left" valign="middle" >Hangout A/S' other related parties include Zappy Topco ApS, the parent company of ZITON A/S,</td></tr><tr><td width="7%" ></td><td width="93%" colspan="2" align="left" valign="middle" >Flex WInd A/S, affiliates in the ZITON Group as well as the companies management, board of</td></tr><tr><td width="7%" ></td><td width="93%" colspan="2" align="left" valign="middle" >directors and key personnel and families of the individuals. Furthermore, related parties include</td></tr><tr><td width="7%" ></td><td width="93%" colspan="2" align="left" valign="middle" >enterprises in which the aforementioned circle of people have substantial interests.</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="6%" align="right" valign="middle" ><b>8</b></td><td width="94%" colspan="3" align="left" valign="middle" ><b>Employees</b></td></tr><tr><td width="6%" ></td><td width="65%" ></td><td width="14%" align="right" valign="middle" ><b>2024</b></td><td width="15%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td width="6%" ></td><td width="65%" colspan="1" align="left" valign="middle" >Average number of employees</td><td width="14%" align="right" valign="middle" >1</td><td width="15%" align="right" valign="middle" >1</td></tr><tr><td width="6%" ></td><td width="94%" colspan="3" align="left" valign="middle" >Number of employees in 2024 is in average 1 (2023;1)</td></tr><tr><td width="6%" ></td><td width="94%" colspan="3" align="left" valign="middle" >All administration activities of the company are carried out by it's parent company ZITON A/S.</td></tr></table> 1 Regnskabsklasse B <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Accounting Policies</td></tr><tr><td colspan="1">The annual report of Hangout A/S for 2024 has been presented in accordance with the provisions of</td></tr><tr><td colspan="1">the Danish Financial Statements Act for enterprises in accounting class B with some additions from</td></tr><tr><td colspan="1">accounting class C.</td></tr><tr><td colspan="1">The annual report is prepared consistently with the accounting principles used last year.</td></tr><tr><td colspan="1">The financial statements for 2024 are presented in TDKK.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">INCOME STATEMENT</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Net revenue</td></tr><tr><td colspan="1">The net revenue from performed work is recognised in the income statement, if supply and risk</td></tr><tr><td colspan="1">transfer to purchaser has taken place before the end of the year. Net revenues is recognised exclusive</td></tr><tr><td colspan="1">of VAT, duties and less discounts related to the sale.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cost of sales</td></tr><tr><td colspan="1">Cost of sales comprise costs incurred to achieve the net revenue for the year, including direct and</td></tr><tr><td colspan="1">indirect costs of raw materials and consumables.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other external costs</td></tr><tr><td colspan="1">Other external costs include costs retating to distribution, sale, advertising, administration, loss on</td></tr><tr><td colspan="1">bad debts and similar expenses.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial income and expenses in general</td></tr><tr><td colspan="1">Financial income and expenses include interest income and expenses, realised and unrealised gains</td></tr><tr><td colspan="1">and losses arising from investments in financial assets, debt and transactions in foreign currencies,</td></tr><tr><td colspan="1">amortisation of financial assets and liabilities as well as charges and allowances under the tax-on-</td></tr><tr><td colspan="1">account scheme etc. Financial income and expenses are recognised in the income statement with</td></tr><tr><td colspan="1">the amounts that relate to the financial year.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Tax</td></tr><tr><td colspan="1">The tax for the year, which consists of the current tax for the year and changes in deferred tax, is</td></tr><tr><td colspan="1">recognised in the income statement by the portion, that can be attributed to the profit for the year,</td></tr><tr><td colspan="1">and is recognised directly in the equity by the portion, that can be attributed to entries directly to the</td></tr><tr><td colspan="1">equity.</td></tr><tr><td colspan="1">The company is jointly taxed with wholly owned Danish affiliated enterprises. The current Danish</td></tr><tr><td colspan="1">corporation tax is distributed between the jointly taxed Danish companies in proportion to their</td></tr><tr><td colspan="1">taxable income, and with full distribution with refund regarding taxable losses. The jointly taxed</td></tr><tr><td colspan="1">companies are included in the tax-on-account scheme.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="3">BALANCE SHEET</td></tr><tr><td colspan="3">Patent rights</td></tr><tr><td colspan="3">Intangible assets such as Patent rights are measured at cost less accumulated depreciation and</td></tr><tr><td colspan="3">writedowns.</td></tr><tr><td colspan="3">The depreciation base is cost less estimated residual value after end of useful life.</td></tr><tr><td colspan="3">The cost includes the acquisition price, costs incurred directly in connection with the acquisition until</td></tr><tr><td colspan="3">the time, when the asset is ready to be used.</td></tr><tr><td colspan="3">Straight-line depreciation is provided on the basis of an assessment of the expected useful lives of</td></tr><tr><td colspan="3">the assets and their residual value.</td></tr><tr><td /><td>Useful life</td><td>Residual value</td></tr><tr><td>Patent rights</td><td>7 - 15 years</td><td>0%</td></tr><tr><td colspan="3">Profit or loss on disposal of intangible assets is stated as the difference between the sales price less</td></tr><tr><td colspan="3">selling costs and the carrying amount at the time of sale. Profit or loss is recognised in the income</td></tr><tr><td colspan="3">statement as other operating income or other operating expenses.</td></tr><tr><td colspan="3">Writedown on intangible assets</td></tr><tr><td colspan="3">The carrying amount of intangible assets is reviewed annually to determine, if there is any indication</td></tr><tr><td colspan="3">of impairment in excess of the amount reflected by normal amortisation or depreciation. If this is the</td></tr><tr><td colspan="3">case, write-down should be made to the lower recoverable amount.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="3">Fixtures and equipment</td></tr><tr><td colspan="3">Fixtures and equipment are measured at cost less accumulated depreciation and writedowns.</td></tr><tr><td colspan="3">The depreciation base is cost less estimated residual value after end of useful life.</td></tr><tr><td colspan="3">The cost includes the acquisition price, costs incurred directly in connection with the acquisition until</td></tr><tr><td colspan="3">the time, when the asset is ready to be used and interest expenses. As regards selfmanufactured</td></tr><tr><td colspan="3">assets, the cost price includes cost of materials, components,subcontractors, direct payroll and</td></tr><tr><td colspan="3">indirect production costs.</td></tr><tr><td colspan="3">Straight-line depreciation is provided on the basis of an assessment of the expected useful lives of</td></tr><tr><td colspan="3">the assets and their residual value.</td></tr><tr><td /><td>Useful life</td><td>Residual value</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td>Fixtures and equipment</td><td>7 - 15 years</td><td>0</td></tr><tr><td colspan="3">Profit or loss on disposal of tangible fixed assets is stated as the difference between the sales price</td></tr><tr><td colspan="3">less selling costs and the carrying amount at the time of sale. Profit or loss is recognised in the</td></tr><tr><td colspan="3">income statement as other operating income or other operating expenses.</td></tr><tr><td colspan="3">Writedown on tangible assets</td></tr><tr><td colspan="3">The carrying amount of tangible fixed assets is reviewed annually to determine, if there is any</td></tr><tr><td colspan="3">indication of impairment in excess of the amount reflected by normal amortisation or depreciation. If</td></tr><tr><td colspan="3">this is the case, write-down should be made to the lower recoverable amount.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Accounts receivable</td></tr><tr><td colspan="1">Accounts receivable are measured at amortised cost which usually corresponds to nominal value. The</td></tr><tr><td colspan="1">value is reduced by write-down to meet expected losses.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Accruals, assets</td></tr><tr><td colspan="1">Accruals recognised as assets include costs incurred relating to the subsequent financial year.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Tax payable and deferred tax</td></tr><tr><td colspan="1">Current tax liabilities and receivable current tax are recognised in the balance sheet as the calculated</td></tr><tr><td colspan="1">tax on the taxable income for the year adjusted for tax on the taxable income for previous years and</td></tr><tr><td colspan="1">taxes paid on account.</td></tr><tr><td colspan="1">Deferred tax is measured on the temporary differences between the carrying amount and the tax</td></tr><tr><td colspan="1">value of assets and liabilities.</td></tr><tr><td colspan="1">Deferred tax assets, including the tax value of tax loss carry-forwards, are measured at the expected</td></tr><tr><td colspan="1">realisable value of the asset, either by set-off against tax on future earnings or by set-off against</td></tr><tr><td colspan="1">deferred tax liabilities within the same legal tax unit.</td></tr><tr><td colspan="1">Deferred tax is measured on the basis of the tax rules and tax rates that under the legislation in force</td></tr><tr><td colspan="1">on the balance sheet date would be applicable, when the deferred tax is expected to crystallise as</td></tr><tr><td colspan="1">current tax. The tax rate applied for the current year is 22 %.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Liabilities</td></tr><tr><td colspan="1">Financial liabilities are recognised at the time of borrowing by the amount of proceeds received less</td></tr><tr><td colspan="1">borrowing costs. In subsequent periods, the financial liabilities are measured at amortised cost equal</td></tr><tr><td colspan="1">to the capitalised value when using the effective interest, the difference between the proceeds and</td></tr><tr><td colspan="1">the nominal value being recognised in the income statement over the term of loan.</td></tr><tr><td colspan="1">Amortised cost of liabilities corresponds to nominal value.</td></tr></table> Årsrapport 24620417 Ziton A/S Bygholm Søpark 21 E 8700 Horsens xWizard version 1.1.1357.0, by EasyX Aps. www.easyx.eu 2023-01-01 2023-12-31 Revisionspåtegning Grundlag for konklusion Konklusion Thorsten Henrik Jalk Chairman Rasmus Mühlebach John Hjort Pernille Fløjgaard -135000 965000 -1100000 96000 -1196000 -1196000 1 0 0 10000 10000 10000 0 172000 17000 0 189000 2000 191000 201000 574000 -923000 -349000 290000 30000 230000 550000 550000 201000 139000 139000 1018000 1018000 1157000 275000 0 21000 29000 325000 48000 373000 1530000 574000 464000 1038000 259000 28000 205000 492000 492000 1530000 BDO Statsautoriseret revisionsaktieselskab Jeppe Aakjærs Vej 10 9500 Hobro 20222670 Michael Graversen State Authorised Public Accountant mne34099