iso4217:DKKxbrli:pure378640052022-04-012023-03-31378640052022-04-012023-03-311378640052022-04-012023-03-312378640052021-04-012022-03-31378640052022-04-012023-03-311378640052022-04-012023-03-311378640052022-04-012023-03-312378640052022-04-012023-03-313378640052022-04-012023-03-31fsa:ProposedDividendRecognisedInEquityMember378640052021-04-012022-03-31fsa:ProposedDividendRecognisedInEquityMember378640052022-04-012023-03-31fsa:RetainedEarningsMember378640052021-04-012022-03-31fsa:RetainedEarningsMember378640052022-04-012023-03-31fsa:ContributedCapitalMember378640052022-04-012023-03-31fsa:ProposedDividendRecognisedInEquityMember378640052022-04-012023-03-31fsa:RetainedEarningsMember378640052023-03-31378640052022-03-31378640052022-04-01fsa:ContributedCapitalMember378640052022-04-01fsa:ProposedDividendRecognisedInEquityMember378640052022-04-01fsa:RetainedEarningsMember378640052022-04-01378640052023-03-31fsa:ContributedCapitalMember378640052023-03-31fsa:ProposedDividendRecognisedInEquityMember378640052023-03-31fsa:RetainedEarningsMemberAnnual reportAuditor's report on audited financial statementstruefalseParsePort XBRL ConverterBasis for OpinionOpinion2022-04-012023-03-312021-04-012022-03-3162023-09-282023-09-28Copehagen2023-09-28AalborgSøren LundgaardMartin BøgstedAllan TerpStatsautoriseret revisorStatsautoriseret revisormne40035mne331983070022830700228EY Godkendt RevisionspartnerselskabEY Godkendt RevisionspartnerselskabØstre Havnegade Østre Havnegade 656590009000AalborgAalborgDanmarkDanmarkDKDK30700228EY Godkendt RevisionspartnerselskabØstre Havnegade 659000 AalborgReporting class Bfalsefalse37864005Ghost Ship Holding ApSWildersgade41 A, st.1408Copenhagen DanmarkDK270Søren LundgaardAdm. direktørMikkel Martin PedersenHenrik EdwardsPer Anton WestberghChairman of the BoardBoard memberBoard memberToday the Board of Directors and the Executive Board presented the Annual Report for 2022/23 for Ghost Ship Holding ApS. The Annual Report has been presented in accordance with the Danish Financial Statements Act. We find the accounting policies applied appropriate, and the Annual Report therefore provides a true and fair view of the Company’s assets, liabilities and equity, financial position and results of the company. In our opinion, the Management's Review includes a true and fair description of the matters mentioned in the review. We recommend that the Annual Report be approved at the Annual General Meeting.To the shareholders of Ghost Ship Holding ApS.We have audited the Financial Statements of Ghost Ship Holding ApS for the financial year 1. April 2022 - 31. March 2023, which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies. The Financial Statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the Company’s financial position at 31. March 2023 and of the results of the Company’s operations for the financial year 1. April 2022 - 31. March 2023 in accordance with the Danish Financial Statements Act.We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. IndependenceManagement is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. Independent auditor's report As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: <table class="richtext-table"><thead><tr><th style="width:5.625px"></th><th style="width:11.5px"></th></tr></thead><tbody><tr><td>•</td><td>Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.</td></tr><tr><td></td><td></td></tr><tr><td></td><td></td></tr><tr><td></td><td></td></tr><tr><td></td><td></td></tr><tr><td></td><td></td></tr><tr><td></td><td></td></tr><tr><td>•</td><td>Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. </td></tr><tr><td></td><td></td></tr><tr><td></td><td></td></tr><tr><td></td><td></td></tr><tr><td>•</td><td>Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. </td></tr><tr><td></td><td></td></tr><tr><td></td><td></td></tr><tr><td>•</td><td>Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.</td></tr><tr><td></td><td></td></tr><tr><td></td><td></td></tr><tr><td></td><td></td></tr><tr><td></td><td></td></tr><tr><td></td><td></td></tr><tr><td></td><td></td></tr><tr><td></td><td></td></tr><tr><td></td><td></td></tr><tr><td></td><td></td></tr><tr><td>•</td><td>Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. </td></tr></tbody></table> Auditor’s Responsibilities for the Audit of the Financial Statements - continued: We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on Management’s Review: Management is responsible for Management’s Review. Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of Management’s Review.Principal review: Ghost Ship Holding ApS' principal activities is to act as a holding company.Financial review: The company's income statement for the year ended 31 March 2023 shows a profit of DKK 83.949.576, and the balance sheet at 31. marts 2023 shows equity of DKK 161.528.199. In 2022/23 a total of DKK 2.8 million has been booked as impairment write-downs related to intangible assets and fixed asset investments.The annaul report of Ghost Ship Holding ApS for 2022/ 23 has been presented in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B, and elective choice of certain provisions applyig to reporting class C entities.The significant areas of the accounting policies, which are presented using the same policies as last year, are mentioned below. The annual report is presented in DKK Pursuant to sections §112, of the Danish Financial Statements Act, the company has not prepared consolidated financial statements, as Ghost Ship Holding ApS is a subsidiary company included in the financial statements of Embracer Group AB, Sweden. GENERALLY REGARDING RECOGNITION AND MEASUREMENT Income is recognised in the Income Statement as earned, including value adjustments of financial assets and liabilities. Likewise, all expenses including depreciation/amortisation, impairment losses, and reversals which are due to changes in estimated amounts previously recognised in the Income Statement, are recognised in the Income Statement. Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the Company and when the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that the future economic benefits will flow out of the Company and when the measurement of the value of the liability is reliable. On initial recognition, assets and liabilities are recognised at cost. Subsequently, assets and liabilities are measured as described below for each item. Allowances are made for predictable losses and risks that arise before the presentation of the Annual Report and that confirm or invalidate circumstances that existed at the balance sheet date. The carrying value of the intangble- and tangible fixed assets, are reviewed annually to determine, if there are any indication of impairment, besides what is determined as normal depreciation. If this is the case, the assets will be written down to its recoverable amount. Transactions in foreign currency are translated at the exchange rates on the transaction date. Differences in exchange rates arising between the transaction date and the payment date are recognized in the income statement as financial income and expenses. <table class="richtext-table"><thead><tr><th style="width:5.625px"></th><th style="width:11.5px"></th><th style="width:11.625px"></th><th style="width:11.625px"></th><th style="width:11.625px"></th><th style="width:11.625px"></th><th style="width:12.25px"></th></tr></thead><tbody><tr><td>ACCOUNTING POLICIES, CONTINUED</td><td></td><td></td><td></td><td></td><td></td><td>8</td></tr></tbody></table>GENERALLY REGARDING RECOGNITION AND MEASUREMENT, CONTINUED Receivables, debt and other monetary items in foreign currency, which are not settled at the date of the balance sheet, are measured at the exchange rate at the balance sheet date. The difference between the exchange rate at the balance sheet date and the time of the origin of the debt is recognized in the income statement under financial income and expenses. Fixed assets purchased in foreign currency are measured at the exchange rate on the transaction date.Gross income: Gross income reflects an aggregation of other external expenses, referring to section 32 of the Danish Financial Statements Act.Other external costs: Other external costs include costs relating to administration.Financials: Financial income and expenses are recognised in the income statement at the amounts that relate to the financial year. Net financials include interest income and expenses, liabilities and foreign currency transactions, amortisation of financial assets and liabilities and surcharges and allowances under the Danish Tax Prepayment Scheme, and dividend from other securities and investments.Tax on results for the year: Tax on results for the year which comprises current tax and changes in deferred tax is recognised in the Income Statement with the portion of taxes related to the taxable income for the year whereas the portion attributable to entries on equity is recognised directly in equity. The parent company and the Danish group companies are jointly taxed. Danish corporation tax is distributed among the jointly taxed Danish companies in proportion to their taxable income. The parent company acts as the administration company for the joint taxation circuit and is responsible for settling taxes etc. to the Danish tax authorities.Intangible fixed assets: Acquired other similar rights are measured at cost less accumulated amortisations and impairments. Acquired other similar rights are amortized on a straight-line basis over the estimated economic useful life, which is estimate to be 5 years.Impairment of fixed assets Non-current assets are subject to an annual test for indications of impairment other than the decrease in value reflected by amortisation and depreciation. Impairment tests are conducted in respect of individual assets or groups of assets generating separate cash flows when there is indications of impairment. The assets are written down to the higher of the value in use and net realisable value (recoverable amount) of the asset or group of assets if this is lower than the carrying amount. Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Previously recognised impairment losses are reversed when the reason for recognition no longer exists. Impairment losses on goodwill are not reversed.Receivables: The Company has chosen IAS 39 as interpretation for impairment write-down off financial receivables. Receivables are measured at amortised cost which usually equals nominal value. The value will be adjusted to meet expected losses. Cash funds: Cash equivalents consist of bank deposits and cash. Cash and cash equivalents are carried at fair value.Equity Proposed dividends are disclosed as a separate item under equity. Dividends are recognised as a liability when declared by the annual general meeting of shareholders.Tax payable and deferred tax: Current tax liabilities and current tax receivable are recognised in the balance sheet as tax calculated on the taxable income for the year adjusted for tax on previous years’ taxable income and taxes paid on account/prepaid. Deferred tax is measured according to the balance sheet liability method in respect of temporary differences between the carrying amount and the tax base of assets and liabilities. In cases, e.g. in respect of shares in which the statement of the tax base can be made according to alternative taxation rules, deferred tax is measured on the basis of the planned use of the asset or settlement of the liability, respectively. Deferred tax assets including the tax value of tax loss carry forwards, are measured at the expected realisable value, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity and jurisdiction. Any deferred net tax assets are measured at net realisable value.Liabilities: The Company has chosen IAS 39 as interpretation for liabilities. Liabilities concerning debts to suppliers and other debts are measured at amortised cost which usually corresponds to the nominal value.<table class="richtext-table"><thead><tr><th style="width:11.5px"></th><th style="width:11.625px"></th><th style="width:11.625px"></th><th style="width:11.625px"></th><th style="width:11.625px"></th></tr></thead><tbody><tr><td>Investments in subsidiaries</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Investments in subsidiaries are specified as follows:</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td>Profit/loss for the year</td></tr><tr><td></td><td></td><td>Ownership interest</td><td></td><td></td></tr><tr><td>Name</td><td></td><td></td><td>Equity</td><td></td></tr><tr><td>Ghost Ship Games ApS</td><td></td><td>100%</td><td>87.358.385</td><td>86.876.732</td></tr></tbody></table><table class="richtext-table"><thead><tr><th style="width:11.5px"></th><th style="width:11.625px"></th><th style="width:11.625px"></th><th style="width:11.625px"></th><th style="width:11.625px"></th></tr></thead><tbody><tr><td>Investments in associates</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Investments in associates are specified as follows:</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td>Profit/loss for the year</td></tr><tr><td></td><td></td><td>Ownership interest</td><td></td><td></td></tr><tr><td>Name</td><td></td><td></td><td>Equity</td><td></td></tr><tr><td>Ugly Duckling Games ApS</td><td></td><td>30%</td><td>-291.473</td><td>-2.331.473</td></tr></tbody></table>At 31 March 2023 management has made write-down of the investment in associates with DKK 2.000.000.Investment in other receivables, fixed asset investments, consists of loans, convertible loans and investment agreements. All investments are with long maturities maturing in 2026 and 2027. In the investment agreement, repayment has been agreed in line with earnings in the underlying company/project but is also expected to be over a longer period of time. As of 31 March 2023, the fair value of conversion rights in connection with convertible loans is valued at DKK 0. Contingent liabilities As a management company, the company is jointly taxed with other Danish subsidiaries by the ultimate parent company, Embracer Group AB, and is jointly and severally liable for Danish corporate taxes and withholding taxes. The total known net liability of the jointly taxed companies on corporate taxes and withholding taxes due can only be finally calculated once the joint taxation income for 2022 has been calculated, and there is therefore uncertainty associated with this. Any subsequent corrections to the joint taxation income may result in a higher amount of the company's liability.Group matters The company’s share capital of DKK 40.000 is wholly owned by Indie Games Holding AB, Sverige. Consolidated financial statements The company’s ultimate parent company which prepares group annual report in which the company is included as a subsidiary is Embracer Group AB, Sweden. The group annual report of the ultimate parent company can be obtained at the following address: Älvgatan 1, 652 25 Karlstad, Sweden-1041436-306288487673263915508250000098816493578678601561678389486063922291-5471615841150000000-310504246392070783949576639207070115000000-3105042400008735838574481652020000004348050410802013392445010509888080589672105098880805896720754860231260001133603143530701140764174790709822969531213671265777060043799495461756993179053921840000400004648819977538623115000000016152819977578623400000775386237757862340000115000000464881992084382625014341591293434573544490517407201417111812960595141711181296059517569931790539218