40308504 2021-01-01 2021-12-31 40308504 2021-01-01 2021-12-31 0 40308504 2021-01-01 2021-12-31 1 40308504 2021-01-01 2021-12-31 0 40308504 2021-01-01 2021-12-31 1 40308504 2021-01-01 2021-12-31 2 40308504 2020-01-01 2020-12-31 40308504 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 40308504 2020-01-01 2020-12-31 fsa:RetainedEarningsMember 40308504 2021-12-31 40308504 2020-12-31 40308504 2021-01-01 fsa:ContributedCapitalMember 40308504 2021-01-01 fsa:RetainedEarningsMember 40308504 2021-01-01 fsa:ProposedDividendRecognisedInEquityMember 40308504 2021-01-01 fsa:ReserveForCurrentValueOfHedgingMember 40308504 2021-01-01 40308504 2021-01-01 2021-12-31 fsa:ContributedCapitalMember 40308504 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 40308504 2021-01-01 2021-12-31 fsa:ProposedDividendRecognisedInEquityMember 40308504 2021-01-01 2021-12-31 fsa:ReserveForCurrentValueOfHedgingMember 40308504 2021-12-31 fsa:ContributedCapitalMember 40308504 2021-12-31 fsa:RetainedEarningsMember 40308504 2021-12-31 fsa:ProposedDividendRecognisedInEquityMember 40308504 2021-12-31 fsa:ReserveForCurrentValueOfHedgingMember 40308504 2020-01-01 fsa:ContributedCapitalMember 40308504 2020-01-01 fsa:RetainedEarningsMember 40308504 2020-01-01 fsa:ProposedDividendRecognisedInEquityMember 40308504 2020-01-01 fsa:ReserveForCurrentValueOfHedgingMember 40308504 2020-01-01 40308504 2020-01-01 2020-12-31 fsa:ContributedCapitalMember 40308504 2020-01-01 2020-12-31 fsa:RetainedEarningsMember 40308504 2020-01-01 2020-12-31 fsa:ProposedDividendRecognisedInEquityMember 40308504 2020-01-01 2020-12-31 fsa:ReserveForCurrentValueOfHedgingMember 40308504 2020-01-01 2020-12-31 fsa:ProposedDividendRecognisedInEquityMember 40308504 2020-12-31 fsa:ContributedCapitalMember 40308504 2020-12-31 fsa:RetainedEarningsMember 40308504 2020-12-31 fsa:ProposedDividendRecognisedInEquityMember 40308504 2020-12-31 fsa:ReserveForCurrentValueOfHedgingMember 40308504 2021-01-01 2021-12-31 fsa:AllTypesOfRelationsNumberOfEmployeesMember 40308504 2020-01-01 2020-12-31 fsa:AllTypesOfRelationsNumberOfEmployeesMember 40308504 2021-01-01 fsa:InvestmentsInGroupEnterprisesMember 40308504 2021-01-01 2021-12-31 fsa:InvestmentsInGroupEnterprisesMember 40308504 2021-12-31 fsa:InvestmentsInGroupEnterprisesMember 40308504 2021-01-01 2021-12-31 0 40308504 2021-12-31 0 40308504 2021-01-01 2021-12-31 0 40308504 2021-01-01 2021-12-31 1 iso4217:DKK xbrli:pure 2021-01-01 2021-12-31 <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 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">The Executive Board and Board of Directors have today considered and adopted the Annual Report of SteelSeries Holding ApS for the financial year 1 January - 31 December 2021.</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 is 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 and the Consolidated Financial Statements give a true and fair view of the financial position at 31 December 2021 of the Company and of the results of the Company operations for 2021.</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, Management's Review includes a true and fair account of the matters addressed in the</td></tr><tr><td colspan="1">Review.</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 adopted at the Annual General Meeting.</td></tr></table> Copenhagen 2022-06-23 <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> <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 shareholder of SteelSeries Holding ApS</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 SteelSeries Holding ApS for the financial year 1 January – 31 December 2021, 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.</td></tr><tr><td colspan="1">In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 1 and of the results of the Company's operations for the financial year 1 January – 31 December 2021 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 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.</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">Independence</td></tr><tr><td colspan="1">We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.</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 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.</td></tr><tr><td colspan="1">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.</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 audit of the financial statements</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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</td></tr><tr><td colspan="1">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 colspan="1">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 colspan="1">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting 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 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 colspan="1">Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and 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 scope and timing of the audit and significant audit findings, including any significant deficiencies in 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's review</td></tr><tr><td colspan="1">Management is responsible for the Management's review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the Management's review, and we do 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 Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Management's review provides the 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's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the Management's review.</td></tr></table> Copenhagen 2022-06-23 SteelSeries Holding ApS Havneholmen 8, 1. DK-2450 Copenhagen SW 40308504 Municipality of reg. office: Copenhagen 2022-06-23 Lars Stoltze <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 Review</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">Main activity</td></tr><tr><td colspan="1">The main activity of the Company is to own shares in a subsidiary and delivering management consultancy to its subsidiary.</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 the year</td></tr><tr><td colspan="1">The income statement for 2021 shows a profit of DKK 2,208 thousand against a profit of DKK 82,823 thousand in 2020.</td></tr><tr><td colspan="1">The results are by management considered satisfactory.</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">Subsequent events</td></tr><tr><td colspan="1">No events have occurred after the balance sheet date.</td></tr></table> 1778000 100000 2043000 -365000 20163000 24426000 -4628000 -6836000 2208000 170000 <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 /><td>Staff expenses</td></tr></table> 1979000 64000 20000000 163000 <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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Tax</td></tr><tr><td colspan="5"></td></tr><tr><td width="87%" colspan="3" align="left" valign="middle" >DKK thousands</td><td width="3%" align="right" valign="middle" >2021</td><td width="10%" align="right" valign="middle" >2020</td></tr><tr><td width="87%" colspan="3" align="left" valign="middle" >Current tax</td><td width="3%" align="right" valign="middle" >5089</td><td width="10%" align="right" valign="middle" >4148</td></tr><tr><td width="87%" colspan="3" align="left" valign="middle" >Prior year adj.</td><td width="3%" align="right" valign="middle" >1418</td><td width="10%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="87%" colspan="3" align="left" valign="middle" >Change in deferred tax</td><td width="3%" align="right" valign="middle" >329</td><td width="10%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="87%" colspan="3" align="left" valign="middle" >Total tax</td><td width="3%" align="right" valign="middle" >6836</td><td width="10%" align="right" valign="middle" >4148</td></tr><tr><td colspan="5"></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 /><td>Investment in subsidiary</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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Long-term debt</td></tr><tr><td colspan="5"></td></tr><tr><td width="74%" align="right" valign="middle" >2021</td><td width="7%" ></td><td width="6%" ></td><td width="3%" ></td><td width="10%" ></td></tr><tr><td width="74%" ></td><td width="7%" colspan="1" align="left" valign="middle" >Maturity</td><td width="6%" colspan="1" align="left" valign="middle" >Maturity</td><td width="3%" colspan="1" align="left" valign="middle" >Maturity</td><td width="10%" colspan="1" align="left" valign="middle" >.Total</td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >DKK thousands</td><td width="7%" colspan="1" align="left" valign="middle" >< 1 year</td><td width="6%" colspan="1" align="left" valign="middle" >> 1 year < 5 years</td><td width="13%" colspan="2" align="left" valign="middle" >> 5 years</td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Borrowings</td><td width="7%" align="right" valign="middle" >443363</td><td width="6%" colspan="1" align="left" valign="middle" >-</td><td width="3%" colspan="1" align="left" valign="middle" >-</td><td width="10%" align="right" valign="middle" >443363</td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Long-term debt total</td><td width="7%" align="right" valign="middle" >443363</td><td width="6%" colspan="1" align="left" valign="middle" >-</td><td width="3%" colspan="1" align="left" valign="middle" >-</td><td width="10%" align="right" valign="middle" >443363</td></tr><tr><td width="74%" align="right" valign="middle" >2020</td><td width="7%" ></td><td width="6%" ></td><td width="3%" ></td><td width="10%" ></td></tr><tr><td width="74%" ></td><td width="7%" colspan="1" align="left" valign="middle" >Maturity</td><td width="6%" colspan="1" align="left" valign="middle" >Maturity</td><td width="3%" colspan="1" align="left" valign="middle" >Maturity</td><td width="10%" colspan="1" align="left" valign="middle" >.Total</td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >DKK thousands</td><td width="7%" colspan="1" align="left" valign="middle" >< 1 year</td><td width="6%" colspan="1" align="left" valign="middle" >> 1 year < 5 years</td><td width="13%" colspan="2" align="left" valign="middle" >> 5 years</td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Borrowings</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="6%" colspan="1" align="left" valign="middle" >-</td><td width="3%" align="right" valign="middle" >437067</td><td width="10%" align="right" valign="middle" >437067</td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Long-term debt total</td><td width="7%" colspan="1" align="left" valign="middle" >-</td><td width="6%" colspan="1" align="left" valign="middle" >-</td><td width="3%" align="right" valign="middle" >437067</td><td width="10%" align="right" valign="middle" >437067</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="100%" colspan="1" align="left" valign="middle" >Contingent assets, liabilities and other financial obligations</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Charges and security</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The following assets have been placed as security with credit institutes</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company has provided security in shares in the subsidiary SteelSeries ApS for debt to credit institutions, DKK 446 million. The shares are further providing security for the subsidiary SteelSeries ApS’ debt to credit institutions, DKK 582 million.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Other contingent liabilities</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Danish group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of SteelSeries Group A/S, which is the management company of the joint taxation purposes. Moreover, the Danish group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company’s liability.</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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Related parties</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The Company is included in the Group Annual Report of the Parent Company of the smallest group</td></tr><tr><td width="90%" colspan="4" align="left" valign="middle" >Name</td><td width="10%" colspan="1" align="left" valign="middle" >Place of registered office</td></tr><tr><td colspan="5"></td></tr><tr><td width="90%" colspan="4" align="left" valign="middle" >SteelSeries Group A/S</td><td width="10%" colspan="1" align="left" valign="middle" >Havneholmen 8, 1.</td></tr><tr><td width="74%" ></td><td width="7%" ></td><td width="6%" ></td><td width="3%" ></td><td width="10%" colspan="1" align="left" valign="middle" >Copenhagen, Denmark</td></tr><tr><td colspan="5"></td></tr></table> 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">Reporting class</td></tr><tr><td colspan="1">This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C.</td></tr><tr><td colspan="1">The accounting policies applied to these financial statements are consistent with those applied last 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">Recognition and measurement</td></tr><tr><td colspan="1">Revenues are recognized in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortized cost are recognized. Moreover, all expenses incurred to achieve the earnings for the year are recognized in the income statement, including depreciation, amortization, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognized in the income statement.</td></tr><tr><td colspan="1">Assets are recognized in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.</td></tr><tr><td colspan="1">Liabilities are recognized in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.</td></tr><tr><td colspan="1">Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.</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">Revenue</td></tr><tr><td colspan="1">Revenue compromise management fees. Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales.</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 expenses</td></tr><tr><td colspan="1">Other external expenses comprise professional fees.</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">Gross profit/loss</td></tr><tr><td colspan="1">With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a</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">Staff expenses</td></tr><tr><td colspan="1">Staff expenses comprise wages and salaries as well as payroll 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</td></tr><tr><td colspan="1">Financial income and expenses are recognized in the income statement at the amounts relating to the financial year. Financial income comprises dividends from subsidiaries and currency adjustments.</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 on profit/loss for the year</td></tr><tr><td colspan="1">Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognized in the income statement, whereas the tax attributable to equity transactions is recognized directly in equity. The Company is jointly taxed with Danish group enterprises. The tax effect of the joint taxation is allocated to Danish enterprises in proportion to their taxable incomes.</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">Balance sheet</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">Investments in subsidiaries</td></tr><tr><td colspan="1">Investments in subsidiaries are measured at cost. Where cost exceeds the recoverable amount, writedown is made to this lower value.</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">Deferred tax assets and liabilities</td></tr><tr><td colspan="1">Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realized, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallize as current tax. Any changes in deferred tax due to changes to tax rates are recognized in the income statement or in equity if the deferred tax relates to items recognized in equity.</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">Current tax receivables and liabilities</td></tr><tr><td colspan="1">Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and 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">Receivables</td></tr><tr><td colspan="1">Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts.</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">Cash and cash equivalents</td></tr><tr><td colspan="1">Cash and cash equivalents comprise ”Cash at bank and in hand”.</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">Equity</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">Dividend</td></tr><tr><td colspan="1">Dividend distribution proposed by Management for the year is disclosed as a separate equity item.</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 debts</td></tr><tr><td colspan="1">Loans, such as loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period.</td></tr><tr><td colspan="1">Other debts are measured at amortised cost, substantially corresponding to nominal value.</td></tr></table> Årsrapport 30700228 EY Godkendt Revision Cortex park 3 5230 Odense M xWizard version 1.1.1125.0, by EasyX Aps. www.easyx.eu 2020-01-01 2020-12-31 Revisionspåtegning Grundlag for konklusion Konklusion Mian Ehtisham Rabbani Oluf Riddersholm Rene Svendsen-Tune Chairman Peter Gormsen Mian Ehtisham Rabbani 540000 294000 584000 -338000 101834000 22822000 78674000 -4148000 82823000 0 60000000 -464000 558000 26000 100000000 1834000 2208000 82823000 1715164000 1715164000 10985000 18000 21894000 32896000 1335000 34231000 1749395000 59000 1305582000 1305641000 0 0 443363000 26000 0 365000 443754000 1749395000 1715164000 1715164000 5507000 170000 10297000 15974000 11400000 27374000 1742539000 59000 1303204000 1303263000 437067000 437067000 0 0 1358000 851000 2209000 1742539000 59000 1303668000 0 -464000 1303263000 0 0 0 2208000 0 0 170000 0 59000 1305876000 0 -294000 59000 1280845000 0 0 1280904000 0 0 0 0 -60000000 0 0 60000000 60000000 0 0 0 -464000 0 0 59000 1303668000 0 -464000 1 1 1715164000 0 1715164000 SteelSeries ApS Copenhagen 263655000 0 348604000 EY Godkendt Revisionspartnerselskab 30700228 Mikkel Sthyr State Authorised Public Accountant mne26693 Ole Becker State Authorised Public Accountant mne33732 30700228 EY Godkendt Revisionspartnerselskab