xbrli:pureiso4217:DKK405594932021-01-012021-12-31cmn:ConsolidatedMember405594932021-01-012021-12-311cmn:ConsolidatedMember405594932021-01-012021-12-311cmn:ConsolidatedMember405594932021-01-012021-12-311405594932021-01-012021-12-312405594932021-01-012021-12-313405594932021-01-012021-12-314405594932020-01-012020-12-31cmn:ConsolidatedMember405594932021-01-012021-12-31405594932020-01-012020-12-31405594932021-01-012021-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember405594932021-01-012021-12-31fsa:ProposedDividendRecognisedInEquityMembercmn:ConsolidatedMember405594932021-01-012021-12-31fsa:ProposedDividendRecognisedInEquityMembercmn:ConsolidatedMember405594932020-01-012020-12-31fsa:ProposedDividendRecognisedInEquityMembercmn:ConsolidatedMember405594932021-01-012021-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember405594932020-01-012020-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember405594932021-01-012021-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember405594932021-01-012021-12-31fsa:RetainedEarningsMember405594932021-01-012021-12-31fsa:ProposedDividendRecognisedInEquityMember405594932021-01-012021-12-31fsa:ProposedDividendRecognisedInEquityMember405594932020-01-012020-12-31fsa:ProposedDividendRecognisedInEquityMember405594932021-01-012021-12-31fsa:RetainedEarningsMember405594932020-01-012020-12-31fsa:RetainedEarningsMember405594932021-12-31cmn:ConsolidatedMember405594932020-12-31cmn:ConsolidatedMember405594932021-12-31405594932020-12-31405594932021-01-01cmn:ConsolidatedMember405594932020-01-01cmn:ConsolidatedMember405594932021-01-01fsa:ContributedCapitalMembercmn:ConsolidatedMember405594932021-01-01fsa:SharePremiumMembercmn:ConsolidatedMember405594932021-01-01fsa:ReserveForDevelopmentExpenditureMembercmn:ConsolidatedMember405594932021-01-01fsa:RetainedEarningsMembercmn:ConsolidatedMember405594932021-01-01fsa:ProposedDividendRecognisedInEquityMembercmn:ConsolidatedMember405594932021-12-31fsa:ContributedCapitalMembercmn:ConsolidatedMember405594932021-12-31fsa:SharePremiumMembercmn:ConsolidatedMember405594932021-12-31fsa:ReserveForDevelopmentExpenditureMembercmn:ConsolidatedMember405594932021-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember405594932021-12-31fsa:ProposedDividendRecognisedInEquityMembercmn:ConsolidatedMember405594932021-01-01fsa:ContributedCapitalMember405594932021-01-01fsa:SharePremiumMember405594932021-01-01fsa:ReserveForNetRevaluationAccordingToEquityMethodMember405594932021-01-01fsa:RetainedEarningsMember405594932021-01-01fsa:ProposedDividendRecognisedInEquityMember405594932021-12-31fsa:ContributedCapitalMember405594932021-12-31fsa:SharePremiumMember405594932021-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember405594932021-12-31fsa:RetainedEarningsMember405594932021-12-31fsa:ProposedDividendRecognisedInEquityMember405594932021-01-01405594932021-01-012021-12-31fsa:ContributedCapitalMembercmn:ConsolidatedMember405594932021-01-012021-12-31fsa:SharePremiumMembercmn:ConsolidatedMember405594932021-01-012021-12-31fsa:ContributedCapitalMember405594932021-01-012021-12-31fsa:SharePremiumMember405594932021-01-012021-12-31fsa:ReserveForDevelopmentExpenditureMembercmn:ConsolidatedMember405594932021-01-012021-12-311cmn:ConsolidatedMember405594932020-01-012020-12-311cmn:ConsolidatedMember405594932021-01-012021-12-31fsa:OtherShorttermPayablesMemberGrundlag for konklusionKonklusion2022-04-062022-04-0633963556Deloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegningRegnskabsklasse C, mellemstor virksomhed2020-12-312020-01-0133963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København S2021-12-312021-01-01Cego Holding ApS40559493ÅrsrapportAalborg900026, 4. salØstre HavnepromenadeAalborgAalborg90004<br /><br />1Lauritzens PladsThe Board of Directors and the Executive Board have today considered and approved the annual report of Cego Holding ApS for the financial year 01.01.2021 - 31.12.2021.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2021 and of the results of their operations and the consolidated cash flows for the financial year
01.01.2021 - 31.12.2021.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting.AalborgJacob Frederik ChristensenPeter Thorlund HaahrJacob Frederik ChristensenAnders Gautier ChristensenJesper HørsholtChairman of the boardTo the shareholders of Cego Holding ApSWe have audited the consolidated financial statements and the parent financial statements of Cego Holding ApS for the financial year 01.01.2021 - 31.12.2021, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a
summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements
are prepared in accordance with the
Danish Financial Statements Act.
In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2021 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2021 - 31.12.2021 in accordance
with the Danish Financial Statements Act.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 consolidated financial statements and the parent financial statements" section of this auditor’s
report. We are independent of the Group 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.Management is responsible for the preparation of consolidated financial statements and parent 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 consolidated financial statements and parent financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and the Entity’s ability to continue
as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the consolidated financial statements and the parent financial statements unless Management either intends to liquidate
the Entity or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent 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 the 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 these consolidated financial statements and parent financial statements.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark,
we exercise professional judgement and maintain professional scepticism throughout the audit. We also:<br />Identify and assess the risks of material misstatement of the consolidated financial statements and the parent 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.
<br />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 Group's and the Entity’s internal control.
<br />Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by Management.
<br />Conclude on the appropriateness of Management’s use of the going concern basis of accounting in
preparing the consolidated financial statements and the parent 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 Group's and the Entity’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 consolidated financial statements and the parent 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
Group and the Entity to cease to continue as a going concern.
<br />Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures
in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and
events in a manner that gives a true and fair view.<br />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.Management is responsible for the management commentary.
Our opinion on the consolidated financial statements and the parent financial statements does not cover the management commentary, and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
Moreover, it is our responsibility to consider whether the management commentary provides the information
required under the Danish Financial Statements Act.<br />Based on the work we have performed, we conclude that the management commentary is in accordance with
the consolidated financial statements and the parent 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 commentary.AalborgRené Winther Pedersenmne34173State Authorised Public AccountantFinancial highlights2021
DKK'0002020
DKK'0002019
DKK'000Key figuresGross profit/loss146,945195,88060,049Operating profit/loss32,916101,3763,633Net financials(13,909)(9,273)(1,923)Profit/loss for the year5,87861,017(5,809)Balance sheet total1,030,6931,045,0101,076,310Investments in property, plant and equipment3,1441,69012,524Equity563,012555,208494,191Cash flows from operating activities90,287121,89835,214Cash flows from investing activities(22,880)(21,201)(1,101,995)Cash flows from financing activities(37,534)(94,200)1,032,500RatiosReturn on equity (%)1.0511.63(1.20)Equity ratio (%)54.6253.1345.92Financial highlights are defined and calculated in accordance with the current version of "Recommendations &
Ratios" issued by the CFA Society Denmark.Return on equity (%)
:Profit/loss for the year * 100
Average equityEquity ratio (%)
:Equity * 100
Balance sheet totalPrimary activitiesCEGO Holding (henceforth: the Group) develops and operates online casino products, focusing on the Casual Segment. The Group currently have online casino activities in Denmark, Sweden and UK. The Group operates subject to license requirements and exposed to competition under local gambling jurisdictions.
The purpose of CEGO Holding is to own shares in other companies and business related hereto.
Development in activities and financesDuring 2021 the group obtained a license in the UK market and started offering its online casino products on happytiger.co.uk in the fourth quarter of 2021. The Group is now present with its online casino in three markets which besides UK counts Denmark with spilnu.dk and Sweden with lyckost.se.
Lyckost.se is now an established online casino brand in Sweden following the launch in 2020. During 2021 the in-house build Bingo product was launched in Sweden and has been well received by the Swedish players.
The Online Casino activities involving the offering of slot machines, Bingo and Casino runs on an in-house build platform. The platform has been optimized, supporting a continuously strong costumer experience in the future and commercial initiatives designed to multi-market operations.
The Group in-house studio has successfully developed and launched 7 unique in-house slot machines in 2021 targeted casual players and added additional third-party games to its product offering.
The subsidiary Superpog ApS was divested in Q3 2021.
Responsible gambling
The Group primary objective is to offer casual, fun, and entertaining games. We take on an active role in creating
a healthy environment where players feel safe and taken care of. Responsibility in gambling is therefore an
inherent part of our core values and the way we work.
All employees receive responsible gambling training, and it is an integrated part of our daily work. All employees
have responsibility in mind when creating marketing content, new games, etc. Furthermore, the Customer
Support Team is trained to have attention on responsible behaviour in the communication with the players. We
always communicate that gambling should be fun, entertaining, and responsible.
Being responsible is not a single action or intervention, but the sum of a series of initiatives. In the Group these
initiatives are all implemented based on our overall approach which is to be aware of and understand our players to help them prevent potential unhealthy gambling patterns. We strive to do that in an incident based, respectful
and personalised approach. One of the ways we do that is to perform Care Calls to players. Our Care Calls are
performed by our in-house psychologist or personnel trained by experts in the field of problem gambling.
We use a game scanner to monitor the behaviour of our players. We use this information in dialogue with the
player to help them to proactively support change in their behaviour if the behaviour no longer supports playing
for fun. Furthermore, we continuously follow the newest research to update our processes and support our
players in the best possible way.
Overall, the Group seeks to create a secure environment for our players that encourages and enables them to
continuously have a healthy approach towards gambling.
Profit/loss for the year in relation to expected developmentsProfit for the year is DKK 5.9 million. As expected, profit for the year is impacted by the increase in Gambling Duty from 20% to 28% in Denmark, in combination with investments in new market growth.OutlookManagement expects further investments in growth in 2022 leading to a decrease in profits compared to 2021.
Knowledge resourcesThe Group is devoted to staying in a forefront position in the utilization of new technologies in platform operations, product development and compliance, targeting mainly casual players. The expertise of the Group’s personnel is essential to all areas of the business and the Group.Research and development activitiesThe CEGO Group capitalizes development costs on internal development projects related to Games and Platform development. In 2021 the CEGO Group capitalized DKK 21.2 million on development projects. The capitalization is solely related to salaries allocated to the projects.Statutory report on diversityOur culture is based on entrepreneurship, agility, a flat hierarchy and, above all, an open-mindedness towards new actions, ways of working and new colleagues. In the Group, all aspects of diversity with the right skillset and mindset are embraced.
In 2021, an additional 23 employees have joined CEGO, whereas 11 employees have left. 25% of the new joiners are female. Six of the employees leaving the company did so because of the divestment of the subsidiary Superpog A/S. The current gender composition is 80% male and 20% female, but closer to 50/50 in departments other than it-development.
Employee wellbeing
In the Group, we highly prioritise our employees’ well-being, as we believe that thriving employees enrich our culture and drive the best results for the individual as well as the company. Like many other companies, The Group and our way of work have been impacted by Covid-19. We adapted to the work from home situation quickly. Our focus was to sustain our culture in an online environment by facilitating various online social activities for all employees such as Friday afternoon online parties, online get-togethers in groups, care calls from HR, etc.
Once back at the office, we reinitiated our many social activities, which are an important part of our culture, ranging from weekly board game nights to physical workout and in-house sports tournaments. We also prioritise physical and mental wellbeing by offering flexible working conditions, easy access to health insurance, free gym access, etc.
The Groups sick leave percentage in 2021 was 2,5%, reflecting a year with Covid-19 cases.
146945000195880000-235000-10400046295000295210006773400064983000329160001013760001600000062810006141200090001330004000013918000940600028700040100020607000921030005763000609070001472900031086000-115000-1110005878000610170005878000005870005878000604300005878000610180006281000-403000005870005878000604310004382300037859000778000230000879097000929093000689400070360009305920009742180002817000236800079000017200036070002540000123300012100001839000030720001210000561359000555679000937271000977968000561359000555679000030000300014734000162530003280000818000054030000317700019090009390001992300023413000130840003311200073499000436260004362600037129000251800040009342200067042000156020003311600010306930001045010000576961000588795000502000500000502000500000395590003501800052295100051910300050115000049844200005870000587000563012000555208000500000035018000519103000587000502000039559000522951000055520800056301200055520800050000005567900049844200058700050200006136000050115000005552080001106400086870001106400086870003788000003983000003731000388300038253100040218300020000000400000008800061200012705000139240009036000317400012346000012346000019911000212220009900007408600078932000139490003358700045661700048111500013949000335870001030693000104501000057696100058879500020002511000025130002000251100002513000-251100025110000-2511000251100000-587000-5870000-587000-58700004541000-454100006773400064983000-10970009516000995530001758750009000133000-13918000-94030004643000-4470700090287000121898000-229000-260001120000-3819000-1690000-230000330000019930000Staff costs classified as assets-21244000-19485000-22880000-21201000674070001006970000438300000-39500000-532500000-587000025530000-37534000-9420000029873000649700073499000436260001 Staff costs2021
DKK'0002020
DKK'000Wages and salaries56,43841,326Pension costs5,3964,352Other social security costs1,246757Other staff costs4,4592,57167,53949,006Staff costs classified as assets(21,244)(19,485)46,29529,521Average number of full-time employees10485Remuneration
of manage- ment
2021
DKK'000Remuneration
of manage- ment
2020
DKK'000Total amount for management categories1,9091,8591,9091,859According to section 98B(3) no.2 of the Danish Financial Statement Act, remuneration to management has been
disclosed together under one category, because it will lead to an individual’s remuneration disclosed.10485Remuneration
of manage- ment
2021
DKK'000Remuneration
of manage- ment
2020
DKK'000Total amount for management categories1,9091,8591,9091,859190900018590002 Tax on profit/loss for the year2021
DKK'0002020
DKK'000Current tax12,34629,933Change in deferred tax2,2461,252Adjustment concerning previous years13713Refund in joint taxation arrangement0(112)14,72931,0863 Tax on profit/loss for the year2021
DKK'0002020
DKK'000Adjustment concerning previous years(1)0Refund in joint taxation arrangement(114)(111)(115)(111)3 Proposed distribution of profit/loss2021
DKK'0002020
DKK'000Ordinary dividend for the financial year0587Retained earnings5,87860,4305,87861,0174 Proposed distribution of profit and loss2021
DKK'0002020
DKK'000Ordinary dividend for the financial year0587Retained earnings5,87860,4315,87861,0184 Intangible assetsCompleted development projects
DKK'000Acquired intangible assets
DKK'000Goodwill
DKK'000Development projects in progress
DKK'000Cost beginning of year87,9305,609999,9217,036Disposals on divestments etc. 0(676)00Transfers6,09200(6,092)Additions14,5531,30406,691Disposals(21,950)(9)0(741)Cost end of year86,6256,228999,9216,894Amortisation and impairment losses beginning of year(50,071)(5,379)(70,828)0Disposals on divestments etc 066400Reversal of impairment losses20,795000Amortisation for the year(13,526)(740)(49,996)0Reversal regarding disposals0500Amortisation and impairment losses end of year(42,802)(5,450)(120,824)0Carrying amount end of year43,823778879,0976,894Completed development projects
DKK'000Acquired intangible assets
DKK'000Goodwill
DKK'000Development projects in progress
DKK'000Cost beginning of year87,9305,609999,9217,036Disposals on divestments etc. 0(676)00Transfers6,09200(6,092)Additions14,5531,30406,691Disposals(21,950)(9)0(741)Cost end of year86,6256,228999,9216,894Amortisation and impairment losses beginning of year(50,071)(5,379)(70,828)0Disposals on divestments etc 066400Reversal of impairment losses20,795000Amortisation for the year(13,526)(740)(49,996)0Reversal regarding disposals0500Amortisation and impairment losses end of year(42,802)(5,450)(120,824)0Carrying amount end of year43,823778879,0976,8945 Development projectsIn 2021, DKK 21,244 thousand has been capitalized allocated on 80 projects of which 49 have been launched and
those projects are now subject to amortisation. The remaining projects are in preparation. The capitalization
solely relates to salary allocated on projects.
The projects are often completed within two years and thus amortisation of capitalised expenses on the projects
is commenced shortly after the capitalization of the project. The projects are amortised over a period of five
years.
The Groups revenue is stabil compared to last year which expresses that the development projects
have market potentials. The projects are in online slot machines, cash games and casual games without cash
involved. 6 Property, plant and equipmentOther fixtures and fittings, tools and equipment
DKK'000Leasehold improvements
DKK'000Cost beginning of year12,2681,889Additions2,200944Disposals(30)0Cost end of year14,4382,833Depreciation and impairment losses beginning of year(9,900)(1,717)Depreciation for the year(1,751)(326)Reversal regarding disposals300Depreciation and impairment losses end of year(11,621)(2,043)Carrying amount end of year2,8177907 Financial assetsDeposits
DKK'000Other receivables
DKK'000Cost beginning of year1,2100Transfers0(340)Additions232,179Cost end of year1,2331,839Carrying amount end of year1,2331,8395 Financial assetsInvestments in group enterprises
DKK'000Cost beginning of year500,000Cost end of year500,000Revaluations beginning of year55,678Share of profit/loss for the year6,281Dividend(600)Revaluations end of year61,359Carrying amount end of year561,359A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.8 PrepaymentsPrepayments mainly consist of smaller costs relating to future periods.9 Contributed capitalNumberPar value
DKK'000Nominal
value
DKK'000A-Shares300,0001300B-Shares201,7341202501,73450210 Deferred tax
Changes during the year2021
DKK'0002020
DKK'000Beginning of year8,6877,434Recognised in the income statement2,2461,253Disposals through business combinations etc.1310End of year11,0648,68710 Deferred tax11 Non-current liabilities other than provisionsDue within 12
months
2021
DKK'000Due within 12
months
2020
DKK'000Due after
more than 12
months
2021
DKK'000Outstanding
after 5 years
2021
DKK'000Bank loans20,00040,000378,8000Other payables003,7313,63320,00040,000382,5313,63312 Changes in working capital2021
DKK'0002020
DKK'000Increase/decrease in inventories3(3)Increase/decrease in receivables(3,752)(603)Increase/decrease in trade payables etc.2,65210,122(1,097)9,51613 Unrecognised rental and lease commitments2021
DKK'0002020
DKK'000Total liabilities under rental or lease agreements until maturity 1,5171,30914 Contingent liabilitiesThe company has entered into a warrant incentive program with senior executives that includes the right of purchasing new B shares representing a nominal value of DKK 1 in the company in the period 2021 to 2026.
The program is structured two-fold with the respective characteristics:
The program corresponds to a total capital increase of DKK 6,605 thousand.7 Contingent liabilitiesThe company has entered into a warrant incentive program with senior executives that includes the right of purchasing new B shares representing a nominal value of DKK 1 in the company in the period 2021 to 2026.
The program is structured two-fold with the respective characteristics:
The program corresponds to a total capital increase of DKK 6,605 thousand.
The Entity serves as the administration company in a Danish joint taxation arrangement. According to the
joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc
for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties
and dividend for these entities.15 Assets charged and collateralThe shares in CEGO A/S has been pledged as collateral for the Group's bank loans. The carrying amount of the shares amounts to 991,223 tDKK. The balances amounts at December 31st to 398,800 tDKK .8 Assets charged and collateralNone.
Collateral provided for group enterprises
The Entity has provided guarantee for Cego Midco ApS's bank debt. Bank loans in Cego Midco ApS amount to 398,800 tDKK.16 Transactions with related partiesOnly related party transactions not conducted on an arms’s length basis are disclosed in the annual report.
No such transactions have been conducted in the financial year.9 Transactions with related partiesOnly related party transactions not conducted on an arm’s length basis are disclosed in the annual report.
No such transactions have been conducted in the financial year.17 SubsidiariesRegistered inCorporate
formOwnership
%Spilnu.dk A/SAalborgA/S100.0Magnet Gaming ApSAalborgApS100.0CEGO A/SAalborgA/S100.0Lyckost ApSAalborgApS100.0CEGO Midco ApSAalborgApS100.0Happytiger ApSAalborgApS100.0Datoselskabet af 04.03.2021 ApSAalborgApS100.056135900055567900013084000299350006136000055679000150400033587000-60000060000001 Other financial income2021
DKK'0002020
DKK'000Financial income from group enterprises10Other interest income30402 Other financial expenses2021
DKK'0002020
DKK'000Financial expenses from group enterprises272400Other interest expenses151287401<br />2021
DKK'0002020
DKK'000Financial expenses from group enterprises272400Other interest expenses1512874016 Other payables2021
DKK'0002020
DKK'000Other costs payable990990This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act
governing reporting class C enterprises (medium).The accounting policies applied to these consolidated financial statements and parent financial statements are consistent with those applied last year.falseRecognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic
benefits will flow to the Entity, and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a
result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the
value of the liability can be measured reliably.
On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial
recognition is effected as described below for each financial statement item.
Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm
or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and
measurement.
Income is recognised in the income statement when earned, whereas costs are recognised by the amounts
attributable to this financial year. <br />Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence.
<br />Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies.
Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements.
Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the takeover date, with net assets having been calculated at fair value.Profit or loss from divestment of enterprisesProfits or losses from divestment or winding-up of enterprises are calculated as the difference between selling
price or settlement price and the carrying amount of the net assets at the time of divestment and winding-up,
respectively.Gross profit or lossGross profit or loss comprises revenue, other operating expenses, costs of sales and external expenses.RevenueRevenue from the sale of games is recognised in the income statement when delivery is made and risk has
passed to the buyer. Revenue comprises gross gaming revenue set off against winning and government
taxes.Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary
activities.Cost of salesCost of sales comprises expenses incurred to achieve revenue for the financial year; including fees, etc. to
payment service provider, annual gaming fee and expenses for white label takers and license fee.Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for
premises, stationery and office supplies, marketing costs, etc. This item also includes write downs of receivables recognised in current assets.Staff costsStaff costs comprise salaries and wages as well as social security contributions, pension contributions, etc
for entity staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible
assets comprise depreciation, amortisation and impairment losses for the financial year, and gains and
losses from the sale of intangible assets and property, plant and equipment.Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after full elimination of intra-group profits or losses.
Other financial incomeOther financial income comprises interest income, including interest income on receivables from group enterprises, payables and transactions in foreign currencies, amortisation of financial assets as well as tax relief
under the Danish Tax Prepayment Scheme etc.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, payables and transactions in foreign currencies, amortisation of financial liabilities as well as tax
surcharge under the Danish Tax Prepayment Scheme etc.Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the
income statement by the portion attributable to the profit for the year and recognised directly in equity by
the
portion attributable to entries directly in equity.The Parent is jointly taxed with all of its Danish group enterprises. The current Danish income tax is allocated
among
the jointly taxed entities proportionally to their taxable income (full allocation with a refund
concerning tax losses).GoodwillGoodwill is the positive difference between cost and fair value of assets and liabilities arising from acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience
gained by Management for each business area. The useful life has been set at 20 years.
Goodwill is written down to the lower of recoverable amount and carrying amount.<br />Intellectual property rights etc.Intellectual property rights etc comprise development projects completed and in progress with related intellectual property rights, acquired intellectual property rights and prepayments for intangible assets.Development projects on clearly defined and identifiable products and processes, for which the technical rate
of utilisation, adequate resources and a potential future market or development opportunity in the enterprise
can be established, and where the intention is to manufacture, market or apply the product or process in
question, are recognised as intangible assets. Other development costs are recognised as costs in the income
statement as incurred. When recognising development projects as intangible assets, an amount equalling
the costs incurred less deferred tax is taken to equity under reserve for development costs that is reduced
as the development projects are amortised and written down.
The cost of development projects comprises costs such as salaries and amortisation that are directly and
indirectly attributable to the development projects.
Completed development projects are amortised on a straight-line basis using their estimated useful lives
which are determined based on a specific assessment of each development project. For development projects
the amortisation periods used are 5 years. Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are
amortised
on a straight-line basis over their remaining duration, and licences are amortised on a straight-line basis over the term of the agreement.
Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount.Property, plant and equipmentOther fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and
impairment losses.
Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of
the
asset until the time when it is ready to be put into operation.
The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line
depreciation is made on the basis of the following estimated useful lives of the assets:Other fixtures and fittings, tools and equipment3-7 yearsLeasehold improvements3-7 yearsFor leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed
the contract period.
Estimated useful lives and residual values are reassessed annually.
Items of property, plant and equipment are written down to the lower of recoverable amount and carrying
amount.Investments in group enterprisesIn the parent financial statements, investments in group enterprises are recognised and measured according
to the equity method. This means that investments are measured at the pro rata share of the enterprises'
equity value plus unamortised goodwill and plus or minus unrealised intra-group profits and losses.
Group enterprises with negative equity value are measured at DKK 0. Any receivables from these enterprises
are written down to net realisable value based on a specific assessment. If the Parent has a legal or constructive obligation to cover the liabilities of the relevant enterprise, and it is probable that such obligation
will involve a loss, a provision is recognised that is measured at present value of the costs necessary to settle
the obligations at the balance sheet date.
Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to
Reserve for net revaluation according to the equity method under equity.
Goodwill is the positive difference between cost and fair value of assets and liabilities arising from acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience
gained by Management for each business area. The amortisation periods used are 20 years.
Investments in group enterprises are written down to the lower of recoverable amount and carrying amount.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less write downs for bad and
doubtful debts.InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value.
Cost consists of purchase price plus delivery costs.
The net realisable value of inventories is calculated as the estimated selling price less completion costs and
costs incurred to execute sale.Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's
taxable income, adjusted for prepaid tax.<br />Joint taxation contributions payable or receivable Current joint taxation contributions payable or receivable are recognised in the
balance sheet, stated as tax computed on this year's taxable income, adjusted for
prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are
expected to be used under the joint taxation arrangement.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.CashCash comprises cash in hand and bank deposits.DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for
the financial year is disclosed as a separate item in equity.Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based
value of
assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset.
Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at
their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.
Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the
goods agreed or completion of the service agreed.Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities as well as cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes and income taxes paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments as well as purchase, development, improvement and sale,
etc of intangible assets and property, plant and equipment, including acquisition of assets held under finance
leases.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs as well as the raising of loans, instalments on interest-bearing debt, purchase of treasury
shares and payment of dividend.
Cash and cash equivalents comprise cash.The cash flow statement shows cash flows from operating, investing and financing activities as well as cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes and income taxes paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments as well as purchase, development, improvement and sale,
etc of intangible assets and property, plant and equipment, including acquisition of assets held under finance
leases.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs as well as the raising of loans, instalments on interest-bearing debt, purchase of treasury
shares and payment of dividend.
Cash and cash equivalents comprise cash.2022-04-06Jef Nymand Hounsgaard