43325094 2025-01-01 2025-12-31 43325094 2025-01-01 2025-12-31 1 43325094 2024-01-01 2024-12-31 43325094 2025-12-31 43325094 2024-12-31 43325094 2025-01-01 d:InvestmentsInGroupEnterprisesMember 43325094 2024-01-01 d:InvestmentsInGroupEnterprisesMember 43325094 2025-01-01 2025-12-31 d:InvestmentsInGroupEnterprisesMember 43325094 2024-01-01 2024-12-31 d:InvestmentsInGroupEnterprisesMember 43325094 2025-12-31 d:InvestmentsInGroupEnterprisesMember 43325094 2024-12-31 d:InvestmentsInGroupEnterprisesMember 43325094 2025-01-01 2025-12-31 d:SubsidiaryMember 1 43325094 2025-12-31 d:SubsidiaryMember 1 43325094 2025-01-01 2025-12-31 d:SubsidiaryMember 2 43325094 2025-12-31 d:SubsidiaryMember 2 43325094 2025-01-01 2025-12-31 d:SubsidiaryMember 3 43325094 2025-12-31 d:SubsidiaryMember 3 43325094 2025-01-01 d:ContributedCapitalMember 43325094 2024-01-01 d:ContributedCapitalMember 43325094 2025-12-31 d:ContributedCapitalMember 43325094 2024-12-31 d:ContributedCapitalMember 43325094 2025-01-01 d:RetainedEarningsMember 43325094 2024-01-01 d:RetainedEarningsMember 43325094 2025-01-01 2025-12-31 d:RetainedEarningsMember 43325094 2024-01-01 2024-12-31 d:RetainedEarningsMember 43325094 2025-12-31 d:RetainedEarningsMember 43325094 2024-12-31 d:RetainedEarningsMember 43325094 2025-01-01 2025-12-31 1 43325094 2025-01-01 2025-12-31 2 43325094 2025-01-01 2025-12-31 1 43325094 2025-01-01 2025-12-31 2 iso4217:DKK xbrli:pure Årsrapport 34209936 Grant Thornton, Godkendt Revisionspartnerselskab Lautrupsgade, 11 2100, København Ø 2024-01-01 2024-12-31 2025-01-01 2025-12-31 43325094 Miniclip Denmark ApS Holmens Kanal 7, 3. 1060 Copenhagen 2022-06-13 Grant Thornton, Godkendt Revisionspartnerselskab 34209936 Kristian Randløv Lydolph statsautoriseret revisor mne47843 Lautrupsgade 11 2100 København Ø Danmark +45 33 110 220 info@dk.gt.com 2026-05-15 Robert Edward Aymer Small Regnskabsklasse B Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark kapitalejeren København 2026-05-15 Copenhagen 2026-05-15 Grundlag for konklusion Konklusion -14156 -93770 -14156 -93770 19000000 27249867 7972 0 731963 1847988 17344423 7667162 2381356 21336923 -814572 -1300849 3195928 22637772 3195928 22637772 507912112 504433291 507912112 504433291 507912112 504433291 5642 5642 11948902 5276258 814572 1300849 12769116 6582749 233349 408979 13002465 6991728 520914577 511425019 0 5479 5479 383315002 380119073 383320481 380124552 20351275 14820362 20351275 14820362 711 55462 106542111 108019563 10699999 8405080 117242821 116480105 137594096 131300467 520914577 511425019 0 0 4154533 4044061 13189890 3623101 17344423 7667162 504433291 503032241 3478821 1401050 507912112 504433291 507912112 504433291 SYBO ApS Copenhagen 100 27987523 20785350 Boom 808 ApS 0 0 0 SYBO PeopleCo A/S Copenhagen 100 319157 17891 5479 5479 5479 5479 380119074 319184015 3195928 22637772 0 38297286 383315002 380119073 Today, the Board of Directors and the Executive Board have approved the annual report of Miniclip Denmark ApS for the financial year 1 January - 31 December 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and in our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January – 31 December 2025. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Saad Choudri Stefan Beurier Saad Choudri Stefan Beurier We have audited the financial statements of Miniclip Denmark ApS for the financial year 1 January - 31 December 2025, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes, for the Company. The financial statements are prepared under the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025, and of the results of the Company's operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. Basis for conclusionWe 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 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. 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 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 about 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 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 financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: 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. 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. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. 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. 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. 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 ReviewManagement 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. Description of key activities of the companyLike previous years, the company's purpose is to invest in equity investments in order to generate a return and other related activities. Letter of supportThe parent company, Miniclip (Finco) Limited has issued a statement of support to the Miniclip Denmark ApS as necessary until the upcoming general meeting. Please refer to note 1. Significant changes in the company's activities and financial mattersThere have been no significant changes in activities and financial matters. The gross loss for the year totals USD -14.156 against USD -93.770 last year. Profit or loss from ordinary activities after tax totals USD 3.195.928 against USD 22.637.772 last year. Management considers the net profit or loss for the year satisfactory. Events occurring after the end of the financial yearNo other events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. Pillar 2 Model RulesAs a subsidiary of Tencent Holdings Limited (the Ultimate Parent Entity (‘UPE’)), the Group is within the scope of the OECD Pillar 2 Model Rules for the current period, which have been designed to ensure large multinational enterprises (with revenues exceeding EUR 750m) pay a minimum level of tax at 15% on the income arising in each jurisdiction where they operate. From 1 January 2024, Denmark has enacted the Qualified Domestic Minimum Top-Up Tax (‘QDMTT’) and Income Inclusion Rule (‘IIR’), however, based on information provided by the Group’s UPE, it is anticipated that there will be no QDMTT due and that any IIR obligation will not sit with a Miniclip entity. The Group has applied the mandatory temporary exception provided in the amendments to IAS 12 issued in May 2023. Accordingly, the Group does not recognise or disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. 1.Uncertainties relating to going concernThe company’s short-term liabilities exceed its short-term assets primarily due to group financing arrangements. The parent company, Miniclip (Finco) Limited, has issued a statement of support to Miniclip Denmark ApS covering the period until the next ordinary general meeting. Based on the support letter and the group’s ability and intention to provide financial support, Management considers the company to be a going concern. Management has not identified material uncertainty related to going concern. 8.Contractual obligations and contingencies, etc.Joint taxationThe company acts as administration company for the group of companies subject to the Danish scheme of joint taxation and is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, to pay the total corporation tax. The company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends. Any subsequent adjustments of corporate taxes or withholding taxes, etc., may result in changes in the company's liabilities. The annual report for Miniclip Denmark ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises. The accounting policies are unchanged from the previous year, and the annual report is presented in American dollars (USD). No consolidated financial statements have been prepared pursuant to section 112 (1) of the Danish Financial Statements Act. The financial statements of Miniclip Denmark ApS and its group enterprises are included in the consolidated financial statements for Tencent Holding Limited, Shenzhen, China, reg. no. 0700. Recognition and measurement in generalIncome is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, write-downs for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Foreign currency translationTransactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Fixed assets acquired and paid for in foreign currency are measured at the exchange rate prevailing at the date of  the transaction. Group enterprises abroad, associates, and equity investments are considered to be independent entities. The income statements are translated at an average exchange rate for the month, and the balance sheet items are translated at the closing rates. Currency translation differences, arising from the translation of the equity of group enterprises abroad at the beginning of the year to the closing rate and from the translation of income statements from average prices to the closing rate, are recognised directly in equity in the fair value reserve in the Consolidated Financial Statement. This also applies to differences arising from translation of income statements from average exchange rate to closing rate. Other external expenses comprise expenses incurred for administration etc. Results from investments in group enterprisesDividend from investments in group enterprises is recognised in the financial year in which the dividend is declared. If the dividend received exceeds the proportionate share of the year's result, this is considered an indication of impairment, which entails a requirement to prepare an impairment test. Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, financial expenses from financial leasing, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises. The company acts as an administration company in relation to the joint taxation. This means that the total Danish tax payable by the Danish consolidated companies is paid to the tax authorities by the company. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Investments in group enterprisesInvestments in group enterprises are recognised and measured at cost. If the recoverable amount is lower than the cost price, it shall be written down for impairment to this lower value. Impairment loss relating to non-current assetsThe carrying amount of equity investments in group enterprises are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. write-down for impairment is done to the recoverable amount if this value is lower than the carrying amount. The recoverable amount is the higher value of value in use and selling price less expected selling cost. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the asset group and expected net cash flows from the sale of the asset or the asset group after the end of their useful life. Previously recognised impairment losses are reversed when conditions for impairment no longer exist. Impairment relating to goodwill is not reversed. Shared based payments Share-based payment arrangements regarding employees in subsidiaries for which Miniclip Denmark ApS could be required to settle the programs in cash are classified as cash-settled share-based payment programs for which a liability is recognised. The fair value of the awards is accounted for as a capital contribution over the vesting period, whereby it is recorded as an addition to the cost of the investment during the year. Until the liability is settled, it is remeasured at fair value by the end of each reporting period. Any changes in the fair value of the liability is recorded as an adjustment to the cost of the investment. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. Cash and cash equivalentsCash and cash equivalents comprise cash at bank. Income tax and deferred taxAs administration company, Miniclip Denmark ApS is liable to the tax authorities for the subsidiaries' corporate income taxes. Current tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Tax receivables from group enterprises" or "Income tax payable to group enterprises" Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Adjustments take place in relation to deferred tax concerning elimination of unrealised intercompany gains and losses. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Liabilities other than provisionsLiabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value.