xbrli:pureiso4217:DKK372755062021-01-012021-12-31372755062021-01-012021-12-311372755062021-01-012021-12-312372755062021-01-012021-12-313372755062021-01-012021-12-314372755062021-01-012021-12-311372755062021-01-012021-12-312372755062021-01-012021-12-313372755062021-01-012021-12-311372755062021-01-012021-12-312372755062020-01-012020-12-31372755062021-01-012021-12-31fsa:RetainedEarningsMember372755062020-01-012020-12-31fsa:RetainedEarningsMember372755062021-01-012021-12-31fsa:ContributedCapitalMember372755062021-01-012021-12-31fsa:RetainedEarningsMember372755062021-12-31372755062020-12-31372755062021-01-01fsa:ContributedCapitalMember372755062021-12-31fsa:ContributedCapitalMember372755062021-01-01fsa:RetainedEarningsMember372755062021-12-31fsa:RetainedEarningsMember372755062021-01-01Annual reportAuditor's report on audited financial statementsfalseReporting class BtruefalsefalseAstralis CS ApSOtto Busses Vej7, 2.2450Copenhagen SV37275506Copenhagen2021-01-012021-12-312020-01-012020-12-312022-06-08Nikolaj NyholmNikolaj NyholmAnders HørsholtJakob HansenJakob Lund KristensenChairmanAnders HørsholtJakob HansenJakob Lund KristensenCEOCFOCRODeloitte Statsautoriseret RevisionspartnerselskabDeloitte Statsautoriseret RevisionspartnerselskabWeidekampsgadeWeidekampsgade6623002300Copenhagen SCopenhagen S3396355633963556Deloitte Statsautoriseret RevisionspartnerselskabWeidekampsgade 62300 Copenhagen S33963556The board of Directors and the Executive Board have today considered and approved the annual report of Astralis CS ApS for the financial year 01.01.2021 – 31.12.2021.<br/>The annual report is presented in accordance with the Danish Financial Statements Act.<br/>In our opinion, the financiual statements give a true and fair view of the Entity’s financial position at 31.12.2021 and of the results of its operations for the financial year 01.01.2021 – 31.12.2021.<br/>We believe that the management commentary contains a fair review of the affais and conditions referred to therein.<br/>We recommend the annual report for adoption at the Annual General Meeting.Copenhagen2022-06-08To the shareholder of Astralis CS ApSOpinionWe have audited the financial statements of Astralis CS ApS for the financial year 01.01.2021 – 31.12.2021, which comprise the income statement, balance sheet, statement of the changes in equity and notes, including a summary of significant accounting polices. The financial statements are prepared in accordance with the Danish Financial Statements Act.<br/>In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2021 and of the results of its operations for the financial year 01.01.2021 - 31.12.2021 in accordance with the Danish Financial Statements Act.Basis for OpinionWe conducted our audit in accordance with international standards on Auditing (ISAs) and additional require-ments applicable in Denmark. Our responsibilities under those standards and requirementsw are futher described in the “Auditor’s responsibilities for the audit iof the financiual statements” section of this auditor’s 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 require-ments 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.<br/>In preparing the financial statements, Management is responsible for assessing 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 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 wheither the financial statements as a whole are free from material misstament, wheiter 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 exits. Misstatement 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.<br/>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 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 misstate-ment 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 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 pre-paring 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 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 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 Entity to cease to continue as a going concern.<br/>• Evaluate the overall presentation, structure and content of the financial statements, including the disclo-sures in the notes, and whether the 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.<br/>Statement on the management commentary<br/>Management is responsible for the management commentary.<br/>Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon.<br/>In connection with our audit of the financial statements, our responsibility is to read the management commen-tary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.<br/>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 financial statements and has been prepared in accordance with the requirements of the Danish Financial State-ments Act. We did not identify any material misstatement of the management commentary.Copenhagen2022-06-08Kim Takata MückeJens SerupState-Authorised Public AccountantState-Authorised Public Accountantmne10944mne45825Primary activities<br/>The Entity’s primary activity is to run E-sport Counter-Strike team and its participation in tournaments.<br/>Development in activities and finances<br/>Gross profit for the year is T.DKK 25,987, which is an increase with T.DKK 5,606 compared to 2020. Loss for the year is T.DKK 9,721 compared to a loss for T.DKK 6,817 in 2020, which mainly is caused by higher salary costs. The result is according to expectations.<br/>As of 31 December 2021, the Entity has negative aquity. The negative equity is to a large extent funded by debt to group enterprises, which will only be repaid if sufficient funds are available. In addition, as stated in Note 1, the ultimate parent entity Astralis A/S has issued a support letter valid until 31 December 2022 which secures the operations and financing thoughout 2022.<br/>As a result, Management has assessed and concluded that the Entity is a going-concern.<br/>Events after the balance sheet date<br/>No events have occurred after the balance sheet date that might effect the assessment of the financial statements for 2021.Reporting class<br/>This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class B enterprises with addition of certain provisions for reporting class C.Revenue<br/>Revenue from sponsorships is recognised in the income statement over the duration of the contracts.<br/>Revenue from prize money is recognised in the income statement when the tournament is completed.<br/>Revenue from merchandise is recognised when the merchandise is delivered to the customer.<br/>Revenue from stickers is recognised when the stickers are acquired from the customers online.<br/>Revenue from royalties is recognised in the income statement over the duration of the contracts.<br/>Fixed revenue from participation in leagues is recognised in the income statement over the duration of the league period and variable revenue is recognised when earned and amount has been finally determined.<br/>Revenue is recognised net of VAT and is measured at fair value of the consideration. Some sponsorships are arranged as value-in-kind sponsorships where the sponsors provide goods or services (value in kind) instead os cash as part of the sponsorship agreement. Value-in-kind arrangements are accounted for at the agreed fair value and is recognized as revenue over the the sponsorship period and as expenses when goods or services are con-sumed.<br/>Other external expenses<br/>Other external expenses include expenses relating to the Entity’s ordinary activities, including corporate ex-penses, it-costs etc.<br/>Staff costs<br/>Staff costs comprise salaries and wages including prize money passed on to players as well as social security contributions, pension contributions, etc. for entity staff.<br/>Depreciation, amortization and impairment losses.<br/>Depreciation, amortization and impairment losses relating to intangible assets comprise amortization losses for the financial year.<br/>Other financial income<br/>Other financial income comprises interest income and exchange gains and other financial income.<br/>Other financial expenses<br/>Other financial expenses comprises interest expenses, including interest expenses on payables to group enter-prises and exchange losses.<br/>Tax on profit/loss for the year<br/>Tax for the year, which cocsists of current tax for the year and changes in deferred tax, is recognized in the income statement by the portion attributable to the profit for the year and recognized directly in the equity by the portion attributable to entries directly in equity.<br/>The Company is part of the joint taxation arrangement with Astralis A/S as administration company. The current income tax is allocated among the jointly taxed companies proportionally to their taxable income (full allocation with a refund concerning tax losses).Intellectual property rights etc<br/>Intellectual property rights etc comprise acquired rights to contract with players.<br/>Intellectual property rights are are measured at cost less accumulated amortisation, and are amortised over two years.<br/>Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount.<br/>Receivables<br/>Receivables are measured at amortised cost, usually aqualling nominal value, less writedowns for bad and doubt-ful debts.<br/>Prepayments<br/>Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.<br/>Cash<br/>Cash comprises bank deposits.<br/>Other financial liabilities<br/>Other financial liabilities are measured at amortised cost, which usually corresponds to nominal value.<br/>Joint taxation contributions payable or receivable<br/>Current joint taxation contributions payable are recognised in the balance sheet, calculated as tax computed on the taxable income of the year, which has been adjusted for prepaid tax.<br/>Deferred income<br/>Deferred income comprises income received for recognition in subsequent financial years. Deferred income is measured at cost.5990937101000269221672000025987203810003460926145000631149000-9253-59130009878000940982000-10095-6817000-3740-9721-6817000-9721-68170000-9721049300004930001465517915000737037403380120900020311850001934920309000875810750000281073105900028107315520007171000-29553-19832000-29482-197610007171-19832-29553-197610167900001679000102700003814241603000193457961000575894963400057589513130002810731552000At 31 December 2021, the Entity has negative equity, which is funded by debt to the ultimate parent Astralis A/S.<br/>In addition Astralis A/S has issued a support letter valid until 31 December 2022 which secures the operations and finaning throughout 2022. As a result, Management has assessed concluded that the Entity is a going-con-cern.Wages and salaries 34,533 26,091<br/>Other social security costs 76 54<br/>_______ _______<br/>34,609 26,145<br/>_______ _______107Joint taxation for the year 271 0<br/>Adjustment previous years, joint taxation contribution 103 0<br/>_______ _______<br/>374 0The Entity has a non-recognized tax asset of T.DKK 7.659 relating primarily to tax loss carryforwards, which can be used by the Entity or other group related entities. Capitalisation awaits that the Entity and/or other group related entities become profitable on a sustainable basis.The Entity participates in Danish joint taxation arrangement where Astralis A/S serves as the administration entity. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore secondarily liable for income taxes etc. for the jointly taxed entities, which is limited to the Entity interest by which the entity participates in the Group, as well as secondarily liable for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly entities.