37275506 2022-01-01 2022-12-31 37275506 2022-01-01 2022-12-31 0 37275506 2022-01-01 2022-12-31 1 37275506 2022-01-01 2022-12-31 0 37275506 2022-01-01 2022-12-31 1 37275506 2022-01-01 2022-12-31 2 37275506 2021-01-01 2021-12-31 37275506 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 37275506 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 37275506 2022-12-31 37275506 2021-12-31 37275506 2022-01-01 2022-12-31 0 37275506 2022-01-01 2022-12-31 1 iso4217:DKK xbrli:pure 37275506 2023-06-15 Nikolaj Nyholm Astralis CS ApS Otto Busses Vej 7, 2. 2450 Copenhagen SV Copenhagen 2022-01-01 2022-12-31 <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">The Board of Directors and the Executive Board have today considered and approved the annual report of As-</td></tr><tr><td colspan="1">tralis CS ApS for the financial year 01.01.2022 – 31.12.2022.</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 presented in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the financiual statements give a true and fair view of the Company’s financial position at</td></tr><tr><td colspan="1">31.12.2022 and of the results of its operations for the financial year 01.01.2022 – 31.12.2022.</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, that the management commentary contains a fair review of the affais and conditions referred to</td></tr><tr><td colspan="1">therein.</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 the annual report for adoption at the Annual General Meeting.</td></tr></table> Copenhagen 2023-06-15 <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 Astralis CS 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 Astralis CS ApS for the financial year 1 January - 31 December</td></tr><tr><td colspan="1">2022, which comprise income statement, balance sheet, notes and a summary of significant accounting policies.</td></tr><tr><td colspan="1">The Financial Statements are prepared under 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</td></tr><tr><td colspan="1">December 2022, and of the results of the Company operations for the financial year 1 January - 31 December</td></tr><tr><td colspan="1">2022 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 the additional re-</td></tr><tr><td colspan="1">quirements applicable in Denmark. Our responsibilities under those standards and requirements are further de-</td></tr><tr><td colspan="1">scribed in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We</td></tr><tr><td colspan="1">are independent of the Company in accordance with the International Ethics Standards Board for Accountants’</td></tr><tr><td colspan="1">International Code of Ethics for Professional Accountants (including International Independence Standards)</td></tr><tr><td colspan="1">(IESBA Code), together with the ethical requirements that are relevant to our audit of the financial statements in</td></tr><tr><td colspan="1">Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the</td></tr><tr><td colspan="1">IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a</td></tr><tr><td colspan="1">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">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 accord-</td></tr><tr><td colspan="1">ance with the Danish Financial Statements Act, and for such internal control as Management determines is nec-</td></tr><tr><td colspan="1">essary to enable the preparation of Financial Statements that are free from material misstatement, whether due</td></tr><tr><td colspan="1">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 con-</td></tr><tr><td colspan="1">tinue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern</td></tr><tr><td colspan="1">basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the</td></tr><tr><td colspan="1">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="3">Auditor’s Responsibilities for the Audit of the Financial Statements</td></tr><tr><td colspan="3">Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free</td></tr><tr><td colspan="3">from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our</td></tr><tr><td colspan="3">opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in</td></tr><tr><td colspan="3">accordance with ISAs and the additional requirements applicable in Denmark will always detect a material</td></tr><tr><td colspan="3">misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individ-</td></tr><tr><td colspan="3">ually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken</td></tr><tr><td colspan="3">on the basis of these Financial Statements.</td></tr><tr><td colspan="3">As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark,</td></tr><tr><td colspan="3">we exercise professional judgment and maintain professional skepticism throughout the audit. We also</td></tr><tr><td /><td>•</td><td>Identify and assess the risks of material misstatement of the Financial Statements, whether due to</td></tr><tr><td /><td /><td>fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evi-</td></tr><tr><td /><td /><td>dence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a</td></tr><tr><td /><td /><td>material misstatement resulting from fraud is higher than for one resulting from error as fraud may</td></tr><tr><td /><td /><td>involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal con-</td></tr><tr><td /><td /><td>trol.</td></tr><tr><td /><td>•</td><td>Obtain an understanding of internal control relevant to the audit in order to design audit procedures</td></tr><tr><td /><td /><td>that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the ef-</td></tr><tr><td /><td /><td>fectiveness of the Company’s internal control.</td></tr><tr><td /><td>•</td><td>Evaluate the appropriateness of accounting policies used and the reasonableness of accounting esti-</td></tr><tr><td /><td /><td>mates and related disclosures made by Management.</td></tr><tr><td /><td>•</td><td>Conclude on the appropriateness of Management’s use of the going concern basis of accounting in</td></tr><tr><td /><td /><td>preparing the Financial Statements and, based on the audit evidence obtained, whether a material</td></tr><tr><td /><td /><td>uncertainty exists related to events or conditions that may cast significant doubt on the Company’s</td></tr><tr><td /><td /><td>ability to continue as a going concern. If we conclude that a material uncertainty exists, we are re-</td></tr><tr><td /><td /><td>quired to draw attention in our auditor’s report to the related disclosures in the Financial Statements</td></tr><tr><td /><td /><td>or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit</td></tr><tr><td /><td /><td>evidence obtained up to the date of our auditor’s report. However, future events or conditions may</td></tr><tr><td /><td /><td>cause the Company to cease to continue as a going concern.</td></tr><tr><td /><td>•</td><td>Evaluate the overall presentation, structure and contents of the Financial Statements, including the</td></tr><tr><td /><td /><td>disclosures, and whether the Financial Statements represent the underlying transactions and events</td></tr><tr><td /><td /><td>in a manner that gives a true and fair view.</td></tr><tr><td colspan="3">We communicate with those charged with governance regarding, among other matters, the planned scope and</td></tr><tr><td colspan="3">timing of the audit and significant audit findings, including any significant deficiencies in internal control that</td></tr><tr><td colspan="3">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 Management Commentary</td></tr><tr><td colspan="1">Management is responsible for Management Commentary.</td></tr><tr><td colspan="1">Our opinion on the Financial Statements does not cover Management Commentary, and we do not express any</td></tr><tr><td colspan="1">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 Management Commentary</td></tr><tr><td colspan="1">and, in doing so, consider whether Management Commentary is materially inconsistent with the Financial State-</td></tr><tr><td colspan="1">ments 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 Management Commentary provides the information re-</td></tr><tr><td colspan="1">quired under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, we conclude that Management Commentary is in accordance with the</td></tr><tr><td colspan="1">Financial Statements and has been prepared in accordance with the requirements of the Danish Financial State-</td></tr><tr><td colspan="1">ments Act. We did not identify any material misstatement of Management Commentary.</td></tr></table> Copenhagen 2023-06-15 <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 commentary</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">Primary activities</td></tr><tr><td colspan="1">The Company’s primary activity is to run E-sport Counter-Strike team and its participation in tournaments.</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 activities and finances</td></tr><tr><td colspan="1">Gross profit for the year is DKK 28,693k, which is an increase with DKK 2,706k compared to 2021. Profit for</td></tr><tr><td colspan="1">the year is DKK 5,990k compared to a loss for DKK 9,721k in 2021. The result is according to expectations.</td></tr><tr><td colspan="1">In December 2022, the Parent company Astralis Management ApS, provided a group contribution of DKK</td></tr><tr><td colspan="1">25,000k in order to reestablish the equity of the Company.</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">Events after the balance sheet date</td></tr><tr><td colspan="1">No events have occurred after the balance sheet date that might effect the assessment of the financial statements</td></tr><tr><td colspan="1">for 2022.</td></tr></table> 44738000 16045000 28693000 22049000 186000 6458000 51000 442000 961000 5990000 0 5990000 <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="4" align="left" valign="middle" ><b>Statement of changes in equity for 2022</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="45%" ></td><td width="18%" colspan="1" align="right" valign="middle" ><b>Contributed</b></td><td width="18%" colspan="1" align="right" valign="middle" ><b>Retained</b></td><td width="19%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td width="45%" ></td><td width="18%" colspan="1" align="right" valign="middle" ><b>capital</b></td><td width="18%" colspan="1" align="right" valign="middle" ><b>earnings</b></td><td width="19%" colspan="1" align="right" valign="middle" ><b>Equity</b></td></tr><tr><td width="45%" ></td><td width="18%" colspan="1" align="right" valign="middle" ><b>DKK´000</b></td><td width="18%" colspan="1" align="right" valign="middle" ><b>DKK´000</b></td><td width="19%" colspan="1" align="right" valign="middle" ><b>DKK´000</b></td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Equity beginning of year</td><td width="18%" align="right" valign="middle" > 71 </td><td width="18%" align="right" valign="middle" >- 29.553 </td><td width="19%" align="right" valign="middle" >- 29.482 </td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Group contribution</td><td width="18%" align="right" valign="middle" > - </td><td width="18%" align="right" valign="middle" > 25.000 </td><td width="19%" align="right" valign="middle" > 25.000 </td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Profit for the year</td><td width="18%" align="right" valign="middle" > - </td><td width="18%" align="right" valign="middle" > 5.990 </td><td width="19%" align="right" valign="middle" > 5.990 </td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" ><b>Equity end of year</b></td><td width="18%" align="right" valign="middle" ><b> 71 </b></td><td width="18%" align="right" valign="middle" ><b> 1.437 </b></td><td width="19%" align="right" valign="middle" ><b> 1.508 </b></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="3" align="left" valign="middle" ><b>Notes</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="73%" ></td><td width="13%" colspan="1" align="left" valign="middle" ><b>DKK’000</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>DKK’000</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Staff costs</b></td></tr><tr><td width="73%" ></td><td width="13%" align="right" valign="middle" ><b>2022</b></td><td width="14%" align="right" valign="middle" ><b>2021</b></td></tr><tr><td width="73%" colspan="1" align="left" valign="middle" >Wages and salaries</td><td width="13%" align="right" valign="middle" > 21.907 </td><td width="14%" align="right" valign="middle" > 34.533 </td></tr><tr><td width="73%" colspan="1" align="left" valign="middle" >Pensions</td><td width="13%" align="right" valign="middle" > 6 </td><td width="14%" align="right" valign="middle" > - </td></tr><tr><td width="73%" colspan="1" align="left" valign="middle" >Other social security costs</td><td width="13%" align="right" valign="middle" > 136 </td><td width="14%" align="right" valign="middle" > 76 </td></tr><tr><td width="73%" ></td><td width="13%" align="right" valign="middle" ><b> 22.049 </b></td><td width="14%" align="right" valign="middle" ><b> 34.609 </b></td></tr><tr><td colspan="3"></td></tr><tr><td width="73%" colspan="1" align="left" valign="middle" ><b>Average number of employees</b></td><td width="13%" align="right" valign="middle" ><b> 12 </b></td><td width="14%" align="right" valign="middle" ><b> 10 </b></td></tr></table> 12 <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="3"></td></tr><tr><td width="73%" ></td><td width="13%" colspan="1" align="left" valign="middle" ><b>DKK’000</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>DKK’000</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Financial expenses</b></td></tr><tr><td width="73%" ></td><td width="13%" align="right" valign="middle" ><b>2022</b></td><td width="14%" align="right" valign="middle" ><b>2021</b></td></tr><tr><td width="73%" colspan="1" align="left" valign="middle" >Financial expenses to group enterprises</td><td width="13%" align="right" valign="middle" > 893 </td><td width="14%" align="right" valign="middle" > 1.026 </td></tr><tr><td width="73%" colspan="1" align="left" valign="middle" >Other interest expenses</td><td width="13%" align="right" valign="middle" > 68 </td><td width="14%" align="right" valign="middle" > 101 </td></tr><tr><td width="73%" ></td><td width="13%" align="right" valign="middle" ><b> 961 </b></td><td width="14%" align="right" valign="middle" ><b> 1.127 </b></td></tr><tr><td colspan="3"></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="73%" ></td><td width="13%" colspan="1" align="left" valign="middle" ><b>DKK’000</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>DKK’000</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Tax on profit/loss for the year</b></td></tr><tr><td width="73%" ></td><td width="13%" align="right" valign="middle" ><b>2022</b></td><td width="14%" align="right" valign="middle" ><b>2021</b></td></tr><tr><td width="73%" colspan="1" align="left" valign="middle" >Joint taxation contribution for the year</td><td width="13%" align="right" valign="middle" > - </td><td width="14%" align="right" valign="middle" > 271 </td></tr><tr><td width="73%" colspan="1" align="left" valign="middle" >Adjustment previous years, joint taxation contribution</td><td width="13%" align="right" valign="middle" > - </td><td width="14%" align="right" valign="middle" > 103 </td></tr><tr><td width="73%" ></td><td width="13%" align="right" valign="middle" ><b> - </b></td><td width="14%" align="right" valign="middle" ><b> 374 </b></td></tr><tr><td colspan="3"></td></tr><tr><td width="73%" ></td><td width="13%" ></td><td width="14%" align="right" valign="middle" > 12 </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="88%" ></td><td width="12%" colspan="1" align="right" valign="middle" ><b>DKK’000</b></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" ><b>Acquired rights</b></td></tr><tr><td width="88%" ></td><td width="12%" align="right" valign="middle" ><b>2022</b></td></tr><tr><td width="88%" colspan="1" align="left" valign="middle" >Cost beginning of year</td><td width="12%" align="right" valign="middle" > - </td></tr><tr><td width="88%" colspan="1" align="left" valign="middle" >Additions for the year</td><td width="12%" align="right" valign="middle" > 4.463 </td></tr><tr><td width="88%" colspan="1" align="left" valign="middle" ><b>Cost end of period</b></td><td width="12%" align="right" valign="middle" ><b> 4.463 </b></td></tr><tr><td colspan="2"></td></tr><tr><td width="88%" colspan="1" align="left" valign="middle" >Amortisation beginning of year</td><td width="12%" align="right" valign="middle" > - </td></tr><tr><td width="88%" colspan="1" align="left" valign="middle" >Amortisation for the year</td><td width="12%" align="right" valign="middle" >- 186 </td></tr><tr><td width="88%" colspan="1" align="left" valign="middle" ><b>Amortisation end of year</b></td><td width="12%" align="right" valign="middle" ><b>- 186 </b></td></tr><tr><td colspan="2"></td></tr><tr><td width="88%" colspan="1" align="left" valign="middle" ><b>Carrying amount</b></td><td width="12%" align="right" valign="middle" ><b> 4.277 </b></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"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Payables to Group Enterprises</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company has received a subordination declaration from its parent, Astralis Management A/S, whereby</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >payable amount of DKK 7,754k is subordinated other creditors at least until 31 December 2023.</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"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Contingent assets</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company has a non-recognized tax asset of DKK 6,865k relating primarily to tax loss carryforwards,</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >which can be used by the Company or other group related entities. Capitalisation awaits that the Company</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >and/or other group related entities become profitable on a sustainable basis.</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"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Contingent liabilities</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company participates in Danish joint taxation arrangement where Astralis A/S serves as the administra-</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >tion entity. According to the joint taxation provisions of the Danish Corporation Tax Act, the Company is</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >therefore secondarily liable for income taxes etc. for the jointly taxed entities, which is limited tothe interest</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >by which the Company participates in the Group, as well as secondarily liable for obligations, if any, relating</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >to the withholding of tax on interest, royalties and dividend for the jointly entities.</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</td></tr><tr><td colspan="1">governing reporting class B enterprises with addition of certain provisions for reporting class C.</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 from sponsorships is recognised in the income statement over the duration of the contracts. Some spon-</td></tr><tr><td colspan="1">sorships are arranged as value-in-kind sponsorships where the sponsors provide goods or services (value in kind)</td></tr><tr><td colspan="1">instead os cash as part of the sponsorship agreement. Value-in-kind arrangements are accounted for at the agreed</td></tr><tr><td colspan="1">fair value and is recognized as revenue over the sponsorship period and as expenses when goods or services are</td></tr><tr><td colspan="1">consumed.</td></tr><tr><td colspan="1">Revenue from prize money is recognised in the income statement when the tournament is completed.</td></tr><tr><td colspan="1">Revenue from merchandise is recognised when the merchandise is delivered to the customer.</td></tr><tr><td colspan="1">Revenue from stickers is recognised when the stickers are acquired from the customers online.</td></tr><tr><td colspan="1">Revenue from royalties is recognised in the income statement over the duration of the contracts.</td></tr><tr><td colspan="1">Revenue from participation in leagues is recognised in the income statement over the duration of the league</td></tr><tr><td colspan="1">period and variable revenue is recognised when earned and amount has been finally determined.</td></tr><tr><td colspan="1">Revenue is recognised net of VAT and is measured at fair value of the consideration.</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 include expenses relating to the Company’s ordinary activities, including corporate</td></tr><tr><td colspan="1">expenses, it-costs etc.</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 costs</td></tr><tr><td colspan="1">Staff costs comprise salaries and wages including prize money passed on to players as well as social security</td></tr><tr><td colspan="1">contributions, pension contributions, etc. for the Company’s staff.</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">Depreciation, amortization and impairment losses.</td></tr><tr><td colspan="1">Depreciation, amortization and impairment losses relating to intangible assets comprise amortization losses for</td></tr><tr><td colspan="1">the financial 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">Financial income</td></tr><tr><td colspan="1">Financial income comprises interest income and exchange gains and other financial income.</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 expenses</td></tr><tr><td colspan="1">Financial expenses comprises interest expenses, including interest expenses on payables to group enterprises and</td></tr><tr><td colspan="1">exchange losses.</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, which cocsists of current tax for the year and changes in deferred tax, is recognized in the</td></tr><tr><td colspan="1">income statement by the portion attributable to the profit for the year and recognized directly in the equity by</td></tr><tr><td colspan="1">the portion attributable to entries directly in equity.</td></tr><tr><td colspan="1">The Company is part of the joint taxation arrangement with Astralis A/S as administration company. The current</td></tr><tr><td colspan="1">income tax is allocated among the jointly taxed companies proportionally to their taxable income (full allocation</td></tr><tr><td colspan="1">with a refund concerning tax losses).</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><tr><td colspan="1">Acquired rights etc</td></tr><tr><td colspan="1">Acquired rights etc comprise contracts with players.</td></tr><tr><td colspan="1">Acquired rights are measured at cost less accumulated amortisation, and are amortised over the contract period.</td></tr><tr><td colspan="1">Acquired rights etc. are written down to the lower of recoverable amount and carrying amount.</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 at amortised cost, usually aqualling nominal value, less writedowns for bad and doubt-</td></tr><tr><td colspan="1">ful 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">Prepayments</td></tr><tr><td colspan="1">Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.</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</td></tr><tr><td colspan="1">Cash comprises bank deposits.</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 financial liabilities</td></tr><tr><td colspan="1">Other financial liabilities are measured at amortised cost, which usually corresponds to nominal 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">Joint taxation contributions payable or receivable</td></tr><tr><td colspan="1">Current joint taxation contributions payable are recognised in the balance sheet, calculated as tax computed on</td></tr><tr><td colspan="1">the taxable income of the year, which has been adjusted for prepaid tax.</td></tr></table> Årsrapport 20222670 BDO Statsautoriseret Revisionsaktieselskab Kystvejen 29 8000 Aarhus C xWizard version 1.1.1209.2, by EasyX Aps. www.easyx.eu 2021-01-01 2021-12-31 Revisionspåtegning Grundlag for konklusion Konklusion Anders Hørsholt CEO Jakob Hansen CFO Nikolaj Nyholm Chairman Anders Hørsholt Jakob Hansen 52909000 26922000 25987000 34609000 631000 -9253000 0 285000 1127000 -10095000 -374000 -9721000 10 5990000 -9721000 4277000 4277000 6986000 3240000 3390000 3000 0 13619000 4065000 17684000 21961000 71000 1437000 1508000 1240000 1240000 30000 17489000 1694000 19213000 20453000 21961000 0 0 14655000 737000 3380000 203000 374000 19349000 8758000 28107000 28107000 71000 -29553000 -29482000 0 0 102000 38142000 19345000 57589000 57589000 28107000 BDO Statsautoriseret revisionsaktieselskab Havneholmen 29 1561 København V 20222670 Kim Takata Mücke State-Authorised Public Accountant mne10944 Troels Stenholm State-Authorised Public Accountant mne47806 20222670 BDO Statsautoriseret revisionsaktieselskab