Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2018-12-31 | 148636000 | vEUR |
| ifrs-full:Assets | 2017-12-31 | 38705000 | vEUR |
| ifrs-full:Assets | 2018-12-31 | 126046000 | vEUR |
| ifrs-full:Assets | 2017-12-31 | 34442000 | vEUR |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2018-01-01 | 2018-12-31 | 40483000 | vEUR |
| ifrs-full:Revenue | 2017-01-01 | 2017-12-31 | 26257000 | vEUR |
| ifrs-full:Revenue | 2018-01-01 | 2018-12-31 | 23715000 | vEUR |
| ifrs-full:Revenue | 2017-01-01 | 2017-12-31 | 22103000 | vEUR |
XML
See the xml submitted here:
XML: http://regnskaber.virk.dk/31925672/ZG9rdW1lbnRsYWdlcjovLzAzL2Q2LzdiL2NkL2Q2Lzg4YjctNDZjZS1iMDAzLWRkMDMwZTlkMjc4Yg.xml
Separator
The full data:
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<mrv:CorporateGovernanceReport contextRef="ctx1" xml:lang="da"><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">Corporate governance</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5">CORPORATE GOVERNANCE REPORT</td></tr><tr><td colspan="5">Better Collective A/S is a Danish public limited liability company and is governed by the provisions of the Danish Companies act. The registered office and headquarters is situated in Copenhagen, Denmark. Better Collective is listed on Nasdaq Stockholm since June 8, 2018, in the Mid Cap segment</td></tr><tr><td colspan="5">BETTER COLLECTIVE COMPLIES WITH THE SWEDISH CODE OF CORPORATE GOVERNANCE WITH THE FOLLOWING EXCEPTIONS: As stipulated in Better Collectiveâs Articles of Association, the board of directors appoint the meeting chair for the AGM instead of letting the nomination committee propose a meeting chair. The Articles also stipulate that the meeting chair approves the AGM minutes instead of letting an AGM participant that is not member of the board or an employee of the company approve the minutes of the meeting. The respective reports on corporate governance and CSR do not include a part of the auditorâs report covering the specific reports, as these subjects are not individually addressed in the auditorâs report. These deviations are due to differences between Danish and Swedish laws and practices.</td></tr><tr><td colspan="5">Framework for corporate Governance in Better Collective</td></tr><tr><td colspan="5">The purpose of corporate governance is to ensure that a company is run sustainably, responsibly and as efficiently as possible. In Better Collective, good corporate governance is about earning the confidence of shareholders, business partners, and legislators by creating transparency in decision-making and processes. A well defined and structured distribution of roles and areas of responsibilities between shareholders, the board, and management secures efficiency at all levels. Most of all, it allows the management team to focus on business development and thereby the creation of shareholder value. The board of directors serves as a highly qualified dialogue partner for the management team supporting the outlined growth strategy, securing a tight risk management setup and optimal capital structure. The corporate governance is based on applicable Danish legislation and other external rules and instructions, including the Danish Companies Act, Nasdaq Stockholmâs Rulebook, the Swedish Securities Councilâs good practices in the stock market, the Swedish Code of Corporate Governance (the Code, available from www.corporategovernanceboard.se) and Better Collective guidelines such as the Articles of Association, policies, and guidelines. Better Collective has resolved that it will comply with the Swedish Code instead of the Danish recommendations on Corporate Governance, as is customary for companies listed on Nasdaq Stockholm. The main corporate laws and rules on governance relevant for shareholders in a Danish public limited liability company that is listed on Nasdaq Stockholm, and complying with the Code, are to a large extent materially similar to the corresponding Swedish rules that would apply for a Swedish public limited liability company under the same circumstances.</td></tr><tr><td colspan="5">The share and shareholders</td></tr><tr><td colspan="5">Better Collective A/S was listed on Nasdaq Stockholm in the Mid Cap segment on June 8, 2018. The number of shares outstanding on December 31, 2018 was 40,487,111. Each share entitles the holder to one vote. The number of shareholders on December 31, 2018 was 791 which is an increase from the 661 shareholders at the time of the listing. The largest shareholders on December 31, 2018 were Chr. Dam Holding and J. Søgaard Holding (the co-founders of Better Collective) with each 12,171,168 shares and each representing 30% percent of the votes and share capital in the company. Further information on the Better Collective share and shareholders are available in the section Share and shareholders on page 30 as well as on the companyâs website.</td></tr><tr><td colspan="5">GENERAL MEETING</td></tr><tr><td colspan="5">Pursuant to the Danish Companies Act, the general meeting is the Companyâs superior decision-making body. The general meeting may resolve upon every issue for the Company which does not specifically fall within the scope of the exclusive powers of another corporate body, for example the power to appoint the executive management, which falls within the scope of the board of directors in limited liability companies that are managed by a board of directors.</td></tr><tr><td colspan="5">At the general meeting, the shareholders exercise their voting rights in key issues, such as amendments of the Companyâs articles of association, approval of the annual report, appropriation of the Companyâs profit or loss (including distribution of any dividends), resolutions to discharge the members of the board of directors and the executive management from liability, the appointment and removal of members of the board of directors and auditors and remuneration for the board of directors and auditors. Other matters transacted at the meeting may include matters that, according to the articles of association or the Danish Companies Act, must be submitted to the general meeting.</td></tr><tr><td colspan="5">Time and place</td></tr><tr><td colspan="5">The annual general meeting must be held at a date that allows sufficient time to send the Danish Business Authority a copy of the audited and adopted annual report within four months of the end of the financial year. In addition to the annual general meeting, extraordinary general meetings may be convened and held when required. According to the Companyâs articles of association, general meetings must be held in Greater Copenhagen, Gothenburg or Stockholm.</td></tr><tr><td colspan="5">Notice</td></tr><tr><td colspan="5">According to the Companyâs articles of association, general meetings must be convened by the board of directors giving written notice no earlier than five weeks and no later than three weeks prior to the general meeting. Pursuant to the Danish Companies Act, notices convening general meetings shall be made public on the Companyâs website. If requested, shareholders shall receive written notices of the general meetings as the case may be. The Company expects simultaneously to publish an advertisement in the Swedish daily newspaper Svenska Dagbladet that notice convening the meeting has been given.</td></tr><tr><td colspan="5">Extraordinary general meetings must be held upon request from the board of directors or the auditor elected by the general meeting. In addition, shareholders that individually or collectively hold five percent or more of the share capital can make a written request to the board of directors that an extraordinary general meeting be held to resolve upon a specific matter. Such extraordinary general meetings must be convened within two weeks of the board of directorsâ receipt of a request to that effect.</td></tr><tr><td colspan="5">The notice to convene a general meeting must be made in the form and substance for public limited liability companies admitted to trading on a regulated market as stipulated in the Danish Companies Act. The notice must also specify the time and place of the general meeting and contain the agenda of the business to be addressed at the general meeting. If an amendment of the Companyâs articles of association shall be resolved upon at a general meeting, the complete proposal must be included in the notice. For certain material amendments, the specific wording must be set out in the notice.</td></tr><tr><td colspan="5">As regards the annual general meeting, the Company must announce the date for the meeting as well as the deadline for any shareholder proposals no later than eight weeks before the scheduled date for the annual general meeting.</td></tr><tr><td colspan="5">Right to attend general meetings</td></tr><tr><td colspan="5">A shareholderâs right to attend a general meeting and to vote on their shares is determined on the basis of the shares held by the shareholder at the date of registration. The date of registration is one week before the general meeting is held. The holdings of each individual shareholder is based on the number of shares held by that shareholder as registered in the Companyâs share register maintained by Euroclear Sweden as well as any notifications of ownership received by the Company for the purpose of registration in the share register, but not yet registered.</td></tr><tr><td colspan="5">To attend the general meeting, a shareholder must, in addition to the above-mentioned, also notify the Company of his or her attendance no later than three days prior to the date of the general meeting, as stipulated by the Companyâs articles of association. Shareholders may attend general meetings in person, through a proxy or by postal vote, and may be accompanied by an advisor. All attending shareholders are entitled to speak at general meetings.</td></tr><tr><td colspan="5">Voting rights and shareholders initiatives</td></tr><tr><td colspan="5">Each share entitles the holder to one vote. All matters addressed at the general meeting must be decided by a simple majority vote, unless otherwise stipulated by the Danish Companies Act or the Companyâs articles of association. A resolution to amend the articles of association requires that no less than two thirds of the votes cast as well as the share capital represented at the general meeting vote in favour of the resolution, unless a larger majority is required by the Danish Companies Act (for example resolutions to reduce shareholder rights to receive dividends or to restrict the transferability of the shares) or the Companyâs articles of association. Shareholders who wish to have a specific matter brought before the general meeting must submit a written request to the Companyâs board of directors no later than six weeks prior to the general meeting. If the request is received less than six weeks before the date of the general meeting, the board of directors must decide whether the request has been made with enough time for the issues to be included on the agenda.</td></tr><tr><td colspan="5">GENERAL MEETINGS IN 2018</td></tr><tr><td colspan="5">The Annual General Meeting 2018 was held on April 26, 2018 and approved the 2017 annual report, discharged the Board and Executive Management, and re-elected all the current board members and current auditor. Three extraordinary general meetings were held in 2018: On February 2, a meeting was held to elect Petra von Rohr as additional new member of the board of directors of Better Collective until the close of the next annual general meeting. On May 18, the shareholders resolved on items required in preparations for a listing on Nasdaq Stockholm, including instructions and rules of procedure for the nomination committee, amendment of the denomination and currency of the companyâs shares, and to authorize the board to carry out a share increase, limited to the over-allotment option (valid until December 31, 2018). The meeting on June 7 resolved to carry out a share increase.</td></tr><tr><td colspan="5">Annual general meeting 2019</td></tr><tr><td colspan="5">The annual general meeting 2019 will take place on April 25, 2019 at 16.00 at Better Collective, Toldbodgade 12 in Copenhagen, Denmark. For more information, see section on Annual general meeting on the companyâs website.</td></tr><tr><td colspan="5">NOMINATION COMMITTEE</td></tr><tr><td colspan="5">According to the Code, the Company shall have a nomination committee, the duties of which shall include the preparation and drafting of proposals regarding the election of members of the board of directors, the chairman of the board of directors, the chairman of the general meeting and auditors. In addition, the nomination committee shall propose fees for board members and the auditor. At the extraordinary meeting held on 18 May 2018, it was resolved to adopt instructions and rules of procedure for the nomination committee according to which the nomination committee shall consist of four members representing the three largest shareholders per the end of August, together with the chairman of the board of directors. The names of the members of the nomination committee must be published by the Company no later than six months prior to the annual general meeting.</td></tr><tr><td colspan="5">On August 31, 2018, the two largest shareholders were Bumble Ventures and Better Partners which due to their interlinked ownership are grouped. In accordance with shareholdersâ decision, the nomination committee was appointed and is composed by four members in total</td></tr><tr><td colspan="5">Daniel Nyvang Mariussen, appointed by Bumble Ventures and Better Partners and chairman of the nomination committee</td></tr><tr><td colspan="5">Martin Jonasson, appointed by Andra AP Fonden</td></tr><tr><td colspan="5">Michael Knutsson, appointed by Knutsson Holdings</td></tr><tr><td colspan="5">Jens Bager, Chairman of the board of directors, Better Collective</td></tr><tr><td colspan="5">In all, the nomination committee represented 68,4% of the total number of shares in Better Collective, based on ownership data as per August 31, 2018.</td></tr><tr><td colspan="5">Independence of the nomination committee</td></tr><tr><td colspan="5">The Code requires the majority of the nomination committeeâs members to be independent in relation to the company and its management and that at least one of these shall also be independent in relation to the companyâs largest shareholder in terms of voting power. All members are independent in relation to the company and the companyâs management and all members except for Daniel Nyvang Mariussen are independent in relation to major shareholders.</td></tr><tr><td colspan="5">Meetings of the nomination committee</td></tr><tr><td colspan="5">Ahead of the AGM 2019, the nomination committee has held four meetings, all of which with full attendance. No fees have been paid for work on the committee.</td></tr><tr><td colspan="5">BOARD OF DIRECTORS</td></tr><tr><td colspan="5">After the general meeting, the board of directors is the most superior decision-making body of the Company. The duties of the board of directors are set forth in the Danish Companies Act, the Companyâs articles of association, the Code and the written rules of procedure adopted by the board of directors, which are revised annually. The rules of procedure regulate, inter alia, the practice of the board of directors, tasks, decision-making within the Company, the board of directorsâ meeting agenda, the chairmanâs duties and allocation of responsibilities between the board of directors and the executive management. Rules of procedure for the executive management, including instruction for financial reporting to the board of directors, are also adopted by the board of directors.</td></tr><tr><td colspan="5">The board of directors meets according to a pre-determined annual schedule. At least five ordinary board meetings shall be held between each annual general meeting. In addition to these meetings, extraordinary meetings can be convened for processing matters which cannot be referred to any of the ordinary meetings. In 2018, 12 meetings were held.</td></tr><tr><td colspan="5">Composition of the board</td></tr><tr><td colspan="5">The members of the board of directors are elected annually at the annual general meeting for the period until the end of the next annual general meeting. According to the Companyâs articles of association, the board of directors shall consist of no less than three and no more than seven board members. Furthermore, the Code stipulates that no deputy members may be appointed. Currently, the board of directors is comprised of five ordinary board members elected by the general meeting: Jens Bager (Chairman), Klaus Holse, Søren Jørgensen, Leif Nørgaard, and Petra von Rohr. The board attended Nasdaqâs stock market training course for board and management prior to the listing in 2018. For information about the board members see page 28.</td></tr><tr><td colspan="5">Evaluation of board performance</td></tr><tr><td colspan="5">The board of directors regularly evaluates its work through a structured process. The chairman is responsible for carrying out the evaluation and presenting the results to the nomination committee. In 2018, the chairman conducted a self-assessment of the boardâs work, including the collaboration with the executive management. The evaluation was supplemented with individual interviews with the board members, conducted by the nomination committee. The overall conclusion was that the board has a well-balanced mix of competencies and the boardâs performance and efficiency is found to be satisfactory.</td></tr><tr><td colspan="5">Board committees</td></tr><tr><td colspan="5">The board of directors has established two committees: the audit committee and the remuneration committee. The board of directors has adopted rules of procedure for both committees.</td></tr><tr><td colspan="5">Audit committee</td></tr><tr><td colspan="5">The audit committee is comprised of Leif Nørgaard (chairman), Søren Jørgensen, and Petra von Rohr. The audit committeeâs role is mainly to monitor the Companyâs financial position, to monitor the effectiveness of the Companyâs internal control and risk management, to be informed about the audit of the annual report and the consolidated financial statements, to review and monitor the auditorâs impartiality and independence and to monitor the Companyâs compliance with law and regulations related to financial matters. The audit committee has an annual work plan and has held five meetings in 2018.</td></tr><tr><td colspan="5">Remuneration committee</td></tr><tr><td colspan="5">The remuneration committee is comprised of Jens Bager (chairman) and Klaus Holse. The remuneration committeeâs role is primarily to prepare matters regarding remuneration and other terms of employment for the executive management and other key employees. The remuneration committee shall also monitor and evaluate ongoing and completed programs for variable remuneration to the Companyâs management and monitor and evaluate the implementation of the guidelines for remuneration to the Executive management which the annual general meeting has adopted. The remuneration committee has an annual work plan and has held two meetings in 2018.</td></tr><tr><td colspan="5">Attendance at board and committee meetings</td></tr><tr><td /><td /><td>Board</td><td>Audit</td><td>neration</td></tr><tr><td /><td>Name</td><td>Meeting</td><td>Committee</td><td>Committee</td></tr><tr><td>Jens Bager (chairman)</td><td /><td>12/12</td><td>-</td><td>2/2</td></tr><tr><td>Klaus Holse</td><td /><td>11/12</td><td>-</td><td>2/2</td></tr><tr><td>Leif Nørgaard</td><td /><td>12/12</td><td>5/5</td><td>-</td></tr><tr><td>Søren Jørgensen</td><td /><td>12/12</td><td>5/5</td><td>-</td></tr><tr><td>Petra von Rohr*</td><td /><td>10/12</td><td>2/5</td><td>-</td></tr><tr><td colspan="5">*PvR joined the board on February 12, 2018 and joined the Audit Committee following the AGM on April 25, 2018.</td></tr><tr><td colspan="5">EXECUTIVE MANAGEMENT</td></tr><tr><td colspan="5">According to the Danish Companies Act and the Companyâs articles of association, the board of directors appoints and removes the members of the executive management. The executive management is responsible for the day-to-day management of the Company. Currently, the executive management consists of Jesper Søgaard as CEO, Flemming Pedersen as CFO and Christian Kirk Rasmussen as COO. The members of the executive management are presented in further detail on page 29.</td></tr><tr><td colspan="5">The duties and responsibilities of the executive management are governed by the Danish Companies Act, the Companyâs articles of association, the rules of procedures for the executive management adopted by the board of directors, other instructions given by the board as well as other applicable laws and regulations. The executive managementâs duties and responsibilities include, inter alia, ensuring that the Company maintains adequate accounting records and procedures, that the board of directorsâ resolutions are implemented in the daily management of the Company, that the board of directors are up to date on all matters of importance to the Company and that the day-to-day management of the Company is carried out.</td></tr><tr><td colspan="5">REMUNERATION TO THE BOARD OF DIRECTORS AND THE EXECUTIVE MANAGEMENT</td></tr><tr><td colspan="5">Remuneration to the board of directors</td></tr><tr><td colspan="5">Fees and other remuneration to board members elected by the general meeting are resolved by the annual general meeting. At the annual general meeting held on 26 April 2018, it was resolved that fees of DKK 300,000 is to be paid to the chairman and that fees of DKK 100,000 is to be paid to each of the other board members. The work in a board committee is remunerated with DKK 50,000 for a chairmanship and 25,000 for a regular member (in each case paid out proportionally for the period from the time of the listing to the next annual general meeting).</td></tr><tr><td colspan="5">For the financial year 2018, the board of directors received remuneration as set out in note 5 on page 55.</td></tr><tr><td colspan="5">Remuneration to the executive management</td></tr><tr><td colspan="5">Remuneration to the executive management consists of basic salary, variable remuneration, pension benefits, share related incentive programs and other benefits. For the financial year 2018, the executive management received remuneration as set out in note 5 on page 56.</td></tr><tr><td colspan="5">Guidelines for remuneration to the board of directors and the executive management</td></tr><tr><td colspan="5">At an extraordinary general meeting on 18 May 2018, it was resolved to adopt guidelines with the following main content. The overall purpose of the guidelines is to attract, motivate and retain qualified members of the board of directors and the executive management.</td></tr><tr><td colspan="5">Members of the Companyâs board of directors and executive management receive a fixed annual remuneration. In addition, members of the board of directors and the executive management may receive incentive-based remuneration consisting of share-based rights. Finally, members of the executive management may receive incentive-based remuneration consisting of a cash bonus (including cash bonuses based on development in the share price), on both an ongoing, single-based and event-based basis.</td></tr><tr><td colspan="5">Cash bonus schemes for executive management may consist of an annual bonus, which the individual member of the executive management can receive if specific targets of the Company and other possible personal targets for the relevant year are met. The maximum cash bonus shall be equivalent to 100 percent of the fixed base salary of each eligible participant of the executive management. Payment of bonus is only relevant when conditions and targets have been fully or partly met (as determined by the board of directors). If no targets are met, no bonus is paid out. Targets for the executive management shall be agreed upon by the board of directors and the executive management. The general meeting will decide whether or not to establish a long-term incentive program (LTI program).</td></tr><tr><td colspan="5">INTERNAL CONTROL</td></tr><tr><td colspan="5">The board of directors has the overall responsibility for the internal control of the Company. The main purpose of the internal control is to ensure that the Companyâs strategies and objectives can be implemented within the business, that there are effective systems for monitoring and control of the Companyâs business and the risks associated with the Company and its business, and to ensure that the financial reporting has been prepared in accordance with applicable laws, accounting standards and other requirements imposed on listed companies. The board of directorâs responsibility for the internal control and financial reporting is governed by the Danish Financial Statements Act, the Danish Companies Act and the Code. In addition, the board of directors has implemented an internal control framework based on the COSO standard, which focuses on the five areas control environment, risk assessment, control activities, information and communication and monitoring.</td></tr><tr><td colspan="5">Control environment</td></tr><tr><td colspan="5">In order to create and maintain a functioning control environment, the board of directors has adopted a number of steering documents and policies, including rules of procedure for the board of directors, the board committees and the executive management with instruction for financial reporting to the board of directors. The policies include a tax policy, treasury policy, IT policy, information policy, insider policy, instruction for insider lists and a code of conduct. The Company also has a group accounting manual which contains principles, guidelines and processes for accounting and financial reporting.</td></tr><tr><td colspan="5">The division of roles and responsibilities within the rules of procedure for the board of directors and the executive management aim to facilitate an effective management of the Companyâs risks. The board of directors has also established an audit committee whose main task is to monitor the effectiveness of the Companyâs internal control, internal audit and risk management, to be informed about the audit of the annual report and consolidated financial statements, and to review and monitor the auditorâs impartiality and independence. The board evaluates the need for an internal audit function annually. In 2018, given the size of the company, it was decided that an internal audit function is not currently needed.</td></tr><tr><td colspan="5">The Company applies an internal âsigning &amp; approvalâ framework to ensure a clear and formalised distribution and limitation of power, and to define and govern guidelines for the delegation of authority to sign on behalf of the Company. The Company has furthermore established an IT governance structure to ensure that all major IT projects supports the Companyâs business goals and that existing IT system and resources are used optimally. The Company has implemented a whistle-blower scheme providing employees with the ability to easily and anonymously report any observations of potentially destructive, unethical or illegal activities related to the Company.</td></tr><tr><td colspan="5">Risk assessment</td></tr><tr><td colspan="5">Risk assessment includes identifying risks pertaining to the Companyâs business, assets and financial reporting as well as assessing the impact and probability of those risks, to ensure that actions to reduce or eliminate risks are analysed and implemented. Within the board of directors, the audit committee is responsible for continuously assessing the Companyâs risks</td></tr><tr><td colspan="5">The executive management shall annually prepare an internal risk management assessment which is reported to the audit committee and subsequently to the board of directors. The risk management assessment shall include a follow-up on previous yearâs work and a review of any changes to procedures, control systems and risk-mitigating actions. In March 2018, the executive management initiated an internal risk management assessment that will be followed-up throughout the year and presented to the board of directors as a final report ahead of the preparation of the 2018 annual report.</td></tr><tr><td colspan="5">With regards to financial reporting, the CFO and the finance department annually prepares a report for the audit committee, including a review of items subject to special risks and significant accounting estimates and judgements, allowing the audit committee to monitor the financial reporting process. The audit committee also evaluates the need for an internal audit function annually and makes recommendation to the board of directors.</td></tr><tr><td colspan="5">Control activities</td></tr><tr><td colspan="5">Control activities are performed for the purpose of preventing, detecting and correcting any errors and irregularities, including fraud. Control activities are implemented in the Companyâs systems and procedures, including financial reporting systems and procedures. Control activities include, for example, physical and electronical preventive access controls concerning sensitive and confidential information, preventive IT based controls limiting access to systems, joint approval procedures for electronic bank transfers and detective controls. Financial control activities are performed in accordance with the group accounting manual and are carried out on a monthly basis and are documented.</td></tr><tr><td colspan="5">Information and communication</td></tr><tr><td colspan="5">Internal communication to employees occurs, inter alia, through policies, instructions and newsletters, including a code of conduct that serves as an overall guiding principle for employees in all communication, an information policy that governs internal and external information as well as an insider policy to ensure appropriate handling of insider information that has not yet been disclosed to the public. The Groupâs CEO has the overall responsibility for the handling of matters regarding insider information.</td></tr><tr><td colspan="5">The Companyâs Investor Relations function is led and supervised by the CFO and the Investor Relations Manager. The Investor Relations functionâs principal tasks are to support in matters in relation to the capital market as well as to assist in preparing financial reports, general meetings, capital market presentations and other regular reporting regarding Investor Relations activities.</td></tr><tr><td colspan="5">Monitoring</td></tr><tr><td colspan="5">Compliance and effectiveness of internal controls are continuously monitored. The executive management ensures that the board of directors receives continuous reports on the development of the Companyâs activities, including the Companyâs financial results and position, and information about important events, such as key contracts. The executive management also reports on such matters at each board meeting.</td></tr><tr><td colspan="5">The board of directors and the audit committee examines the annual report and the interim reports and conducts financial evaluations based on established business plans. The audit committee reviews any changes in accounting policies to determine the appropriateness of the accounting policies and financial disclosure practices. The audit committee furthermore reviews the consistency of accounting policies across the Group on a yearly basis.</td></tr><tr><td colspan="5">Every year a self-evaluation of the efficiency of the key controls is performed and a risk report prepared and presented to the board of directors that summarizes the performed evaluations and accounts for any deviations that must be managed. In April 2018, a review of internal controls was performed with the purpose of reviewing compliance with processes and internal controls covering key areas and process flows according to the Companyâs group accounting manual. The report concluded that the Companyâs financial internal controls are deemed appropriate.</td></tr><tr><td colspan="5">Furthermore, the Groupâs policies are subject to at least one annual review by the board of directors.</td></tr><tr><td colspan="5">EXTERNAL AUDIT</td></tr><tr><td colspan="5">The Companyâs auditor is appointed by the annual general meeting for the period until the end of the next annual general meeting. The auditor audits the financial statements prepared by the board of directors and the executive management. Following each financial year, the auditor shall submit an audit report to the annual general meeting. The Companyâs auditor reports its observations from the audit and its assessment of the Companyâs internal control to the board of directors. At the annual general meeting held on 26 April 2018, Ernst &amp; Young Godkendt Revisionspartnerselskab was re-elected as the Companyâs auditor with Jan C. Olsen as the lead auditor. It was also resolved that the fees to the auditor should be paid in accordance with normal charging standards and approved invoice. The total fee paid to the Companyâs auditor for the financial year 2018 amounted to 589 tEUR, of which 47 tEUR regarded the audit assignment, and 543 tEUR regarded other assignments.</td></tr><tr><td colspan="5">Better Collective complies with the Swedish code of Corporate governance with the following exceptions</td></tr><tr><td colspan="5">As stipulated in Better Collectiveâs Articles of Association, the board of directors appoint the meeting chair for the AGM instead of letting the nomination committee propose a meeting chair. The Articles also stipulate that the meeting chair approves the AGM minutes instead of letting an AGM participant that is not member of the board or an employee of the company approve the minutes of the meeting.</td></tr><tr><td colspan="5">The respective reports on corporate governance and CSR do not include a part of the auditorâs report covering the specific reports, as these subjects are not individually addressed in the auditorâs report.</td></tr><tr><td colspan="5">These deviations are due to differences between Danish and Swedish laws and practices.</td></tr><tr><td colspan="5">Key risk factors</td></tr><tr><td colspan="5">Key risk factors are described below. The risk factors are not listed in any order of priority.</td></tr><tr><td>Risk Item</td><td>Description</td><td>Risk Management</td></tr><tr><td>Market regulation</td><td>Changes to applicable laws and regulations could lead to an increased burden of compliance, which could be costly and time-consuming to maintain efficiently. In addition, the uncertainty that characterises the legal framework for iGaming means that iGaming operators must devote significant time and resources to monitor the regulatory development.</td><td>Changes in regulation may involve imposing license requirements, marketing restrictions and local taxation but can also imply a liberalisation of the market. iGaming regulation provides transparency to the legal framework, which in turn enhances predictability. We believe that iGaming regulation typically has a positive impact on the growth of the iGaming market.</td></tr><tr><td>Markets and customers</td><td>Anticipating and responding to important trends in the market for iGaming is critical to Better Collectiveâs ability to retain customers and win market share. Failing to spot these trends represents a risk.</td><td>Extensive market research and industry analysis allow Better Collective to anticipate and respond to market movements and new requirements.</td></tr><tr><td>Products and users</td><td>Better Collective constantly aims at offering the best and most innovative products. Failure to be ahead of development in the industry poses a risk, as the competitive landscape encourages novelty and edge in products.</td><td>Better Collective conducts a systematic prioritisation of user, customer, and market requirements. Updates include enhanced system functionality and improved technical infrastructure.</td></tr><tr><td>M&amp;A</td><td>Better Collective participates actively in market consolidation to increase relevance to its customers and to reduce the exposure to single products and customers. M&amp;A activity poses risk in that targets need to be qualified, deals negotiated, and businesses integrated.</td><td>Better Collective has proven its acquisition model throughout 2018 and continue to work diligently in the evaluation and building of its M&amp;A pipeline. Integration of new assets and/or entities create valuable synergies due to Better Collectiveâs APIs and processes.</td></tr><tr><td>Corporate Culture</td><td>People remain the key drivers in everything that we do at Better Collective as our business is based on specialised expertise and innovation. Failure to attract, develop, and retain the most skilled employees and management talent constitutes a risk to the company.</td><td>Our company values and the notion of work/life balance serve as strong tools for recruitment of talent as we have, naturally, found that talented people are happy to stay with a company that treats them with respect and give freedom. See also our CSR report on page 33.</td></tr><tr><td>Legal</td><td>Better Collective believes contractual risk as well as legal risk related to regulatory requirements are critical. Failure to meet or implement regulatory requirements in a timely fashion with respect to, for instance, data protection, confidentiality agreements, IPR, and fraud constitutes a risk.</td><td>Better Collective has established a central Legal function that, together with the commercial and business development operations, ensures a stage-gate approach when new contracts are made and when new regulations and compliance are being imposed.</td></tr><tr><td>IT</td><td>As a digital software-based company with a core business based on modern information technology, Better Collectiveâs failure to adequately protect itself against IT risk represents a particular risk. Cybercrime including unauthorised access to Better Collectiveâs network and data could endanger applications as well as the infrastructure and the technical environment stored on Better Collectiveâs network.</td><td>Better Collectiveâs IT department continuously monitors its global technical infrastructure, aiming to identify and minimise risk to the companyâs production and operation. Through well-established procedures and solutions, Better Collective can quickly restore critical business operations.</td></tr><tr><td>Financial</td><td>Generally, financial reporting involves the risk of non-compliance with applicable legislation and potential business risk. There is also a risk of inadequate internal controls designed to avoid significant errors and omissions in financial reporting.</td><td>Better Collective has established a group finance function that oversees all financial policies, procedures and controls. See also note 20 Financial risks on page 63.</td></tr><tr><td colspan="5">BOARD OF DIRECTORS</td></tr><tr><td colspan="5">Jens Bager</td></tr><tr><td colspan="5">Chairman of the Board,</td></tr><tr><td colspan="5">Chairman of the Remuneration Committee</td></tr><tr><td>Born</td><td /><td>1959</td></tr><tr><td>Nationality</td><td /><td>DK</td></tr><tr><td>Present position since</td><td /><td>2017</td></tr><tr><td colspan="5">Education: M.Sc in Economics and Business Administration from Copenhagen Business School.</td></tr><tr><td colspan="5">Professional background: JB was the CEO of ALK-Abelló A/S for 16 years before joining BC, and prior to that he was an EVP of Chr. Hansen A/S. He is an Industrial Partner at Impilo AB and he has served on various boards in Denmark, Sweden, and France. He has extensive experience of general management of international and listed companies.</td></tr><tr><td colspan="5">Other assignments: Board chairman of Ambu A/S. Member of the executive board of Bukkeballe Invest ApS, Jens Bager Advisory ApS and 56* NORTH Equity Partners ApS.</td></tr><tr><td colspan="5">Previous assignments: Board chairman of Heatex AB and Poul Due Jensens Fond. CEO of ALK-Abelló A/S.</td></tr><tr><td colspan="5">Independence in relation to</td></tr><tr><td>â shareholders</td><td>Yes</td></tr><tr><td>â the company</td><td>Yes</td></tr><tr><td colspan="5">Klaus Holse</td></tr><tr><td colspan="5">Board Member,</td></tr><tr><td colspan="5">Member of the Remuneration Committee</td></tr><tr><td>Born</td><td /><td>1961</td></tr><tr><td>Nationality</td><td /><td>DK</td></tr><tr><td>Present position since</td><td /><td>2017</td></tr><tr><td colspan="5">Education: M.Sc. in Computer Science from the University of Copenhagen, Graduate Diploma in Business Administration (HD) from Copenhagen Business School.</td></tr><tr><td colspan="5">Professional background: KH is currently the CEO of SimCorp and has previously been a Corporate VP at Microsoft, and Senior President at Oracle. At Microsoft, he was President of Western Europe, leading the largest area outside of the US. He has extensive experience from the IT and software industry.</td></tr><tr><td colspan="5">Other assignments: Board chairman of EG A/S, Delegate A/S, AX IV EG Holding III ApS. Member of the board of director of The Scandinavian ApS. CEO of Simcorp A/S. Member of the executive board of Khaboom Aps.</td></tr><tr><td colspan="5">Previous assignments (past five years): Board chairman of Danske Lønsystemer A/S, Lessor A/S, EG Holding A/S, Ipayroll Holding ApS, Lessor Group ApS and Lessor Holding ApS.</td></tr><tr><td colspan="5">Independence in relation to</td></tr><tr><td>â shareholders</td><td>Yes</td></tr><tr><td>â the company</td><td>Yes</td></tr><tr><td colspan="5">Søren Jørgensen</td></tr><tr><td colspan="5">Board Member</td></tr><tr><td colspan="5">Member of the Audit Committee</td></tr><tr><td>Born</td><td /><td>1970</td></tr><tr><td>Nationality</td><td /><td>DK</td></tr><tr><td>Present position since</td><td /><td>2014</td></tr><tr><td colspan="5">Education: LL.M. from the University of Aarhus and the University of London.</td></tr><tr><td colspan="5">Professional background: SJ has practiced law for 20 years with the last 12 years as an M&amp;A partner. He has served as a professional board member in Danish and foreign companies within various industries for +15 years.</td></tr><tr><td colspan="5">Other assignments: Board chairman of Rostra Kommunikation og Research A/S, Rostra Holding 2010 ApS, ToTec Holdings ApS, Orlo ApS, BHS Logistics A/S, Studsgaard Holding A/S, BHS Service Center A/S, Killer Kebab ApS and NCI Advisory A/S. Board member of Totaltec Oilfield Services Ltd. Member of the executive board of Emmamo ApS and Eupry Invest ApS.</td></tr><tr><td colspan="5">Previous assignments (past five years): Board chairman of Welltec A/S, Ibstic International A/S, JH Holding, Allerød, ApS, Ibstic Technologies Denmark A/S, Welltec Holding ApS, Welltec International ApS, Orlo ApS and Spektral Experience ApS. Board member of Klampenborg Galopbane A/S, Vips Transport ApS, Klampenborg Venues Holding ApS and Nordic Seaweed ApS. Partner of Bruun &amp; Hjejle I/S.</td></tr><tr><td colspan="5">Independence in relation to</td></tr><tr><td>â shareholders</td><td>Yes</td></tr><tr><td>â the company</td><td>Yes</td></tr><tr><td colspan="5">Leif Nørgaard</td></tr><tr><td colspan="5">Board Member</td></tr><tr><td colspan="5">Chairman of the Audit Committee</td></tr><tr><td>Born</td><td /><td>1955</td></tr><tr><td>Nationality</td><td /><td>DK</td></tr><tr><td>Present position since</td><td /><td>2014</td></tr><tr><td colspan="5">Education: M.Sc in Economics and Business Administration from Aarhus Business School and State Authorised Public Accountant.</td></tr><tr><td colspan="5">Professional background: LN has held senior positions in global companies, incl. CFO for Chr. Hansen Group, CFO for Dako Group, CFO for Teleca Group, and has served on boards in several countries. LN is a professional investor and part-time CFO in start-up companies. He has extensive experience in finance, start-ups and growth companies</td></tr><tr><td colspan="5">Other assignments: Board chairman of K/S Sunset Boulevard, Esbjerg. Board deputy chairman of Scion DTU A/S. Member of the executive board of Nøller Invest ApS, 2XL2016 ApS, Komplementarsel. Landshut ApS and Sunset Boulevard, Esbjerg Komplementar ApS.</td></tr><tr><td colspan="5">Previous assignments (past five years): Board member of Komplementarsel. Landshut ApS and Teklatech A/S. Chairman of the board of K/S SDR. Fasanvej, Frederiksberg. Partner of ApS Komplementarselskabet SDR. Fasanvej, Frederiksberg.</td></tr><tr><td colspan="5">Independence in relation to</td></tr><tr><td>â shareholders</td><td>Yes</td></tr><tr><td>â the company</td><td>Yes</td></tr><tr><td colspan="5">Petra von Rohr</td></tr><tr><td colspan="5">Board Member</td></tr><tr><td colspan="5">Member of the Audit Committee</td></tr><tr><td>Born</td><td /><td>1972</td></tr><tr><td>Nationality</td><td /><td>SE</td></tr><tr><td>Present position since</td><td /><td>2018</td></tr><tr><td colspan="5">Education: M.Sc. in Economics from Stockholm School of Economics and McGill University in Montreal, Canada.</td></tr><tr><td colspan="5">Professional background: PvR has experience from executive management positions both from the finance industry and the communications industry. Most recently, she was Head of Group Communications at Com Hem AB. Previous experience includes working as an equity analyst in London and Stockholm. She has extensive experience from working with corporate communication and investor relations</td></tr><tr><td colspan="5">Other assignments: â</td></tr><tr><td colspan="5">Previous assignments (past five years): Member of the Executive Management team of Com Hem AB, Partner of Kreab AB, Board member of Lauritz. com A/S, Lauritz.com Group A/S, Novare Human Capital Aktiebolag and Takkei Trainingsystems AB.</td></tr><tr><td colspan="5">Independence in relation to</td></tr><tr><td>â shareholders</td><td>Yes</td></tr><tr><td>â the company</td><td>Yes</td></tr><tr><td colspan="5">MANAGEMENT</td></tr><tr><td colspan="5">Executive Management</td></tr><tr><td colspan="5">Jesper Søgaard</td></tr><tr><td colspan="5">CEO &amp; Co-Founder</td></tr><tr><td>Born</td><td>1983</td></tr><tr><td>Nationality</td><td>DK</td></tr><tr><td>Present position since</td><td>2004</td></tr><tr><td colspan="5">Education: M.Sc. in Political Science from the University of Copenhagen.</td></tr><tr><td colspan="5">Professional background: JS founded Better Collective together with Christian Kirk Rasmussen in 2002 and has been working with and developing the Groupâs operations since the beginning.</td></tr><tr><td colspan="5">Other assignments: Member of the board of directors of Ejendomsselskabet Algade 30-32 A/S, MM Properties, Symmetry Invest A/S and BetterNow Worldwide ApS. CEO of J. Søgaard Holding ApS. Member of the executive board of Bumble ventures A/S and Better Partners ApS.</td></tr><tr><td colspan="5">Previous assignments (past five years): Member of the board of directors of Shiprs Danmark ApS, Scatter Web ApS, Ploomo ApS and VIGGA.us A/S.</td></tr><tr><td colspan="5">Christian</td></tr><tr><td colspan="5">Kirk Rasmussen</td></tr><tr><td colspan="5">COO &amp; Co-Founder</td></tr><tr><td>Born</td><td>1983</td></tr><tr><td>Nationality</td><td>DK</td></tr><tr><td>Present position since</td><td>2004</td></tr><tr><td colspan="5">Education: Bachelor of Commerce from Copenhagen Business School.</td></tr><tr><td colspan="5">Professional background: CKR founded Better Collective together with Jesper Søgaard in 2002 and has been working with and developing the Groupâs operations since the beginning.</td></tr><tr><td colspan="5">Other assignments: Member of the board of directors of Ejendomsselskabet Algade 30-32 A/S, Omnigame ApS and MM Properties ApS. CEO of Yellowsunmedia ApS. Member of the executive board of Chr. Dam Holding ApS, Bumble Ventures A/S and Better Partners ApS.</td></tr><tr><td colspan="5">Previous assignments (past five years): Member of the board of directors of Scatter Web ApS.</td></tr><tr><td colspan="5">Flemming Pedersen</td></tr><tr><td colspan="5">CFO</td></tr><tr><td>Born</td><td>1965</td></tr><tr><td>Nationality</td><td>DK</td></tr><tr><td>Present position since</td><td>2018</td></tr><tr><td colspan="5">Education: M.Sc. (cand. merc. aud.) and HD (Bachelor of Business Administration) from Copenhagen Business School.</td></tr><tr><td colspan="5">Professional background: FP has more than 20 years of management experience, whereof more than 15 years in executive positions in public companies. He has served as CFO of ALK-Abelló A/S and was CEO and president of Neurosearch A/S. He has experience in General Management, Finance, Accounting, Tax mat-ters, Risk Management and Capital Markets. In addition, he has experience from board positions in both public and private companies in Denmark as well as internationally.</td></tr><tr><td colspan="5">Other assignments: Member of the executive board of Naapster ApS.</td></tr><tr><td colspan="5">Previous assignments (past five years): Chairman of the board of directors of ALK-Abelló Nordic A/S and Good-steam ApS. Member of the board of directors of MB IT Consulting A/S and MBIT A/S. Member of the executive management of ALK-Abelló A/S.</td></tr></table></mrv:CorporateGovernanceReport>
<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx1" xml:lang="da"><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 CSR, cf. Section 99 a of the Danish Financial Statements Act</td></tr><tr><td colspan="1">TAKING A STAND ON RESPONSIBLE GAMBLING</td></tr><tr><td colspan="1">Better Collectiveâs mission is to make online sports betting and gambling entertaining, transparent and fair. Being a prominent affiliate in the iGaming industry, we recognise our responsibility and we are aware of the impact we have on the global iGaming industry, the rest of society and Better Collectiveâs other stakeholders. We want to use our position to influence and support responsible gambling for the benefit of our users and partners. Our strategy and approach are based on our core values and a clear objective not to facilitate irresponsible gambling behaviour, money laundering, and the like.</td></tr><tr><td colspan="1">Report scope</td></tr><tr><td colspan="1">This is Better Collectiveâs first annual CSR (Corporate Social Responsibility) report, covering the 2018 calendar year. It is based on our efforts so far and describes our focus areas and ambitions. Going forward, we expect to enhance our reporting and disclosures with policies, specific achievements, and targets. This report forms part of the management report in the companyâs annual report in compliance with the Danish Financial Statements Act, Section 99a and Section 99b.</td></tr><tr><td colspan="1">We consider our most important stakeholders for sustainability to be our shareholders, our partners and users, our employees, and regulatory authorities. The topics included in this report were selected and prioritised by Better Collectiveâs management and the CSR team based on dialogue over time with partners, shareholders, and employees.</td></tr><tr><td colspan="1">Business model</td></tr><tr><td colspan="1">Better Collective connects bettors with iGaming operators through innovative digital platforms, empowering the global sports betting community. In brief, Better Collectiveâs business model is built on the iGaming affiliate model. This implies that Better Collective generates revenue by directing online traffic to our iGaming partners (operators) through our products and platforms. When an end user explores one of our platforms and clicks through from one of our sites to register with a bookmaker, we earn a commission. The affiliate business model is very common in the digital marketplace, as seen in the flight and hotel price comparison platforms. Our business model is further described on page 11 in this annual report.</td></tr><tr><td colspan="1">Our focus areas</td></tr><tr><td colspan="1">Although CSR reporting is a new discipline for Better Collective, we have integrated CSR aspects in our business for several year â for the most part since the company was founded in 2002. The initiatives are strongly tied to our business model and our business depends on them.</td></tr><tr><td colspan="1">Responsible gambling</td></tr><tr><td colspan="1">Better Collective views iGaming and gambling purely as a form of entertainment, and we want to make sure that our usersâ and employeesâ iGaming experiences remain as a form of fun and entertainment. This includes awareness of the fact that gambling should not be seen as a source of income, but only be practiced as a fun activity. When gambling, the sole purpose should not be to increase oneâs initial stake, but to set aside a stake that one is willing to lose for the sake of entertainment. That is why we strongly endorse responsible gaming. When creating content or new platforms, we always have responsible gaming in mind.</td></tr><tr><td colspan="1">We want to make sure that our users are better suited for navigating the iGaming world by visiting a Better Collective website before registering an account with a sports betting or gambling operator. All our platforms focus on the teaching of gambling strategies and the presentation of insightful information to help our users feel more confident in their betting. However, we do not, and cannot, guarantee winning â and we will never claim to do so.</td></tr><tr><td colspan="1">As Better Collective is not a sports betting or gambling operator, we rely on the operators, i.e. our partners, to scan for user behaviour and take action when needed. We have limited data on our users, and none on their betting behaviour, as they merely pass through our sites to place their bet with an operator. In our part of the value chain, we can educate users, making sure that they are aware of the legal gambling age and of possible negative effects of gambling and how to prevent these.</td></tr><tr><td colspan="1">Preventing gambling addiction</td></tr><tr><td colspan="1">At Better Collective we are fully aware that there are users for whom gambling surpasses entertainment and becomes a form of addiction. To help those users, it is Better Collectiveâs policy and goal to actively support and donate funds to support research that aims at preventing individuals from transforming the act of gambling as entertainment into an unhealthy activity. Throughout the years, and also in 2018, we have donated 0.1% of our Gross Gambling Yield (any iGaming related income) facilitated through Gamble Aware, an independent charity tasked to fund research, education and treatment services to help to reduce gambling-related harms in Great Britain. We will continue supporting research and actions to prevent gambling addicition at this level as a minimum.</td></tr><tr><td colspan="1">Compliance</td></tr><tr><td colspan="1">Better Collective is subject to a variety of national compliance regulations in the countries, in which we operate. BCâs policy is that we must always comply with applicable legislation in the countries where we are represented. We only operate in regulated markets and markets where gambling is accepted by the authorities (e.g. taxed). Some countries have yet to adopt appropriate regulation of the relatively new online segment of gambling, why the regulatory landscape is still evolving. We have processes for being constantly updated on regulation and an inhouse legal team dedicated to this area. In 2018, we revised and updated our Swedish language content to prepare for the new regulation in 2019, and we automated a number of compliance processes for our sites.</td></tr><tr><td colspan="1">We do not engage with businesses operating in crypto currencies. When partnering with operators and reviewing acquisition targets, it is an integrated part of any due diligence process to pay careful attention to any signs of money laundering or fraud, in case of which we choose not to engage.</td></tr><tr><td colspan="1">Anti-corruption</td></tr><tr><td colspan="1">Better Collective condemns the acts of corruption and bribery and we believe business should be conducted without facilitation payments. Not only are they illegal; they pose a threath to our trustworthiness and risk to our relations to partners, users and authorities. We have a zero-tolerance policy to corruption which is described in our Code of Conduct. The Code of Conduct also outlines that all employees are to report on gifts, meals, and entertainment (received and offered) in order to track and prevent conflicts of interest. Our whistleblower scheme facilitates anonymous reporting and we instruct all employees to speak up â if you see something, say something. During 2018, we have not discovered or received any reports about bribery, facilitation payment or other forms of corruption nor have we received any whistleblower reports.</td></tr><tr><td colspan="1">People</td></tr><tr><td colspan="1">People remain the key driver in everything that we do as our business is based on specialised expertise and innovation. Failure to attract, develop, and retain the most skilled employees and management talent constitutes a risk. We maintain an employment environment that promotes and respects the rights of the individual wherever we operate. Better Collective respects and promotes human rights. In 2018, we implemented a Code of Conduct, which all employees have been introduced to. Furthermore, the Code of Conduct is an integral part of Better Collectiveâs on-boarding program for new employees.</td></tr><tr><td colspan="1">Our Employee Handbook guides a range of practicalities, expresses our values (as seen on page 91), and outlines our policies including health and safety. Being a Danish company, our Scandinavian heritage has a big influence on how we interact with each other and the outside world. It has given us a unique perspective on transparency in the iGaming industry, which remains at the core of all our executions. The Scandinavian heritage also serves as inspiration for attracting and retaining employees. The notion of work-life balance is actively practiced, and trust, freedom and respect play a key role in our leadership.</td></tr><tr><td colspan="1">Putting HR policies into action</td></tr><tr><td colspan="1">All new employees, including those we welcome from acquired companies, are introduced to Better Collective and our policies through an extensive introductory program. In 2018, all employees were educated in the transition from being a private to becoming a public company, including training of new compliance measures for handling of inside information. We conduct bi-annual development dialogues to discuss performance and further development. In the beginning of 2019, a new leadership development initiative was implemented to ensure continuous professional development of our managers to match the ever-changing nature of our business and continued growth. We believe, that by supporting the professional and personal development of our managers, we enable them to identify and deal with challenges in their teams, ensuring the well-being of employees and making Better Collective an attractive workplace.</td></tr><tr><td colspan="1">We are actively embracing international talent as evident by the more than 30 nationalities employed, and we encourage diversity. We give priority to health and safety at work according to the regulations and standards in the countries in which we operate. Thus, we have established a health and safety committee and implemented work place evaluations.</td></tr><tr><td colspan="1">Climate and environment</td></tr><tr><td colspan="1">Our impact on the environment and climate is assessed to be relatively small due to being an online services company, and we currently have no policies for either. In all our locations, we strive for a central location of our offices. While this is not the main driver, it allows for the use of public transport or commuting by bike. In 2019, we will review our impact related to travel and energy consumption in our offices along with the need for any policies.</td></tr></table></mrv:StatementOfCorporateSocialResponsibility>
<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx1" xml:lang="da"><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">Diversity</td></tr><tr><td colspan="1">Report on the underrepresented gender, cf. Section 99 b of the Danish Financial Statements Act</td></tr><tr><td colspan="1">The board composition must be set with appropriateness to the companyâs operations, phase of development, and must collectively exhibit diversity regarding gender, age, nationality, experience, professional background, and business expertise. Regarding gender diversity at the board of directors level, the company has set a target for a board consisting of five to seven members to have minimum two members of the underrepresented gender elected by the general meeting. In 2018, it was decided to expand the board from four to five members. The search for a new board member in 2018 had candidates of both genders and Petra von Rohr, until recently Head of Group Communications at Com Hem, was elected. Currently, the board consists of four men and one woman, why the target figure was not reached in 2018. In the recruitment of new board members, the company and its nomination committee will seek to realise the target over the coming years and by 2023 at the latest.</td></tr><tr><td colspan="1">Better Collective aims to offer equal opportunities to men and women across our organisation, as well as promoting equal opportunities regardless of gender, ethnicity, race, religion, and sexual orientation. The executive management is made up of three men. CFO Flemming Pedersen joined he executive management in 2018, as he was assessed to be the strongest candidate. For the other management levels in the company, the gender split in 2018 was 86% men and 14% women. Recruitment and promotion of managers in 2018 was performed with an aim of increasing diversity, resulting in new managers of both genders. We will continually work to increase the share of the underrepresented gender at all management levels, on average, aiming for a target of 35% women over the coming years and by 2023 at the latest.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Diversity</td></tr><tr><td colspan="1">Better Collective aims to offer equal opportunities to men and women across our organisation, as well as promoting equal opportunities regardless of gender, ethnicity, race, religion, and sexual orientation. For the management levels in the company, the gender split in 2018 was 86% men and 14% women. We will continually work to increase the share of the underrepresented gender at all management levels, on average, aiming for a target of 35% women over the coming years and by 2023 at the latest. The report on the underrepresented gender, cf. Section 99 b of the Danish Financial Statements Act, can be found in the Corporate Governance section on page 23.</td></tr></table></mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx1" xml:lang="da"><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 BY THE BOARD OF DIRECTORS AND THE EXECUTIVE BOARD</td></tr></table></sob:StatementByExecutiveAndSupervisoryBoards>
<sob:IdentificationOfApprovedAnnualReport contextRef="ctx1" xml:lang="da"><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 discussed and approved the annual report of Better Collective A/S for 2018.</td></tr></table></sob:IdentificationOfApprovedAnnualReport>
<sob:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement contextRef="ctx1" xml:lang="da"><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 has been prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.</td></tr></table></sob:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement>
<sob:ConfirmationThatFinancialStatementGivesTrueAndFairViewOfAssetsLiabilitiesEquityFinancialPositionAndResults contextRef="ctx1" xml:lang="da"><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">It is our opinion that the consolidated financial statements and the parent company financial statements give a true and fair view of the Group and the Parent Company at Decemer 31, 2018 and of the result of the Groupâs and the Parent Companyâs operations and cash flows for the financial year January 1 â December 31, 2018.</td></tr></table></sob:ConfirmationThatFinancialStatementGivesTrueAndFairViewOfAssetsLiabilitiesEquityFinancialPositionAndResults>
<sob:ManagementsStatementAboutManagementsReview contextRef="ctx1" xml:lang="da"><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">Further, in our opinion, the Managementâs review gives a fair review of the development in the Groupâs and the Parent Company's activities and financial matters, results of operations, cash flows and financial position as well as a description of material risks and uncertainties that the Group and Parent Company face.</td></tr></table></sob:ManagementsStatementAboutManagementsReview>
<sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the annual report be approved at the annual general meeting.</td></tr></table></sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting>
<sob:PlaceOfSignatureOfStatement contextRef="ctx1" xml:lang="da">Copenhagen, March 20, 2019</sob:PlaceOfSignatureOfStatement>
<gsd:NameOfReportingEntity contextRef="ctx1" xml:lang="da">Better Collective A/S</gsd:NameOfReportingEntity>
<gsd:IdentificationNumberCvrOfReportingEntity contextRef="ctx1">27652913</gsd:IdentificationNumberCvrOfReportingEntity>
<gsd:DateOfGeneralMeeting contextRef="ctx1">2019-04-25</gsd:DateOfGeneralMeeting>
<gsd:NameAndSurnameOfChairmanOfGeneralMeeting contextRef="ctx1" xml:lang="da">Andreas Nielsen</gsd:NameAndSurnameOfChairmanOfGeneralMeeting>
<arr:IndependentAuditorsReportsAudit contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditor's report</td></tr></table></arr:IndependentAuditorsReportsAudit>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><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 shareholders of Better Collective A/S</td></tr></table></arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><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 consolidated financial statements and the parent company financial statements of Better Collective A/S for the financial year 1 January â 31 December 2018, which comprise income statement, statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes, including accounting policies, for the Group and the Parent Company. The consolidated financial statements and the parent company financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2018 and of the results of the Group's and the Parent Company's operations and cash flows for the financial year 1 January â 31 December 2018 in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Our opinion is consistent with our long-form audit report to the Audit Committee and the Board of Directors.</td></tr></table></arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the consolidated financial statements and the parent company financial statements" (hereinafter collectively referred to as "the financial statements") section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table></arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:StatementOnOtherInformationAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these rules and requirements.</td></tr><tr><td colspan="1">To the best of our knowledge, we have not provided any prohibited non-audit services as described in article 5(1) of Regulation (EU) no. 537/2014.</td></tr><tr><td colspan="1">Appointment of auditor</td></tr><tr><td colspan="1">On 8 June 2018, Better Collective A/S completed its Initial Public Offering and was admitted to trading and official listing on Nasdaq Stockholm. We were initially appointed as auditor of Better Collective A/S on 15 November 2016 for the financial year 2016. We have been reappointed annually by resolution of the general meeting for a total consecutive period of 3 years up until and including the financial year 2018.</td></tr></table></arr:StatementOnOtherInformationAuditorsReportOnAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx1" xml:lang="da"><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">Key audit matters</td></tr><tr><td colspan="1">Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements for the financial year 2018. These matters were addressed during our audit of the financial statements as a whole and in forming our opinion thereon. We do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.</td></tr><tr><td colspan="1">We have fulfilled our responsibilities described in the "Auditor's responsibilities for the audit of the financial statements" section, including in relation to the key audit matters below. Accordingly, our audit included the design and performance of procedures to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the financial statements.</td></tr><tr><td colspan="1">Valuation of goodwill, domains and websites</td></tr><tr><td colspan="1">Goodwill as well as domains and websites with indefinite life are not subject to amortisation, but are reviewed annually for impairment, or more frequently if any indicators of impairment are identified. Valuation of goodwill, domains and websites is significant to our audit due to the carrying values as well as the management judgement involved in the assessment of the carrying values, assessment of indefinite life and judgements involved in impairment testing of the goodwill, domains and websites.</td></tr><tr><td colspan="1">Management prepares and reviews impairment tests for the cash-generating unit as a whole and for the domains and websites related to each significant acquisition. Impairment testing is based on the estimated recoverable amounts of the assets, which for this purpose are determined based on the value in use. The value in use is based on a discounted cash flow (DCF) model and is calculated for the cash-generating unit as a whole and for the domains and websites for each significant acquisition.</td></tr><tr><td colspan="1">Refer to note 13 in the consolidated financial statements and to note 10 in the financial statements for the parent company.</td></tr><tr><td colspan="1">How our audit addressed the above key audit matters</td></tr><tr><td colspan="1">Our audit procedures included</td></tr><tr><td colspan="1">Assessment of the indefinite life assumption including examination of data provided by management and other sources as well as inquiries to management and comparison with industry practice and comparable companies.</td></tr><tr><td colspan="1">Evaluation of internal procedures relating to estimating future cash flows, preparation of budgets and forecasts.</td></tr><tr><td colspan="1">Examination of the value-in-use model prepared by Management, including consideration of the valuation methodology and the reasonableness of key assumptions and input based on our knowledge of the business and industry together with available supporting evidence such as available budgets and externally observable market data related to interest rates, etc.</td></tr><tr><td colspan="1">Assessment of the adequacy of disclosures about key assumptions in note 13 to the consolidated financial statements and in note 10 to the financial statements for the parent company.</td></tr><tr><td colspan="1">Accounting for acquisitions</td></tr><tr><td colspan="1">The Group has in 2018 completed three business combinations. Management has determined the fair value of the identifiable assets and liabilities acquired. The total acquisition price for the three business combinations amounts to EUR 85 million.</td></tr><tr><td colspan="1">Due to the significant level of management judgement involved in estimation of the conditional purchase amount and estimating the fair value of especially the intangible assets, we considered the accounting for acquisitions of most significance in our audit.</td></tr><tr><td colspan="1">For details on the acquisitions, reference is made to note 22 in the consolidated financial statements.</td></tr><tr><td colspan="1">How our audit addressed the above key audit matters</td></tr><tr><td colspan="1">Our audit procedures included</td></tr><tr><td colspan="1">Assessment of the assumptions and methodology applied by management to calculate the fair value of intangible assets compared to generally applied valuation methodologies. We have considered the approach taken by Management, assessed key assumptions and obtained corroborative evidence for the explanations provided by comparing key assumptions to market data, where available, underlying accounting records, past performance of the acquired businesses, our past experience of similar transactions and Managementâs forecasts supporting the acquisition.</td></tr><tr><td colspan="1">Assessment of the fair value of the conditional purchase amount including key assumptions applied by management to calculate the fair value.</td></tr><tr><td colspan="1">Assessment of the adequacy of the disclosures in note 22 related to the acquisitions, including the fair value of acquired intangible assets, compared to applicable accounting standards.</td></tr></table></arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on the Management's review</td></tr><tr><td colspan="1">Management is responsible for the Management's review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the Management's review.</td></tr></table></arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx1" xml:lang="da"><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 consolidated financial statements and parent company financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the financial statements, Management is responsible for assessing the Group's and the Parent 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 Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</td></tr></table></arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor's responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.</td></tr><tr><td colspan="1">Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the Parent Company's internal control.</td></tr><tr><td colspan="1">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parent 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 Group and the Parent Company to cease to continue as a going concern.</td></tr><tr><td colspan="1">Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="1">Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.</td></tr><tr><td colspan="1">We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.</td></tr><tr><td colspan="1">We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.</td></tr><tr><td colspan="1">From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements and the parent company financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.</td></tr></table></arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:SignatureOfAuditorsPlace contextRef="ctx1" xml:lang="da">Copenhagen</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx1">2019-03-20</arr:SignatureOfAuditorsDate>
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<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx1">Ã
rsrapport</gsd:InformationOnTypeOfSubmittedReport>
<gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="ctx1">30700228</gsd:IdentificationNumberCvrOfSubmittingEnterprise>
<gsd:NameOfSubmittingEnterprise contextRef="ctx1" xml:lang="da">Ernst & Young Godkendt Revisionspartnerselskab</gsd:NameOfSubmittingEnterprise>
<gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="ctx1" xml:lang="da">Englandsgade 25</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx1" xml:lang="da">5000 Odense C</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
<gsd:PrecedingReportingPeriodStartDate contextRef="ctx1">2017-01-01</gsd:PrecedingReportingPeriodStartDate>
<gsd:PredingReportingPeriodEndDate contextRef="ctx1">2017-12-31</gsd:PredingReportingPeriodEndDate>
<cmn:TypeOfAuditorAssistance contextRef="ctx1">Revisionspåtegning</cmn:TypeOfAuditorAssistance>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx2" xml:lang="da">Jesper Søgaard</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx2" xml:lang="da">CEO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx3" xml:lang="da">Chistian Kirk Rasmussen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx3" xml:lang="da">COO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx4" xml:lang="da">Flemming Pedersen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx4" xml:lang="da">CFO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx5" xml:lang="da">Jens Bager</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx5" xml:lang="da">Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx6" xml:lang="da">Klaus Holse</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx7" xml:lang="da">Søren Jørgensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx8" xml:lang="da">Leif Nørgaard</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx9" xml:lang="da">Petra von Rohr</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
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<cmn:NameAndSurnameOfAuditor contextRef="ctx10" xml:lang="da">Jan C. Olsen</cmn:NameAndSurnameOfAuditor>
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<arr:IdentificationNumberOfAuditor contextRef="ctx10">mne33717</arr:IdentificationNumberOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx11" xml:lang="da">Peter Andersen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx11" xml:lang="da">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
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<cmn:NameOfAuditFirm contextRef="ctx11" xml:lang="da">Ernst & Young Godkendt Revisionspartnerselskab</cmn:NameOfAuditFirm>
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<easyx:EasyX_1815988646 contextRef="ctx18" unitRef="vEUR" decimals="-3">3449000</easyx:EasyX_1815988646>
<easyx:EasyX_706168655 contextRef="ctx18" unitRef="vEUR" decimals="-3">-1024000</easyx:EasyX_706168655>
<easyx:EasyX_73395456 contextRef="ctx18" unitRef="vEUR" decimals="-3">0</easyx:EasyX_73395456>
<easyx:EasyX_2132374294 contextRef="ctx18" unitRef="vEUR" decimals="-3">0</easyx:EasyX_2132374294>
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<ifrs-full:SharePremium contextRef="ctx19" unitRef="vEUR" decimals="-3">67316000</ifrs-full:SharePremium>
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<ifrs-full:DeferredTaxLiabilities contextRef="ctx19" unitRef="vEUR" decimals="-3">451000</ifrs-full:DeferredTaxLiabilities>
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<ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers contextRef="ctx19" unitRef="vEUR" decimals="-3">1962000</ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers>
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<ifrs-full:Liabilities contextRef="ctx19" unitRef="vEUR" decimals="-3">45421000</ifrs-full:Liabilities>
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<ifrs-full:IntangibleAssetsAndGoodwill contextRef="ctx20" unitRef="vEUR" decimals="-3">4562000</ifrs-full:IntangibleAssetsAndGoodwill>
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<ifrs-full:Liabilities contextRef="ctx20" unitRef="vEUR" decimals="-3">20921000</ifrs-full:Liabilities>
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<ifrs-full:CashAndCashEquivalents contextRef="ctx21" unitRef="vEUR" decimals="-3">1547000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents contextRef="ctx22" unitRef="vEUR" decimals="-3">5329000</ifrs-full:CashAndCashEquivalents>
</xbrli:xbrl>