Assets

Type	Time	Amount	Unit
ifrs-full:Assets	2022-12-31	785229000	vEUR
ifrs-full:Assets	2021-12-31	597379000	vEUR

Revenue

Type	Start date	End date	Amount	Unit
ifrs-full:Revenue	2022-01-01	2022-12-31	269297000	vEUR
ifrs-full:Revenue	2021-01-01	2021-12-31	177051000	vEUR

XML

See the xml submitted here:

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   <mrv:CorporateGovernanceReport contextRef="ctx2" id="fact1085" xml:lang="en">Corporate Governance Report 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 has been listed on Nasdaq Stockholm since June 8, 2018, in the Mid Cap index. Framework for corporate governance in Better Collective The purpose of corporate governance is to ensure that a company is run sustainably, responsibly, and as effi- ciently as possible. In Better Collective, good corporate governance is about earning the confidence of share- holders, business partners, and legislators by creating transparency in decision-making and business pro- cesses. A well-defined and structured distribution of roles and areas of responsibilities between sharehold- ers, the board, and the management secures efficiency at all levels. Particularly, it allows the management team to focus on business development and thereby the cre- ation 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 exter- nal rules and instructions, including the Danish Compa- nies Act, Nasdaq Stockholm’s Rulebook, the Swedish Securities Council’s good practices in the stock market, the Swedish Code of Corporate Governance and Better Collective’s guidelines, which include the Articles of As- sociation, various policies, and other guidelines. Better Collective has resolved that it will comply with the Swe- dish 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 lim- ited liability company under the same circumstances. The share and shareholders 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, 2022 was 55,149,669. Each share entitles the holder to one vote. The number of shareholders on December 31, 2021 was 3,731 which is a decrease from the 4,149 shareholders at December 31, 2021. The largest shareholders on Decem- ber 31, 2022 were Chr. Dam Holding and J. Søgaard Holding (the co-founders of Better Collective) with each 10,671,179 shares and each representing 19.4% percent of the votes and share capital in the company. Further information on the Better Collective share and share- holders are available in the section Share and sharehold- ers on page 36 as well as on the company’s website. General meeting Pursuant to the Danish Companies Act, the general meeting is the Company’s superior decision-making body. The general meeting may resolve upon every is- sue for the Company which does not specifically fall within the scope of the exclusive powers of another cor- porate body, for example the power to appoint the ex- ecutive management, which falls within the scope of the board of directors in limited liability companies that are managed by a board of directors. At the general meeting, the shareholders exercise their voting right on key issues, such as amendments of the Company’s Articles of Association, approval of the an- nual report, appropriation of the Company’s profit or loss (including distribution of any dividends), resolu- tions to discharge the members of the board of directors and the executive management from liability, the ap- pointment and removal of members of the board of di- rectors 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. Time and place The annual general meeting must be held at a date that allows sufficient time to send the Danish Business Au- thority 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 re- quired. According to the Company’s articles of associa- tion, general meetings must be held in Greater Copen- hagen, Gothenburg, or Stockholm. Notice According to the Company’s Articles of Association, general meetings must be convened by the board of di- rectors giving written notice no earlier than five weeks and no later than three weeks prior to the general meet- ing. Pursuant to the Danish Companies Act, notices con- vening general meetings shall be made public on the Company’s website. If requested, shareholders shall re- ceive written notice of the general meetings as the case may be. Extraordinary general meetings must be held upon re- quest from the board of directors, or the auditor elected by the general meeting. In addition, shareholders that individually or collectively hold ten percent or more of the share capital can make a written request to the board of directors that an extraordinary general meet- ing be held to resolve upon a specific matter. Such ex- traordinary general meetings must be convened within two weeks of the board of directors’ receipt of a request to that effect. 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 Company’s articles of association shall be resolved upon at a general meeting, the complete proposal must be in- cluded in the notice. For certain material amendments, the specific wording must be set out in the notice. 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. Right to attend general meetings A shareholder’s 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 registra- tion. The date of registration is one week before the general meeting is held. The holding of each individual shareholder is based on the number of shares held by that shareholder as registered in the Company’s 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. To attend the general meeting, a shareholder must, in addition to the above-mentioned, also notify the Com- pany of his or her attendance no later than three days prior to the date of the general meeting, as stipulated by the Company’s 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 gen- eral meetings. Voting rights and shareholders initiatives 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 Company’s articles of association. A resolution to amend the articles of asso- ciation requires that no less than two thirds of the votes cast as well as the share capital represented at the gen- eral meeting vote in favor 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 Company’s articles of association. Share- holders who wish to have a specific matter brought be- fore the general meeting must submit a written request to the Company’s board of directors no later than six weeks prior to the general meeting. If the request is re- ceived 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. General meetings in 2022 The annual general meeting 2022 was held on April 26, 2022, and approved the 2021 annual report, discharged the board and executive management, and re-elected six out of six board members, elected a vice chair of the board, and re-elected the current auditor. The share- holders further approved the proposals from the board of directors to authorize the board of directors to in- crease the company’s share capital without pre-emption rights for the existing shareholders and to authorize the board of directors to acquire treasury shares. The share- holders adopted the remuneration report based on an advisory vote. Additionally, the Company’s Articles of Association were amended to include the election of a Vice Chair of the board of directors. No extraordinary general meetings were held in 2022. Annual general meeting 2023 The annual general meeting 2023 will take place on April 25, 2023, at 2.00 p.m. For more information, please see the section on annual general meeting on the company’s website. Nomination committee According to the Code, the Company shall have a nom- ination committee, the duties of which shall include the preparation and drafting of proposals regarding the election of members of the board of directors, the chair of the board of directors, the chair of the general meet- ing and auditors. In addition, the nomination committee shall propose fees for board members and the auditor. The Company’s Articles of Association hold instructions and rules of procedure for the nomination committee according to which the nomination committee is to have at least three members representing the three largest shareholders per the end of August, together with the chair of the board of directors. The names of the members of the nomination committee must be pub- lished by the Company no later than six months prior to the annual general meeting. On August 31, 2022, the two largest shareholders were Chr. Dam Holding and J. Søgaard Holding which are grouped. In accordance with shareholders’ decision, the nomination committee was appointed and is composed by four members in total: • Søren Jørgensen, Chair, appointed by Chr. Dam Holding and J. Søgaard Holding • Martin Jonasson, appointed by Andra AP-Fonden, also representing Tredje AP-Fonden • Jesper Ribacka, private shareholder • Jens Bager, Chair of the board of directors, Better Collective In all, the nomination committee represented 51% of the total number of shares in Better Collective, based on ownership data as per August 31, 2022. Independence of the nomination committee The Code requires the majority of the nomination com- mittee’s 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 Com- pany’s largest shareholder in terms of voting power. All members are independent in relation to the Company and the Company’s management and all members except for Søren Jørgensen are independent in relation to major shareholders. Meetings of the nomination committee Ahead of the AGM 2023, the nomination committee has held three meetings with full attendance but for one meeting, at which one member was unable to attend. No fees have been paid for work on the committee. Board of directors 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 Company’s articles of asso- ciation, the Code and the written rules of procedure adopted by the board of directors, which are revised an- nually. The rules of procedure regulate, inter alia, the practice of the board of directors, tasks, decision-mak- ing within the Company, the board of directors’ meeting agenda, the chair’s duties and allocation of responsibili- ties between the board of directors and the executive management. Rules of procedure for the executive man- agement, including instruction for financial reporting to the board of directors, are also adopted by the board of directors. The board of directors meets according to a predeter- mined 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 2022, 8 meetings were held. Composition of the board The members of the board of directors are elected an- nually at the annual general meeting for the period until the end of the next annual general meeting. According to the Company’s articles of association, the board of di- rectors shall consist of no less than three and no more than seven board members. Furthermore, the Code stip- ulates that no deputy members may be appointed. Cur- rently, the board of directors is composed of six ordinary board members elected by the general meeting: Jens Bager (chair), Todd Dunlap, Therese Hillman, Klaus Holse, Leif Nørgaard, and Petra von Rohr. The board at- tended Nasdaq’s stock market training course for board and management prior to the listing in 2018. Todd Dun- lap received Nasdaq training in 2020 after joining the board. For information about the board members see page 31. Evaluation of board performance The board of directors regularly evaluates its work through a structured process. The chair is responsible for carrying out the evaluation and presenting the re- sults to the nomination committee. In 2022, an external management consultancy assessed the board’s work, in- cluding the collaboration with the executive manage- ment. The assessment was based on a questionnaire. Every other year, the questionnaire is combined with personal interviews with each board and executive man- agement member. The evaluation was presented to and discussed by the board and subsequently the nomination committee. In addition, the nomination committee conducted individual interviews with the board members leading up to the AGM. The overall con- clusion was that the board’s performance and efficiency is found to be satisfactory and that the board has a well- balanced mix of competencies. Board committees 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. Audit committee The audit committee consists of Leif Nørgaard (chair), Therese Hillman, and Petra von Rohr. The audit commit- tee’s role is mainly to monitor the Company’s financial position, to monitor the effectiveness of the Company’s internal control and risk management, to be informed about the audit of the annual report and the consoli- dated financial statements, to monitor the quality of the external audit, to review and monitor the auditor’s im- partiality and independence and to monitor the Com- pany’s compliance with law and regulations related to financial matters. The audit committee has an annual work plan and has held five meetings in 2022. Remuneration committee The remuneration committee consists of Jens Bager (chair), Todd Dunlap, and Klaus Holse. The remuneration committee’s role is primarily to prepare matters regard- ing 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 Company’s management and mon- itor and evaluate the implementation of the guidelines for remuneration to the executive management which the annual general meeting has adopted. The remuner- ation committee has an annual work plan and has held five meetings in 2022. Executive management According to the Danish Companies Act and the Com- pany’s articles of association, the board of directors ap- points and removes the members of the executive man- agement. 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 man- agement are presented in further detail on page 34. The duties and responsibilities of the executive manage- ment are governed by the Danish Companies Act, the Company’s articles of association, the rules of proce- dures 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 ex- ecutive management’s duties and responsibilities in- clude, inter alia, ensuring that the Company maintains adequate accounting records and procedures, that the board of directors’ resolutions are implemented in the daily management of the Company, that the board of di- rectors 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.</mrv:CorporateGovernanceReport>
   <mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx2" id="fact1444" xml:lang="en">Gender diversity at the BoD in 2022 Diversity and inclusion, cf. §107d In our business practices and in relation to the composi- tion of our management we aim to level the playing field through gender awareness in recruitment and retention, equal pay, and equal access to training while upholding a zero-tolerance policy against harassment at the work- place. As stated in our diversity manifesto, we are com- mitted to building a diverse team and inclusive culture. Diversity spans across many dimensions, including eth- nicity, seniority, nationality, age, gender, education, and religion. Better Collective aims to offer equal opportuni- ties to everyone across our organization and sound pol- icies and benefits are in place for the promotion of di- versity and equality. Our Diversity, Equity, and Inclusion (DEI) board involves our employees through employee resource groups in these efforts. It is management’s view that the policies are met, as the criteria on diversity and inclusion has taken basis for selection of the board of directors and the other managerial positions in 2022. Gender distribution Better Collective is part of a male dominated industry, both in terms of tech and sports betting. To acknowledge this challenge and to further the positive development of SDG 5, diversity and inclusion initiatives have been on our agenda for 2022. To secure that poli- cies are met, 2022 initiatives included awareness of pos- sible bias in our recruitment processes, including train- ing for hiring managers, job ad terminology, and screen- ing. By the end of the year Better Collective group counted 29% of the underrepresented gender (women) against 30% in 2021 which means we have not made progress towards our goal of reaching 35% by 2030. Gender distribution in management, cf. §99b Better Collective has set a target for the board of direc- tors of 35% of the underrepresented gender. The board is made up of two women (33%) and four men (67%) whereby the split is the number that comes closest to 40% without exceeding 40% in a board consisting of six members. This is considered an equal gender distribu- tion by the Danish Business Authority. The board has ad- justed the target from 35% to 40% from the year 2023. It is management’s view that the board composition meets our policy on additional diversity criteria based on age, nationality, and educational background. For the other management levels in the company, the gender split in 2022 was 12% women and 88% men. This is a decline from 2021 (17% women and 83% men), though it is partly due to a change in reporting: In prep- aration for new rules in the Danish Companies Act com- ing into force in 2023, other management levels include the executive management and their direct reports, which brings the group from six in 2021 to 17 in the 2022 reporting. The technical reasons aside, Better Collective recognizes that gender distribution at the other man- agement level is unsatisfactory. Recruitment and pro- motion of managers in 2022 did not improve the gender distribution although this was the aim. We will continue the work to increase the share of the underrepresented gender at all management levels through new initiatives to ensure that both genders are represented in recruit- ment at the interview stage and similarly that gender is considered in succession planning. The board has set a target for the other management levels of 25% to con- sist of the underrepresented gender by 2027. Collaboration and commitment to further gender equality We recently joined the All-In Diversity Project which is an industry-driven initiative to benchmark diversity, equality, and inclusion for the global igaming sector. We are proud to join as the first non-sportsbook founding member alongside the likes of Entain, Caesars, Betsson, Flutter and Kindred, to provide guidance and support sharing best practices and resources. We have further shown our commitment to gender equality in signing both the Confederation of Danish In- dustry’s (DI) Gender Diversity Pledge along with the UN’s Women Empowerment Principles. The job market is to this day still quite gender-imbalanced and that curbs developments in businesses as well as society. The business community plays a large role in the battle to create a more inclusive society and by joining these ini- tiatives we take part in identifying and taking measures that can make businesses more diverse. Gender diversity The percentage of the underrepresented gender (women) in the workforce at the end of 2022. Gender diversity top management The percentages of the underrepresented gender (women) at the other management levels (in addition to the board of directors) at the end of 2022. Note the change in principle from 2021 to 2022: In preparation for new rules in the Danish Companies Act coming into force in 2023, other management levels include the ex- ecutive management and their direct report, which brings the group from six in 2021 (executive manage- ment and SVP/VP) to 17 in the 2022 reporting. Gender pay ratio The gender pay ratio is calculated as the median male salary divided by the median female salary (the un- derrepresented gender), per country and collated as a weighted average for the group. Salaries include pen- sion and excludes bonus, incentive programs and other benefits. The 2019 and 2020 figures have been recalcu- lated.</mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
   <mrv:StatementOfTheDiversityPolicies contextRef="ctx2" id="fact1550" xml:lang="en">Diversity The board composition must be set with appropriate- ness to the Company’s operations, phase of develop- ment, and must collectively exhibit diversity regarding gender, age, nationality, experience, professional back- ground, and business expertise. In 2022, the board had an equal gender distribution and met the company’s policy on additional diversity criteria based on age, na- tionality and educational background. See se full ac- count on gender distribution in management, cf. §99b on page 47.</mrv:StatementOfTheDiversityPolicies>
   <mrv:StatementOfCorporateSocialResponsibility contextRef="ctx2" id="fact1561" xml:lang="en">Founder statement We are pleased to present Better Collective’s sustainability report for the year 2022, which showcases our ongoing commitment to environmental, social and governance (ESG) practices. Since we founded Better Collective, we have strived to offer entertaining and engaging sports media content for our users. This objective has shaped our vision to be- come the leading digital sports media group along with our mission to make sports entertainment more engag- ing and fair. As a leader in the intersection of media and entertainment, with an element of igaming, we reach millions of sports fans. With this position comes an obli- gation to ensure a responsible and sustainable offering including editorial guidelines, proper segmentation, and safer gambling resources. Offering transparency in the industry As we are continually growing our business and adding new entities, we dedicate our attention to initiatives that allow us to grow sustainably. Most importantly, we want to help sports fans navigate the world of sports betting by having them visit a Better Collective brand before registering an account or placing a bet with a sports- book. This is important as we only work with licensed sportsbooks in regulated markets. Our US leading sports betting media; Action Network, has an app which is used by millions of sports fans. In this app, we have developed BetSync, which offers users the unique opportunity to track their bets and outcomes across several sports- books. This adds transparency and supports a sustaina- ble betting behavior. We are excited about the positive feedback we receive from BetSync users and the trans- parency we can offer down the line as we onboard more sportsbooks to the solution and explore more geogra- phies for the app. Playing a key role in channelization As we operate in regulated markets with licensed sportsbooks, we play an important role in channeling us- ers to the right sportsbooks. In the online marketplace, users will be met with a multitude of offers, some of which are outside the regulated markets which means that user protection measures may not be in place and marketing practices non-compliant. Our objective is to work with partners who proactively address safer gam- bling and given our position in the value chain, we aim to educate our users while pointing them towards legal sportsbooks. Our commitment to sustainability Being a business with operations structured around re- sponsible practices, we find it crucial to support the overall sustainable development of our world and indus- try. This is why Better Collective committed to incorpo- rate the UN Global Compact and its 10 principles into our strategy, culture, and day-to-day operations in 2019. With this report, which is also our Communication on Progress, we renew our ongoing commitment to the in- itiative and our continued support for the Sustainable Development Goals (SDGs). As a result of our commit- ment we always strive to operate in ways that meet fun- damental responsibilities in the areas of human rights, labor, environment and anti-corruption. We see our ef- forts and commitment as constant work which each year gets better, and we strive to supply the data to support transparency of our efforts. A talented and diverse work- force is key In 2022, we established a Diversity, Equity &amp; Inclusion topics in the Better Collective Group. A special focus this last year has been actively pursuing a diverse workforce and ensuring equal opportunity to everyone. If we take a quick look at our organization, it is evident that when it comes to females in leadership positions we are – like most other companies in our industry – lagging behind. To speed up our efforts and create awareness, we have recently signed two pledges: The Confederation of Dan- ish Industry’s (DI) Gender Diversity Pledge along with the UN’s Women Empowerment Principles. We genu- inely believe that by having a better representation of society in our company and creating a working environ- ment that is inclusive and fair, we will foster an innova- tive environment and, in the end, become a more sus- tainable and successful business. Environmental responsibility ‘To strengthen our sustainability approach, we have been tracking our carbon emissions for the fourth con- secutive year. Being an online business, our footprint is limited, and our largest impact comes from our travel activities. With offices across the world, we value the opportunity to meet in person to create closer ties be- tween teams and similarly for business contacts, not least after being cut off from meetings during the pan- demic. That said, we have also fully embraced the virtual meeting facilities and we are carefully considering when to fly. Throughout 2022, we have updated and devel- oped our policies, systems, and processes to manage and mitigate social, governance and environmental risks. Linking executive pay to ESG targets We acknowledge that our sustainability reporting and responsibilities require constant attention and re- sources. Therefore, we have laid a solid foundation upon which a clear vision for our sustainability work continu- ously can be built. In 2022, we started including ESG goals in the executive management team’s bonus and for 2023 the ESG goals will make up 10% and be based on social KPIs: gender diversity and employee training. Uncertainty brought on by the Russian invasion of Ukraine The Russian invasion of Ukraine caused us to suspend business activities related to the Russian market. The impact on our business has been limited and we have no employees or representation in Ukraine, yet we have Ukrainian employees and others with close ties to Ukraine who are deeply affected by the current situation. We have made donations to humanitarian ac- tion and set up a program to aid our Polish colleagues to volunteer in local initiatives. Looking ahead Overall, we are proud of the progress we have made this year in our sustainability efforts. We remain committed to building a better, more sustainable future for our company and our stakeholders, and we look forward to continuing to lead by example in the years to come. Christian Kirk Rasmussen Co-founder &amp; COO Jesper Søgaard Co-founder &amp; CEO Reporting framework The present report covers the financial year January 1, 2022, to December 31, 2022, and constitutes our statutory reporting cf. the Danish Financial Statements Act, Sections 99a, 99b, 99d and 107d as well as the EU Taxonomy regulation. To give our stakeholders an overview of our perfor- mances, the report puts forth our current sustainability efforts and presents our focus areas, ambitions, achieve- ments, and goals. The report addresses any relevant so- cial, governance and environmental issues relating to Better Collective’s activities. Framework and commitments To operationalise our sustainability strategy we have built on our framework which we introduced in the 2020 sustainability report. In this report, we have further aligned our framework to the Environmental, Social and Governance factors (ESG) and related them to our busi- ness operations and key stakeholders. We have made sure that each area contributes to the positive develop- ment of the chosen Sustainable Development Goals (SDGs) and/or respects the UNGC ten guiding princi- ples. The report also serves as our Communication on Progress as we renew our ongoing commitment to the initiative and our continued support for the SDGs. Our overall ambition is to use our leading position to influ- ence and support safer gambling and a sustainable de- velopment of society – for the benefit of our employees, shareholders, users, partners, the industry and our busi- ness. Our commitment is founded on respect for the core principles of human rights (including labor rights), the environment (including climate), and anti-corruption as reflected in the UN Guiding Principles for Business and Human Rights and the OECD Guidelines for Multina- tional Enterprises. This commitment is embedded in our strategy and business operations. The ESG key figures presented in our reporting take their departure in the ESG key figure overview as pub- lished by The Danish Finance Society / CFA Society Den- mark, FSR – Danish Auditors, and Nasdaq Copenhagen. The reported data is uploaded to Nasdaq Nordic’s ESG Data Portal certifying Better Collective as a Nasdaq ESG Transparency partner. Continuity While we have further aligned our focus areas to the ESG framework, we have ensured continuity in report- ing. Our ESG metrics have all been continued from the previous sustainability report and for 2022 we have im- plemented new data points for increased transparency and in preparation for the upcoming Corporate Sustain- ability Reporting Directive to come into force from the financial year 203. We have discontinued local communities as a separate focus area and instead included our ongoing initiatives in social and environmental respectively. In the 2020 and 2021 reports we have addressed the Covid-19 pandemic and it’s impact on the company’s op- erations and the health and safety of our employees. As the impact was limited and declining in 2021, manage- ment has assessed the matter to be non-material for the 2022 report. Balance Throughout the report we describe our efforts and achievements whether they are positive or negative. We ensure this by continuing to report on the same metrics year after year and only adding to rather than discontin- uing reporting on those metrics. Materiality assessment The report primarily focuses on the topics that are con- sidered the most important to our business operations. These topics have been selected and prioritized based on a double materiality assessment performed by Better Collective’s management and the sustainability board. The assessment is carried out as a mix of desk research, internal workshops, questionnaires and dialogue over time with our primary stakeholders for sustainability, and the board. We consider our stakeholders for sus- tainability to be our shareholders, our partners and sports fans, our employees, regulatory authorities, and society as a whole. The assessment includes how our ac- tivities may affect society negatively and how society may affect the company negatively. The sustainability data collection in the present report relates to Better Collective’s operations for 2022, and further addresses our ambitions and KPIs for the future both short- and long-term. The outcome of our materi- ality assessment is listed in the tables below. Sustainability governance Good governance is essential in helping us to run our business responsibly and to meet the ambitious goals in our strategy. The governance of Better Collective’s sustainability ef- forts defines the role of the Board and its Committees as well as specifying the powers the Board delegates to our Group Management. We rely on clear terms of reference for the sustainability board to support and advise us as we put our strategy into action. To further the sustainability agenda, we have put in place a DEI board and a safer gambling board to address these matters across our organization, gathering expertise from relevant teams. The insights from these groups feed into the Group Management and Board’s decision-making. The Board of Better Collective Our Board is a diverse one in terms of gender and na- tionality. Members have expertise that includes wide- ranging board and leadership experience as well as spe- cific skills such as understanding of sustainability, fi- nance, the igaming industry, technology and digital. The Board has ultimate responsibility for reviewing, monitoring and guiding the strategy of Better Collec- tive, as well as its conduct. Our Board members provide constructive challenges, strategic guidance and special- ist advice, bringing their diverse experience to our dis- cussions and decision-making. The Board has overall accountability for the manage- ment and guidance of risks and opportunities, including those associated with aspects of sustainability, such as operating a compliant business, promoting safer gam- bling, implementing socially responsible conducts, envi- ronmental responsibility, and ethical behavior. See risk management on p. 29 for sustainability risks. Social Our people It is our long-term commitment to foster and uphold an inclusive and diverse workplace by implementing socially responsible conducts and eliminating all discriminatory practices. Our business is based on specialized expertise and inno- vation, this is why we see people as a core element in everything that we do. We believe it is crucial to consist- ently cultivate an inclusive and diverse employment en- vironment that promotes the rights of the individual. These efforts support the SDG 8 in promoting inclusive, sustainable, and productive employment for everyone at Better Collective. Onboarding and learning New employees, including those welcomed from ac- quired companies, are introduced to Better Collective and our policies through an extensive onboarding pro- gram. We conduct biannual development dialogues be- tween manager and employee to discuss performance and further development for each individual employee. Our leadership development initiative ensures the con- tinuous professional development of our managers to match the ever-changing nature of our business. The 2021-2022 program, consisting of 6 seminars, was at- tended by approximately 100 managers across offices. By supporting the professional and personal develop- ment of our managers, we enable them to identify and deal with challenges in their respective teams. Ulti- mately, such initiatives ensure the well-being of all em- ployees and make Better Collective an attractive and re- spected workplace. Measuring our work culture We conduct an annual workplace survey, and the 2022 results indicated a healthy and effective work environ- ment with engaged and highly motivated employees. Our engagement score of 83% (2021: 87%) is high though fluctuating year to year which may also reflect our continuous growth by new hires and entire teams through acquisitions. The survey returned an unsatisfac- tory number of harassment cases (11 in 2022 against 9 in 2021). As the survey is anonymous, we can only investi- gate the cases that are also reported to HR of which we have had none that were considered severe. During the year we implemented anti-harassment training to edu- cate all employees and encourage them to come for- ward if they experience harassment of any kind for the matter to be dealt with. We will strive to increase open- ness while working to bring down the number of cases. We recognize the risk for the well-being of the employ- ees exposed to harassment of any kind as well as for our work environment. Health and safety We give priority to health and safety at work in compli- ance with the regulations and standards in the countries in which we operate. We run local health and safety ini- tiatives to assess health and safety risks and to generate preventive solutions. The health and safety committee issues guidelines, performs workplace evaluations, and maintains the fire instructions and evacuation plan. We have implemented a more flexible working schedule as working from home (WFH) has proven efficient for most of our employees, both in terms of productivity and im- proving the work-life balance. We follow and adhere to the guidelines set out by the authorities where applica- ble. Depending on local customs, our offices provided employees with internet allowance, IT equipment and office furniture. In this way, we make sure they have the best physical conditions at their home office. We had no reported cases of workplace injuries in 2022 (2021: 0). Human rights Better Collective persistently strives to be a responsible corporate citizen, which entails respecting human rights and supporting the protection as well as advancement of human rights. To solidify our commitment, we imple- mented a human rights policy in early 2022. We have taken the first steps to establish an ongoing human rights due diligence process to move us from commit- ment to action. So far, we consider our salient human rights issues to relate to our own workforce as currently addressed and mitigated by measures mentioned in the previous pages. Recently, we have joined hundreds of companies across the globe in UN Global Compact’s Business &amp; Human Rights Accelerator to further our learning and imple- menting best practices in Better Collective. We recog- nize that failure to comply with human rights and principles constitutes a risk to those potentially im- pacted as well as a reputational risk to the company. Our Academies on tech and marketing Since 2021, we have been running BC academies in Niš, Serbia, which targets the local youth by encouraging them to enroll in one of the education programs tailored by Better Collective. Having our own, specially designed training delivered in the form of the SEO (search engine optimization), SEM (search engine marketing), WordPress, fullstack, and quality assurance academies is a key long-term play in ensuring Better Collective can continue to hire best-in- class talents, who already come equipped with the skill sets required and can hit the ground running. Not only is the academy beneficial to Better Collective, but it also provides an alternative education and subse- quently career opportunity for the youth in Niš. By edu- cating the local youth in tech and marketing we also contribute to lowering the general unemployment rate in Serbia. It is a true win-win situation being able to give back to the community while furthering our own com- petitive edge. In 2022, we enrolled a total of 33 partici- pants across the five subjects. Social Our users For our users, our long-term commit- ment is to promote safer gambling through education. Ultimately, the focus on safer gambling and being a responsible business is what grants us our social license to operate. As a digital sports media group, we derive a significant part of our revenues from our user’s engagement in sports betting with our sports book partners Better Col- lective views sports betting purely as a form of enter- tainment and wants to make sure that sports fans and employees’ betting experiences remain as a form of fun and entertainment. In 2022, we have increased our ef- forts internally by updating our safer gambling policy and implementing training programs to support a safer approach to betting. Safer gambling resources We want to ensure that our users are better suited to navigate the iGaming world by visiting a Better Collec- tive website before registering an account with a sports- book. We focus on the teaching of strategies and the presentation of insightful information and data to make our users more confident in their betting. However, we do not, and cannot, guarantee winning – and we will never claim to do so. As Better Collective is not a sports- book, we rely on our partner operators to scan for user behavior and take action when a sports fan shows signs of at-risk or problem gambling behavior. We can educate sports fans, e.g., by making sure that they know the legal gambling age, of possible adverse effects of gambling, and prevention. By taking respon- sibility in protecting end-users from potential negative health-impacts - in this case gambling addiction - and by promoting mental health and well-being through var- ious initiatives, it is our goal to aid the positive advance- ment of SDG 3. We offer safer gambling resources on our websites, as well as a Betting Academy to educate users. For our em- ployees, we rolled out an updated safer gambling policy in 2022 and launched safer gambling training which will continue in 2023. We have implemented the Gamalyze software on our internal employee platform and we en- courage all employees to take the test at least annually. Collectively we are better We strongly believe that the long-term sustainability and growth of the sports betting industry is dependent on responsible operations. Evidently, this is not achieved by a single business, but rather by a collective effort across the industry. This is why Better Collective in 2019 entered into a partnership with our peers Racing Post and Oddschecker to co-found the UK based trade association, Responsible Affiliates in Gambling (RAiG). Through RAiG we promote socially responsible market- ing of gambling products and a safer gambling environ- ment for users. As a condition of membership in RAiG, each member is subject to an annual social responsibil- ity audit which is conducted by an independent third party. Again, this year we participated in the Safer Gam- bling Week, a cross-industry initiative to promote safer gambling in Europe. Similarly, we are active members of various national as- sociations, one of which is the Danish Online Gambling Association (DOGA). Through DOGA we work to initiate dialogue between all stakeholders in the gambling in- dustry to secure a responsible and safe gambling market in Denmark and other countries. We are also members of the German Association for Telecommunication and Media (DVTM)and the US National Council on Problem Gambling (NCPG). Creating safer customer journeys with Mindway AI Mindway AI (part of the Better Col- lective Group) specializes in support- ing the igaming industry with various safer gambling tools and solutions. Mindway AI is an award-winning company that develops state of the art software solutions for fully automatic monitoring and profiling of gamblers and for identifying, preventing, and intervening in at-risk and problem gam- bling. Mindway AI plays an increasingly important role in the iGaming ecosystem supporting operators on a global scale to create safer iGaming experiences. This supports our ambition to make betting safer: while we can't con- trol what operators do, we support them by holding them to high standards during the customer acquisition process and by providing them with a chance to set the bar higher and take initiative in developing sustainable gaming through Mindway AI tools and software. That way, we are extending our influence in the value chain rather than focusing only on our own area. Early detection of at-risk and problem gambling Mindway AI partners with operators and leading indus- try organizations with a clear mission to improve player protection in the gambling industry. By combining neu- roscience, AI and human expert assessment, the safer gambling software helps operators meet and exceed player protection requirements. The award-winning AI solution GameScanner ensures a fully automated, early detection of at-risk and problem gambling, allowing op- erators to reach out to players before unhealthy gam- bling habits escalate. This way, we make a real difference for millions of play- ers around the world. GameScanner is already running in nearly 40 jurisdictions in 20 countries boosting oper- ators' player protection, scanning a total of 6.5M active players per month. Gamified reinvention of the self-test Gamalyze is an award-winning, gamified reinvention of the self-test, making self-testing more user-friendly, en- gaging, and actionable than typical player question- naires. Gamalyze helps players develop self-awareness of their risk profile and their decision making when they engage in gambling. Drawing in insights from neuroim- aging, Gamalyze analyzes each user’s decision while they play and generates a report with feedback on the player’s strategy and their sensitivity to rewards and losses. It also includes advice tailored to the individual user. Making good use of Mindway AI expertise and tools Mindway AI and Better Collective share common goals for safer gambling, and while Mindway AI is run as an independent business, we make good use of the exper- tise and tools available when offering safer gambling re- sources on Better Collective platforms. Gamalyze is available to our users on key websites together with in- sightful articles on safer gambling authored by Mindway AI experts. We recognize that working in an environment where gambling is normalized makes our employees more ex- posed to gambling and therefore at a higher risk when it comes to problem gambling. Gamalyze is available to all employees, and we remind everyone at least annually to test their gambling behavior along with training and awareness activities. Furthermore, meeting colleagues across the Group, Mindway AI helps create awareness on safer gambling at internal events and on our Safer Gambling Board. Governance It is our long-term commitment to comply with applicable legislation in the countries in which we are active, and work against corruption in all its forms. At Better Collective, we believe that corporate sustain- ability starts with our value system and a principles- based approach to doing business. This is reflected in our business ethics where we conduct business in com- pliance with applicable laws, regulations, and standards. We are subject to a variety of national compliance reg- ulations in the countries where we operate, and to aid in developing a sustainable iGaming environment we solely operate in regulated markets or markets where sports betting is accepted by the authorities. We seek to develop editorial guidelines, which ensure balanced and compliant marketing messages and in- clude proper segmentation for our activities across dif- ferent channels using marketing technology to avoid targeting the wrong audience. Regulation of markets As sports betting becomes more widespread, more countries are amending or implementing new gambling laws and regulations to protect users and to limit black market activities. We have processes for being continu- ously updated on regulation and applying for licenses where relevant. Our in-house legal team is also dedi- cated to this area, with compliance processes for our websites. Commitment to compliance For the fourth consecutive year, Better Collective was awarded for its efforts within compliance at the Vixio Global Regulatory Awards. We seek to educate regula- tors, politicians, and users on what performance market- ing is, what it entails, and to ensure that relevant stand- ards are set for our industry. We do not engage in cryptocurrency payments. When partnering with operators and reviewing acquisition tar- gets, it is an integrated part of our due diligence process to pay careful attention to any signs of money launder- ing or fraud - in case of which we choose not to engage. The Russian invasion of Ukraine caused us to suspend business activities related to the Russian market which was predominantly advertising activities. The impact on our business is limited at an estimated full-year effect on revenue and earnings of approximately 1-2 mEUR in 2022. Better Collective fully supports the sanctions and the signal from corporations in suspending activities. Anti-bribery and corruption Better Collective condemns the acts of corruption and bribery. Not only are they illegal; they also pose a threat to our trustworthiness and a risk to our partners, users, and authorities. Our policy on anti-bribery and corrup- tion is included in our Code of Conduct and was updated in 2022 and implemented across the Better Collective group. We aim for 0 reported cases of bribery and cor- ruption, including any behaviors that abuse entrusted power for private gain in Better Collective. Our whistleblower scheme facilitates anonymous re- porting, and we encourage all employees to speak up if they find something to be in breach of our policies. Dur- ing 2022, we have not received any reports about brib- ery, facilitation payment, or other forms of corruption nor have we received any other whistleblower reports. Code of Conduct Throughout our organization we promote our Code of Conduct as a guide for all employees on the standards and values of a compliant and responsible business. The Code of Conduct also outlines that all employees are to report on gifts, meals, and entertainment (received and offered) to track and prevent conflicts of interest. Our efforts within governance advance overall sustained, in- clusive, and sustainable economic growth while they also secure full and productive employment and decent work for our employees - all of which support SDG 8. Data ethics report We have developed a policy for data ethics in light of Section 99d of the Danish Financial Statements Act and this section serves as our report on data ethics for the financial year 2022. The data ethics policy outlines a set of data ethics principles that support ethical decision making when using data across Better Collectives activ- ities. We employ data to provide our users with a unique and educational experience whenever they visit our websites and/or engage in our communities. To give our users the best and most relevant experience possible, we process various categories of data including user-re- lated data and personal data. In 2022, we adjusted the data ethics policy. Planned activities for 2023 include establishing a process and governance setup to handle and evaluate data ethics reporting. Environment Better Collective has always been committed to making responsible decisions across all operations – this is also the case when it comes to our impact on the environment. It is our long-term commitment to implement a precau- tionary approach to environmental challenges and min- imize our carbon emissions. As we are an online busi- ness, our environmental impact is relatively small. Cli- mate changes generally pose little risk to our current and future operations as we have no physical supply chain, and as such, we can operate almost anywhere. Still, we aim to minimize our carbon footprint and we are working towards setting a reduction target. Our envi- ronmental policy is included in our sustainability policy. Key emissions factors Business travel is one of BCs principal sources of carbon emissions and has a significant impact on our ambition to lower our carbon footprint. When making travel deci- sions, the environmental and economic impacts must be taken into account and weighed against the expected benefits of meeting in person. The booking principles, including low-carbon options, are included in the Better Collective Travel Policy. Besides travel, server hosting, IT and office equipment, and food supplies make up most of our carbon intense procurement. When choosing suppliers, considerations of environmental factors must be considered. In 2022, we started including server hosting in our scope 3. Our range of websites are hosted at data centers with a con- scious approach to the environment and a significant purchase of renewable energy (92% of estimated emis- sions in 2021-2022). Our next steps in scope 3 mapping include our procurement of IT and office equipment as well as food supplies. Garbage with a significant negative environmental ef- fect (such as batteries, IT equipment, etc.) should be re- used when possible or disposed of according to govern- mental recommendations. Old IT equipment, to an in- creasing degree, is disposed of by a third party based on environmentally responsible practices (where available) or re-used for private purposes by employees. Food waste should be kept to a minimum. We do so by work- ing with our caterers and regulating our consumption daily. The Sustainable Beekeeping Initiative Better Collective Serbia had the opportunity to partici- pate in an exciting urban beekeeping project. We placed one of our beehives in a business apiary in Belgrade. The project was collaborative, with Nordic Business Alliance companies playing a significant role in its implementa- tion. While the project produced some delicious honey, our involvement extended far beyond that. We saw this as an opportunity to learn from the bees and incorporate their work into our business practices. We shared this knowledge with our employees and partners to help promote sustainable and environmentally friendly prac- tices throughout our industry. The project lasted throughout the year and concluded this spring. We are proud to have been a part of such an initiative, and our involvement helped to impact both our industry and the environment positively. We're also planning to continue exploring ways to incorporate what we've learned into our business practices in the fu- ture. Social metrics The data in the following accounts is based on information registered in and retrieved from HR’s software system. Our continued growth through M&amp;As means that newer offices are not accounted for with the same accuracy as our long-standing operations. Average number of full-time work force (FTE) The average number of full-time employees as stated in the annual accounts 2022. Total headcount (HC) The total headcount by the end of 2022. Employee turnover Employee turnover is defined as voluntary and involun- tary leaves (headcount) divided by the number of em- ployees and converted to a percentage rate. Resigna- tions and dismissals have been specified and added in the 2022 reporting. Sickness absence The number of sick days for all HCs for the period di- vided by total HC. Action Network was left out of the calculations as it was not possible to gather infor- mation on sick days. Employee engagement and response rate Based on the average responses to five specified ques- tions in our better workplace evaluation 2022. Reported cases of harassment Based on anonymous reports in our better workplace evaluation. The nature of harassment is unknown. Reported workplace injuries Number of reported workplace injuries as reported to HR. Nationalities Number of nationalities. Corporate income tax Total income tax for 2022. Tax policyhttps://bettercollective.com/wp-content/up- loads/2023/01/Better_Collective_Tax_Pol- icy_approved_2022.08.22.pdf Social Unit Target 2022 2021 2020 2019 Average number of FTE FTE 878 635 420 364 Total headcount HC 949 781 476 428 Gender diversity % 35 29 30 30 31 Gender diversity top management % 35 12 17 17 17 Gender pay ratio Times 1 1.10 1.19 1.20 1.19 Employee turnover ratio % 18.25 16.86 21.15 13.79 - Resignations % 12.33 14.96 10.46 9.38 - Dismissals % 5.93 1.90 10.68 4.41 Sickness absence Days per HC 2.37 1.12 1.13 2.04 Employee engagement % 80 83 87 85 - Employee engagement response rate % 80 75 91 - - Reported cases of harassment Number 0 11 9 12 - Reported workplace injuries Number 0 0 0 0 - Nationalities Number 43 35 30 30 Corporate income tax mEUR 16.89 12.60 6.00 5.00 Governance metrics Gender diversity, board Percentage of the underrepresented gender (women) on the board of directors elected at the Annual General Meeting. The board has a 67% (men) and 33% (women) split, which is the number that comes closest to 40% without exceeding 40% in a board consisting of six members and thereby considered an equal gender dis- tribution by the Danish Business Authority. The target figure of 35% was reached in 2021. To signal a continued commitment to gender diversity, the board has in- creased the target from 35% to 40% from the year 2023. Board meeting attendance rate Percentage of board meetings attended per board member including board committee meetings (Audit committee and Remuneration committee respectively). Breaches of customer privacy Number of complaints for the breach of consumers' pri- vacy including complaints from official data protection authorities. Any complaints under investigation will be included once investigation is finalized. Reported cases of bribery or corruption Number of cases reported to HR, in the whistleblower scheme or otherwise. Whistleblower reports Number of whistleblower reports received in 2022. CEO pay ratio CEO pay ratio is calculated as the CEO salary including bonus, pension and warrants divided by the median em- ployee salary. Note that in 2020, the CEO waived his base salary in the second quarter in light of the COVID- 19 pandemic impact. Governance Unit Target 2022 2021 2020 2019 Gender diversity, board % 35 33 33 17 20 Board meeting attendance rate % &gt;95 99 96 97 100 Breaches of customer privacy Number 0 0 0 - - Reported cases of bribery or corruption Number 0 0 0 - - Whistleblower reports Number 0 0 0 0 CEO pay ratio Times 12.61 10.27 8.27 9.12 Environmental metrics Environmental data covers our21sites across 11 countries. The GHG report has been prepared in accordance with Part 1 of ISO 14064: 2018. The GHG inventory, report, or statement has not been verified. The GHG calculation and report has also been prepared in accordance with The Greenhouse Gas Protocol Corporate Standard. The GHG inventory, report, or assertion has not been sepa- rately verified. The carbon footprint appraisal is derived from a combination of our own data collection and data computation by Carbon Footprint’s analysts. Carbon Footprint’s analysts have calculated Better Col- lective’s footprint using the 2022 conversion factors de- veloped by the UK Department for Environment, Food and Rural Affairs (Defra) and the Department for Busi- ness, Energy &amp; Industrial Strategy (BEIS). These factors are multiplied with the company’s GHG activity data. Carbon Footprint has selected this preferred method of calculation as a government recognized approach and uses data which is realistically available from the client, particularly when direct monitoring is either unavailable or prohibitively expensive. CO2 emissions scope 1 Scope 1 comprises CO2 emissions from heating using oil and gas and from the usage of company cars. CO2 emissions scope 2 Scope 2 comprises CO2 emissions from heating and electricity supplied by external suppliers. CO2 emissions scope 3 Scope 3 comprises CO2 emissions from business travel by public transportation including flights, working from home and employee commutes, as well as district heat- ing distribution and electricity transmission and distri- bution. Due to the COVID-19 pandemic, we travelled sig- nificantly less in 2020 and 2021. CO2 emissions per average FTE CO2 emissions per employee (tons/average FTW) is calculated on the basis of the total amount of CO2 emis- sions (tons) and the average number of full time em- ployees (FTE). CO2 emissions per mEUR revenue CO2 emissions per mEUR revenue (tons/mEUR revenue) are calculated based on the total amount of CO2 emis- sions (tons) and the revenue in mEUR as stated in the annual accounts 2022. Environmental Unit Target 2022 2021 2020 2019 CO2 e, scope 1 Metric tons 10.00 73.88 73.53 13.95 CO2 e, scope 2 Metric tons 50.32 70.08 49.99 215.14 CO2 e, scope 3 Metric tons 1,362.50 346.42 176.88 730.14 Total tons of CO2e Metric tons 1,422.82 490.38 300.41 959.24 Tons of CO2e per employee Times 1.62 0.77 0.72 2.92 Tons of CO2e per mEUR turnover Times 5.28 2.77 3.30 15.76 Assessment by scope and source activity Flights Report from travel provider with manual additions of di- rects bookings Home-workers Employee survey, 48% response rate. Apportioned to account for the employees which did not respond. Commuting Employee survey, 48% response rate. Apportioned to account for the employees which did not respond. Hotel stays Report from travel provider with manual additions of di- rects bookings Rail, taxi, bus travels and hire cars Based on cost and distance Electricity transmissions &amp; distribution Primarily utility bills. For the sites where electricity con- sumption information was not available, but other sites are located within the same country with a complete da- taset, this was apportioned based on employee numbers at the site with the complete dataset and used the num- ber of staff working at the site Server hosting Report from server hosting provider, 12 month period from October 1, 2021 to September 31, 2022. Water (and waste water) Utility bills for all but one office (calculated based on per person consumption in nearby office) 2022 Assessment by scope and source activity (tCO2e) 2021 2020 2019 Scope 1 Site gas 9.43 67.50 65.68 1.84 Company car travel 0.57 6.38 7.86 12.12 Scope 1 total 10.00 73.88 73.54 13.96 Scope 2 Electricity generation 50.32 66.77 49.99 215.14 District heating generation - 3.32 - - Scope 2 total 50.32 70.09 49.99 215.14 Scope 3 Flights 915.48 164.38 126.67 711.84 Home-workers 144.68 103.69 42.39 - Commuting 198.47 62.52 - - Rail travel 3.74 8.81 2.34 3.24 Electricity transmission &amp; distribution 4.76 5.34 2.52 12.37 Taxi travel 5.36 1.43 1.81 1.68 District heating distribution - 0.17 - - Bus travel 3.64 0.08 0.01 1.01 Server hosting 1.60 - - - Company electric vehicles (charged off-site) 0.61 - - - Scope 3 total 1,278.34 346.42 176.88 730.14 Total 1338.66490.39300.41959.24EU Taxonomy KPI for Revenue Better Collective’s main activities within sports media and entertainment is excluded from the taxonomy un- der 13.1 Creative, arts and entertainment activities. To ascertain whether Better Collective has any other eco- nomic activities which could be eligible for the taxon- omy, the group has made an analysis of the business which has not returned any other economic activities that are eligible under the taxonomy. Better Collective thus reports no eligible revenue for any eligible activi- ties. KPI for CAPEX CAPEX is calculated as the 'Addition of tangible and in- tangible assets', which is generated from note 12 and 14 of the consolidated financial statements. Included in the figures is the value from leasing of office buildings (Capitalized under IFRS16). Of the eligible activities, none was assessed as Taxonomy-aligned. KPI for OPEX Better Collective has made an analysis of OPEX which has not returned any economic activities that are eligi- ble under the taxonomy. Substantial contributions %Do no signifi- cant harmClimate Climate Absolute Rev-change miti-change adap-Taxonomy aligned Reve-enue tEURProportion ofRevenuegationtation1-6 Minimum safe-guards nue Category Revenue Taxonomy aligned activities - none 0 0% n/a n/a - n/a 0% n/a Taxonomy eligible but not aligned activities - none 0 0% 269,297 100% Taxonomy non-eligible activities Total 269,297 100% n/a n/a n/a n/a n/a n/a Substantial contributions %Do no signifi- cant harmClimate Climate Absolute Proportion ofchange miti-change adap-Taxonomy aligned Reve-CAPEX tEURgation tation 1-6 Minimum safe-guards nue Category CAPEX Taxonomy aligned activities - none 0 CAPEX0% n/a n/a - n/a 0% n/a Taxonomy eligible but not aligned activities 7,045 5% 144,522 95% Taxonomy non-eligible activities Total 151,568 100% n/a n/a n/a n/a n/a n/a Substantial contributions %Do no signifi- cant harmClimate Climate Absolute Proportion ofchange miti-change adap-Taxonomy aligned Reve-OPEX tEUR tation1-6 Minimum safe-guards nue Category OPEX Taxonomy aligned activities - none 0 OPEX0% n/a n/a - n/a 0% n/a Taxonomy eligible but not aligned activities - none 0 0% 184,222 100% Taxonomy non-eligible activities Total 184,222 100% n/a n/a n/a n/a n/a n/a</mrv:StatementOfCorporateSocialResponsibility>
   <sob:PlaceOfSignatureOfStatement contextRef="ctx2" id="fact2859" xml:lang="en">Copenhagen</sob:PlaceOfSignatureOfStatement>
   <sob:DateOfApprovalOfAnnualReport contextRef="ctx2" id="fact2860">2023-03-23</sob:DateOfApprovalOfAnnualReport>
   <sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx2" id="fact2835" xml:lang="en">Statement by management The Board of Directors and the Executive Board have to- day discussed and approved the annual report of Better Collective A/S for 2022. The annual report has been prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Fi- nancial Statements Act. It is our opinion that the consolidated financial state- ments and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at December 31, 2022 and of the results of the Group’s and the Parent Com- pany’s operations and cash flows for the financial year January 1 – December 31, 2022. Further, in our opinion, the Management’s review gives a fair review of the development in the Group’s and the Parent Company’s activities and financial matters, re- sults of operations, cash flows and financial position as well as a description of material risks and uncertainties that the Group and the Parent Company face. We recommend that the annual report be approved at the annual general meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx3" id="fact3244" xml:lang="en">Jesper Søgaard</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx3" id="fact3245" xml:lang="en">CEO &amp; Co-founder</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx4" id="fact3246" xml:lang="en">Christian Kirk Rasmussen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx4" id="fact3247" xml:lang="en">COO &amp; Co-founder</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx5" id="fact3248" xml:lang="en">Flemming Pedersen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx5" id="fact3249" xml:lang="en">Executive Vice President</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx6" id="fact3250" xml:lang="en">Jens Bager</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx8" id="fact3253" xml:lang="en">Todd Dunlap</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx9" id="fact3254" xml:lang="en">Leif Nørgaard</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx10" id="fact3255" xml:lang="en">Therese Hillman</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx6" id="fact3251" xml:lang="en">Chair</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx11" id="fact3256" xml:lang="en">Vice</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx11" id="fact3257" xml:lang="en">Chair</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx7" id="fact3252" xml:lang="en">Klaus Holse</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx12" id="fact3258" xml:lang="en">Petra von Rohr</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <arr:IndependentAuditorsReportsAudit contextRef="ctx2" id="fact2861" xml:lang="en">Independent Auditors’ Report</arr:IndependentAuditorsReportsAudit>
   <arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx2" id="fact2863" xml:lang="en">To the shareholders of Better Collective A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
   <arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx2" id="fact2890" xml:lang="en">Basis for opinion We conducted our audit in accordance with Interna- tional Standards on Auditing (ISAs) and additional re- quirements applicable in Denmark. Our responsibilities under those standards and requirements are further de- scribed 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 ob- tained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group in accordance with the International Ethics Standards Board for Account- ants' International Code of Ethics for Professional Ac- countants (IESBA Code) and the additional ethical re- quirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. 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. Appointment of auditor On June 8, 2018, Better Collective A/S completed its In- itial Public Offering and was admitted to trading and of- ficial listing on Nasdaq Stockholm. Subsequent to Better Collective A/S being listed on Nasdaq Stockholm, we were initially appointed as auditor of Better Collective A/S on April 25, 2019 for the financial year 2019. We have been reappointed annually by resolution of the general meeting for a total consecutive period of 4 years up until and including the financial year 2022.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
   <arr:OpinionOnAuditedFinancialStatements contextRef="ctx2" id="fact2865" xml:lang="en">Opinion We have audited the consolidated financial statements and the Parent Company financial statements of Better Collective A/S for the financial year January 1 – Decem- ber 31, 2022, which comprise income statement, state- ment of comprehensive income, balance sheet, state- ment of changes in equity, cash flow statement and notes, including accounting policies, for the Group and the Parent Company. The consolidated financial state- ments and the Parent Company financial statements are prepared in accordance with International Financial Re- porting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act. 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 December 31, 2022 and of the results of the Group's and the Parent Company's op- erations and cash flows for the financial year January 1 – December 31, 2022 in accordance with International Fi- nancial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial State- ments Act. Our opinion is consistent with our long-form audit re- port to the Audit Committee and the Board of Directors..</arr:OpinionOnAuditedFinancialStatements>
   <arr:KeyAuditMattersAudit contextRef="ctx2" id="fact2923" xml:lang="en">Key audit matters Key audit matters are those matters that, in our profes- sional judgement, were of most significance in our audit of the financial statements for the financial year 2022. These matters were addressed during our audit of the financial statements as a whole and in forming our opin- ion 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. 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 au- dit 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 proce- dures, including the procedures performed to address the matters below, provide the basis for our audit opin- ion on the financial statements. Valuation of goodwill, domains and websites Goodwill as well as domains and websites with indefinite life are not subject to amortisation, but are reviewed an- nually for impairment, or more frequently if any indica- tors 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 judge- ment involved in the assessment of the carrying values, assessment of indefinite life and judgements involved in impairment testing of the goodwill, domains and web- sites. Management prepares and reviews impairment tests for each cash-generating unit.. 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 each cash- generating unit and for each individual significant acqui- sition. Refer to note 13 in the consolidated financial statements and to note 13 in the financial statements for the parent company. How our audit addressed the above key audit matter Our audit procedures included: • Assessment of the indefinite life assumption includ- ing examination of data provided by management and other sources as well as inquiries to manage- ment and comparison with industry practice and comparable companies. • Assessment of internal procedures related to esti- mating future cash flows, preparation of budgets and forecasts. • Evaluation of the value-in-use model prepared by Management, including consideration of the cash- generation units defined by Management and 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 inter- est rates, etc. • Evaluation of the disclosures provided by Manage- ment in note 13 to the consolidated financial state- ments and in note 13 to the Parent Company finan- cial statements to applicable accounting standards. Revenue recognition The Group’s revenue consists of four different revenue streams, that either are recognized at a point in time or over time. Further, the Group has agreements with op- erators that include variable consideration, which is rec- ognized based on expected performance for the con- tract period. Revenue recognition and measurement of the related variable consideration for the Group was a matter of most significance in our audit due to the inherent risk in the estimates and judgements which Management makes in the normal course of business as to timing of revenue and measurement of variable consideration. For details on the revenue, reference is made to note 4 in the consolidated financial statements. How our audit addressed the above key audit matter Our audit procedures included: • Test of recognized revenue and related variable considerations to agreements with operators, and test to supporting data from the operators. • Data analytical procedures to test completeness, accuracy, and timing of the recognition of revenue and related variable consideration. • Test of revenue accruals, revenue deferrals and sales transactions, recognized before and after the balance sheet date to contracts and other supporting documentation to assess proper reve- nue cut-off. • Assessment whether the applied revenue recogni- tion criteria follow the Group’s accounting policies as disclosed in note 4 to the consolidated financial statements. • Evaluation of the disclosures provided by Manage- ment in note 4 to the consolidated financial state- ments to applicable accounting standards.</arr:KeyAuditMattersAudit>
   <arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx2" id="fact3053" xml:lang="en">Management’s responsibilities for the financial statements Management is responsible for the preparation of con- solidated financial statements and Parent Company fi- nancial statements that give a true and fair view in ac- cordance with International Financial Reporting Stand- ards as adopted by the EU and additional requirements of the Danish Financial Statements Act and for such in- ternal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is re- sponsible for assessing the Group's and the Parent Com- pany's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and us- ing the going concern basis of accounting in preparing the financial statements unless Management either in- tends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
   <arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx2" id="fact3032" xml:lang="en">Statement on the Management’s review Management is responsible for the Management's re- view. Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's re- view is materially inconsistent with the financial state- ments or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. 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 accord- ance with the requirements of the Danish Financial Statements Act. We did not identify any material mis- statement of the Management's review.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
   <arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx2" id="fact3074" xml:lang="en">Auditor’s responsibilities for the audit of the financial statements 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 er- ror, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assur- ance, but is not a guarantee that an audit conducted in accordance with ISAs and additional requirements ap- plicable in Denmark will always detect a material mis- statement 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. As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain profes- sional scepticism throughout the audit. We also: • Identify and assess the risks of material misstate- ment of the financial statements, whether due to fraud or error, design and perform audit proce- dures responsive to those risks and obtain audit evidence that is sufficient and appropriate to pro- vide a basis for our opinion. The risk of not detect- ing a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control. • Obtain an understanding of internal control rele- vant to the audit in order to design audit proce- dures 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. • Evaluate the appropriateness of accounting poli- cies used and the reasonableness of accounting estimates and related disclosures made by Man- agement. • 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 go- ing concern. If we conclude that a material uncer- tainty 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 conclu- sions 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. • Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial state- ments represent the underlying transactions and events in a manner that gives a true and fair view. • Obtain sufficient appropriate audit evidence re- garding 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. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, includ- ing any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to com- municate with them all relationships and other matters that may reasonably be thought to bear on our inde- pendence, and where applicable, actions taken to elimi- nate threats or safeguards applied. 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 au- ditor's report unless law or regulation precludes public disclosure about the matter.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
   <arr:AuditorsReportOnXbrlTagging contextRef="ctx2" id="fact3169" xml:lang="en">Report on compliance with the ESEF Regulation As part of our audit of the Consolidated Financial State- ments and Parent Company Financial Statements of Better Collective A/S, we performed procedures to ex- press an opinion on whether the annual report of Better Collective A/S for the financial year January 1 – Decem- ber 31, 2022 with the file name bettercollective-2022-12- 31-en.zip is prepared, in all material respects, in compli- ance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the Consolidated Financial State- ments including notes. Management is responsible for preparing an annual re- port that complies with the ESEF Regulation. This re- sponsibility includes: • The preparing of the annual report in XHTML for- mat; • The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for all financial information required to be tagged using judgement where necessary; • Ensuring consistency between iXBRL tagged data and the Consolidated Financial Statements pre- sented in human readable format; and • For such internal control as Management deter- mines necessary to enable the preparation of an annual report that is compliant with the ESEF Reg- ulation. Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material re- spects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditor’s judge- ment, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The proce- dures include: • Testing whether the annual report is prepared in XHTML format; • Obtaining an understanding of the company’s iXBRL tagging process and of internal control over the tagging process; • Evaluating the completeness of the iXBRL tagging of the Consolidated Financial Statements including notes; • Evaluating the appropriateness of the company’s use of iXBRL elements selected from the ESEF tax- onomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified; • Evaluating the use of anchoring of extension ele- ments to elements in the ESEF taxonomy; and • Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements. In our opinion, the annual report for the financial year January 1 – December 31, 2022 with the file name bet- tercollective-2022-12-31-en.zip is prepared, in all mate- rial respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
   <arr:SignatureOfAuditorsPlace contextRef="ctx2" id="fact3242" xml:lang="en">Copenhagen</arr:SignatureOfAuditorsPlace>
   <arr:SignatureOfAuditorsDate contextRef="ctx2" id="fact3243">2023-03-23</arr:SignatureOfAuditorsDate>
   <cmn:NameOfAuditFirm contextRef="ctx55" id="fact3579" xml:lang="en">EY Godkendt Revisionspartnerselskab</cmn:NameOfAuditFirm>
   <cmn:NameOfAuditFirm contextRef="ctx56" id="fact3590" xml:lang="en">EY Godkendt Revisionspartnerselskab</cmn:NameOfAuditFirm>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx55" id="fact3581" xml:lang="en">Jan C. Olsen</cmn:NameAndSurnameOfAuditor>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx56" id="fact3585" xml:lang="en">Peter Andersen</cmn:NameAndSurnameOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx55" id="fact3582" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx55" id="fact3584" xml:lang="en">mne33717</cmn:IdentificationNumberOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx56" id="fact3586" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx56" id="fact3588" xml:lang="en">mne34313</cmn:IdentificationNumberOfAuditor>
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