Assets

Type	Time	Amount	Unit
ifrs-full:Assets	2023-12-31	937862000	vEUR
ifrs-full:Assets	2022-12-31	785229000	vEUR

Revenue

Type	Start date	End date	Amount	Unit
ifrs-full:Revenue	2023-01-01	2023-12-31	326686000	vEUR
ifrs-full:Revenue	2022-01-01	2022-12-31	269297000	vEUR

XML

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Separator

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   <mrv:CorporateGovernanceReport contextRef="ctx1" id="fact1032" xml:lang="en">Corporate governance report Better Collective A/S is a Danish public lim- ited liability company and is governed by the provisions of the Danish Companies Act. The registered office and headquarter is situated in Copenhagen, Denmark. Better Collective has been listed on Nasdaq Stockholm since June 8, 2018, and on Nasdaq Copenhagen since November 17, 2023. Corporate governance framework 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 group’s corporate govern- ance is based on applicable Danish legislation and other external rules and instructions, including the Danish Companies Act, Nasdaq Stockholm’s Rulebook, Nasdaq Copenhagen Rulebook, the Swedish Securities Council’s good practices in the stock market, the Swedish Code of Corporate Governance and Better Collective’s guide- lines, which include the Articles of Association, various policies, and other guidelines. Following the dual listing on Nasdaq Stockholm and Nasdaq Copenhagen Better Collective has resolved that it will comply with the Swedish Code instead of the Dan- ish Recommendations on Corporate Governance. The main corporate laws and rules on governance relevant for shareholders in a Danish public limited liability com- pany that is listed on Nasdaq Stockholm, and complying with the Code, are largely materially similar to the cor- responding Swedish rules that would apply for a Swe- dish public limited liability company under the same cir- cumstances. Cross-listing and corporate governance Better Collective is a Danish limited liability company and accordingly follows the rules, regulations, and guidelines as described above. As a dual listed company on Nasdaq Stockholm and Nasdaq Copenhagen, Better Collective is required each year to provide an overview of the main differences between the Swedish Code and the Danish Recommendations. Shareholder engagement Election of Chair of the annual general meeting The Code stipulates the Chair of the annual general meeting shall be appointed by the Nomination Commit- tee. In a Danish context, the Board of Directors will usu- ally appoint a Chair of the general meeting, and this is not regulated in the Recommendations. Minutes of the annual general meeting The Code recommends that a shareholder who is inde- pendent from the company and its Board of Directors is appointed to verify and sign the minutes of general meetings. Such practice does not exist in Denmark and the minutes are approved and signed by the Chair of the general meeting in accordance with Danish Company Law. Policies Pursuant to the Recommendations, listed companies are to adopt certain policies and procedures, such as poli- cies regarding communication and investor relations, a tax policy as well as contingency procedures in case of a public takeover of the company. Such recommenda- tions are not included in the Code. However, Better Col- lective has adopted an information policy which governs both internal and external communications, including in relation to investors. Procedures and tasks of the Board of Directors Participation in daily management Pursuant to the Recommendations, any participation by a member of the Board of Directors in the daily manage- ment of Better Collective must be approved by the Board and publicly disclosed. No equivalent recommen- dation is a part of the Code. However, none of the mem- bers of the Board of Directors currently participate in the daily management of Better Collective. Board composition and Board Committees Independence of Board members The Code distinguishes between Board members’ inde- pendence from Better Collective and its executive man- agement and independence from the group´s major shareholders in two separate recommendations. Inde- pendence in relation to major shareholders is not a part of the Recommendations. However, to be considered in- dependent a Board member should not be a representa- tive of or be associated with a controlling shareholder. Chair of the Board The Code stipulates that the Chair of the Board shall be elected by the general meeting. This is not the case in a Danish context. Further, the specific tasks of the Chair are more detailed in the Code. However, Danish practice is in line with the tasks and responsibilities of the Code. The Recommendations stipulate that a deputy Chair shall be elected, which is not included in the Code. Board Committees Both the Code and the Recommendations stipulate that a company should have an Audit Committee, a Remu- neration Committee, and a Nomination Committee. The main difference between the Code and the Recommen- dations is that pursuant to the Code, a Nomination Com- mittee is not a Board Committee but instead consists of members elected directly by the shareholders. Whereas pursuant to the Recommendations, the Nomination Committee is a Board Committee elected by and among members of the Board of Directors. The tasks of the Nomination Committee in a Swedish context are also more comprehensive than the tasks of the Nomination Committee in a Danish context. The Company follows the Swedish practice pursuant to the Code, and accordingly the Nomination Committee consist of shareholder elected Committee members and the tasks carried out are in line with the Recommenda- tions of the Code. Management remuneration The Recommendations contain provisions relating to management remuneration criteria, Board compensa- tion as well as incentive programs. The Code does not include equivalent recommendations as the Swedish Corporate Governance Board has issued the separate “Rules on Remuneration of the Board of Di- rectors and Executive Management and on Incentive Programs” (the “Remuneration Rules”). The Remunera- tion Rules came into force on 1 January 2021 and contain extensive provisions on remuneration to the Board of Directors, executive management, and incentive pro- grams. However, the Remuneration Rules only apply to Swedish companies whose shares are admitted to trad- ing on a Swedish-regulated market (and to some extent companies whose shares are traded on other trading platforms) and are therefore not formally applicable to Better Collective. The share and shareholders Better Collective A/S was listed on Nasdaq Stockholm on June 8, 2018. As of November 17, 2023, Better Collec- tive is dual listed on Nasdaq Copenhagen. The number of shares outstanding on December 31, 2023, was 55,367,418. Each share entitles the holder to one vote. The number of shareholders on December 31, 2023, was 4,821 which is an increase from the 3,669 shareholders on December 31, 2022. The largest shareholders on December 31, 2023, were Chr. Dam Holding and J. Søgaard Holding (the Co- founders of Better Collective) with 10,671,179 shares each and each representing 19.27% of the votes and share capital in the company. Further information on the Better Collective share and shareholders is available in the section Share and shareholders on page 42 as well as on the group’s website. Better Collective complies with the Swedish Code of Corporate Governance with the following exceptions As stipulated in Better Collective’s Articles of Association, the Board of Directors ap- point the meeting Chair for the AGM instead of letting the Nomination Committee pro- pose a meeting Chair. The Articles also stip- ulate that the meeting Chair approves the AGM minutes instead of letting an AGM par- ticipant that is not a member of the Board or an employee of the company approve the minutes of the meeting. The respective reports on corporate govern- ance and sustainability do not include a part of the auditor’s report covering the specific reports, as these subjects are not individu- ally addressed in the auditor’s report. These deviations are due to differences between Danish and Swedish laws and practices. General meeting Pursuant to the Danish Companies Act, the general meeting is the group’s superior decision-making body. The general meeting may resolve every issue for Better Collective which does not specifically fall within the scope of the exclusive powers of another corporate body. For example, the power to appoint executive management, which falls within the scope of the Board of Directors in limited liability companies that are man- aged by a Board of Directors. At the general meeting, the shareholders exercise their voting right on key issues, such as amendments of the Better Collective’s Articles of Association, approval of the annual report, appropriation of the group’s profit or loss (including distribution of any dividends), resolu- tions to discharge the members of the Board of Direc- tors 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. 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 Better Collective Articles of Asso- ciation, general meetings must be held in Greater Co- penhagen, Gothenburg, or Stockholm. Notice According to Better Collective’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 group’s corporate website. If requested, shareholders shall receive written notice of the general meetings. 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 a specific matter. Such extraordi- nary 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 group’s Articles of Association is to be resolved 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. 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 based on 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 holding of each individual share- holder is based on the number of shares held by that shareholder as registered in the group’s share register maintained by Euroclear Sweden as well as any notifica- tions of ownership received by Better Collective 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 Better Col- lective of attendance no later than three days prior to the date of the general meeting, as stipulated by Better Collective’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 &amp; 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 Better Collective’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 group’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 group’s 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 meet- ing, the Board of Directors must decide whether the re- quest has been made with enough time for the issues to be included on the agenda. General meetings in 2023 The annual general meeting 2023 was held on April 25, 2023, and approved the 2022 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 group’s share capital without pre-emption rights for the existing shareholders and to authorize the BBoard of Directors to acquire treasury shares. The shareholders adopted the remuneration report based on an advisory vote. On August 8, 2023, an extraordinary general meeting was held during which shareholders approved the pro- posals from the Nomination Committee regarding the election of Britt Boeskov and René Rechtman as the new members of the Board of Directors. During the meeting the shareholders were informed that the Board member Klaud Holse wished to resign as a member of the Board of Directors with effect as of the extraordinary general meeting. Electronic general meetings The Board of Directors is authorized to decide that gen- eral meetings are held as a completely electronic gen- eral meeting without physical attendance or partially electronic meetings. Annual general meeting 2024 The annual general meeting 2024 will take place on April 22, 2024, at 2.00 p.m. For more information, please see the section on the annual general meeting on the Better Collective’s corporate website. Nomination Committee According to the Code, the group must have a Nomina- tion Committee, the duties of which must 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 group’s Articles of Association hold instructions and rules of procedure for the Nomination Committee ac- cording 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 mem- bers of the Nomination Committee must be published by Better Collective no later than six months prior to the annual general meeting. On August 31, 2023, 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 • Michael Knutsson, appointed by Knutsson Holding AB • Jens Bager, Chair of the Board of Directors, Better Collective In all, the Nomination Committee represented 49.5% of the total number of shares in Better Collective, based on ownership data as per August 31, 2023. Independence of Nomination Committee The Code requires the majority of the Nomination Com- mittee’s members to be independent in relation to the group and its management and that at least one of these shall also be independent in relation to the group’s larg- est shareholder in terms of voting power. All members are independent in relation to Better Collective and the group’s management and all members except for Søren Jørgensen are independent in relation to major share- holders. Nomination Committee meeting with Board members Each year, the Nomination Committee conducts individ- ual interviews with the Board members leading up to the AGM as a supplement to the board self-evaluation re- sults. Similarly, any new Board candidates meet with the Nomination Committee. Meetings of the Nomination Committee Ahead of the AGM 2024, the Nomination Committee has held three meetings. One member was not present dur- ing the third meeting. 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 group. The duties of the Board are set forth in the Danish Compa- nies Act, the group’s 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 group, the Board of Directors’ meeting agenda, the Chair’s du- ties, and allocation of responsibilities between the Board of Directors and the executive management. Rules of procedure for the executive management, including in- struction for financial reporting to the Board of Direc- tors, are also adopted by the Board of Directors. The Board meets according to a predetermined annual schedule. At least five ordinary Board meetings must be held between each annual general meeting. In addition to these meetings, extraordinary meetings can be con- vened for processing matters which cannot be referred to any of the ordinary meetings. In 2023, 10 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 group’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 seven or- dinary Board members elected by the general meeting: Jens Bager (Chair), Todd Dunlap, Therese Hillman (Vice Chair), Britt Boeskov, René Rechtman Leif Nørgaard, and Petra von Rohr. The Board attended Nasdaq’s stock market training course prior to the listing in 2018. Todd Dunlap and Britt Boeskov received Nasdaq training after joining the Board. For information about the Board members see page 36. 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 2023, an external management consultancy assessed the Board’s work, including 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 Nomina- tion Committee. In addition, the Nomination Committee conducted individual interviews with the Board mem- bers leading up to the AGM. The overall conclusion 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 group’s financial po- sition, to monitor the effectiveness of the group’s inter- nal control and risk management, to be informed about the audit of the annual report and the consolidated fi- nancial statements, to monitor the quality of the exter- nal audit, to review and monitor the auditor’s impartial- ity and independence and to monitor the group’s com- pliance with law and regulations related to financial matters. The Audit Committee has an annual work plan and has held five meetings in 2023. Remuneration Committee The Remuneration Committee consists of Jens Bager (Chair), Todd Dunlap, and Britt Boeskov, who has re- placed Klaus Holse. The Remuneration Committee’s role is primarily to prepare matters regarding remuneration and other terms of employment for the executive man- agement and other key employees. The Remuneration Committee shall also monitor and evaluate ongoing and completed programs for variable remuneration to the group’s management and monitor and evaluate the im- plementation of the guidelines for remuneration to the executive management which the annual general meet- ing has adopted. The Remuneration Committee has an annual work plan and has held three meetings in 2023. Executive management According to the Danish Companies Act and Better Col- lective’s 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 group. 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 40. The duties and responsibilities of the executive manage- ment are governed by the Danish Companies Act, Better Collective’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 executive management’s duties and responsibilities include, inter alia, ensuring that the group maintains ad- equate accounting records and procedures, that the Board of Directors’ resolutions are implemented in the daily management of the group, that the Board of Direc- tors are up to date on all matters of importance to the group and that the day-to-day management of the group is carried out.</mrv:CorporateGovernanceReport>
   <mrv:StatementOfTheDiversityPolicies contextRef="ctx1" id="fact1528" xml:lang="en">Diversity The Board composition must be set with appropriate- ness to the group’s operations, phase of development, and must collectively exhibit diversity regarding gender, age, nationality, experience, professional background, and business expertise. In 2023, the Board had an equal gender distribution and met the group’s policy on addi- tional diversity criteria based on age, nationality, and educational background. GenderdistributionBetter Collective operates within an industry predomi- nantly led by men, encompassing both technology and sports betting. Recognizing this disparity and aiming to contribute positively to Sustainable Development Goal 5, initiatives promoting diversity and inclusion were pri- oritized in our agenda for 2023. These initiatives focused on raising awareness of potential biases in our recruit- ment processes, which included training for hiring man- agers, refining job ad language, and implementing screening measures. Despite these efforts, by the end of 2023, the proportion of underrepresented gender (women) within the Better Collective group stood at 31%, a marginal increase from the 29% recorded in 2022. This lack of progress indi- cates a deviation from our target of achieving 35% rep- resentation by 2030. Collaboration and commitment to further the gender equality agenda In early 2023, Better Collective joined the All-In Diver- sity Project, which is an industry-driven initiative to benchmark diversity, equity, and inclusion for the global iGaming sector. We are proud to join as the first non- sportsbook founding member alongside the likes of En- tain, Caesars, Betsson, Flutter and Kindred, to provide guidance and support sharing best practices and re- sources. 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 Better Collective takes part in identifying and making businesses more diverse. The 2023 initiatives included awareness of possible bias in our recruitment processes, including training for hir- ing managers, job ad terminology, screening, and the development of a recruitment policy stating that every job interview should have minimum two genders repre- sented in the first interview. By the end of the year Bet- ter Collective group counted 31% of the underrepre- sented gender (women) against 29% in 2022 which means we have not made progress towards our goal of reaching 35% by 2030.</mrv:StatementOfTheDiversityPolicies>
   <mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx1" id="fact1015" xml:lang="en">Gender distribution in management, cf. §99b Gender diversity The percentage of the underrepresented gender (women) in the workforce at the end of 2023. 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 exclude bonus, incentive programs and other benefits. The 2019 and 2020 figures have been recalcu- lated.</mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
   <mrv:InformationOnEqualDistributionOfWomenAndMenBoardOfDirectors contextRef="ctx1" id="fact1585" xml:lang="en">Better Collective has set a target for the Board of Direc- tors of 40% of the underrepresented gender. The Board is made up of three women (43%) and four men (57%) whereby the split exceeds the 40% in a Board consisting of seven members. This is considered an equal gender distribution by the Danish Business Authority. It is man- agement’s view that the Board composition meets our policy on additional diversity criteria based on age, na- tionality, and educational background.</mrv:InformationOnEqualDistributionOfWomenAndMenBoardOfDirectors>
   <mrv:StatusOfAchievementOfTargetFigureOfUnderrepresentedGenderBoardOfDirectors contextRef="ctx1" id="fact1623" xml:lang="en">Gender diversity top management In 2023 Better Collective achieved gender equality in the top management level. Therefore, no new targets have been set. In contrast, in the 2022 annual report, Better Collective disclosed that the combined percent- age of underrepresented genders in both top manage- ment and other levels of management amounted to 12%.</mrv:StatusOfAchievementOfTargetFigureOfUnderrepresentedGenderBoardOfDirectors>
   <mrv:StatusOfAchievementOfTargetFigureOtherManagementLevels contextRef="ctx1" id="fact1594" xml:lang="en">For the other management levels across Better Collec- tive, the gender split in 2023 was 15% women and 85% men. This is an increase from 2022 (12% women and 88% men.) In the 2023 reporting, other management levels include the executive management and their direct re- ports, whereas in the 2022 reporting the other manage- ment level was included in the top management per- centage. Although new members of the other management level joined Better Collective in 2023 the target of un- derrepresented gender was not reached. Better Collec- tive recognizes that gender distribution at the other management level is unsatisfactory. 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. Gender diversity other management levels Other management levels include the executive man- agement and their direct reports, (executive manage- ment and SVP/VP) which equals 13 members in total. To improve the percentage of the underrepresented gen- der in the other management level, the company has in- cluded a representative of both genders in the recruit- ment processes and will continue to do so in order to reach the target of 25 % by 2027.</mrv:StatusOfAchievementOfTargetFigureOtherManagementLevels>
   <mrv:StatementOfCorporateSocialResponsibility contextRef="ctx1" id="fact1630" xml:lang="en">Founder statement We are pleased to present Better Collec- tive’s Sustainability Report for the year 2023, which showcases our ongoing com- mitment to sustainable environmental, so- cial and governance practices. Since the inception of Better Collective, our unwavering commitment has been to deliver compelling and immer- sive sports content to our users. This commitment has helped shape our vision to become the leading digital sports media group along with our mission to excite sports fans through engaging content and foster pas- sionate communities worldwide. Positioned as a leader at the crossroads of media, entertainment, and iGaming, we reach hundreds of millions of sports fans and enthu- siasts, bringing with it the obligation to ensure a respon- sible and sustainable offering including editorial guide- lines, proper segmentation, and safer gambling re- sources. Offering transparency Championing transparency is a cornerstone of our sus- tainable growth strategy. As we are continually growing our business and rapidly adding new entities, we dedi- cate our attention to initiatives that allow us to grow sustainably. Perhaps most importantly we want to guide sports fans towards Better Collective brands before they embark on their sports betting journey. By doing so we ensure that we can educate the user before they em- bark on a potential sports betting venture. In this jour- ney we offer transparency in what licensed partners there are and how their offers differ. Safer gambling initiatives Better Collective plays a pivotal role in channeling sports fans responsibly to licensed sportsbooks in regu- lated markets. In the online marketplace, users are met with a multitude of offers, some of which are in markets without regulations, meaning that user protection measures may not be in place and marketing practices non-compliant. Positioned strategically in the value chain, our objective is not only to educate sports fans but also to direct them towards licensed sportsbooks to safeguard their interests. As always, safer gambling is a key element in our sus- tainability efforts, and our subsidiary Mindway AI has once again been an industry lighthouse within this field. In late 2023, the National Council on Problem Gambling partnered with Mindway AI to enhance safer gambling initiatives. We are extremely proud of the exciting part- nership with NCPG nationwide in the US. This collabora- tion is a testament to our commitment to innovation in safer gambling and a shared vision of creating a safer future, paving the way for industry transformation and redefining what is possible. Sustainability commitment Our dedication to sustainability is not confined to our business operations but extends to supporting the broader sustainable development of our world and in- dustry. In 2019, Better Collective committed to incorpo- rate the UN Global Compact and its 10 principles into our strategy, culture, and day-to-day operations. With this report, which is also our Communication on Progress, we renew our ongoing commitment to the initiative as well as our continued support for the Sustainable Devel- opment Goals (SDGs). As a result of our commitment, we persistently strive to operate in ways that meet fundamental responsibilities in the areas of human rights, labor, environment and anti-corruption. We see our efforts and commitment as a constant work in progress which each year gets better, and we strive to supply the data to support transpar- ency of our efforts. Better together In early 2023, Better Collective joined the All-In Diver- sity Project, which is an industry-driven initiative to benchmark diversity, equity, and inclusion for the global sports media industry. We are proud to join as the first non-sportsbook founding member to provide guidance and support sharing best practices and resources. Working to further our DEI agenda during 2023, an ad- vanced and updated DEI framework was developed for the group together with new DEI targets for the ongoing year. Better Collective marked International Women’s Day (IWD) by teaming up with the All-in Diversity pro- ject to pay tribute to women around the world. Unfortu- nately, 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 such initiatives Better Collective takes part in identifying and making businesses more diverse. Being a big international group with 45 nationalities rep- resented across 20 offices across the world, we decided to roll out unconscious bias training across the group for all employees to participate in during 2023. We have also put in place practices in our recruitment process to minimize the gender gap within the group, and 2023 in- itiatives included awareness of possible bias in our re- cruitment processes, including training for hiring man- agers, job ad terminology, screening, and the develop- ment of a recruitment policy stating that every job in- terview should have minimum two genders represented in the first interview. Developing talents Another year has gone by, and we cannot fail to mention our successful in-house academies. Since 2021, Better Collective has been running its academies in Niš, Serbia, which targets the local youth by encouraging them to enroll in one of our education programs tailored by Bet- ter Collective. Having our own, specially designed training delivered in the form of SEO- (search engine optimization), SEM- (search engine marketing), WordPress-, Full Stack-, 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 to hit the ground running. Not only are the academies beneficial to Better Collec- tive, but they also provide an alternative education and subsequent career opportunity for the youth in Niš. In 2023, we enrolled a total of 73 participants across 14 academies, and we are proud to share that 75% of the enrolled candidates today are part of the Better Collec- tive group. Environmental responsibility Environmental responsibility remains a core facet of our sustainability approach. Rigorous tracking of carbon emissions for five consecutive years underscores our commitment to minimizing our environmental impact. While our online business inherently limits our carbon footprint, we take proactive measures to address travel- related emissions. With offices across the world, we value the opportunity to meet in person to create closer ties between teams and similarly for business contacts, not least after being cut off from meetings during the pandemic. That said, we have also fully embraced the virtual meeting facilities and we are carefully consider- ing when to fly. Throughout 2023, we have continued to update and develop our policies, systems, and pro- cesses to manage and mitigate social, governance and environmental risks. Looking ahead Our commitment to forging a more sustainable future for our group and stakeholders remains unwavering, and we look forward to setting new benchmarks in the years to come. We continue to let our mission lead us in our efforts to become an even more sustainable group with trusted products and brands, while our framework and strategy steer us to be and do better. Christian Kirk Rasmussen Jesper Søgaard Co-founder &amp; COO Co-founder &amp; CEO Reporting framework The present report covers the financial year January 1, 2023, to December 31, 2023, and constitutes our statutory reporting cf. the Danish Financial Statements Act, Sections 99a and 99d and 107d as well as the EU Taxonomy regulation. Framework and commitments 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. To operationalize 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, 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 Sustainability Reporting Directive to come into force from the financial year 2024. 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 met- rics year after year and only adding to rather than dis- continuing 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 2023, 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. ESG strategy Responsibility as well as sustainability are ingrained elements of Better Collective’s business model and have been the cornerstone of our group since our incorporation in 2004. Sustainability governance Good and reliable governance is essential to run a business responsibly while also being able to realize our ambitious strategic goals. 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 spe- cialist advice, bringing their diverse experience to our discussions 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 page 35 for sustainability risks. Social Our people It is our long-term commitment to foster and uphold an inclusive and diverse workplace by implementation of socially responsible conducts and elimination of discriminatory practices. Our business is based on specialized expertise and innovation, this is why we see people as a core element in everything that we do. We believe it is crucial to consistently cultivate an inclusive and diverse employment environment 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 program. We conduct biannual development dialogues between manager and employee to discuss perfor- mance and further development for each individual em- ployee. Our leadership development initiative ensures the continuous professional development of our manag- ers to match the ever-changing nature of our business. In October 2023, we initiated our leadership training program, delivering four modules across various local Better Collective offices. A total of 80 managers actively participated in this initiative. Notably, unlike the 2021- 2022 program, the 2023 program was conducted in- person, facilitating more direct interaction and engage- ment. 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 2023 results indicated a healthy and effective work environ- ment with engaged and highly motivated employees. Our engagement score of 84% (2022: 83%) 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 (10 in 2023 against 11 in 2022). As the survey is anonymous, we can only investigate the cases that are also reported to HR of which we have had none that were considered severe. During the year we implemented unconscious bias train- ing to educate all employees and encourage them to come forward if they experience harassment of any kind for the matter to be dealt with. We will strive to increase openness while working to bring down the number of cases. We recognize the risk for the well-being of the employees 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 improving the work-life balance. We follow and ad- here to the guidelines set out by the authorities where applicable. Depending on local customs, our offices pro- vide employees with internet allowance, IT equipment and office furniture. In this way, we make sure they have the best physical condition at their home office. We had 3 reported cases of workplace injuries in 2023 (2022: 0). We place strong emphasis on promoting the physical health and well-being of our employees, which we pro- moted through various initiatives during 2023, including meditations, humanitarian races, and various sports tournaments. Better Collective’s office located in Niš, Serbia, encouraged health and safety at work through an initiative to also help others by participating in an IT race “Stafeta Srcem”. 16 employees participated in the race and raised funds which were donated to the Clinical Center for Anesthesiology. The humanitarian race was a dynamic blend of teamwork and innovation, with di- verse teams coming together to make a real difference. A reminder that when we work together creatively, we can achieve incredible things, and Better Collective’s team placed second in the race. During 2023 other initi- atives supporting the physical wellbeing of the group in- clude an IT Basketball League and a Football League. Movin’ May was a month-long campaign for the North American business created during the Mental Health Awareness month. This included a step count challenge throughout the month utilizing an app called to track steps on one’s smartphone. All participants were formed in teams; hence collaboration was greatly encouraged. From the initial fitness challenge to newly formed teams, every aspect of the campaign was designed to inspire and motivate employees to incorporate physical activity into their daily routines. The project was met with positive reactions resulting in a high engagement rate of 49% participation from the total number of employees. At first, the goal was set at 18,000,000 collective steps, however the teams ex- ceeded the goal by 201% and amassed remarkable re- sults of 36,228,125 steps. Acknowledging the importance of mental health and its impact on work, Better Collective also implemented meditation classes during 2023. Meditation has turned out to be one of the most effective ways to decrease stress, improve concentration and provide calmness, which is why virtual meditation sessions were hosted during October in honor of World Mental Health Aware- ness. These sessions garnered an impressive turnout, with over 100 participants, and the sessions were led by Michael Rich, the founder of GoodWork Coaching. Ses- sions provided attendees with valuable lessons on how to cultivate mindfulness, resulting in overwhelmingly positive feedback from employees. Diversity, Equity &amp; Inclusion, cf. §107d In our operational ethos and concerning the structure of our leadership, we strive to foster equity through aware- ness of age, educational background, professional and international experience in recruitment and staff reten- tion processes, ensuring equal pay and access to train- ing opportunities, while maintaining a steadfast zero- tolerance stance against workplace harassment. As out- lined in our diversity manifesto, we are dedicated to cul- tivating a varied workforce and inclusive environment. Diversity encompasses numerous dimensions ethnicity, Better Collective is committed to providing equitable opportunities to all members of management through- out our organization, supported by robust policies and benefits aimed at promoting diversity and equality. Our Diversity, Equity, and Inclusion (DEI) Board actively engages our employees in these endeavors through em- ployee resource groups. Management affirms that these policies are upheld, as diversity and inclusion criteria have been integral in the selection processes for both the Board of Directors and other managerial positions in 2023. At Better Collective we strive to foster diverse teams and we see this as essential for driving innovation, productivity, creativity, and the ability to attract top tal- ent. Working to further our DEI agenda during 2023, an advanced and updated DEI framework was developed. With the new framework co-founder and CEO, Jesper Søgaard was announced as the new Chair of the DEI Board and new DEI targets for the ongoing year were developed. Structural changes of the DEI framework brought significant success, with enhanced collabora- tion and efficiency. With its agenda and new updated DEI targets, Better Collective marked International Women’s Day (IWD) by teaming up with the All-in Di- versity project to pay tribute to women around the world. Additionally, the group also rolled out uncon- scious bias training to the entire organization during 2023 and reached an impressive participation rate of 89%. In celebration of United Nations Day on October 24, Better Collective put together the Better Collective Cookbook to unite and celebrate the rich tapestry of di- versity and cultures within the entire group. 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 con- tinue to commit to our human rights policy. We continue to work on human rights due diligence processes to move us from commitment to action. So far, we consider our salient human rights issues to relate to our own workforce. During the current accounting period, all new employees have been trained in human rights, which helps minimize the risk of potential misconduct. No hu- man rights issues were identified during the 2023 finan- cial year. Developing talents Since 2021, Better Collective has been running its acad- emies in Niš, Serbia, which targets the local youth by en- couraging them to enroll in one of the education pro- grams 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 are the academies beneficial to Better Collec- tive, but they also provide an alternative education and Eurocleasubsequently career opportunity for the youth in Niš. By educating the local youth in tech and marketing we also contribute to lowering the general unemployment rate in Serbia. It is a true win-win situa- tion being able to give back to the community while fur- thering our own competitive advantage. In 2023, we enrolled a total of 73 participants across 14 academies. 75% of the candidates are today part of the Better Col- lective group. Social Our users For our users, our long-term commitment is to promote safer gambling through edu- cation. Ultimately, the focus on safer gam- bling and being a responsible business is what grants us our social license to oper- ate. 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 June 2023, Better Collective im- plemented mandatory safer gambling training for all employees within the group. 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 sportsbook, we rely on our partner sportsbooks 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 aa Betting Academy to educate users. To ensure that safer gambling is well coded to our business prac- tice Better Collective deployed two policies on safer gambling, one internal policy and one external policy both available on the corporate website. The policies are revised on an annual basis. Additionally, Better Collec- tive uses the Gamalyze software on its internal em- ployee platform and encourages all employees to take the test annually. The Gamalyze self-test is also rolled out across the group’s sports media portfolio for exter- nal use. 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 user experiences with Mindway AI Better Collective’s subsidiary, Mindway AI [Mindway] specializes in supporting the iGaming industry with var- ious safer gambling tools and solutions. Mindway 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 gambling. In 2023, Mindway celebrated its five-year anniversary, and continues to play an increasingly important role in the iGaming ecosystem supporting sportsbooks on a global scale to create safer iGaming experiences. While we cannot control what sportsbooks do, we sup- port them by holding them to high standards during the customer acquisition and ongoing CRM process and by providing them with a chance to set the bar higher and take initiative in developing sustainable gaming through Mindway AI’s tools and software. As such, Mindway is extending its influence in the value chain rather than fo- cusing only on its own playing field. During the year 2023, Mindway has secured many stra- tegic partnerships allowing it to grow even further. The first partnership was entered with Australian operator Tabcorp which also marked the entry into a completely new market. Hereafter, Mindway partnered with AnonyMind, a treatment provider network in the UK, al- lowing Mindway AI to offer AnonyMind’s users a com- plete solution for dealing with problem gambling. A groundbreaking partnership was formed with the United States’ National Council on Problem Gambling (NCPG), which has incorporated Mindway’s Gamalyze solution into NCPG’s safer gambling website Responsi- blePlay.org, making Gamalyze the first ever safer gam- bling tool to go nationwide in the US. Another notewor- thy partnership of the year was entered with the Dutch operator BetCity.nl, which aims to enhance user protec- tion and promote safer gambling practices for Dutch sportsbooks. In 2023, Mindway was awarded no less than six industry awards for its efforts within safer gambling. These in- clude awards for innovation within safer gambling, best implementation of safer gambling tools and being the best safer gambling supplier. Early detection Mindway partners with sportsbooks and leading indus- try organizations with a clear mission to improve player protection in the industry. By combining neuroscience, AI and human expert assessment, the safer gambling software helps sportsbooks and other types of opera- tors 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 sportsbooks to reach out to sports fans before unhealthy gambling habits escalate. As such, Mindway makes a real difference for millions of us- ers around the world. GameScanner is already running in nearly 61 jurisdictions in 37 countries boosting sports- books’ player protection, scanning a total of 7.7 million active players per month. Gamified 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 insights from neuroimag- ing, Gamalyze analyzes each player’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. Making good use of Mindway Mindway and Better Collective share common goals for safer gambling, and while Mindway is run as an inde- pendent business, we make good use of the expertise and tools available when offering safer gambling re- sources on Better Collective platforms. Gamalyze is available to our users on key websites to- gether with insightful articles on safer gambling authored by Mindway experts. We recognize that work- ing in an environment where gambling is normalized makes our employees more exposed 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 behav- ior along with training and awareness activities. Fur- thermore, meeting colleagues across the group, Mind- way helps to create awareness on safer gambling at in- ternal events and on Better Collective’s Safer Gambling Board. Governance 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 regulations 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 Better Collective was awarded for its efforts within com- pliance at the Vixio Global Regulatory Awards for the fifth consecutive year. We seek to educate regulators, politicians, and users on what performance marketing is, what it entails, and to ensure that relevant standards are set for our industry. We do not engage in cryptocurrency payments. When partnering with sportsbooks and reviewing acquisition targets, it is an integrated part of our due diligence pro- cess to pay careful attention to any signs of money laun- dering or fraud - in case of which we choose not to en- gage. Better Collective discontinued its business activities re- lated to the Russian market which was predominantly advertising 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 imple- mented across the Better Collective group. We aim for 0 reported cases of bribery and corruption, including any behaviors that abuse entrusted power for private gain in Better Collective. Our whistleblower scheme fa- cilitates anonymous reporting, and we encourage all employees, vendors, and shareholders to speak up if they find something to be in breach of our policies. During 2023, Better Collective conducted mandatory anti-corruption training sessions for all employees, cov- ering topics such as recognizing and reporting corrupt practices, emphasizing our zero-tolerance policy. Dur- ing 2023, the group did not receive any reports about bribery, facilitation payment, or other forms of corrup- tion nor have we received any other whistleblower re- ports. Better Collective persistently works to strengthen its compliance measures by regularly reviewing and up- dating its anti-corruption policies to align with evolving laws and best practices. Code of Conduct Throughout the group we promote our Code of Conduct as a guide for all employees to 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 of- fered) to track and prevent conflicts of interest. Our efforts within governance advance overall sus- tained, inclusive, and sustainable economic growth while they also secure full and productive employment and decent work for our employees - all of which sup- port SDG 8. Data ethics report Better Collective has adopted a data ethics policy in ac- cordance with Section 99d of the Danish Financial State- ments Act. This section stands as our data ethics report for the fiscal year 2023. The data ethics policy outlines a set of data ethics principles that support ethical deci- sion-making when using data across Better Collectives activities. 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 possi- ble, we process various categories of data including user-related data and personal data. In 2023 we estab- lished a process and governance setup to handle and evaluate data ethics reporting. Environment Since its inception, Better Collective has been committed to making responsible decisions across all operations – this is also the case when it comes to the group’s 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. 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. Social metrics The data in the following accounts is based on information registered in and retrieved from the group’s HR software system. Better Collective’s continued growth through M&amp;A activity means that newer offices and operations are not accounted for with the same accuracy as the more long-standing operations. Average number of full-time work force (FTE) The average number of full-time employees as stated in the annual accounts 2023. Total headcount (HC) The total headcount by the end of 2023. 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 2023 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 information on sick days. Employee engagement and response rate Based on the average responses to five specified ques- tions in our better workplace evaluation 2023. Reported cases of harassment Based on anonymous reports in our better workplace evaluation. The nature of harassment is unknown. Reported workplace injuries The number of reported workplace injuries as reported to HR. Nationalities Number of nationalities represented in the group. Corporate income tax Total income tax for 2023. In 2023, Better Collective contributed with direct as cor- porate taxes in more than 15 countries. Corporate tax payments amounted to 15 mEUR. Better Collective be- lieves in contributing to the societies and communities it is doing business in. One of the ways to do so is through global tax payments. In all tax matters, the group acts in a fair, compliant, and responsible way. Social Unit Target 2023 2022 2021 2020 2019 Average number of FTE FTE 1,252 878 635 420 364 Total headcount HC 1,312 949 781 476 428 Gender diversity % 35 31 29 30 30 31 Gender pay ratio Times 1 2 1 1 1 1 Employee turnover ratio % 15 18 17 21 14 - Resignations % 5 12 15 10 9 - Dismissals % 9 6 2 11 4 Sickness absence Days per HC 2 2 1 1 2 Employee engagement % 80 84 83 87 85 - Employee engagement re- sponse rate % 80 71 75 91 - - Reported cases of harassment Number 0 11 11 9 12 - Reported workplace injuries Number 0 3 0 0 0 - Nationalities Number 45 43 35 30 30 Corporate income tax mEUR 15.41 16.89 12.60 6.00 5.00 Governance metrics Gender diversity at the Board Percentage of the underrepresented gender (women) on the Board of Directors elected at the Annual General Meeting. The Board has a 57% (men) and 43% (women) consisting of seven members and thereby considered an equal gender distribution by the Danish Business Au- thority. The target figure of 40% was reached in 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 2023. 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 2023 2022 2021 2020 2019 Gender diversity, board % 40 43% 33 33 17 20 Board meeting attendance rate % &gt;95 99 99 96 97 100 Breaches of customer privacy Number 0 0 0 0 - - Reported cases of bribery or cor- ruption Number 0 0 0 0 - - Whistleblower reports Number 0 0 0 0 0 CEO pay ratio Times 9 13 10 8 9 Environmental metrics The GHG emissions accounting is based on the interna- tional standard; A Corporate Accounting and Reporting Standard, developed by the Greenhouse Gas Protocol Initiative (GHG Protocol). The GHG Protocol is the most widely used and recognized international standard for measuring greenhouse gas emissions on a company level, and is the basis for the ISO standard 14064-I. The input is based on consumption data from internal and external sources, which has then been converted into tons CO2 equivalents (tCO2e) using generic and/or specific emission factors. The carbon footprint appraisal is derived from a combination of our own data collection and data computation by Carbon Footprint’s analysts. CO2 emissions scope 1 Scope 1 comprises CO2 emissions from heating using oil and gas refrigerants to cool the crafting facilities 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 2023. The overall increase in CO2 emissions has risen com- pared to previous years due to multiple mergers and ac- quisitions, a larger number of employees, an increased number of offices globally, and a more detailed level of reporting. These factors have led to increased emissions across all scopes. Environmental Unit Target 2023 2022 2021 2020 2019 CO2 e, scope 1 Metric tons 71.40 10.0073.8873.5413.96CO2 e, scope 2 Metric tons 247.40 50.3270.0949.99215.14CO2 e, scope 3 Metric tons 2,596.101,278.34346.42176.88730.14Total tons of CO2e Metric tons 2,914.901,338.66490.39300.41959.24Tons of CO2e per employee Times 2.33 1.52 0.77 0.72 2.92 Tons of CO2e per mEUR turnover Times 8.92 4.97 2.77 3.3015.76Assessment by scope and source activity Flights Report from travel provider with manual additions of di- rects bookings. Home-workers Employee survey, 35% response rate. Apportioned to account for the employees which did not respond. Commuting Employee survey, 35% 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. Purchased goods and services GHG emissions associated with the Group’s purchase of goods and services, are calculated as the amount of direct cost including VAT associated with a specific type. Water (and waste water) Utility bills for all but one office (calculated based on per person consumption in nearby office). Assessment by scope and source activity (tCO2e) 2023 2022 2021 2020 2019 Scope 1 Site gas 6.50 9.43 67.50 65.68 1.84 Refrigerants 22.00 - - - - Company car travel 42.90 0.57 6.38 7.86 12.12 Scope 1 total 71.40 10.00 73.88 73.54 13.96 Scope 2 Electricity generation 173.60 50.32 66.77 49.99 215.14 Heat fuel 42.00 - - - - District heating generation 31.80 - 3.32 - - Scope 2 total 247.40 50.32 70.09 49.99 215.14 Scope 3 Flights 1,948.10 915.48 164.38 126.67 711.84 Home-workers 65.50 144.68 103.69 42.39 - Commuting 501.30 198.47 62.52 - - Rail travel 7.40 3.74 8.81 2.34 3.24 Taxi travel 20.00 5.36 1.43 1.81 1.68 Bus travel 3.10 3.64 0.08 0.01 1.01 Hotel accommodation 42.40 - - - Electricity transmission &amp; distri- bution - 4.76 5.34 2.52 12.37 District heating distribution - - 0.17 - - Purchased goods and services 8.30 1.60 - - - Company electric vehicles (charged off-site) - 0.61 - - - Scope 3 total 2,596.10 1,278.34 346.42 176.88 730.14 Total 2,914.90 1,338.66 490.39 300.41 959.24 EU Taxonomy KPI for revenue Better Collective’s main activities within sports media and entertainment are 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 activities. 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 (Cap- italized under IFRS16). 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 significant harm (Y/N) Absolute Climate Climate Water and BiodiversityClimateClimate Water and Biodiversity Taxonomy Revenue Proportionchangechange marine Circular and ecosys-changechange marine Circular andMinimumaligned Revenue tEUR of RevenuemitigationadaptationresourceseconomyPollutiontems mitigationadaptationresourceseconomyPollutionecosystemssafeguardsRevenueCategory Taxonomy aligned activities - none 0 0% Taxonomy eligible but not aligned activities - none 0 0% Taxonomy non-eligible activi- ties 326,686 100% Total 326,686 100%n/an/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Substantial contributions % Do no significant harm (Y/N) Climate Climate Water and BiodiversityClimateClimate Water and Biodiversity Taxonomy Absolute CAPEX Proportionchangechange marine Circular andchangechange marine Circular andMinimumaligned tEUR of CAPEXmitigationadaptationresourceseconomyPollutionecosystemsmitigationadaptationresourceseconomyPollutionecosystemssafeguardsCAPEX Taxonomy aligned activities - none 0 0% Taxonomy eligible but not aligned activities 17,410 23% Taxonomy non-eligible activi- ties 57,326 77% Total 74,736 100%n/an/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Substantial contributions % Do no significant harm (Y/N) Climate Climate Water and BiodiversityClimateClimate Water and Biodiversity Taxonomy Absolute Proportionchangechange marine Circular andchangechange marine Circular and Minimum aligned OPEX tEURof OPEXmitigationadaptationresourceseconomyPollutionecosystemsmitigationadaptationresourceseconomyPollutionecosystemssafeguardsOPEX Taxonomy aligned activities - none 0 0% Taxonomy eligible but not aligned activities - none 0 0% Taxonomy non-eligible activi- ties 215,605 100% Total 215,605 100%n/an/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a</mrv:StatementOfCorporateSocialResponsibility>
   <sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx1" id="fact3157" 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 2023. 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, 2023 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, 2023. 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. In our opinion, the annual report for the financial year January 1 – December 31, 2023, is prepared, in all mate- rial respects, in compliance with the ESEF Regulation. We recommend that the annual report be approved at the annual general meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
   <sob:PlaceOfSignatureOfStatement contextRef="ctx1" id="fact3184" xml:lang="en">Copenhagen</sob:PlaceOfSignatureOfStatement>
   <sob:DateOfApprovalOfAnnualReport contextRef="ctx1" id="fact3185">2024-03-20</sob:DateOfApprovalOfAnnualReport>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx6" id="fact3616" xml:lang="en">Flemming Pedersen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx6" id="fact3617" xml:lang="en">Executive Vice President</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx4" id="fact3612" xml:lang="en">Jesper Søgaard</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx5" id="fact3614" xml:lang="en">Christian Kirk Rasmussen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx5" id="fact3615" xml:lang="en">COO &amp; Co-founder</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx4" id="fact3613" xml:lang="en">CEO &amp; Co-founder</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx7" id="fact3618" xml:lang="en">Jens Bager</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx10" id="fact3622" xml:lang="en">Therese Hillman</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx13" id="fact3626" xml:lang="en">Britt Boeskov</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx7" id="fact3619" xml:lang="en">Chair</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx11" id="fact3623" xml:lang="en">Vice</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx11" id="fact3624" xml:lang="en">Chair</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx8" id="fact3620" xml:lang="en">Todd Dunlap</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx12" id="fact3625" xml:lang="en">Leif Nørgaard</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx14" id="fact3627" xml:lang="en">René Rechtman</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx9" id="fact3621" xml:lang="en">Petra von Rohr</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <arr:IndependentAuditorsReportsAudit contextRef="ctx1" id="fact3186" xml:lang="en">Independent Auditors’ Report</arr:IndependentAuditorsReportsAudit>
   <arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" id="fact3188" xml:lang="en">To the shareholders of Better Collective A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
   <arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx1" id="fact3214" 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 5 years up until and including the financial year 2023.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
   <arr:OpinionOnAuditedFinancialStatements contextRef="ctx1" id="fact3190" 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, 2023, 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 IFRS Accounting Stand- ards 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, 2023 and of the results of the Group's and the Parent Company's opera- tions and cash flows for the financial year January 1– De- cember 31, 2023 in accordance with IFRS Accounting Standards as adopted by the EU and additional require- ments of the Danish Financial Statements 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="ctx1" id="fact3247" 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 2023. 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 of the four identified cash-generating units. Im- pairment testing is based on the estimated recoverable amounts of the assets, which for this purpose are deter- mined based on the value in use. The value in use is based on a discounted cash flow (DCF) model and is cal- culated for each cash-generating unit. 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 in- cluding examination of data provided by manage- ment and other sources as well as inquiries to management and comparison with industry prac- tice for comparable companies. • Evaluation of main principles and assumptions for Management’s identification and assessment of CGUs. • Evaluation of the value-in-use model used by Man- agement, including consideration of the cash-gen- eration units defined by Management and the rea- sonableness of key assumptions and input based on our knowledge of the business and industry to- gether with available supporting evidence such as available budgets and externally observable mar- ket data related to interest rates. • 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 different revenue streams, that either are recognised 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 on a sample basis recognised revenue and re- lated variable considerations to agreements with 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 sup- porting documentation to assess proper revenue 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. Accounting for acquisitions The Group has in 2023 completed five business combi- nations. Management has determined the fair value of the identifiable assets and liabilities acquired. The total consideration for the five business combinations amounts to EUR 115 million. Due to the significant level of management judgement involved in the estimation of the contingent considera- tion and estimating the fair value of especially the intan- gible assets acquired, we considered the accounting for acquisitions of most significance in our audit. For details on the acquisitions, reference is made to note 22 in the consolidated financial statements. How our audit addressed the above key audit matter Our audit procedures included: • Assessment of the assumptions and methodology applied by management to calculate the fair value of intangible assets acquired as well as the contin- gent consideration. We have considered the ap- proach taken by Management, assessed key as- sumptions, and obtained evidence for the explana- tions provided, by comparing key assumptions to market data, where available, underlying account- ing records, past performance of the acquired busi- nesses and Management’s forecasts supporting the acquisitions. • 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.</arr:KeyAuditMattersAudit>
   <arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" id="fact3385" 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 by relevant law and regulations. 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 relevant law and regula- tions. We did not identify any material misstatement of the Management's review.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
   <arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx1" id="fact3426" 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 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 col- lusion, forgery, intentional omissions, misrepresen- tations 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 Com- pany's internal control. • Evaluate the appropriateness of accounting poli- cies used and the reasonableness of accounting es- timates and related disclosures made by Manage- ment. • Conclude on the appropriateness of Management's use of the going concern basis of accounting in pre- paring the financial statements and, based on the audit evidence obtained, whether a material uncer- tainty 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 au- ditor's report to the related disclosures in the finan- cial statements or, if such disclosures are inade- quate, 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. • 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. • 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 fi- nancial 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:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx1" id="fact3406" 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 IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Fi- nancial Statements Act and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is 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:AuditorsReportOnXbrlTagging contextRef="ctx1" id="fact3520" 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, 2023 with the file name [XX name of file] is pre- pared, in all material respects, in compliance 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 Statements 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 taxon- omy, 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 an- nual report that is compliant with the ESEF Regula- tion. 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, 2023 with the file name XX bettercollective-2022-12-31-en.zip is prepared, in all ma- terial respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
   <arr:SignatureOfAuditorsPlace contextRef="ctx1" id="fact3593" xml:lang="en">Copenhagen</arr:SignatureOfAuditorsPlace>
   <arr:SignatureOfAuditorsDate contextRef="ctx1" id="fact3594">2024-03-20</arr:SignatureOfAuditorsDate>
   <cmn:NameOfAuditFirm contextRef="ctx57" id="fact4034" xml:lang="en">EY Godkendt Revisionspartnerselskab</cmn:NameOfAuditFirm>
   <cmn:NameOfAuditFirm contextRef="ctx58" id="fact4045" xml:lang="en">EY Godkendt Revisionspartnerselskab</cmn:NameOfAuditFirm>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx57" id="fact4036" xml:lang="en">Jan C. Olsen</cmn:NameAndSurnameOfAuditor>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx58" id="fact4040" xml:lang="en">Peter Andersen</cmn:NameAndSurnameOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx57" id="fact4037" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx57" id="fact4039" xml:lang="en">mne33717</cmn:IdentificationNumberOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx58" id="fact4041" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx58" id="fact4043" xml:lang="en">mne34313</cmn:IdentificationNumberOfAuditor>
</xbrli:xbrl>