Approved on general meeting 27 April 2023
Chairman of the meeting
5th Planet Games A/S
Gothersgade 11, 1123 Copenhagen K
CVR no. DK 33 59 71 42
Annual report 2022
Table of contents
2
Table of content
5th Planet Games at-a-glance 3
CEO Letter 4
Business Development 5
Outlook 5
Financial review 7
Key figures 7
Risk management in practice 7 - 8
Corporate Governance 9
Remuneration Report 9 - 10
Board of Directors and Executive Management 11 - 12
Shareholder information 13
Statement by the Board of Directors and the Executive Management on the annual report 14 - 15
Independent auditor's report 16 - 20
Financial statements 21
Consolidated income statement and statement of other comprehensive income 21
Consolidated balance sheet 22 - 23
Consolidated statement of changes in equity 24
Consolidated cash flow statement 25
Notes to the financial statement 26 - 48
Parent company 49 - 55
Management’s review
3
5TH PLANET GAMES AT-A-GLANCE
5th Planet Games A/S, Gothersgade 11, 1123 Copenhagen K, Denmark, CVR no.: 3359 7142.
CEO Mark Stanger, E-mail: mstanger@5thplanetgames.com,
An international, publicly traded games financing and publishing company founded in 2011.
A company that finances and publishes games on a global basis.
A small, lean publishing company able to react quickly to new opportunities within the global video
games market.
Strong portfolio of titles available across all platforms and all from outstanding development partners
Truly passionate about games and committed to making and publishing titles that will engage and bring
genuine joy to people for years.
Enters into strategic partnerships with global IP holders for increased visibility, awareness and games
performance.
Focused on games of the highest quality and a publishing function managed by an experienced
executive team from Europe and the USA
Management’s review
4
CEO LETTER
It is with great pleasure that I write this letter for the 2022 Annual Report and have the opportunity to confirm
that 5th Planet Games is now a profitable business.
Through the hard work of the executive team and the 5th Planet Games Board we have been able to turnaround
an EBITDA loss in 2021 of over DKK 9m, to an EBITDA profit in 2022 of over DKK 1.6m, and in doing so, have
fully delivered on the updated guidance that was issued in August of 2022 in terms of both revenue and profit
(EBITDA)
Clearly our partnership with Skybound is now having a profound and positive impact on the financial perfor-
mance of our business, the access to high quality content, world-class IP and the best game developments tal-
ent in the industry; games such as Before Your Eyes have made a significant contribution to our business.
Whilst we have been very focused on optimizing all the new and exciting opportunities that came our way in
2022, we have remained equally focused on costs, and running the business in the most cost-effective way that
we can. This focus on cost efficiency will not change as we head into 2023 and beyond.
My pleasure in reporting on a profitable 2022 is match by my excitement in what lies ahead of us in 2023, this
includes;
The release of many of the games we announced recently from our partnership with Skybound
o Glitch Busters: Stuck on You from Toylogic
o Wrestlequest from Mega Cat Studios
o New game based on The Walking Dead IP from Other Ocean Interactive
Launching the promotion and communications campaign on our OTC listing in the US
Our first investor road show
In addition to these games, we are in the final stages of evaluating several more new games, all from world
class development teams and all representing outstanding opportunities for our business.
Our results in 2022 have not been solely contingent on the titles we have secured through our partnership with
Skybound; our back catalogue continues to make a meaningful contribution to our business and our own IP
‘Hugo’ continues to find new routes to market with several new development and publishing agreements com-
pleted last year. We will continue to manage our back catalogue in a pro-active manner through 2023 and look
for new opportunities for ‘Hugo’
Whilst I am delighted with the progress that we have made as a business, I can confirm that there is zero com-
placency in the way we are preparing for 2023, we are committed to finding the right games to publish, and
equally committed to cost-efficiency in our business operations.
It’s great to close this letter on a positive note and reflect on the significant progress we have made since the
Autumn of 2021, the high-quality content that we have already brought to market, the exciting pipeline of new
content that we have in front of us, and best of all, a company that is now operating at a profit.
Thanks again for your continued support,
Mark Stanger – CEO, 5th Planet Games A/S, 29 March 2023.
Management’s review
5
BUSINESS DEVELOPMENT
Our partnership with Skybound is providing a significant volume of new and exciting co-publishing and
co-financing opportunities, with the two companies meeting on a regular basis to assess and review these
opportunities. As in 2022, we anticipate several new product announcements in 2023 that result directly from
our agreement with Skybound; we note, once again the calibre of the games that are being presented to us from
this partnership.
In addition to Skybound, we maintain our own independent Business Development capability and are routinely
being presented with new publishing and financing opportunities; we continue to assess these opportunities on
a case-by-case basis to ensure that they meet the ever-increasing quality threshold that we have now
established.
Finally, we continue to proactively manage our own back catalogue and the Hugo IP. We expect that catalogue
to once again make a positive contribution to our business in 2023.
OUTLOOK
With the increasing contribution of the titles secured from our partnership agreement with Skybound, we expect
to once again see significant increases in both revenue and EBITDA. Revenue is estimated to increase to a level
of DKK 15-25m in 2023 while EBITDA is expected to increase to the level of DKK 7m – 9m
FINANCIAL REVIEW
It has been a year with focus on new investments made possible by the investment agreement entered with
Skybound in 2021.
Skybound investment agreement:
The investment agreement with Skybound Games Studios is described in more detail in the annual report for
2021.
The annual report for 2022 is affected by the investment agreement with Skybound, Tranche 1-3 have been ex-
ecuted according to the agreement and has secured the capital structure. Tranche 4 will be executed in 2023
and supports the strategy and long-term value creation for the company.
- Tranche 4 subscription and exercise: In 2022 Skybound Games will subscribe for 50,581,452 warrants, each
warrant entitling Skybound Games to subscribe for 1 share of nominal DKK 0.05, against an exercise price
of NOK 0.60968, total NOK 30,838,500 (equivalent to USD 3,500,000). Skybound Games has contractually
committed to exercising these warrants for a cash payment within 24 months of the general meeting on 7
th
September 2021.
Additional Warrants and Other Significant Items
Milestone Warrants
In addition to the Tranche described above, Skybound Games has the right to subscribe for 31,103,882 war-
rants, each warrant entitling Skybound Games to subscribe for one share of nominal DKK 0.05 at an exercise
price of NOK 0.90, total NOK 27,993,494 (equivalent to USD 3,177,107) when certain milestones are met (the
"Milestone Warrants"):
- 13.6% of the Milestone Warrants upon 5th Planet Games having a market value of USD 60,000,000 or more.
- 13.6% of the Milestone Warrants upon 5th Planet Games having a market value of USD 75,000,000 or more.
- 13.6% of the Milestone Warrants upon 5th Planet Games having a market value of USD 100,000,000 or
more.
Management’s review
6
- 13.6% of the Milestone Warrants upon 5th Planet Games having a market value of USD 125,000,000 or
more.
- 45.6% of the Milestone Warrants upon 5th Planet Games having a consolidated revenue of at least DKK
62,756,000 in any of the financial years 2022, 2023, or 2024.
Indemnification Warrants
As part of the investment agreement, 5th Planet Games has provided certain representations and warranties to
Skybound Games. Should Skybound Games suffer a loss due to certain specific warranties not being true, ac-
curate and not misleading, Skybound Games will, at its own discretion, have the option of being indemnified
from its loss by exercising up to 2,200,000 warrants (depending on the loss), each warrant entitling Skybound
Games to subscribe for 1 share of nominal DKK 0.05 at par value (the “Indemnification Warrants”).
Accounting impact FY 2022 of the Skybound investment agreement:
Principal Investment Structure:
Tranche 4 is qualified as a derivative financial assets/liability that is calculated on basis of the actual currency
rate NOK/DKK and the share price for companies shares until the amount is received. The derivate is in 2022 a
liability with a value of DKK 25.1m, and the adjustment of the liability negatively affects financial expenses with
DKK 32.793m.
Milestone warrants and co-publishing agreements
Milestone warrants are classified as payments for the right to enter into agreements of co-publishing. The value
of the IP rights has been calculated using Monte Carlo simulations. The total value has been calculated to DKK
6.9m. The book value is DKK 0.7 m
Indemnification Warrants
The indemnifications warrants are not considered to be a significant risk for the company and are therefore not
recognized as an obligation in the report.
Comments to the result of the year:
The results from 2022 have been extremely positive
5
th
Planet Games was involved in publishing, co-publishing or co-financing several new games that all released
in 2022, Hugo Up and Away in conjunction with Funfair Games of London, the mobile versions of Before Your
Eyes in partnership with Netflix and Escape Academy developed by Coin Crew Games; in addition to these ti-
tles, 5
th
Planet Games was also able to announce new agreements for Wrestlequest from Mega Cat Studios,
Glitchbusters; Stuck on You from Toylogic and the new game based on The Walking Dead IP being developed
by revered development studio Other Ocean Interactive. It was an impressive year of releases and
announcements.
Financial performance affected positive by increase in revenue
EBITDA shows a gain of DKK 1.7m in 2022 (2021: DKK -9.5m for continuing operations). The positive result is
due to the increased revenue from new publishing agreements and continuous cost control.
Depreciation and amortization for 2022 was DKK 2.4m (2020: DKK 0.3m).
Net financials were a loss of DKK 32.972m, the loss is caused by the calculated loss from derivate financials
instrument of DKK -32.793m. For further explanation reference, please see note 16.
In 2022, 5th Planet Games incurred a loss before tax of DKK 33.708m, the loss is mainly caused by the nega-
tive affect of the calculation of the fair value of the derivate, which will be leveled in 2023. Without the effect from
the derivate, earnings show a loss of 0.9m (2021: loss of DKK 6.603m for continued operations and a loss from
discontinued operations of DKK 9.7m in total a loss of DKK 16.254m).
Management’s review
7
Total assets increased in 2022
Total assets amounted to DKK 58.8m as of 31 December 2022, a DKK 30.4m increase compared to 31 Decem-
ber 2021 due to increase of cash position by DKK 22.7m, and DKK 15.4m from capitalizing of several new de-
velopment projects.
Cash flow positive due to execution of investment agreement
In 2022, the cash flow from operating activities shows a gain of DKK 3.7m (2021: loss of DKK 17.4m). The total
cash flow was also positively affected by the execution of Tranche 2-3 in the investment agreement with DKK
36.8m. Investing activities affects cash flow negatively with DKK 17.3m. In total cash flow was positive in 2022
with DKK 22.7m (2021: loss DKK 10.1m). The cash position as of 31 December 2022 amounted to DKK 36.3m
(2021: DKK 13.6m).
Equity
The group’s equity as of 31 December 2022 was DKK 28.9m (2021: DKK 23.5m). The equity ratio at year-end
was 49% (2021: 83%).
Capital increases issued in 2022
In April and August 2022, Skybound Games Studios Inc, executed Tranche 2 and 3 of the investor agreement
from 2021, as described in the annual report for 2021. They invested DKK 34.775m (NOK 48.461m) in the com-
pany and 79.485.138 new shares were issued to Skybound. In November 2022 warrants were executed and
478.380 new shares were issued.
KEY FIGURES
RISK MANAGEMENT IN PRACTICE
Risk management is a high priority at 5th Planet Games. The Board of Directors and the management monitor
the company’s risk factors closely to minimize risk exposure. This ensures quick reaction time if conditions
change. A risk assessment is made prior to every major decision.
Management’s review
8
RISKS AND UNCERTAINTIES
The most important risks facing 5th Planet Games are related to market/commercial risk and development risk.
However, where the conventional game development is associated with large risks due to long development
periods with substantial associated costs and a high risk of failure, 5th Planet Games is focused on developing
and utilizing modular code bases in order to reduce the development time and risk of failure significantly.
Financial risk
The games market is volatile and despite all the due diligence undertaken by 5th Planet Games and its
publishing partners, the performance of any individual game cannot be guaranteed. This is main financial
risk that 5th Planet Games faces.
Product development risk
Product development is a creative process and regularly subject to delays, which invariably means addi-
tional costs. Whilst 5th Planet Games looks to mitigate this risk, by increasingly working with experienced
development teams, the risk remains of delays and additional expense.
Foreign currency risk
5th Planet Games’ revenue, costs and cash position is for a significant part related to USD and a signifi-
cant change in the DKK/USD exchange rate could result in loss related hereto.
Also, in the investment agreement between 5th Planet Games and Skybound, it has been agreed that
investment Tranche 4 that Skybound must pay a fixed price of NOK 0.61 per share, which is settled in
US dollars based on the official exchange rate at the time of each investment. As 5th Planet Games'
functional currency is DKK, this structure entails a currency risk from an accounting perspective to NOK
for future investment tranche 4 .
The financial impact from currency fluctuations can be significant since management is not hedging the
currency risk.
Disputes
The company may from time to time be involved in disputes, including disputes regarding intellectual
property rights, all with ensuing risks and costs, which could have a material adverse effect on 5th Planet
Games’ business, financial condition, and results of operations.
Partnership risk
In the short term, 5th Planet Games is heavily reliant on Skybound as a source of new games; whilst in
general terms this is a positive thing it also carries a certain risk; in order to mitigate this risk 5th Planet
Games continues to proactively manage its own catalogue of titles and maintains a business develop-
ment function to find new games, new financing and new publishing opportunities.
For further information on risk, see the section “Risk factors” on pp. 8-9 and 14-16 of the prospectus dated 11
November 2021.
Management’s review
9
CORPORATE GOVERNANCE
The Board of Directors serves as a qualified dialogue partner for the daily management. The Board of Directors
combines key industry insights, important business- and financial skills as well as many years of management
experience.
Environment impact
5th Planet Games products and co-production products are nonphysical products as all products are online prod-
ucts and most meetings are held online to reduce travel activities.
Social responsibility
5th Planet Games follows the ten recommendations in UN’s Global Compact to ensure social responsibility.
Diversity policy
The Board of Directors has set a goal to have at least one female elected by the annual general meeting in 2024.
Data policy
The Company does not have a policy on data ethics as the Company does not use personal data for commercial
purposes etc. and it is not a part of the company’s business strategy for now.
Corporate governance report
5th Planet Games’ Board of Directors and Management continually work with corporate governance principles to
ensure that the management structure and control systems are appropriate and satisfactory. 5th Planet Games
2022 statutory report on corporate governance, cf. the Danish Financial Statements Act, Section 107b, is available
on 5th Planet Games website at https://www.5thplanetgames.com/investors/documents/.
The Company complies with 23 of the 40 Danish recommendations on corporate governance https://corporate-
governance.dk/
Remuneration report
On 26th April 2022 the remuneration policy was approved at the Company’s general meeting with the required
majority
Remuneration – Board of Directors
The remuneration of members of the Board of Directors is, due to the current size and structure of the company,
comprised of direct payments and warrants.
Management’s review
10
Remuneration – Executive Management
The remuneration of the Executive Management teams is following the recommendation by the Chairman of the
Board of Directors. The current remuneration program for the Executive Management team is comprised of both
a monetary remuneration as well as a pool of warrants.
MANAGEMENT
Company Board of Directors
Jon Goldman (m)
(1965)
Chairman of the Board
Position:
Chairman of the Board
Skybound Group
Educational background:
Harvard University
Kyoto University
UCLA Anderson School of
Management
Competencies:
Financial strategy
Capital Markets
Current Directorships:
none
Member of the boards of:
Skybound Games Studios and
Group companies
LiveLike
Free Range
WAVEXR, INC.
FLAVOURWORKS
Shares in 5th Planet Games
A/S:
135,000 shares
Warrants in 5th Planet
Games A/S:
0 warrants
Independent Board Member:
No
Election Term:
1 year
Board member since:
7 September 2021
Henrik Nielsen (m)
(1967)
Board Member
Position:
CEO of HNI Trading ApS
Educational background:
M.Sc. in Marketing and Strat-
egy from the Copenhagen
Business School
Competencies:
Strategy and Finance
Current Directorships:
HNI TRADING ApS
Member of the boards of:
NIL TECHNOLOGY ApS
Ejendomsselskabet Green
ApS and Holdingselskabet
RED ApS
Shares in 5th Planet Games
A/S:
4,844.262 shares
Warrants in 5th Planet
Games A/S:
30,633,100 warrants
Independent Board Member:
Yes
Election Term:
1 year
Board member since:
27 November 2019
David Alpert (m)
(1975)
Board Member
Position:
CEO of Skybound Group
Educational background:
Havard University
New York University Law
School
Competencies:
Digital Entertainment
Strategic Partnerships
Company Management
Current Directorships:
Skybound Games Studios and
certain of its subsidiaries
Member of the boards of:
Skybound Games Studios and
Group companies
Shares in 5th Planet Games
A/S:
135,000 shares
Warrants in 5th Planet
Games A/S:
0 warrants
Independent Board Member:
Yes
Election Term:
1 year
Board member since:
7 September 2021
Søren Kokbøl Jensen (m)
(1963)
Board Member
Position:
CEO of BOOTIDE ApS
CEO of ECLIPSE HOLDING
ApS
Educational background:
N/A
Competencies:
Entrepreneurship
Digital Media
Business strategy
Current Directorships:
BOOTIDE ApS
ECLIPSE HOLDING ApS
Member of the boards of:
Level UP Garage ApS
HYDR ESPORT ApS
Shares in 5th Planet Games
A/S:
0 shares
Warrants in 5th Planet
Games A/S:
240,000 warrants
Independent Board Member:
Yes
Election Term:
1 year
Board member since:
27 April 2021
Management’s review
12
Executive Management
Mark Stanger (m)
(1967)
CEO
Employed since September 2021
Educational background:
Economics and Business – Wyggeston
and Queen Elizabeth College,
Leicester.
Chairman of the board of:
n/a
Member of the boards of:
Skybound Games UK Limited
Skybound Games Europe BV
Shares in 5th Planet Games A/S:
282,563 shares
Warrants in 5th Planet Games A/S:
0 warrants
Management’s review
13
SHAREHOLDER INFORMATION
An investment in 5th Planet Games is an investment in games - a market in continuous strong growth.
5th Planet Games shares
The official share price as of 31 December 2022 was NOK 2,13 with a market capitalization of NOK 442,984m
(DKK 328,052m). Total turnover of shares in 2022 was 520 million with a total transaction value of NOK 911m.
Share Capital
The nominal share capital of 5th Planet Games as of 31 December 2022 was DKK 10,397,975, consisting of
207,959,493 shares of DKK 0.05 each. 5th Planet Games has only one share class. The Board of Directors and
the Executive Management regularly assess whether the share capital and share structures are aligned with the
interests of the shareholders and the company.
Shareholding structure
5th Planet Games shareholders are primarily residents of Denmark, Norway, and the United States of America.
As of 31 December 2022, only Skybound Game Studios Inc. holds with their 101,204,659 shares (48,7%) more
than 5% of the share capital or the votes.
As of 31 December 2022, members of the Board of Directors and their related parties held 5,114,262 shares
(nominal value DKK 2,577,131), corresponding to 20,6% of the share capital and a market value of DKK 14,6m.
As per 31 December 2022 members of management held 282,563 shares.
Annual general meeting
The Annual General Meeting will be held on 27 April 2023 at 12:00 at Gothersgade 11, 1123 København K.
Dividend and allocation of profit
The Board of Directors recommends to the annual general meeting that no dividend be declared in respect of the
2022 financial year. The Board of Directors recommends to the shareholders that the loss for the year of DKK
33,708m, to be transferred to retained earnings.
Investor queries
Any questions or comments from shareholders, analysts, and other stakeholders should be addressed to CEO
Mark Stanger via the investor e-mail: ir@5thplanetgames.com
Master Data:
Stock Exchange: EURONEXT EXPAND OSLO
Sector: Communication
ISIN Code: DK0060945467
Symbol: 5PG
LEI Code: 213800MC2SGVSIBN7J53
Share capital DKK: 10.397.974,65
Denomination: DKK 0.05
No. of Shares: 207.959.493
Negotiable instruments: Yes
Voting restrictions: No
Management’s review
14
Information in accordance with the Danish Financial Statements Act, Section 107 a
Adoption of amendments to the Articles of Association, dissolution of the company, merger, or demerger requires
a resolution adopted by at least a two-thirds majority of the votes cast as well as of the share capital represented
at the general meeting.
The Board of Directors consists of from three to seven members elected each year at the annual general meeting
of the company for the period until the next annual general meeting. Board members are eligible for re-election.
The Board of Directors appoints its own chairman and vice chairman.
The present 5th Planet Games’ Board of Directors consists of four members headed by Jon Goldman as chair-
man. The present members of the Board of Directors are presented on page 13.
Going forward, two of the Members of the Board of Directors are independent of the company.
At the general meeting on the 26
th
April 2022 it was decided that the Board of Directors shall receive a fixed re-
muneration of DKK 50,000 for all board members for the year 2023 and that Jon Goldman, David Alpert, and
Henrik Nielsen shall receive an additional fee of DKK 345,000 (equal to USD 52,500) due to significant extra
work to develop the business.
Furthermore, it was decided, that the Board of Directors in the future may be granted warrants, exercisable at
market value in the Company in combination with the above-mentioned fixed remuneration.
Until 3 April 2034 (AOA 2.2 – Warrants for employed etc.), the Board of Directors is authorized to increase the
company’s share capital in one or more issues without pre-emptive rights for the existing shareholders of the
company by up to a total nominal amount of DKK 1,300,000 against cash. The current authorization amount is
DKK 1,235,000.
Until 6 September 2023 (AOA 2.3 – investment warrants Skybound), the Board of Directors is authorized to in-
crease the company’s share capital in one issue without pre-emptive rights for the existing shareholders of the
company with DKK 2,529,072,60 against issue of 50,581,452 shares to an exercise price of NOK 0.60968 against
cash payment.
Without any time, limitation (AOA 2.4 – milestone warrants Skybound), the Board of Directors is authorized to
increase the company’s share capital in one issue without pre-emptive rights for the existing shareholders of the
company with DKK 1,555,194.10 against issue of 31,103,882 shares to an exercise price of NOK 0.90 against
cash payment if certain milestones have been achieved.
Without any time limitation (AOA 2.5 – indemnification warrants Skybound), the Board of Directors is authorized
to increase the company’s share capital in one issue without pre-emptive rights for the existing shareholders of
the company with DKK 110,000 against issue of 2,200,000 shares to an exercise price of DKK 0.05.
Until 1 July 2036 (AOA 2.6 – Warrants for employed etc.), the Board of Directors is authorized to increase the
company’s share capital in one or more issues without pre-emptive rights for the existing shareholders of the
company by up to a total nominal amount of DKK 1,131,050.25 against cash.
Until 3 April 2024 (AOA 2.6), the Board of Directors is authorized to increase the company’s share capital in one
or more issues without pre-emptive rights for the existing shareholders of the company by up to a total nominal
amount of DKK 3,500,000 against cash or non-cash consideration or by conversion of debt. Such capital increase
shall take place at market price. The current authorization amount is DKK 2,525,288.
Until 1 June 2025 (AOA 2.11), the Board of Directors is authorized to increase the company’s share capital in one
or more issues with pre-emptive rights for the existing shareholders of the company by up to a total nominal
amount of DKK 10,000,000 against cash. Such capital increase can take place under market price. The current
authorization amount is DKK 7,750,000.
The group has not entered into contracts with change of control clauses
Statement by the Board of Directors and the Executive Management on the annual report
15
The Board of Directors and the Executive Management have today considered and approved the annual report
of 5th Planet Games A/S for the financial year 1 January 2022 – 31 December 2022
The consolidated financial statements have been prepared in accordance with the International Financial Re-
porting Standards (IFRS) as adopted by the EU. The financial statements of the parent company, 5th Planet
Games A/S, are prepared in accordance with the Danish Financial Statements Act (Årsregnskabsloven). Fur-
thermore, the annual report has been prepared in accordance with the additional Danish disclosure require-
ments for annual reports of listed companies.
In our opinion, the accounting policies applied are appropriate, thus ensuring that the consolidated financial
statements and the financial statements provide a fair presentation of the group's and the parent company's
assets, liabilities, and financial position as of 31 December 2022 and of the results of the group's and the
parent company's operations and the consolidated cash flows for the financial year 1 January 2022 - 31 De-
cember 2022.
We believe that the management review contains a true and fair review of the development and performance
of the group’s and the parent company’s business activities and financial situation, the earnings for the year
and the financial position of the parent company and the financial position as a whole of the entities comprised
by the consolidated financial statements, together with a description of the principal risks and uncertainties
that the group and the parent company face.
The annual report is submitted for adoption by the general meeting.
Copenhagen, 29 March 2023
Executive Management
Mark Stanger
Board of Directors:
Jon Goldman
Chairman Henrik Nielsen
David Albert Søren Kokbøl Jensen
Independent Auditors Report
16
To the shareholders of 5th Planet Games A/S
Our opinion
We have audited the consolidated financial statements and the parent financial statements of 5th Planet
Games A/S for the financial year January 1 – December 31, 2022, which comprise the income statement,
statement of financial position, statement of changes in equity and notes, including a summary of significant
accounting policies, for the Group as well as the Parent, and the statement of comprehensive income and the
cash flow statement of the Group. The consolidated financial statements are prepared in accordance with
International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish
Financial Statements Act, and the parent financial statements are prepared in accordance with the Danish
Financial Statements Act.
In our opinion, the consolidated financial statements give a true and fair view of the Group’s financial position
at December 31, 2022 and of the results of its operations and cash flows for the financial year January 1 –
December 31, 2022 in accordance with International Financial Reporting Standards as adopted by the EU and
additional requirements under the Danish Financial Statements Act.
Further, in our opinion, the parent financial statements give a true and fair view of the Parent’s financial position
at December 31, 2022 and of the results of its operations for the financial year January 1 – December 31, 2022
in accordance with the Danish Financial Statements Act.
Our opinion is consistent with our Auditor’s Long-form Report to the Audit Committee and the Board of Direc-
tors.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional re-
quirements applicable in Denmark. Our responsibilities under those standards and requirements are further
described in the Auditor’s responsibilities for the audit of the Financial Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Independence
We are independent of the Group and parent company in accordance with the International Ethics Standards
Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) and the additional require-
ments applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with 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
We were first appointed auditors of 5th Planet Games A/S in January 2016 for the financial year 2015. We
have been reappointed annually by shareholder resolution for a total period of uninterrupted engagement of 8
years including the financial year 2022.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the financial statements for 2022. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these
matters.
Recognition, measurement and presentation of the investment agreement with Skybound Games Studios Inc.
Reference is made to note 2, 16, 21 and 22 of the consolidated financial statements regarding the Skybound
investment agreement.
On the general meeting 7th September 2021, the shareholders of 5th Planet Games A/S approved the invest-
ment agreement with Skybound Games Studios Inc. The investment agreement included three fixed future
capital increases to be conducted in financial year 2022 and 2023 cf. tranches 2-4 of the agreement, and
Independent Auditors Report
17
agreements regarding issuing of warrants vesting if certain market cap milestones are reached and agree-
ments regarding issuing of warrants vesting if certain future revenue milestones are reached.
The tranches 2 and 3 was completed in 2022 and trance 4 is to be conducted in 2023.
The management engaged upon entering into the investment agreement an external valuation expert (man-
agement expert) to advise the management in the valuation, recognition, measurement and classification of
the future fixed capital increases cf. tranches 2-4.
When performing the valuations of the fixed future capital increases to be conducted, the management applied
a traditional valuation techniques in order to assess the fair value of tranches 2-4 of the investment agreement.
We focused on the accounting treatment of the investment agreement with Skybound. We focused on the
recognition, measurement and classification of the derivate financial instruments deriving from the investment
agreement. We also assessed an inherent risk related to the classification due to the complexity of certain
provisions of the investment agreement that determined the appropriate classification.
How our audit addressed the Key Audit Matter
We obtained an understanding of the terms and conditions of the elements of the Skybound investment agree-
ment affecting the consolidated financial statements.
In relation to the classification of the warrants and derivate financial instruments deriving from the investment
agreement, we evaluated the appropriateness of the management’s expert interpretation on how to apply the
relevant accounting guidance for the classification, including whether the instruments were classified as being
an equity instrument or a financial assets/debt instrument.
Impairment assessment
The value of 5th Planet Games A/S’ intangible assets, of which relates to development projects, is supported
by the value-in-use calculations, which are based on future cash flow forecasts (i.e. ‘recoverable amount’). We
focused on this area because the impairment assessments of these assets are dependent on complex and
subjective judgements by Management. Refer to note 12 in the consolidated financial statements.
How our audit addressed the Key Audit Matter
We considered the overall impairment assessments prepared by the Management, and we tested the under-
lying calculations and reviewed the relevant internal procedures in place to check that the impairment assess-
ments are prepared appropriately. We considered the assumptions and estimates used by Management to
determine the value-in-use of the intangible assets. This includes those relating to the Managements key as-
sumptions such as revenue, development cost and operating cost forecasts. The input for the calculations is
provided by the collaboration partner Skybound Games Studios Inc. We performed a sensitivity analysis
around the key drivers and assumptions used by management.
Statement on Management's Review
Management is responsible for Management’s Review.
Our opinion on the Financial Statements does not cover 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 Management’s Review
and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial State-
ments, or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
Moreover, it is our responsibility to consider whether the Management's review provides the information re-
quired under the Danish Financial Statements Act.
Based on the work we have performed, in our view, Management’s Review is in accordance with the Consol-
idated Financial Statements and the Parent Company Financial Statements and has been prepared in accord-
ance with the requirements of the Danish Financial Statements Act. We did not identify any material misstate-
ment in Management’s Review.
Independent Auditors Report
18
M anagement’s responsibilities for the financial statements
Management is responsible for the preparation of consolidated financial statements that give a true and fair
view in accordance with International Financial Reporting Standards as issued by the International Accounting
Standards Board and in accordance with International Financial Reporting Standards as endorsed by the EU
and further requirements in the Danish Financial Statements Act and for the preparation of the parent company
financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and
for such internal control as Management determines is necessary to enable the preparation of financial state-
ments that are free from material misstatement, whether due to fraud or error.
In preparing the Financial Statements, Management is responsible for assessing the Group’s and the parent
company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless Management either intends to liquidate the Group or
the parent company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, indi-
vidually or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these Financial Statements. As part of an audit in accordance with ISAs and the additional
requirements applicable in Denmark, we exercise professional judgement and maintain professional skepti-
cism throughout the audit.
We also:
Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain
an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the Group's and the Company's internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effec-
tiveness of the Group’s and the Parent Company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting esti-
mates and related disclosures made by Management.
Conclude on the appropriateness of Management’s use of the going concern basis of accounting and
based on the audit evidence obtained, whether a material uncertainty exists related to events or con-
ditions that may cast significant doubt on the Group’s and the Parent Company’s ability to continue as
a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in
our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor’s report. However, future events or conditions may cause the Group or the
Parent Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the Financial Statements, including the dis-
closures, and whether the Financial Statements represent the underlying transactions and events in a
manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Group to express an opinion on the Consolidated Financial Statements. We are
responsible for the direction, supervision and performance of the group audit. We remain solely re-
sponsible for our audit opinion.
Independent Auditors Report
19
We communicate with those charged with governance (the Board of Directors) regarding, among other mat-
ters, the planned scope and timing of the audit and significant audit findings, including any significant deficien-
cies 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 communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were
of most significance in the audit of the Financial Statements of the current period and are therefore the key
audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not
be communicated in our report because the adverse consequences of doing so would reasonably be expected
to outweigh the public interest benefits of such communication.
Report on compliance with the ESEF Regulation
As part of our audit of the Consolidated Financial Statements and Parent Company Financial Statements of
5th Planet Games A/S we performed procedures to express an opinion on whether the annual report of 5th
Planet Games A/S for the financial year 1 January to 31 December 2022 with the file name
213800MC2SGVSIBN7J53-2022-12-31-en is prepared, in all material respects, in compliance with the Com-
mission 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 tag-
ging of the Consolidated Financial Statements.
Management is responsible for preparing an annual report that complies with the ESEF Regulation. This re-
sponsibility includes:
The preparing of the annual report in XHTML format;
The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy
and the anchoring thereof to elements in the taxonomy, for financial information required to be tagged
using judgement where necessary;
Ensuring consistency between iXBRL tagged data and the Consolidated Financial Statements resented
in human readable format; and
For such internal control as Management determines necessary to enable the preparation of an annual
report that is compliant with the ESEF Regulation.
Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material
respects, 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
judgement, 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 procedures 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;
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 elements to elements in the ESEF taxonomy; and
Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements.
Independent Auditors Report
20
In our opinion, the annual report of 5th Planet Games A/S for the financial year 1 January to 31 December
2022 with the file name 213800MC2SGVSIBN7J53-2022-12-31-en is prepared, in all material respects, in
compliance with the ESEF Regulation.
Copenhagen, 29 March 2023
Grant Thornton
Statsautoriseret Revisionspartnerselskab
CVR-nr. 34 20 99 36
Claus Carlsen Mathias John Stensgaard Vintersbølle
State-Authorized Public Accountant State-Authorized Public Accountant
MNE-nr 23451 MNE-nr. 47837
Consolidated statement of financial position
21
DKK´000
Note
Revenue 4 11.300 4.809
Costs of sales 157 121
Gross Profit
11.143
4.688
Research and development
costs 5 164 3.998
Marketing expenses
0
0
Other expenses
5
9.302
10.155
Loss before special items, depreciation, and amortization
(EBITDA)
1.677
-
9.465
Special items
7
0
5.262
Depreciation and amortiza-
tion 12,13,14
2.413 339
Operating loss (EBIT)
-
736
-
15.066
Financial income 8 286 8.483
Financial expenses
9
33.258
98
Loss
before tax
-
33.708
-
6.681
Tax on loss for the year 10 0 -78
Loss for the year from continuing operations
-
33.708
-
6.603
Loss for the year from discontinued operations 28 0 -9.651
Loss for the year
-
33.708
-
16.254
Other comprehensive in-
come 0 0
Comprehensive income
-
33.708
-
16.254
Distribution of comprehensive income:
Parent company´s share-
holders -33.708 -16.254
Non-controlling interests 0 0
Total
-
33.708
-
16.254
Basic earnings per share:
From Continued operations
(DKK) 11 -0,201
-
0,058
From discontinued operations (DKK) 11 0,000
-
0,069
Total DKK)
-
0,201
-
0,127
Diluted earnings per
share:
From Continued operations
(DKK)
11
-
0,201
-
0,058
From discontinued operations (DKK) 11 0,000
-
0,069
Total DKK)
-
0,201
-
0,127
Consolidated statement of financial position
22
ASSETS:
DKK´000
Note
2022
2021
Non
-
current assets
Acquired rights
12
737
1.814
Completed development projects
12
2.988
0
Development projects in progress
12
12.953
0
Plant and equipment
13
0
0
Right-of-use assets
14
0
0
Total non
-
current assets
16.678
1.814
Current assets:
Trade receivables
15
5.694
1.924
Income tax receivable
10
107
52
Other receivables
105
2.911
Accrual expenses
0
322
Derivative financials instruments
16
0
7.729
Cash
36.261
13.607
Total current assets
42.167
26.545
Total assets
58.845
28.359
Consolidated statement of financial position
23
EQUITY AND LIABILITIES:
EQUITY AND
LIABILITIES
DKK´000
Note
2022
2021
Equity:
Share capital
10.398
6.400
Reserves
0
0
Retained earnings
18.488
17.061
Total Equity
17
28.886
23.461
Non
-
current liabilities
Lease liabilities
14
0
0
Other payables
18
372
930
Total non
-
current liabilities
372
930
Current liabilities
Lease liabilities
14
0
0
Accrual income
0
572
Derivative financials instruments
16
25.065
0
Trade payables
2.721
1.746
Other payables
18
1.801
1.650
Total current liabilities
29.587
3.968
Total Liabilities
29.959
4.898
Total equity and liabilities
58.845
28.359
Consolidated cash flow statement
24
Reserves
Share
capital
Share
premium
Other re-
serves
Retained
earnings
Total equity
DKK´000
Equity as at 01.01.2022
6.400
0
0
17.061
23.461
Net Loss
-33.708
-
33.708
Other comprehensive income
0
0
Comprehensive income
0
0
0
-
33.708
-
33.708
Capital increase 3.998
33.328
37.326
Costs related to capital increase
-518
-
518
Share-based payments
2.325
2.325
Transfer of reserves
-32.810
32.810
0
Transactions with owners
3.998
0
0
35.135
39.133
Equity as at 31.12.2022
10.398
0
0
18.488
28.886
Equity as at 01.01.2021
5.316
0
0
15.573
20.889
Net Loss
-16.254
-
16.254
Other comprehensive income
0
0
Comprehensive income
0
0
0
-
16.254
-
16.254
Capital increase 1.084
8.484
9.568
Costs related to capital increase
-1.995
-
1.995
Share-based payments
11.253
11.253
Transfer of reserves
-6.489
6.489
0
Transactions with owners
1.084
0
0
17.742
18.826
Equity as at 31.12.2021
6.400
0
0
17.061
23.461
Consolidated cash flow statement
25
DKK´000
Note
2022
2021
Loss before tax
-33.708
-
16.332
Depreciation, amortisation and impairment losses
2.413
5.364
Share-based payments
2.325
4.360
Financial income, reversed
-286
-
8.484
Financial expenses, reversed
33.258
135
Change in working capital
-552
-
4.523
Operating cash flow
3.450
-
19.480
Financial income, received
286
0
Financial expenses, paid
-54
-
135
Income tax received
0
2.222
Cash flow generated from operations
3.682
-
17.393
Purchase of equipment
0
0
Sale of right of use assests
0
544
Purchase of IP rights
-17.278
-6.895
Cash flow from investing activities
-
17.278
-
6.351
Proceeds from cash capital increase
36.808
7.573
Repayment convertible loan
-558
0
Purchase of IP rights financed by issue of warrants
0
6.895
Lease liabilities, repayment
0
-
783
Cash flow from financing activities
36.250
13.685
Total cash flow for the period
22.654
-
10.059
Cash, beginning of period
13.607
23.666
Net foreign exchange difference
0
0
Cash, end of period
36.261
13.607
Consolidated notes
26
1. Accounting policies
2. Significant accounting estimates and judgments
3. Capital resources
4. Revenue
5. Staff costs
6. Share-based payments
7. Special Items
8. Financial income
9. Financial expenses
10. Tax
11. Earnings per share
12. Intangible assets
13. Other equipment
14. Right-of-use assets and lease liabilities
15. Trade receivables
16. Derivative financials instruments
17. Equity
18. Other payables
19. Contingent liabilities
20. Security provided
21. Financial risks and financial instruments
22. Financial assets and liabilities
23. Fair value measurement of financial instruments
24. Consolidated companies and related parties
25. Fee to parent company auditors appointed at the annual general meeting
26. Events occurring after the balance sheet date
27. Adoption of the annual report for publication
28. Discontinued operations
Consolidated notes
27
1. Accounting policies
5th Planet Games A/S is a limited liability company domiciled in Denmark. The consolidated financial state-
ments for 2022 have been prepared in accordance with International Financial Reporting Standards (IFRS) as
approved by the EU and additional Danish disclosure requirements.
Danish kroner (DKK) is the group's presentation currency and the functional currency of the parent company.
The consolidated financial statements are presented in Danish kroner (DKK) rounded off to the nearest DKK
1,000.
Implementation of new and revised standards and interpretations
The IASB has not issued new standards or revisions to existing standards and new interpretations that are
mandatory for accounting periods commencing on or after 1 January 2022 that have a significant impact on
the accounts.
Principal accounting policies set out below have been consistently applied in the preparation of the
consolidated financial statements for all the years presented.
Earnings per share
Basic earnings per share are calculated as the net result for the period that accrues to the parent company´s
shares divided by the weighted average number of ordinary shares outstanding.
Diluted earnings per share are calculated as the net result for the period that accrues to the parent company´s
shares divided by the weighted average number of ordinary shares outstanding adjusted by the dilutive effect
of potential shares.
Segment reporting
No separate business areas or separate business units have been identified in connection with single games
or geographical markets. As a consequence, no segment reporting is made concerning business areas or
geographical areas. Assets located outside Denmark amounts to less than 10% of the group assets. Due to
materiality no segment reporting is made on geographical criteria.
Consolidated financial statements
The consolidated financial statements comprise 5th Planet Games A/S (parent company) and the companies
(subsidiaries) controlled by the parent company. A company is regarded as controlled by the parent company
when the parent company is exposed or entitled to variable returns on its involvement in the company and has
the ability to affect those returns through its power over the company.
The consolidated financial statements are prepared based on the financial statements of 5th Planet Games
A/S and its subsidiaries. The consolidated financial statements are prepared by combining items of a uniform
nature calculated in accordance with the group's accounting policies, eliminating intercompany income and
expenditure, intercompany balances, and dividends as well as gains and losses on transactions between the
consolidated companies.
Business combinations
Newly acquired or newly-founded companies are recognized in the consolidated financial statements as from
the time of acquisition and the time of foundation, respectively. The time of acquisition is the time at which
control of the company is actually obtained. Divested or discontinued companies are recognized in the con-
solidated statement of comprehensive income up until the time when control ceases.
When new companies are acquired and the group obtains control of an acquired company, it is recognized in
accordance with the acquisition method, according to which the newly acquired company's identifiable assets,
liabilities and contingent liabilities are measured at fair value at the date of acquisition.
The acquisition price of a company is the fair value of the price paid for the acquired company. Costs relating
to the acquisition are recognized in the income statement when paid.
Positive differences (goodwill) between the acquisition price of the acquired company on the one hand and the
fair value of the assets, liabilities and contingent liabilities acquired on the other are recognized as goodwill
and tested for impairment at least once a year.
Consolidated notes
28
Foreign currency translation
On initial recognition, transactions in currencies other than the functional currency of the individual company
are recognized at the exchange rate applicable at the transaction date. Receivables, payables, and other
monetary items denominated in foreign currency not settled at the balance sheet date are translated using the
exchange rate applicable at the balance sheet date.
Exchange rate differences between the exchange rate applicable at the transaction date and the exchange
rate at the date of payment and the balance sheet date, respectively, are recognized in the income statement
as financial income or financial expenses. Property, plant and equipment and intangible assets, inventories,
and other non-monetary assets purchased in foreign currency and measured based on historical cost are
translated at the exchange rate applicable at the transaction date.
Tax
Tax for the year, consisting of current tax and changes in deferred tax, is recognized in the income statement
at the portion attributable to tax on the profit or loss for the year, and directly in equity or in other comprehensive
income at the portion attributable to amounts recognized directly in equity or in other comprehensive income,
respectively.
Current tax payables and receivables are recognized in the balance sheet as tax computed on the basis of the
taxable income for the year and taxes paid or refunded.
Current tax for the year is computed based on the tax rules and tax rates applicable at the balance sheet date.
Deferred tax is recognized using the balance sheet liability method on the basis of all temporary differences
between the carrying amounts and tax bases of assets and liabilities, except for deferred tax on temporary
differences due to either initial recognition of goodwill or initial recognition of a transaction that is not a business
combination, and where the temporary difference ascertained at the time of initial recognition does not affect
either the tax result or the taxable income. The deferred tax is calculated based on the planned use of the
individual asset or settlement of the individual liability.
Deferred tax is measured by applying the tax rules and tax rates expected to be applicable when the deferred
tax is expected to crystallize as current tax. Any change in deferred tax as a result of changes in tax rules or
rates is recognized in the income statement unless the deferred tax is attributable to transactions that have
previously been recognized directly in equity or in other comprehensive income. In the latter case, the change
is recognized directly in equity or in other comprehensive income, respectively.
Deferred tax assets, including the tax base of tax losses allowed for carry forward, are recognized in the bal-
ance sheet at the expected realizable value, either through offsetting against deferred tax liabilities or as a net
tax asset for offsetting against future positive taxable incomes to the extent that there is convincing evidence
that sufficient taxable profit will be available against which the unused tax losses can be utilized. An assess-
ment is made at each balance sheet date of whether it is probable that sufficient taxable income will be gen-
erated in future to enable utilization of the deferred tax asset.
The group is subject to joint taxation. The current Danish income tax is allocated between the jointly taxed
companies in proportion to their taxable incomes.
Statement of comprehensive income
Revenue
Revenue from the sale of games and in-app purchases is recognized in the income statement if delivery has
taken place and the risk has passed to the purchaser before the balance sheet date, and if the revenue can
be determined reliably and is expected to be received. For sales of games and in-app purchases where deliv-
ery takes place via third parties (platform distribution partners), 5th Planet Games is the primary contractual
party for the users and fixes the prices. Sales of games and in-app purchases are consequently measured as
the fee paid by the user for the delivery, while costs for the third party are recognized under cost of sales.
Royalty revenue from the co-production projects is recognized in the income statement when the delivery has
taken place and the risk has passed to the purchaser before the balance sheet date.
Income from the provision of advertising services is recognized as revenue as the agreed services are pro-
vided. For sales of advertising services provided via third parties (platform distribution partners), 5th Planet
Games is the primary contractual party for the users and fixes the prices. Income from advertising services is
consequently measured exclusive of costs for such third parties.
Consolidated notes
29
Revenue is measured at the fair value of the fee received or receivable and is stated exclusive of VAT and
discounts.
Cost of sales
Cost of sales comprises commission paid to stores handling app sales, such as iTunes, Google Play, etc.
Gross profit
Gross profit comprises revenue deducted with commissions to stores, such as iTunes, Google Play, etc.
Research and development costs
Research and development costs comprise external research and development costs and internal staff costs
related to research and development activities that are not capitalized in the balance sheet.
Marketing expenses
Marketing expenses comprise expenses relating to marketing expenses and royalty expenses.
Other expenses
Other external expenses comprise expenses relating to administrative staff and other administrative expenses,
costs of premises, bad debts, operating leases, etc.
Special items
Special items comprise material non-recurring expenses. These items are presented separately because they
are treated as one-off occurrences.
Net financials
Net financials comprise interest income and interest expenses as well as realized and unrealized gains and
losses on transactions in foreign currency.
Amortization of capital losses and borrowing costs relating to financial liabilities is recognized on an ongoing
basis as part of interest expenses.
Share-based payments
Share-based payments of the group are equity-settled warrants granted to employees, for which an option
pricing model is used to estimate the fair value at grant date. That fair value is charged on a straight-line basis
as an expense in the consolidated statement of profit or loss over the period that the employee becomes
unconditionally entitled to the options (vesting period), with a corresponding increase in equity.
Equity is also increased by the proceeds received, as and when employees choose to exercise their options.
Balance sheet
Fair value
Fair values are categorized into different levels in a fair value hierarchy based on the degree to which the
inputs to the measurement are observable and the significance of the inputs to the fair value measurement in
its entirety:
Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for
identical assets or liabilities.
Level 2 fair value measurements are those derived from inputs other than quoted prices included within
Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived
from prices).
Level 3 fair value measurements are those derived from valuation techniques that include inputs for the
asset or liability that are not based on observable market data (unobservable inputs).
Acquired rights
On initial recognition, acquired rights is recognized and measured in the balance sheet at cost less accumu-
lated amortization and impairment losses. The amortization period is the expected useful lives for the IP rights
normally 2 years.
Consolidated notes
30
Development projects
Development costs comprise staff costs and fees for sub-suppliers directly attributable to the development of
new games. Development projects which are clearly defined and whose technical feasibility and sufficiency of
resources have been demonstrated and which the company intends to complete, and market are recognized
as development projects in the balance sheet if the costs can be determined reliably and there is sufficient
certainty that future earnings will cover the development costs. Recognized development projects are meas-
ured at cost less accumulated amortization and impairment losses.
Other development costs are recognized in the income statement under other external expenses or staff costs
when paid.
Once completed, development projects are amortized according to the straight-line method over their esti-
mated useful lives from the time when the asset is ready for use. Development projects relating to a game are
regarded as being ready for use at the time when the game is launched and made available to the users at
the latest. The first launch may be either a soft launch whose main purpose is to gain experience about user
preferences and behavior in the game with a view to making improvements, or a hard launch where the main
purpose is to generate commercial income. The amortization period is usually five years from soft launch and
three years from hard launch. Amortization methods, useful lives and residual values are reviewed every year.
Property, plant, and equipment
Property, plant, and equipment is measured in the balance sheet at the lower of cost less accumulated depre-
ciation and the recoverable amount.
Cost comprises the acquisition price, costs directly related to the acquisition, and costs for preparation of the
asset until such time as the asset is ready for use. The depreciation period is usually three to five years.
Depreciation methods, useful lives and residual values are reviewed every year.
Leases
The company assesses whether a contract is or contains a lease at inception of the contract. The company
recognizes right-of-use assets and corresponding lease liabilities at the lease commencement date, except for
short-term leases and leases of low value. For these leases, the lease payments are recognized as an oper-
ating expense on a straight-line basis over the term of the lease.
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liabilities
adjusted for any lease payments made at or before the commencement date, plus any initial costs incurred.
The right-of-use assets are subsequently measured at cost less accumulated depreciation and impairment
losses. The right-of-use assets are from the commencement date depreciated over the shorter period of lease
term and useful life of the underlying asset. The estimated useful lives of right-of-use assets are determined
on the same basis as those of the company’s corresponding assets such as property, plants, and equipment.
In addition, the right-of-use assets are periodically reduced by impairment losses, if any, and adjusted in ac-
cordance with lease liabilities.
The lease liabilities are initially measured at the present value of the lease payments that are not paid at the
commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily
determined, the company’s incremental borrowing rate.
Lease payments included in the measurement of the lease liabilities comprise the following:
Fixed payments.
Variable payments, dependent on an index or rate.
The exercise price of a purchase option if it is reasonably certain that the option will be exercised.
Amounts expected to be payable under residual value guarantees.
The lease liabilities are subsequently measured at amortized cost using the effective interest method. It is
remeasured when there is a change in future lease payments arising from a change in an index or rate, if there
is a change in the estimate of the amount expected to be payable under a residual value guarantee, or if
management changes its assessment of whether it will exercise a purchase, extension, or termination option.
When the lease liabilities are remeasured in this way, a corresponding adjustment is made to the carrying
amount of the right-of-use assets or is recorded in profit or loss if the carrying amount of the right-of-use assets
has been reduced to zero.
Consolidated notes
31
Financial instruments
Financial assets and financial liabilities are recognized when the group becomes a party to the contractual
provisions of the financial instrument. Financial assets are derecognized when the contractual rights to the
cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards
are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled, or expires.
All financial assets and liabilities are initially measured at fair value adjusted for transaction costs (where ap-
plicable). Financial assets and liabilities, other than those designated and effective as hedging instruments,
are classified into the following categories:
amortised cost
fair value through profit or loss (FVTPL)
fair value through other comprehensive income (FVOCI).
Derivative financial instruments are accounted for at fair value through profit and loss (FVTPL) except for
derivatives designated as hedging instruments in cash flow hedge relationships. The group only has financial
instruments classified as FVTPL. Derivative financial instruments in this category are measured at fair value
with gains or losses recognised in profit or loss. All income and expenses recognised in profit or loss are
presented within finance costs or finance. The fair values of financial assets and liabilities in this category are
determined by reference to active market transactions or using a valuation technique where no active market
exists.
Non-current financial assets
Other receivables recognized under non-current assets comprise deposits and are measured at the lower of
accumulated cost and the recoverable amount.
Impairment of assets (impairment test)
The carrying amount of property, plant, and equipment, and intangible assets with determinable useful lives is
tested for impairment every year. If indications of impairment are identified, the recoverable amount of the
asset is calculated to determine the amount of any impairment loss.
The recoverable amount of development projects in progress and goodwill are determined every year, regard-
less of whether any indications of impairment exist.
If an asset does not produce inflows independently of other assets, the recoverable amount is determined for
the smallest cash-generating unit of which the asset forms part.
The higher of fair value less selling costs and value in use is used as the recoverable amount of the asset. The
value in use is determined as the present value of the expected net cash flows from use of the asset. If the
recoverable amount of the asset is lower than the carrying amount, the carrying amount is written down to the
recoverable amount.
Where cash-generating units are concerned, the impairment loss is distributed in such a way that goodwill is
written down for impairment first, and subsequently any remaining impairment loss is distributed on the other
assets in the unit. However, individual assets cannot be written down to a value lower than their fair value less
expected selling costs. Impairment losses are recognized in the income statement.
Receivables
Receivables comprise trade receivables and other receivables. Receivables are included in the category loans
and receivables, which are financial assets with fixed or determinable payments that are not listed in an active
market and are not derivative financial instruments.
On initial recognition, receivables are measured at fair value and subsequently at amortized cost, which usually
corresponds to the nominal value, less write-downs for bad debts.
Any write-downs for bad debts are determined on the basis of an individual assessment of the individual re-
ceivable.
Prepayments
Prepayments recognized under assets comprise costs incurred in respect of the subsequent financial year.
Prepayments are measured at cost.
Consolidated notes
32
Dividend
Dividend is recognized as a liability at the time of adoption by the general meeting.
Treasury shares
Acquisition costs and consideration for treasury shares and dividend from such are recognized directly in equity
under retained earnings.
Liabilities
Non-current liabilities comprise other credit institutions. Payables to credit institutions are measured at cost at
the time of contracting such payables (raising of loans). Subsequently, the liabilities are measured at amortized
cost, meaning that the difference between the proceeds from the loan and the repayable amount is recognized
in the income statement over the period of the loan as a financial expense according to the effective interest
method.
Other financial liabilities comprise bank debt, trade payables, other payables to public authorities, and other
liabilities. On initial recognition, other financial liabilities are measured at fair value less any transaction costs.
Subsequently, the liabilities are measured at amortized cost according to the effective interest method, so that
the difference between the proceeds and the nominal value is recognized in the income statement as a finan-
cial expense over the period of the loan.
Provisions
Provisions are recognized when the following criteria are fulfilled:
• we have a legal or constructive obligation as a result of an earlier event
• the settlement of the obligation is expected to result in an outflow of resources
• the obligation can be measured reliably
For onerous contracts, a provision is made when the expected income to be derived from a contract is lower
than the unavoidable cost of meeting our obligations under the contract.
Mandatory subscription and investment shares and warrants
Generally, contracts on own shares that require physical settlement of a fixed number of own shares for a fixed
consideration are classified as equity and added to or deducted from equity. This is referred to as the fixed-
for-fixed criterion.
Rights to mandatory subscription of shares and investment warrants are financial instruments issued to an
investor to subscribe shares of the parent company. These financial instruments are classified as derivative
assets / liabilities when either the subscription or settlement amount is not fixed amount of a currency similar
to the functional currency of the group or the number of shares is not fixed. When issued pro rata to all existing
shareholders of the parent company the financial instruments are exempted from this accounting treatment
and are classified as equity in the consolidated financial statements.
These financial instruments are initially recognized and measured at fair value. Subsequently, these are meas-
ured at fair value with changes recognized through profit or loss.
Cash flow statement
The cash flow statement shows cash flows from operating, investing, and financing activities as well as cash
at the beginning and end of the year.
Cash flows from operating activities are presented in accordance with the indirect method and are determined
as the operating profit or loss adjusted for non-cash operating items, changes in working capital and paid
financial income, financial expenses, and income tax.
Cash flows from investing activities comprise payments in connection with the acquisition and sale of compa-
nies and financial assets as well as the purchase, development, improvement, and sale of property, plant and
equipment, and intangible assets.
Cash flows from financing activities comprise changes in the parent company's share capital and associated
costs as well as the raising and repayment of loans, the repayment of interest-bearing debt, the purchase and
sale of treasury shares and the payment of dividends.
Consolidated notes
33
Cash flows in currencies other than the functional currency are recognized in the cash flow statement using
average exchange rates unless they deviate significantly from the actual exchange rates at the transaction
dates.
Cash and cash equivalents comprise cash less overdraft facilities that are an integrated part of the cash man-
agement.
2. Significant accounting estimates and judgments
In connection with the preparation of the consolidated financial statements, management makes a number of
accounting estimates and judgments that affect the recognized values of assets, liabilities, income, expenses,
and cash flows as well as their presentation.
Accounting estimates reflect management's best estimates in terms of amounts where the measurement is
subject to uncertainty, typically because the estimate is based on assumptions concerning future events. The
accounting estimates are based on historical experience and other assumptions deemed relevant, but
the actual results may, naturally, deviate from the estimates made. The estimates are regularly reassessed,
and the effect of changes is recognized in the consolidated financial statements.
Accounting judgments reflect decisions made by management as to how the accounting policies are applied
in specific situations where the accounting treatment depends on qualitative assessments. Examples could be
when the risk passes or how a certain transaction or item is best presented to provide reliable and relevant
information.
The following accounting estimates and judgments have had significant impact on the consolidated financial
statements for 2022:
Impairment test
The carrying amount of property, plant and equipment, and intangible assets with determinable useful lives is
tested for impairment every year. If indications of impairment are identified, the recoverable amount of the
asset is calculated to determine the amount of any impairment loss.
The recoverable amount of development projects in progress and goodwill are determined every year, regard-
less of whether any indications of impairment exist.
Cash-generating units comprising goodwill and development projects in progress are tested for impairment at
least once a year and more frequently in case of indications of impairment.
Valuation of warrants
The fair value of the initial warrants based on the Black & Scholes model. The fair value of issued warrants
vesting if certain market cap milestones are reached and the fair value of issued warrants vesting if certain
future revenue milestones are reached, are based on Monte Carlo Simulations and the Black & Scholes model.
The fair value valuations based on the Black & Scholes model were based on the following parameters:
Underlying share price
Exercise price
Time to maturity
Volatility
Risk-free rate
The fair value valuations based on Monte Carlo simulations were based on the following parameters:
Starting-point share price
Exercise price
Terms regarding timing of exercise
Volatility
Risk-free interest rate
The starting-point share price is estimated based on a ten-days weighted average up to the last trading day
prior to the issue day. The exercise price for the warrants is stated in the individual warrant agreements and
in the investment agreement between the company and Skybound. The initial warrants have a time to maturity
of ten years. The milestone warrants have varying terms regarding the time to maturity. The volatility of 5th
Planet Games has been estimated based on a peer group analysis of publicly listed comparable companies
in Europe. The peer group consists of companies with diversified portfolios of free-to play/low-cost games. The
Consolidated notes
34
volatility has been estimated based on two-year rolling weekly volatilities of the peer group companies. As risk-
free rate the yield-to-maturity on ten years Norwegian Government bonds has been applied.
The investment contract with Skybound of fixed future capital increases to be conducted in financial year 2023,
cf. Tranches 4 of the agreement. The future capital increases are mandatory for both parties. At inception the
fair value of the contract is zero or minimal. At subsequent measurement the fair value is assessed applying
similar valuation model as for forward sale of shares. Consequently, the fair value change in response to the
change in the underlying parameters, NOK and the share price.
Classification of mandatory subscription and investment shares and warrants
On 7 September 2021, the parent company of the group entered into an investment agreement with Skybound
Games Studios (the investor). The investor receives right to subscribe mandatorily and investment shares and
warrants (collectively “rights”) which can be exercised on different dates depending on the tranches. Each right
can be exercised for one share (i.e., 1:1 conversion ratio) and the number of shares that will be issued is fixed
for all these tranches. Upon settlement, the fixed exercise amount in Norwegian kroner (NOK) is settled by the
investor by paying its US dollar (USD) equivalent. The functional and presentation currency of the parent
company and the Group is Danish kroner (DKK). Hence, although the exercise amount is fixed in NOK, the
equivalent amount in DKK is variable depending on the prevailing exchange rate between DKK and USD at
settlement date. This variable amount does not qualify the definition of equity instrument and therefore, these
rights are classified as derivative financial assets / liabilities.
3. Capital resources
The Company´s capital resources as per 31.12.2022:
DKK´000
2022
2021
Short term capital assets
Trade receivables
5.694
1.924
Other receivables
105
2.911
Cash
36.261
13.607
Total
short term capital assets
42.060
18.442
Short term capital liabilities:
Trade liabili-
ties
2.721
1.746
Other paya-
bles
1.801
1.650
Total short capital liabilities
4.522
3.396
Total net capital recourses
37.538
15.046
Other capital recourses on a longer term but within one
year:
Estimated net proceeds from Tranche 4 (2021; 2 and 3) from
Skybound investment
20.950
28.950
Total other capital recourses on a longer term but within
one
year
20.950
28.950
Total net capital resources for the year
58.488
43.996
According to the most recent budgets approved by management, the existing capital resources are sufficient
to continue the full operation of the group as planned for 2023.
Consolidated notes
35
4. Revenue
DKK´000
2022
2021
Sales of games and in-app purchases
1.448
554
Sales of Service (advertising devices)
0
651
License income
9.692
3.589
Other revenue
160
15
Total
11.300
4.809
5. Staff costs
DKK´000
2022
2021
Wages and salaries
3.832
2.811
Pensions
127
200
Other social security costs
18
15
Share-based payment
2.308
3.818
Total
6.285
6.844
Total Staff costs are recognized as
follows:
Administrative expenses
6.285
6.844
Total
6.285
6.844
Average number of employees during the year, continuing activities
3
4
Number of employees end of year, continuing activities
3
3
Average number of employees during the year, discontinuing acti-
vates
0
15
Remuneration of board of directors and executive
management:
Board of directors:
Cash remuneration
1.269
200
Share-based payment
744
484
Total
2.013
684
Executive management
Gross Salary
962
1.125
Share-based payment
0
1.506
Total
962
2.631
Consolidated notes
36
6. Share-based payment
5th Planet Games has established a warrant program for executive management (CEO), board members,
employees, and others.
Specification of share-based payments in 2022 and 2021:
Specification of share-based payments
DKK´000
2022
2021
Share-based payments management
0
1.506
Share-based payments board of directors
744
484
Share-based payments employee
164
1.828
Share-based payments development, discontinued operations
0
-41
Share-based payments / reservation holiday payment adjustments
-17
341
Total share-based payments expensed
891
4.118
Share-based payments capital increase cost
0
240
Share-based payments IP rights
0
6.895
Total share
-
based payments
891
11.253
Warrant plans.
The plans provide board members, executive management, employees and other with the option to purchase
ordinary shares of 5th Planet Games A/S at a fixed price. There are no cash settlement alternatives. Warrants
has been granted with monthly vesting over 24-48 months subject to continued employment. The exercise
price of the share options is, in general, equal to the market price less 25% at the date of grant.
The table below summarizes the number of options that were outstanding, their weighted average exercise
price (WAEP) as of 31 December 2022, as well as the movements during the period.
The estimate of the grant date fair value of each option issued is based on a Black & Scholes model, taking
into account the terms and conditions on which the share options were granted. However, the performance
conditions are only considered in determining the number of instruments that will ultimately vest.
Consolidated notes
37
Inputs to the model included the following factors
Expected volatility was determined taking into consideration the volatility of the company’s share price over a
12-month period.
7. Special Items
DKK´000
2022
2021
IP rights, impairment losses
0
4.742
IP rights, expensed
0
520
Total
0
5.262
8. Financial income
DKK´000
2022
2021
Other financial income
286
0
Change in derivative financials instruments,
fair value
0
7.729
Foreign exchange gains, net
0
754
Total
286
8.483
For change in derivative financials instruments reference is made to note 16.
Foreign exchange gains are due to increase in exchange rate of NOK and USD during the year.
Warrant Plan November June September Oktober November January
2017 2018 2018 2018 2018 2019
Grant date 16/11 2017 1/6 2018 1/9 2018 1/10 2018 17/11 2018 1/1 2019
Weighted average share price (NOK)
2.5 2.9 2.4 1.76 1.3 0.94
Exercise price (NOK) 1.5 - 5.8 2.9 1.8 1.32 1.3 0.71
Historical and expected volatility 69.6 80 80 80 80 80
Option life (Years) 2 - 10 2 - 10 3 - 10 4 - 10 3 - 10 1 - 10
Expected dividends 0 0 0 0 0 0
Risk-free interest rate (%) -0.62 - 0.17 0.64 0.31 0.41 0.34 0.39
Warrant Plan May June January November September September
2019 2019 2020 2020 2021 2021
Grant date 23/5 2019 3/6 2019 1/2 2020 1/2 2020 7/9 2021 7/9 2021
Weighted average share price (NOK)
0.76 0.9 0.41 0.88 0.91 0,94
Exercise price (NOK) 0.57 0.68 0.41 0.7 0.91 0,94
Historical and expected volatility 131 131 87 137 65 65
Option life (Years) 0 - 10 1 - 10 0 - 10 0 - 10 0 - 10 0 - 10
Expected dividends 0 0 0 0 0 0
Risk-free interest rate (%) 0.07 0.07 -0.4 -0.5 1.3 1.3
Consolidated notes
38
9. Financial expenses
DKK´000
2022
2021
Interest income on liabilities measured at
amortized cost
411
98
Change in derivative financials instruments,
fair value
32.793
0
Other financial costs
54
0
Total
33.258
98
For change in derivative financials instruments reference is made to note 16.
10. Tax
DKK´000
2022
2021
Tax on loss for the year:
Net result for the year before tax
-33.708
-16.332
Tax rate
22%
22%
Expected tax expenses
-7.416
-3.593
Adjustment for non-deductible expenses
7.214
794
Prior-year adjustments
0
-78
Change in tax assets (not recognized)
202
2.799
Total
tax on loss for the year
0
-
78
Specification of tax on loss for the year:
Current
tax
0
0
Tax credit scheme/joint taxation contributions
0
0
Prior-year adjustments
0
-78
Total tax on loss for the year
0
-
78
Breakdown on unrecognized deferred tax assets:
Tax losses carried forward (available indefinitely)
110.331
88.261
Other
0
1.271
Basis at year end
110.331
89.532
Tax rate
22%
22%
Calculated Potential deferred tax assets
24.273
19.697
Write-down of deferred tax assets
-24.273
-19.697
Recognized deferred tax assets
0
0
Consolidated notes
39
11. Earnings per share
Continued
operations
Discontinued
operations
DKK´000
2022
2021
2022
2021
Net loss for the period -33.708
-6.603
0
-7.797
Average number of shares (in thousands) 167.315
113.148
0
113.148
Average number of treasury shares 0
0
0
0
Average number of shares in circulation 167.315
113.148
0
113.148
Diluted average number of shares in circulation 167.315
113.148
0
113.148
Earnings per share of DKK 0,05 each (in DKK)
-
0,201
-
0,058
0,000
-
0,069
Diluted earnings per share of DKK 0,05 each (in DKK)
-0,201
-0,058
0,000
-0,069
Consolidated notes
40
12 Intangible assets
DKK´000
Completed
development
projects
Develop-
ment
projects
in pro-
gress
Acquired
rights
Total
Financial Year 2022
Costs as at 01.01.2022
13.047
0
6.895
19.942
Additions
0
17.278
0
17.278
Transfer
4.325
-4.325
0
0
Disposals
0
0
0
0
Costs as at 31.12.2022
17.372
12.953
6.895
37.220
Amortization
and impairment
losses as at 01.01.2022
13.047
0
5.081
18.128
Impairment losses
0
0
0
0
Amortization
1.337
0
1.077
2.414
Disposals
0
0
0
0
Amortization
and impairment
losses as at 31.12.2022
14.384
0
6.158
20.542
Carrying amount as at 31.12.2022
2.988
12.953
737
16.678
Financial Year 2021
Costs as at 01.01.2021
13.047
0
0
13.047
Additions
0
0
6.895
6.895
Transfer
0
0
0
0
Disposals
0
0
0
0
Costs as at 31.12.2021
13.047
0
6.895
19.942
Amortization
and impairment
losses as at 01.01.2021
13.047
0
0
13.047
Impairment losses
0
0
4.742
4.742
Amortization
0
0
339
339
Disposals
0
0
0
0
Amortization
and impairment
losses as at 31.12.2021
13.047
0
5.081
18.128
Carrying amount as at 31.12.2021
0
0
1.814
1.814
Impairment test
Cash-generating units comprising development projects in progress are tested for impairment at least once a
year and more frequently in case of indications of impairment. The recoverable amount is determined at a
calculated value in use based on budgets and prognoses for the coming 2 financial years approved by the
Board of Directors. Key assumptions for the determination of the recoverable amount of the cash-generating
units are based on historical data and experience with comparable projects provided by Skybound Game
Studios, Inc.
The group's budgets and prognoses for the coming 2 years and thus the determination of the recoverable
amount of the cash-generating units are substantially impacted by the management's expectations for growth
in connection with the launch of new games.
Development projects in progress consists of three cash generating units with a book value of DKK 12.953m.
Because of long time to market for the development projects in progress, management has performed an
impairment test using the DCF model and a discount rate on 15% showing a fair value of DKK 43.009m and
therefore none of the cash generating units have been impaired at year end 2022.
Consolidated notes
41
13 Other Equipment
DKK´000
2022
2021
Financial Year 2022
Costs as at 01.01.2022
0
204
Additions
0
0
Disposals
0
-204
Effect of exchange rate adjustment
0
0
Costs as at 31.12.2022
0
0
Amortization and impairment losses as at
01.01.2022
0
109
Impairment losses
0
0
Amortization
0
66
Disposals
0
-175
Effect of exchange rate adjustment
0
0
Amortization
and impairment losses as at
31.12.2022
0
0
Carrying amount as at 31.12.2022
0
0
14. Right
-
of
-
use assets and
lease liabilities
Right
-
of
-
use assets
-
rent facilities
2022
2021
Right
-
of
-
use assets as at 1.1.2021
0
733
Additions
0
0
Disposals
0
-544
Modifications
0
0
Depreciations
0
-189
Right
-
of
-
use assets as at 31.12.2021
0
0
Lease liabilities
2022
2021
Non
-
current
0
0
Current
0
0
Lease liabilities
0
0
Amounts included in the income statement
2022
2021
Interest expense leases
0
37
Depreciation recognized on right-of-use assets
0
189
Amounts included in the income statement
0
226
Consolidated notes
42
15. Trade Receivables
DKK´000
2022
2021
Trade receivables (gross), beginning
of year
1.924
633
Provision for bad debt
0
0
Change of provision in the year
0
0
Realized losses in the year
0
0
Provision for bad debt, end of year
0
0
Trade receivables (net), end of year
5.694
1.924
Trade receivables not due (due 0-3 months after the balance
sheet date)
5.694
1.924
Trade receivables due from 0 to 1 month before the balance
sheet date
0
0
Trade receivables due more than 1 month before the balance
sheet date
0
0
Trade receivables (net), end of year
5.694
1.924
No trade receivables relates to contracts with customers.
With the implementation of IFRS 9 “Financial Instruments”, the company has applied the simplified approach
to measure the expected credit loss and a lifetime expected loss allowance for all trade receivables. Histori-
cally the company hasn't recognized losses on receivables. The Group´s customers are predominantly app-
stores and companies like these and therefore the credit risk is very low. There are no overdue receivables
as of December 31, 2022. No losses are expected on trade receivables and therefore no loss allowance for
trade receivables has been recognized as of December 31, 2022. No loss allowance was recognized as of
January 1, 2021 or January 1, 2022. Management continues to assess the credit risks in order to ensure the
credit risk never exceeds the loss allowance on trade receivables.
16. Derivative financial instruments
On 7 September 2021, the parent company of the group entered into an investment agreement with Skybound
Games Studios (the investor). The investor receives right to subscribe mandatorily and investment shares and
warrants (collectively “rights”) which can be exercised on different dates depending on the tranches. Each right
can be exercised for one share (i.e., 1:1 conversion ratio) and the number of shares that will be issued are
fixed for all these tranches. Upon settlement, the fixed exercise amount in Norwegian kroner (NOK) is settled
by the investor by paying its US dollar (USD) equivalent. The functional and presentation currency of the parent
company and the Group is Danish kroner (DKK). Hence, although the exercise amount is fixed in NOK, the
equivalent amount in DKK is variable depending on the prevailing exchange rate between DKK and USD at
settlement date. This variable amount does not qualify the definition of equity instrument and therefore, these
rights are classified as derivative financial assets / liabilities.
The liability amount DKK 25.1m per 31 December 2022 is variable with the development in exchange rate in
NOK/DKK and the company’s share price. The amount is the calculated fair value that the company would
have received less if the company’s share price and exchange rate NOK/DKK as per 31 December 2022 had
been used in the agreement for the investment Tranche 4.
17. Equity
Share capital
As of 31 2022 the company's share capital consists of 207,959,493 shares of DKK 0.05 each. The shares are
fully paid up. The shares are not divided into classes, and no shares enjoy special rights.
Treasury shares
The group held no treasury shares at the end of the 2022 or 2021 reporting periods.
Consolidated notes
43
Capital management
The group aims to ensure structural and financial flexibility as well as competitive strength. For that purpose,
the group regularly assesses the appropriate capital structure for the group. Reference is made to the para-
graph “Capital resources” in note 3 and significant accounting estimates and judgments in note 2.
Dividend
It is proposed that no dividend be paid.
Share capital development during 2021-2022
Date Type of change
Change in
Share
Capital
DKK
Per
value
DKK
Total share
capital DKK
Number of
new shares
Total number
of shares
07.09.2021 Share capital increase 1.083.888
0,05
6.399.799
21.677.765
127.995.975
31.12.2021 Share capital increase 0
0,05
6.399.799
0
127.995.975
26.04.2022 Share capital increase 1.806.480
0,05
8.206.279
36.129.608
164.125.583
30.08.2022
Share capital increase
2.167.777
0,05
10.374.056
43.355.530
207.481.113
14.11.2022 Share capital increase 23.919
0,05
10.397.975
478.380
207.959.493
18. Other Payables
DKK´000
2022
2021
Non
-
current:
Payable for use of IP rights
372
930
Total non
-
current other payables
372
930
Current:
Payable for use of IP rights
558
558
Holiday pay liability
195
212
Discontinued operations
587
647
Other
461
233
Total current other payables
1.801
1.650
19. Contingent liabilities
Based on management’s assessment the group is not involved in any lawsuits, arbitration cases or other
matters which could have a material impact on the group’s financial position or results of operations.
Acquired IP rights / co-productions rights.
As a part of the investment agreement with Skybound Games Studios the company has entered into two co-
production agreements with a total co-funding obligation for the company on USD 5.2m.
As part of the investment agreement, 5th Planet Games has provided certain representations and warranties
to Skybound Games. Should Skybound Games suffer a loss due to certain specific warranties not being true,
accurate and not misleading, Skybound Games will, at its own discretion, have the option of being indemnified
from its loss by exercising up to 2,200,000 warrants (depending on the loss), each warrant entitling Skybound
Games to subscribe for 1 share of nominal DKK 0.05 at par value (the “Indemnification Warrants”). The
potential loss from this warranty is estimated to be unsignificant.
20. Security provided
None.
Consolidated notes
44
21. Financial risks and financial instruments
Risk management policy
The group's financial risks are managed by the Executive Management. The group has not prepared particular
policies for the identification and handling of risks. Managing the group's risks forms part of the Executive
Management's day-to-day monitoring of the group.
Interest rate risk
The group has no interest-bearing debt. The group is not subject to material credit risks
Credit risk
The maximum credit risk relating to receivables corresponds to the carrying amount. Information about trade
receivables due appears from note 13. The group is not subject to material credit risks.
Currency risk
The group’s exposure to the risk of changes in foreign exchange rates relates primarily to the group’s monetary
assets and liabilities denominated in foreign currencies.
The following tables demonstrate the sensitivity to a reasonably possible change in NOK and USD exchange
rates, with all other variables held constant. The group’s exposure to foreign currency changes for all other
currencies is not material.
Amounts in DKK '000
Effect on loss
before tax
Effect on pre-
tax equity
Year end 31/12 2022
Change in NOK rate
+ 5%
+
21
+
21
Change in NOK rate
- 5%
-21
-21
Change in USD rate
+5%
+1,780
+1,780
Change in USD rate
-5%
-1,780
-1,780
Amounts in DKK '000
Effect on loss
before tax
Effect on pre-
tax equity
Year end 31/12 2021
Change in NOK rate
+ 5%
+7
+7
Change in NOK rate
- 5%
-7
-7
Change in USD rate
+5%
+505
+505
Change in
USD rate
-
5%
-
505
-
505
Foreign currency risks are managed as part of the Executive Management's day-to-day monitoring of the
group.
Currently, the management is not hedging any currency risks.
Mandatory future capital increases amounting in total to NOK 30.8m, have been agreed with Skybound Games
Studios Inc., cf. Tranches 4 of the Skybound investment agreement. The value of the future capital increases,
to be carried out in Q3 2023, is fully exposed of the future development in the NOK/DKK currency rate, since
the proceeds from the capital increases is agreed to be paid in NOK while the group financial statements are
presented in DKK. The financial impact is likely to be material. To demonstrate the sensitivity, a change in
NOK/DKK with 5% could affect the future proceeds measured in DKK with approx. DKK 1.5m, with all other
variables held consistent. Reference is made to note 16.
Consolidated notes
45
Liquidity risk
The group's liquidity risk covers the risk that the group is not able to meet its liabilities as they fall due. The
maturities of financial liabilities appear from the tables below. All amounts are contractual cash flows, i.e. in-
clusive of interest. Reference is made to the paragraph “Capital resources” in note 3 and significant accounting
estimates and judgments in note 2.
DKK´000
Within 1
year
1-2
year(s)
2-5
years
Over 5
years
Total
As at 31/12 2022
Trade payables 2.721
0
0
0
2.721
Other payables
1.801
372
0
0
2.173
Total as at 31/12 2022
4.522
372
0
0
4.894
As at 31/12 2021
Trade payables
1.746
1.746
Other payables 1.650
558
372
2.580
Total as at 31/12 2021
3.396
558
372
0
4.326
Consolidated notes
46
Note 22.
Financial assets and liabilities
31 December 2022
DKK´000
Amortized
costs
FVTPL
Total
Financial assets
-
short
-
term:
Trade receivables
5.694
- 5.694
Other receivables
212
- 212
Cash
36.261
- 36.261
Total financial assets
42.167
0
42.167
Financial Liabilities:
Non-current other payables
372
- 372
Derivative financial instruments
- 25.065
25.065
Trade payables
2.721
- 2.721
Other payables
1.801
- 1.801
Total financial liabilities
4.894
25.065
29.959
31 December 2021
DKK´000
Amortized
costs
FVTPL
Total
Financial assets
-
short
-
term:
Trade receivables
1.924
- 1.924
Other receivables
2.963
- 2.963
Derivative financial instruments
- 7.729
7.729
cash
13.607
- 13.607
Total financial assets
18.494
7.729
26.223
Financial Liabilities:
Non-current lease liabilities
930
- 930
Non-current other payables
1.746
- 1.746
Trade payables
1.650
- 1.650
Other payables
0
- 0
Total financial liabilities
4.326
0
4.326
23. Fair value measurement of financial instruments
Financial assets and financial liabilities measured at fair value in the consolidated statement of financial posi-
tion are grouped into three levels of a fair value hierarchy. The three levels are defined based on the observ-
ability of significant inputs to the measurement, as follows:
• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
• Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly or indirectly
• Level 3: unobservable inputs for the asset or liability.
The following table shows the levels within the hierarchy of financial assets and liabilities measured at fair
value on a recurring basis:
Consolidated notes
47
Note 23 Fair value measurement of financial instruments
31
December 2022
DKK´000
Level 1
Level 2
Level 3
Total
Financial liabilities
Derivative financial instruments 25.065
- - 25.065
Net fair value
25.065
0
0
25.065
31 December 2021
DKK´000
Level 1
Level 2
Level 3
Total
Financial assets
Derivative financial instruments
7.729
-
-
7.729
Net fair value
7.729
0
0
7.729
24. Consolidated companies and related parties
Ownership
The following shareholders are registered in 5th Planet Games’ register as being the owners of 5% or more of
the voting rights or 5% or more of the share capital (1 share equals 1 vote) as of 31 December 2022:
Skybound Game Studios, Inc, 9570 W Pico Blvd. Los Angeles CA 90035, USA
Remuneration for management is disclosed in note 5. The group has not entered into contracts with change
of control clauses.
Equity investments in other companies
Municipality of
DKK´000
registered
office
5th Planet Games Development ApS
100,0%
København K
22.916
5.311
Ivanoff Interactive A/S
100,0% København K 842
-8
*5th Planet Games
GmbH
100,0% Berlin -279
-22
*Under liquidation
Transactions with other related parties
The Group’s related parties includes members of the board and Skybound.
Since September 2021, board Member Henrik Nielsen has worked as Strategic Advisor. In 2022, Henrik Niel-
sen received a payment of DKK 192t.
Transactions with Skybound consists of co-production agreement, all transactions are on arm-length terms.
25. Fee to parent company auditors appointed at the general meeting
DKK´000
2022
2021
Grant Thornton
Statutory audit
225
229
Other assurance engagements
114
148
Tax Consultancy
0
15
Other services
0
0
Total fees for the year
339
392
Consolidated notes
48
26. Events occurring after the balance sheet date
No important events have occurred after the end of the financial year.
27. Adoption of the annual report for publication
At the board meeting on 29 March 2023, the Board of Directors approved this annual report for publication.
The shareholders of 5th Planet Games A/S have the power to amend the annual report. The annual report will
be presented to the shareholders for approval at the annual general meeting on 27 April 2023.
28. Discontinued operations
In September 2021, it was decided to close the development studio 5th Planet Games GmbH in Berlin, work-
ing on Adventures of Tintin and Lego Match 3 game.
Revenue and expenses, gains and losses relating to the discontinuation of 5th Planet Games GmbH have
been eliminated from profit and loss from group’s continuing operations and are shown as a single line item in
the statement of profit and loss in 2021 figures.
Consolidated income statement for continued, discontinued and total operations for the year:
Continuing op-
erations
Discontinuing
operations
Total
DKK´000
2022
2021
2022
2021
2022
2021
Revenue
11.300
4.809
0
2.379
11.300
7.188
Costs of sales
157
121
0
326
157
447
Gross Profit
11.143
4.688
0
2.053
11.143
6.741
Research and development
costs
164
3.998
0
7.175
164
11.173
Marketing expenses
0
0
0
3.631
0
3.631
Other ex-
penses
9.302
10.155
0
578
9.302
10.733
EBITDA
1.677
-
9.465
0
-
9.331
1.677
-
18.796
Special items
0
5.262
0
0
0
5.262
Depreciation and amortization
2.413
339
0
283
2.413
622
Operating loss (EBIT)
-
736
-
15.066
0
-
9.614
-
736
-
24.680
Financial income
286
8.483
0
0
286
8.483
Financial expenses
33.258
98
0
37
33.258
135
Loss before tax
-
33.708
-
6.681
0
-
9.651
-
33.708
-
16.332
Tax on loss for the year
0
-78
0
0
0
-78
Loss for the year from operations
-
33.708
-
6.603
0
-
9.651
-
33.708
-
16.254
Parent Company
49
PARENT COMPANY ACCOUNTING POLICIES
The financial statements of the parent company 5th Planet Games A/S have been prepared in accordance
with the provisions of the Danish Financial Statements Act on listed companies.
The financial statements are presented in Danish kroner (DKK).
The parent company's accounting policies have been applied consistently with last year.
Differences in relation to the group's accounting policies
The parent company applies the same accounting policies for recognition and measurement as the group with
the exceptions and additions set out below. For a complete description of the parent company's accounting
policies, see note 1 to the consolidated financial statements. The difference between the parent company
equity and the groups equity is due to share-based payments that is not expensed in parent company.
Income statement and balance sheet
Equity investments in subsidiaries
Equity investments in subsidiaries are recognized in the balance sheet at the proportionate share of the com-
panies owned adjusted for any residual value of positive or negative goodwill as well as unrealized intercom-
pany profits and losses.
Profits or losses in subsidiaries are recognized in the income statement in proportion to the shares equivalent
to the equity investments. Newly acquired or newly founded enterprises are recognized in the financial state-
ments as from the time of acquisition. Companies divested or discontinued are recognized until the date of
divestment.
Newly-acquired companies are recognized in accordance with the acquisition method, according to which the
identifiable assets and liabilities of newly-acquired companies are recognized at fair value at the date of ac-
quisition.
The goodwill (positive difference) determined at the date of acquisition is recognized under equity investments
in subsidiaries and amortized according to the straight-line method based on an individual assessment of the
useful life of the asset, the maximum period, however, being 20 years.
Cash flow statement
No cash flow statement is prepared for the parent company, as the parent company is included in the consol-
idated cash flow statement in accordance with the Danish Financial Statements Act, Section 86(4).
Parent Company
50
Parent Company income statement
DKK´000
Note
2022
2021
Other external expenses
-1.369
-1.654
Staff costs
1
-2.232
-1.322
Other operating income
0
6.895
Operating loss
-
3.601
3.919
Share of loss from equity investments in group companies
2
5.281
-
17.857
Other financial income
3+4
540
8.560
Other financial expenses
3
-
33.621
-
77
Total net financials
-
27.800
-
9.374
Loss before tax
-
31.401
-
5.455
Tax on loss
5
0
85
Net Loss
-
31.401
-
5.540
Proposed distribution of net loss:
Dividend for the financial year
0
0
Special reserve
0
0
Retained earnings
-31.401
-5.540
Total
-
31.401
-
5.540
Parent Company
51
Parent company balance sheet
ASSETS
DKK´000
Note
2022
2021
Equity investments in group companies
2
23.758
850
Total non
-
current assets
23.758
850
Current
Assets:
Receivables from group companies
0
22.008
Tax receivable
0
6
Derivative financials instruments
0
7.729
Other receivables
30
307
Total receivables
30
30.050
Cash
32.901
10.091
Total current assets
32.931
40.141
Total assets
56.689
40.991
EQUITY AND LIABILITIES
DKK´000
Note
2022
2021
Equity:
Share Capital
10.398
6.400
Reserves
0
0
Retained earnings
18.488
17.034
Total equity
28.886
23.434
Provisions:
Other provisions
2
279
16.597
Total provisions
279
16.597
Current liabilities:
Payable to group companies
1.014
0
Trade payables
1.040
910
Derivative financials instruments
25.065
0
Other payables
405
50
Total current liabilities
27.524
960
Total Liabilities
27.524
960
Total equity and liabilities
56.689
40.991
Contingent liabilities
6
Security provided
7
Parent Company
52
Statement of change in equity
Share
capital
Reserve
capital
reduc-
tion
Share
premium
Retained
Earnings
Pro-
posed
dividend
5th Planet
Games
share-
holder´s
share of eq-
uity
DKK´000
Equity as at 01.01.2022
6.400
0
0
17.034
0
23.434
Capital increase
3.998
0
33.328
0
0
37.326
Costs related to capital in-
crease
0
0
-473
0
0
-
473
Transfer of reserves
0
0
-32.855
32.855
0
0
Proposed distribution of net
loss
0
0
0
-31.401
0
-
31.401
Equity as at 31.12.2022
10.398
0
0
18.488
0
28.886
Equity as at 01.01.2021
5.315
0
0
15.848
0
21.163
Capital increase
1.085
0
8.482
0
0
9.567
Costs related to capital in-
crease
0
0
-1.756
0
0
-
1.756
Warrants payment IP Rights
0
0
0
0
0
0
Transfer of reserves
0
0
-6.726
6.726
0
0
Proposed distribution of net
loss
0
0
0
-5.540
0
-
5.540
Equity as at 31.12.2021
6.400
0
0
17.034
0
23.434
Parent Company
53
PARENT COMPANY NOTES
1. Staff Costs
DKK´000
2022
2021
Wages and salaries
2.232
1.322
Pensions
0
0
Other social security costs
0
0
Share-based payment
0
0
Total
2.232
1.322
Average number of employees during the year
1
1
Remuneration of board of directors and executive manage-
ment:
Board of directors:
Cash remuneration
1.270
0
Share-based payment
744
200
Total
2.014
200
Executive management:
Gross Salary
962
762
Pension Contribution
0
0
Total
962
762
2. Investments in group companies
DKK´000
2022
2021
Costs at 01/01 2022
88.153
88.153
Additions during the year
33.900
0
Subsidy to Group company
0
0
Disposals during the year
0
0
Costs at 31/12 2022
122.053
88.153
Value adjustments as at 01/01 2022
-103.900
-84.243
Share of loss before amortization of goodwill during the year
5.281
-17.857
Foreign exchange loss investments group
companies
45
0
Disposals during the year
0
-1.800
Value adjusted as at 31/12 2022
-
98.574
-
103.900
Carrying amount as at 31/12 2022
23.479
-15.747
Group companies with negative equity
279
16.597
Group companies with
positive equity
23.758
850
Parent Company
54
The group companies are:
Ownership
Equity
31.12.
2022
Result 2022
Municipality of
DKK´000
register
ed
office
5th Planet Games Development
ApS 100% København K 22.916
5.311
Ivanoff Interactive A/S 100% København K 842
-8
*5th Planet Games GmbH 100% Berlin -279
-22
*Under Liquidation
3. Financial Items
DKK´000
2022
2021
Financial income includes interest from group
enterprises
271
296
Financial expenses include interests to group
enterprises
0
0
Total
271
296
4. Derivative financial instruments
On 7 September 2021, the parent company of the group entered into an investment agreement with Skybound
Games Studios (the investor). The investor receives right to subscribe mandatorily and investment shares and
warrants (collectively “rights”) which can be exercised on different dates depending on the tranches. Each right
can be exercised for one share (i.e., 1:1 conversion ratio) and the number of shares that will be issued is fixed
for all these tranches. Upon settlement, the fixed exercise amount in Norwegian kroner (NOK) is settled by the
investor by paying its US dollar (USD) equivalent. The functional and presentation currency of the parent
company and the Group is Danish kroner (DKK). Hence, although the exercise amount is fixed in NOK, the
equivalent amount in DKK is variable depending on the prevailing exchange rate between DKK and USD at
settlement date. This variable amount does not qualify the definition of equity instrument and therefore, these
rights are classified as derivative financial assets / liabilities.
The liability amount DKK 25.1m per 31 December 2022 is variable with the development in exchange rate in
NOK/DKK and the company’s share price. The amount is the calculated fair value that the company would
have received less if the company’s share price and exchange rate NOK/DKK as per 31 December 2022 had
been used in the agreement for the investment Tranche 4. Trance 1-3 have been executed previous years.
Parent Company
55
5. Tax
DKK´000
2022
2021
Current tax for the year
0
0
Prior year adjustments
0
91
Tax credit scheme/joint taxation contri-
butions
0
-6
Change in deferred tax
0
0
Total tax for the year
0
85
Tax comprises:
Tax on loss for the year
0
85
Tax on changes in equity
0
0
Total
0
85
6. Contingent liabilities
Based on management’s assessment the Company is not involved in any lawsuits, arbitration cases, or
other matters which could have a material impact on the group’s financial position or results of operations.
The company acts as administration company for the group of companies subject to the Danish scheme of
joint taxation and is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, to
pay the total corporation tax.
The company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any
obligations to withhold tax on interest, royalties, and dividends.
Any subsequent adjustments of corporate taxes or withholding taxes, etc., may result in changes in the com-
pany's liabilities.
7. Security provided
None.
8. Events occurring after the balance sheet date
Annual reportAuditor's report on audited financial statementsParsePort XBRL Converter2022-01-012022-12-312021-01-012021-12-31213800MC2SGVSIBN7J53Regnskabsklasse Bhttps://www.5thplanetgames.com/wp-content/uploads/2022/03/CG-rapport-2021-1.pdfChairmanSøren Kokbøl Jensen213800MC2SGVSIBN7J53OpinionBasis for Opinionmne23451mne47837213800MC2SGVSIBN7J532022-01-012022-12-31cmn:ConsolidatedMember213800MC2SGVSIBN7J532022-01-012022-12-31cmn:ConsolidatedMember1213800MC2SGVSIBN7J532022-01-012022-12-31cmn:ConsolidatedMember4213800MC2SGVSIBN7J532022-01-012022-12-31213800MC2SGVSIBN7J532021-01-012021-12-31213800MC2SGVSIBN7J532022-12-31213800MC2SGVSIBN7J532021-12-31213800MC2SGVSIBN7J532021-12-31ifrs-full:IssuedCapitalMember213800MC2SGVSIBN7J532022-01-012022-12-31ifrs-full:IssuedCapitalMember213800MC2SGVSIBN7J532022-12-31ifrs-full:IssuedCapitalMember213800MC2SGVSIBN7J532021-12-31ifrs-full:SharePremiumMember213800MC2SGVSIBN7J532022-01-012022-12-31ifrs-full:SharePremiumMember213800MC2SGVSIBN7J532022-12-31ifrs-full:SharePremiumMember213800MC2SGVSIBN7J532021-12-31ifrs-full:MiscellaneousOtherReservesMember213800MC2SGVSIBN7J532022-01-012022-12-31ifrs-full:MiscellaneousOtherReservesMember213800MC2SGVSIBN7J532022-12-31ifrs-full:MiscellaneousOtherReservesMember213800MC2SGVSIBN7J532021-12-31ifrs-full:RetainedEarningsMember213800MC2SGVSIBN7J532022-01-012022-12-31ifrs-full:RetainedEarningsMember213800MC2SGVSIBN7J532022-12-31ifrs-full:RetainedEarningsMember213800MC2SGVSIBN7J532020-12-31ifrs-full:IssuedCapitalMember213800MC2SGVSIBN7J532021-01-012021-12-31ifrs-full:IssuedCapitalMember213800MC2SGVSIBN7J532020-12-31ifrs-full:SharePremiumMember213800MC2SGVSIBN7J532021-01-012021-12-31ifrs-full:SharePremiumMember213800MC2SGVSIBN7J532020-12-31ifrs-full:MiscellaneousOtherReservesMember213800MC2SGVSIBN7J532021-01-012021-12-31ifrs-full:MiscellaneousOtherReservesMember213800MC2SGVSIBN7J532020-12-31ifrs-full:RetainedEarningsMember213800MC2SGVSIBN7J532021-01-012021-12-31ifrs-full:RetainedEarningsMember213800MC2SGVSIBN7J532020-12-31213800MC2SGVSIBN7J532021-01-012021-12-31cmn:ConsolidatedMember213800MC2SGVSIBN7J532022-01-012022-12-31cmn:ConsolidatedMember1213800MC2SGVSIBN7J532022-01-012022-12-31cmn:ConsolidatedMember2213800MC2SGVSIBN7J532022-01-012022-12-31cmn:ConsolidatedMember3213800MC2SGVSIBN7J532022-01-012022-12-31cmn:ConsolidatedMember1213800MC2SGVSIBN7J532022-01-012022-12-31cmn:ConsolidatedMember2iso4217:DKKiso4217:DKKxbrli:sharesxbrli:pure