netent annual report 2019

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Netent annual report 2019 -

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NetEnt has no divergences to report. Corporate governance model for the NetEnt Group Corporate governance foundation NetEnt endeavours to apply strict standards and efficient processes so that its entire operations create long-term value for shareholders and other stakeholders.

This requires maintaining an efficient organisational structure, internal control and risk management systems, and transparent internal and external reporting.

There have been no material changes in corporate governance from the preceding year. Board of Directors, headed by Chairman 5.

The number of shares is ,,, divided into 33,, A shares and ,, B shares, equalling ,, votes in total. Holders of A shares have the right to convert one or more A shares to B shares by written request to the Board of Directors, within the limits of the maximum number of B shares that may be issued according to the Articles of Association.

At December 31, , the number of shareholders was 16, The largest shareholders at the end of were the Hamberg family with 6. The AGM of the Company is held within six months from the end of the financial year.

The date, time and location are announced no later than in connection with the third quarter earnings report. To be entitled to vote at the AGM, shareholders must be recorded in the.

Shareholders who cannot attend in person may participate through representatives. Decisions at the meeting are normally made by a simple majority of votes.

However, certain types of resolutions require sanctioning by a higher proportion of the votes and shares represented at the meeting, pursuant to the Swedish Companies Act.

Extraordinary General Meetings may be held as needed. The meeting was attended by shareholders representing Furthermore, the AGM resolved on a new.

The AGM decides on: The composition of the Nominating Committee is based on the excerpt from Euroclear of registered shareholders, and other reliable ownership information as of the last business day in August.

The Nominating Committee has prepared proposals to the AGM for resolutions regarding the chair of the meeting, the Chairman of the Board and other members of the Board of Directors, auditors where appropriate, remuneration for the Board of Directors and the auditors, as well as principles for appointing the Nominating Com-.

In addition, the Nominating Committee has analysed the skills and experience of the members of the Board of Directors, as well as the gender balance, and compared them with identified needs.

The Nominating Committee is of the opinion that the members of the Board of Directors hold a wide range of extensive experience from business activities, technology, the gaming industry and financial markets.

The Board of Directors presently consists of three female members and five male members. According to the articles of association, the Board of Directors shall comprise three to nine members and no deputies.

The AGM decides the exact number of members. The members of the Board of Directors shall devote requisite time and attention to NetEnt, and acquire the necessary knowledge to protect the interests of the Company and its shareholders.

Independence The Board of Directors is considered to meet the independence requirements. Michael Knutsson is independent in relation to the Company and executive management but not independent in relation to the major shareholders because he is a large shareholder of the Company.

Rules of procedure and Board meetings The work of the Board of Directors is regulated by the rules of procedure, in addition to laws and recommendations.

The rules of procedure are adopted by the Board of Directors and reviewed annually. The Remuneration Committee consists of the entire Board of Directors.

Before each Board meeting, members receive written documentation about the matters to be discussed at the Board meeting. Also, each month, a monthly report is distributed on operational and financial performance.

The Chairman organises and heads the work of the Board of Directors so that it is conducted efficiently, and such that the Board of Directors honors its obligations.

In the Board held 14 meetings, including the inaugural meeting, three for adoption of interim reports and one for adoption of the yearend report.

Also, various senior executives, and auditors if needed, deliver presentations on various specific topics. The key points at the Board meetings in were matters concerning strategy, business risk management, and approval of business plan, budget, forecasts, key policies such as for antibribery, anti-money laundering, annual report, earnings report and interim reports.

The Board addresses and decides on Group-wide matters such as: In addition, the Chairman shall serve as support for the CEO. Besides the year-end report, interim reports and annual report, the Board reviews and evaluates comprehensive financial information, pertaining both to the Group as a whole and various Group entities.

Minutes are recorded at all Audit Committee meetings and the minutes are available to all Board members and to the auditors.

At the meeting, the members of the Board had the opportunity to ask the auditor questions without the presence of Company management.

Board evaluation includes rating the knowledge and dedication exhibited by each Board member. Monetary data regarding remuneration for the Board of Directors by financial year is shown in the table on page The Committee stays informed about the audit of interim reports, the annual financial statements and the consolidated financial statements, reviews and monitors the audi-.

Furthermore, the Committee has established an annual plan for its work and an updated risk analysis for the business with a special focus on financial reporting and the link to internal controls.

In addition, the Committee has dealt with the finance policy, the financial handbook and other policies and accounting matters, including sustainability reporting, including the future application of IFRS 9 and IFRS The Audit Committee met five times during the year and the auditor took part in all meetings.

Recurring items at scheduled Board meetings have been the status report from the CEO, feedback from the Committees, the risk report, financial report and other current projects and matters, including addressing forecasts, policies and taxes.

Remuneration Committee The Remuneration Committee is responsible for matters pertaining to remuneration and benefits for senior executives, including those of the CEO, and matters of principle for all senior executives.

The Board of Directors establishes guidelines for senior executive remuneration that are presented to and approved by the AGM. The guidelines for senior executive remuneration are monitored and evaluated annually, including variable remuneration schemes for the Company management that are in progress and that ended during the year.

The current remuneration policy is appended to the AGM minutes, which are available on the website. The Remuneration Committee consists of all eight Board members.

The Chairman of the Board of Directors is the chair of the Committee. Seven of the members were independent in relation to the Company.

The Remuneration Committee met once in The duties of the Remuneration Committee include: The auditor has presented his conclusions of the synoptic.

The auditor also met with the Board of Directors and the Audit Committee without the presence of anyone from the Company management.

In addition to the audit, the auditor has had a limited number of other assignments for the Company. Remuneration for the auditor is set out in Note 24 on page Besides the CEO, Group management includes seven more people, four of whom are women.

A dynamic Group management team with in-depth knowledge about industry conditions is crucial for achieving profitable growth. Group management meetings are held once every two weeks to review.

In the internal work, the CEO shall: Important matters addressed by the CEO and Group management in included: Senior executive remuneration In order to achieve attractive long-term value growth for shareholders, NetEnt seeks to offer its employees competitive remuneration and an attractive workplace that enable hiring and retaining the right expertise.

For senior executives, the Board of Directors has prepared guidelines for remuneration, as outlined below. Detailed information about remuneration for employees and senior executives is provided in Note 6 on pages 90— The Board of Directors shall be able to diverge from the guidelines provided that there are special grounds in a specific case.

Annual variable salary shall be measured and paid on a yearly basis. The annual variable salary shall be capped at 65 percent of the fixed salary for the Chief Executive Officer and at 60 percent of the fixed salary for other members of the Group Management.

It shall be based on actual outcomes in relation to financial and. The conditions for variable salary shall include a minimum performance level in relation to the targets, for which no variable salary will be received.

Share-based incentive schemes, which are issued on market terms, can be combined with cash bonuses that are payable in conjunction with the redemption periods of stock option schemes.

Such payment can be made to employees who are still employed at the time of redemption and shall, net of tax, not exceed.

Other benefits, such as company cars, health insurance, etc, shall constitute a minor part of total remuneration, and be in line with market conditions.

The CEO can have a maximum notice period of twelve months. In addition to salary during the notice period, termination benefits may be paid.

Elected , Chairman since Independent in relation to the Company, executive management and major shareholders of the Company.

Shareholding in endowment policy: Independent in relation to the Company, executive management and shareholders. Member of the Board of Directors.

Independent in relation to major shareholders but. Independent in relation to the Company and executive management, not independent in relation to major shareholders.

Vice President, Acando AB. Independent in relation to the Company, executive management and major shareholders. Karin Palmquist has many years of experience from development, change and leadership work.

Therese Hillman has worked with e-commerce for 10 years and is former CEO of Gymgrossisten, a leading online retailer of sporting gear and dietary supplements in the Nordic.

Carl Silverstolpe has extensive experience from senior positions in sales in the recruitment and the IT industries. Anna Romboli has over 15 years of experience from business development in branding, communication and PR.

Formerly Vice President Brand and. Ludvig Kolmodin has more than 15 years of international experience in system development, IT operation and project management, in the.

MA in systems analysis and design from Mid Sweden University. This framework encompasses five principal areas: Soundly devised internal control not only creates conditions for reliable financial reporting, but also contributes to a healthy and sustainable busi-.

Work on the design of internal processes and monitoring thereof is becoming increasingly important as the Company grows. This is particularly important in terms of the systems that NetEnt develops and operates on behalf of customers.

The responsibility for establishing an efficient control environment has been delegated to the CEO. The CEO delegates powers to those reporting to him, both directly and through established guidelines and manuals at the Company.

Corporate values are an important element in this respect, providing guidance for daily work. NetEnt reviews its internal control processes in accordance with a recurring time cycle each year, and makes changes to the extent required.

The Audit Committee sees both the self-assessment and the review performed by external advisors. The Company has also established a framework and a process for internal audit of the finance function and the financial reporting that is based on a combination of self-assessment and independent review with the support of an external auditing firm.

Compliance Moreover, the Group has a function comprising people with specific responsibility for compliance, as well as quality and processes.

The compliance department regularly reports its observations directly to the CEO and meets at least once a year with the Audit Committee without the presence of any members of management.

Each year, NetEnt conducts a structured risk assessment to identify risks that affect the internal control of financial reporting, and to identify where those risks are present.

Risks in financial reporting are evaluated and monitored by the Board of Directors through the Audit Committee. Matters are prepared by the Audit Committee before consideration by the Board of Directors.

The risk assessment results in control objectives that support meeting the fundamental financial report-. The risk assessment is updated annually by the Company, and is reported to the Audit Committee.

Moreover, the Company has a risk management process designed to constantly identify, prioritise and manage material business risks in general.

The risk landscape is in some respects similar to the risk assessment for financial reporting, but includes other risks such as the availability of competent staff and political decisions.

The Audit Committee shall continually monitor this process and report regularly to the Board of Directors.

For a complete description of the industry and business-related risks. The most material risks identified in terms of financial reporting are managed through control structures in processes.

Control activities are designed and documented at the process level, and include both overarching and more specific controls with the purpose of preventing, detecting and correcting errors and discrepancies.

When devising control activities, accurate and timely performance thereof is ensured. Control activities span everything from the review and monitoring of performance outcomes to specific account reconciliations.

General IT controls are established for the systems that support the processes that affect internal control regarding financial reporting. Areas that are covered by control activities include: Monitoring of control activities is continuously conducted to ensure that risks have been satisfactorily observed and addressed.

Monitoring encompasses both formal and informal procedures applied by the Company. Such procedures include monitoring profit vs. The Board of Directors continuously evaluates the information provided by Company management.

The process includes both reconciliation of monthly financial reports vs. Through the Audit Committee, the Board of Directors examines and assesses the internal control organisation and function.

NetEnt has information and communication channels with the purpose of promoting complete and accurate financial reporting. Only a limited number of people in the functions.

Guidelines and manuals of importance for financial reporting are updated and communicated to those concerned as new employees are introduced, and in the event of potential changes, to all affected staff.

There are both formal and informal communication channels to senior executives and the Board of Directors for information from employees.

For external communication, there are guidelines for the Company with stringent demands on accurate and relevant information for the market.

The Board of Directors annually adopts an information policy for the Company, which includes guidelines for contacts with analysts and the media.

Prior to each quarterly earnings report, a reminder is sent about the rules to all staff. The Company already had an internal audit function in place regarding antimoney laundering procedures.

The most recent complete internal audit took place in and was performed by EY. NetEnt is a provider of digitally distributed games and gaming systems for online casino, used by gaming operators around the world.

NetEnt is an operating and development company and does not conduct any gaming operations of. For further information about the business model, see pages 14— The Board of Directors bears ultimate responsibility.

In the group management, the Communication Director bears overarching responsibility for sustainability work, and the rest of the management group are responsible for specific areas, shown in the table below.

Read more about this on pages 16— In dialogue with its stakeholders, NetEnt has identified the most material areas of sustainability. These are shown in the table below together with targets and outcomes for the year in each area.

This means that the games are designed with functions that enable the operators to allow the player to stay in control of their gaming, for example by setting an upper limit to their bets or gaming time, by reducing playing speed or by turning off certain functions.

Internal guidance and training All employees are trained in responsible gaming, and those with special responsibility undergo in-depth training.

Formal guidance in the area is also provided through the following policies and processes, which contribute to the company's ability to fulfill its sustainability targets.

Promoting responsible gaming is fundamental to NetEnt and a condition for the licences it holds. Although NetEnt has no direct contact with the individual players, the company works actively and in close cooperation with other market participants to prevent gamingrelated problems.

For some people, gaming can turn into an addiction that threatens physical, psychological and social wellbeing. The Public Health Agency estimates that around 2 percent of the population aged between 16 and 84 have issues with their gaming.

Out of people who have placed in the past year, the percentage of problematic gaming is estimated at 3 percent of players. At the same time, players should be aware that gaming, just like other forms of entertainment, costs money and that losing is also possible.

NetEnt is also verified by the. Each year eCOGRA examines the development environment at NetEnt, verifies and ensures that the software is securely and reliably maintained and operated, and that the company is continuously tested by other independent agencies.

Anti-corruption and antimoney laundering Zero tolerance, clear guidelines and staff training. NetEnt applies zero tolerance and clear guidelines against money laundering and corruption.

All employees undergo training in the work against corruption and money laundering. The following policy instruments are used in this area to realise the sustainability targets: NetEnt prioritises measures to ensure that staff thrive and develop in their workplace.

There is a great focus on the regular employee survey that is conducted several times each year and followed up with analysis and measures to improve the work environment.

There is an emphasis on personal development, and NetEnt aims to offer good advancement and internal career opportunities. Preventive work on our markets In order to support preventive work and the treatment of gambling addiction, NetEnt has undertaken to make annual donations to the Responsible Gambling Trust and Gambling Therapy in the UK.

In a health coach was appointed, serving both at an overall strategic level, and at the individual level in matters relating to health and mental balance.

NetEnt has the following policies that contribute to realising the sustainability targets: Environment A relatively low environmental impact can be reduced further.

At the beginning of , an environmental policy was introduced at the company. As far as possible, travel is to be avoided in favour of video or phone meetings, which also supports the efficiency and profitability of the business.

The objective is to reduce CO2 emissions per gaming transaction by 20 percent over the next three years. In terms of operating the offices, the company strives to be green with measures such as recycling and the reduction of paper and disposables.

As the company grows and needs new premises, the environmental aspect is considered when evaluating new options.

At the beginning of NetEnt relocated to a new office on Vasagatan in Stockholm, in a property owned by Vasakronan. The latter is goal-oriented in reducing environmental impact, and is climate-neutral and certified according to ISO Diversity and equality Equal opportunity for everybody is a key feature at NetEnt.

At NetEnt, diversity notably leads to a better exchange of perspectives and experience, which promotes innovation. Also, diversity bolsters the corporate culture, which is a success factor.

NetEnt strives to offer equal opportunity for all staff irrespective of gender, age, ethnicity, sexual orientation or religion.

All evaluations of existing and new employees are exclusively based on factors such as competence, experience and attitude.

The group-wide language is English, and in most cases knowledge of Swedish is not required for employment. For the entire NetEnt Group, the proportion of women was 39 percent at the end of — a relatively high figure compared with other companies in the IT sector.

For the third consecutive year, NetEnt was among the finalists when the AllBright foundation issued its award for the best listed company in terms of gender equality.

The Company applies an Equal Opportunities Policy, which serves as support in the field of diversity in realising sustainability targets.

Regulations and compliance Regulations mean healthy developments for the gaming industry. NetEnt welcomes regulation in the gaming industry because this leads to a safer environment for both players and gaming companies.

NetEnt is also an associate member of the World Lottery Association WLA , a global member-based organisation that promotes the interests of state-authorised lotteries and gaming operators.

Commercially reasonable rules regarding taxes and product provisions provide solid fundamentals for regulated markets to grow and develop.

The department also assists with customer due diligence. The following policies are available to attain the sustainability targets in this area: These, and other operational risks, and how they are managed, are described in more detail on pages Assets Non-current assets Intangible assets Property, plant and equipment Deferred tax Other non-current receivables Total non-current assets Current assets Accounts receivable.

Share capital Other capital contributed Reserves Retained earnings incl. Current liabilities Accounts payable Current tax liabilities Other liabilities Accrued expenses and deferred income Total current liabilities Total equity and liabilities.

Opening cash and cash equivalents Exchange rate difference in cash and cash equivalents Closing cash and cash equivalents.

Statement of comprehensive income SEK thousands Profit for the year Other comprehensive income Sum of other comprehensive income for the year, net after tax Total comprehensive income for the year.

Plant and equipment Total property, plant and equipment Financial assets Participations in Group companies Deferred tax. Current liabilities Accounts payable Liabilities to Group companies Other liabilities Accrued expenses and deferred income.

Cash flow from investing activities Financing activities Premium received for stock options Redemption of options. Operators are provided with a customized system solution that is quickly and easily integrated, ensuring cost-efficient operation and minimizing installationto-operation times.

NetEnt is a pure operating and development company and thus does not conduct any gaming operations of its own.

This annual report was approved for publication by the Board of Directors on March 15, The income statement and balance sheet will be adopted at the AGM on April 25, The accounting principles have been consistently applied by all Group companies in their reporting, and in consolidation during all periods of time presented in the consolidated financial statements.

The financial statements are thus presented in SEK. All figures are expressed in SEK thousands unless otherwise stated.

SEKm is an abbreviation for million Swedish kronor. Amounts and figures in brackets refer to comparable figures for the same period of the previous year.

Assets and liabilities are recognised at acquisition cost, apart from some financial assets and liabilities which are measured at fair value.

The most important accounting principles applied in the preparation of these consolidated financial statements are stated below.

These policies have been applied consistently for all the years presented, unless otherwise stated. This results in certain differences caused by the requirements of the Annual Accounts Act or by tax considerations.

Standards, amendments to standards in issue not yet effective and not adopted early by the Group The International Accounting Standards Board IASB has issued the following new and amended standards which have not yet come into effect: Revenue shall, according to IFRS 15, be recognised when the customer gains control of the sold product or service and is able to utilize or benefit from the product or service.

According to the extended disclosure obligation, the following shall be provided: IFRS 15 applies to financial.

Executive management has, during the year, completed the evaluation of the effects of introducing the standard. The introduction of IFRS 15 will affect when, in time, the Company recognizes revenue and expenses attributable to setup fees which, as of , will be accrued over the term of the contract.

Classification into operating and finance leases shall thus not be done. Leases with a term of 12 months or less, and leases of a negligible amount, are exempted.

In the income statement, depreciation on the asset and interest expense on the liability are reported.

IFRS 16 is applicable to financial years starting on or after 1 January with early application permitted, provided that IFRS 15 is applied simultaneously.

It replaces the parts of IAS 39 that deal with the classification and valuation of financial instruments. The standard will apply to financial years starting on or after January 1, Earlier application is permitted.

In the opinion of Company management, other new or revised standards and interpretations not yet effective in are not expected to have any material effect on the consolidated financial statements for the period to which they are initially applied.

All other assets are classified as non-current assets. All other liabilities are classified as non-current liabilities.

Consolidated financial statements The consolidated financial statements include the Parent Company and companies in which the Parent Company directly or indirectly has more than half of the voting rights or otherwise has control.

Principles of consolidation The consolidated financial statements were prepared in accordance with the purchase method.

Acquisition-related costs are expensed in the periods in which they arise. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest.

If the difference is negative, the amount is immediately recognised as revenues in the income statement. Intra-group receivables and liabilities, and transactions among Group companies and any associated gains, are eliminated in their entirety.

Translation of foreign operations Figures for operations that do not have the Swedish krona as their functional currency are translated to SEK as follows.

All assets, provisions and other liabilities are translated at the closing day rate, and income statement items are translated at the average rate.

Exchange rate differences arising in translation — translation differences — are recognised through comprehensive income in equity.

Foreign operations are sold at their accumulated translation differences, less any currency hedging in the consolidated income statement.

Transactions in foreign currency are translated to the functional currency at the exchange rate applying on the transaction date or the date on which the items at remeasured.

Foreign exchange gains and losses that arise in connection with payment of such transactions are recognised in operating profit to the extent that they refer to operating transactions and otherwise in net financial items.

Revenue is recognised excluding VAT and discounts, and after elimination of intra-group sales. All invoicing takes place monthly in arrears.

Services in the form of technical operation and monitoring. In connection with the signing of new customer agreements, the Group also receives setup fees that are aimed at covering the integration and setup costs that arise for NetEnt when new customers are launched.

Setup fees are recognised continuously as the agreements are signed. The Group recognizes revenue when its amount can be reliably measured and it is probable that future financial benefits will accrue to the Company.

The amount of revenue cannot be reliably measured until all sales commitments are fulfilled or have expired.

This takes place when the operators have access to the gaming platform and the gaming transactions can thus be carried out and the performance obligation has been met.

If any circumstances arise that might change the original assessment of the amount of revenue, the estimates are reviewed.

Such reviews can result in increases or decreases of estimated income or expense and affect income during the period in which the circumstances that caused the change became known to Company management.

Other revenues Revenue from activities not included in the ordinary operations is recognised as other revenues. This item mainly includes recovered amortized receivables, exchange gains from operations and profit from the sale of non-current assets.

Effective interest is the interest that makes the present value of all future incoming and outgoing payments during the fixed-interest period equal to the carrying amount of the receivable or liability.

Other external expenses Costs of secondary activities in ordinary operations relating to operating receivables and operating liabilities are recognised as other operating expenses.

This item mainly includes exchange losses from operations and losses on the sale of non-current assets. Segment reporting Operating segments are reported in a manner consistent with the internal reporting submitted to the chief executive decision maker.

The chief executive decision maker is the function responsible for allocation of resources and performance assessment of the operating segments.

In the Group, this function has been identified as the Group management, which makes strategic decisions. Pooled jackpots NetEnt offers its customers the operators the opportunity to.

The jackpots are generated by the players and it is the players of the participating operators that can win the jackpot.

When a player plays the jackpot game, part of the bet goes to the global jackpot. The participating operator is invoiced monthly for accumulation of the jackpot.

Funds held on behalf of licensees consist of accumulated jackpots that have been invoiced and received from the operators.

A corresponding amount is recognised in liabilities in the balance sheet as other current liabilities. In the cash flow statement, the accumulation of jackpot funds and outgoing payment of winnings are included in changes in working capital.

The total jackpot liability is reported monthly together with the balance in the bank account to the Maltese gaming authority, MGA.

In connection with jackpot wins, the win is verified according to internal processes and is then paid out to the winning operator.

Cash flow statement The cash flow statement was prepared using the indirect method. The recognised cash flow only covers transactions that involve incoming or outgoing payments.

This means that discrepancies may occur compared with changes in individual items in the balance sheet. Intangible assets Development expenditure is capitalised to the extent that it is expected to generate future financial benefits.

Only expenditure arising in the development phase of online gaming products, gaming systems and gaming platforms is capitalised and recognised as an asset from the date on which the decision is made to complete the project, and when circumstances permit this.

The carrying amount includes direct expenditure for salaries, purchased services, materials and indirect expenses that can be reasonably and consistently attributed to the asset.

In the balance sheet, recognised development expenditure is entered at acquisition cost, less deductions for accumulated amortisation and impairment losses.

Intangible assets also include acquired gaming agreements, software licenses, concessions and trademarks. These intangible assets are recognised in the balance sheet at acquisition cost, less accumulated amortisation and impairment losses.

Property, plant and equipment Property, plant and equipment are recognised as assets in the balance sheet when it is probable that future financial benefits will accrue to the Company and the cost of the asset can be reliably measured.

Property, plant and equipment are recognised at acquisition cost less accumulated depreciation and any impairment losses. Repairs and maintenance are recognised as expenses in the period incurred.

The following useful lives years are used:

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annual report 2019 netent -

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