FULLTEXT DEL 2 AV 2
Årsredovisning 2024
Gentoo Media | Annual Report 2024 | Section 2 71 Financial statements | Back to FS content Note 2.4 | Employee costs 2024 Position Board fees Salary Other Option Expense Total Mikael Riese Harstad Chairman 48 - - - 48 Hesam Yazdi Board member 40 - - - 40 Tomasz Juroszek Board member 20 - - - 20 Mateusz Juroszek Board member from May 14 - - - 14 Cristina Romero de Alba Board member from May 20 - - - 20 Nicholas Batram Board member from May 16 - - - 16 Petter Nylander Board member until May 41 - - - 41 Nicolas Adlercreutz Board member until May 17 - - - 17 Karolina Pelc Board member until May 9 - - - 9 Steve Salmon Board member until May 7 - - - 7 Jonas Warrer CEO - 487 233 8 728 Other members of executive management - 2,296 442 47 2,785 232 2,783 675 55 3,7 45 Board of directors and management compensation Board fees for 2023 have been adjusted to only reflect fees related to the continuing operations. 2023 Position Board fees Salary Other Option Expense Total Petter Nylander Chairman 42 - - - 42 Nicolas Adlercreutz Board member 23 - - - 23 Hesam Yazdi Board member 19 - - - 19 Mikael Riese Harstad Board member 21 - - - 21 Karolina Pelc Board member from May 11 - - - 11 Tomasz Juroszek Board member from May 12 - - - 12 Steve Salmon Board member from May 11 - - - 11 Michael Ahearne Board member until January 1 - - - 1 Kjetil Garstad Board member until May 8 - - - 8 Kathryn Moore Baker Board member until May 7 - - - 7 Richard Brown Group CEO until September - 300 227 - 527 Jonas Warrer Group CEO from September - 147 105 9 261 Other members of executive management - 1,531 557 44 2,133 155 1,978 889 53 3,075 ===== SIDA 72 ===== Gentoo Media | Annual Report 2024 | Section 2 72 Financial statements | Back to FS content Share based payment option plans The Group has over time had various share-based payment plans where the exercise and vesting terms are established by the Board at the time of grant. Share options are granted to selected employees as well as to consultants, through which awardees are granted options over shares in the company. All options are conditional on the employees and the consultants completing a specified number of years’ service (the vesting period) and continued employment at time of exercise. The options are exercisable starting between 1 and 6 years from the grant date. The Group has no legal or constructive obligation to repurchase or settle the options in cash. The fair value of stock options granted is determined using the Black-Scholes option-pricing model. 2016 programme The programme was granted during 2016 with vesting dates ranging from 2018 to 2020 with an exercise price of EUR 3.56 per option. The last options expired in January 2024. 2019 program The program was granted during 2019 with vesting dates ranging from 2020 to 2022 with an exercise price of EUR 2.67 per option. Last options expired in March 2025. 2021 programme The programme was granted during 2021 with vesting dates ranging from 2022 to 2024 with an exercise price of EUR 1.33 per option. Last options are set to expire in December 2026. 2022 programme The programme was granted during 2022 with vesting dates ranging from 2023 to 2025 with an exercise price of EUR 1.96 per option. Last options are set to expire in December 2027. During 2024, there were a number of resignations and therefore options forfeited as the option holders did not meet the condition of continued employment. The total expense recognised in 2024 arising from equity-settled share-based payment transactions amounts to EUR 59 thousand (2023: EUR 321 thousand): Note 2.5 Share-based payment schemes 2024 Outstanding instruments - Options Board of directors Executive management Others Outstanding at 1 January - 326,600 1,648,750 Granted - - - Forfeited - - -310,500 Exercised - -61,100 -484,150 Expired - - - Outstanding at 31 December - 265,500 854,100 2023 Outstanding instruments - Options Board of directors Executive management Others Outstanding at 1 January - 331,000 2,473,600 Granted - - - Forfeited - - -688,000 Exercised - -4,400 -100,850 Expired - - -36,000 Outstanding at 31 December - 326,600 1,648,750 ===== SIDA 73 ===== Gentoo Media | Annual Report 2024 | Section 2 73 Financial statements | Back to FS content Note 2.5 | Share-based payment schemes Accounting policies The company’s parent operates a number of equity-settled share-based compensation plans. Through these plans, the Group, through various companies within the Group, receives services from employees and consultants, or purchases intangible assets, as consideration for equity instruments (options) of the company’s parent. The fair value of the employee services received in exchange for the grant of the options is recognised by the Group as an expense. Equity-settled share-based payments Equity-settled share-based payment transactions are measured at the grant date at fair value for employee services, which requires a valuation of the options. Once the fair value has been determined, the amount recognised as an expense is adjusted to reflect the number of awards for which the related service is expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service. At the end of each reporting period, the Group revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions and service conditions. It recognises the impact of the revision to original estimates, if any, in the income statement, with a corresponding adjustment to equity. When the options are exercised, the company’s parent transfers shares to the employees. The grant by the company’s parent of options over its equity instruments to the employees of the Group is treated as a capital contribution on the basis that the Group does not compensate its parent for the fair value of shares granted. The fair value of employee services received, measured by reference to the grant date fair value, is recognised over the vesting period as an expense, with a corresponding credit to equity. ===== SIDA 74 ===== Gentoo Media | Annual Report 2024 Financial statements | Back to FS content 74 Operating assets and liabilities Section 3 75 Note 3.1 / Intangible assets 77 Note 3.2 / Impairment test 78 Note 3.3 / Leases 79 Note 3.4 / Acquisition of businesses 81 Note 3.5 / Discontinued operations and disposal groups held for distribution ===== SIDA 75 ===== Gentoo Media | Annual Report 2024 | Section 3 75 Financial statements | Back to FS content Note 3.1 Intangible assets EUR’000 Goodwill Trademarks Domains Affiliate contracts & database Technology platform Computer software Other Total Balance 1 January 2023 75,322 863 17,285 12,812 29,554 480 27 136,343 Foreign exchange adjustment - - - - -81 - - -81 Additions - - 2 - 19,398 1,363 - 20,763 Acquisition of subsidiaries 24,508 - 38,348 8,732 1,860 - - 73,448 Disposals - - - - - - - - Impairment losses - - - - -719 - - -719 Reclass to assets held for distribution -59,038 -11 -1,279 -14,161 -69,461 -7,306 -40 -151,296 Amortisation charge - -2 -7,482 -2,052 -14,830 -976 -27 -25,369 Reclass amortisation charge - assets held for distribution - - 438 3,856 39,602 6,439 40 50,375 Balance 31 December 2023 40,792 850 47,312 9,187 5,323 - - 103,464 Foreign exchange adjustment -59 - - 80 - - - 21 Additions - 679 8,346 546 6,082 19 - 15,672 Acquisition of subsidiaries 3,754 - - 718 - - - 4,472 Disposals - - -210 - - - - -210 Impairment losses - - - - - - - - Write-off -58 - - - - - - -58 Amortisation charge - -4 -10,020 -2,869 -3,649 -19 - -16,561 Reclass to another intangible assets - -850 850 - - - - - Reclass to another intangible assets - amortisation - - 1,064 -1,064 - - - - Reclass to PPE - - -150 - - - - -150 Balance 31 December 2024 44,429 674 47,191 6,598 7,756 - - 106,650 Intangible assets Domains amounting to EUR 47,191 thousands comprise the value of domain names acquired by the Group as well as the value derived from the search engine optimisation activity embedded in the acquired portfolios. As of 31 December 2024, the remaining amortization period is 0-8 years. ===== SIDA 76 ===== Gentoo Media | Annual Report 2024 | Section 3 76 Financial statements | Back to FS content Note 3.1 | Intangible assets Accounting policies Goodwill Goodwill arises on the acquisition of subsidiaries as set out in note 6.6. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash-generating units (“CGUs”), or Groups of CGUs, which are expected to benefit from the synergies of the combination. Each unit or Group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill impairment reviews are undertaken annuallyor more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of value in use and fair value less costs of disposal. Any impairment is recognised immediately as an expense and is not subsequently reversed. Domains Domains comprise the value of domain names acquired by the Group as well as the value derived from the search engine optimization activity embedded in the acquired portfolios. Separately acquired domains are shown at historical cost, which represent their acquisition price and certain domains are expected to have a useful life of 8 years. Amortisation is calculated using the straight-line method to allocate the cost of domains over their estimated useful lives. Affiliate and customer contracts Acquired affiliate contracts are shown at historical cost and are deemed to have a useful life of 3 years, determined by reference to the expected user churn rate. Where such assets are acquired in a business combination, historical cost represents their acquisi- tion-date fair value. Trademarks Separately acquired trademarks and licences are shown at historical cost. Trademarks acquired in a business combination are recognised at fair value at the acquisition date. Trademarks have indefinite useful lives and are subsequently carried at cost less impairment losses. The trademarks are not amortised and are held indefinitely because trends show that they will generate net cash inflows for the Group for an indefinite period. The assessment of indefinite useful life of trademarks is based on the Group’s track record of stability in market share and cash flows. Furthermore, the commitment of management to continue to invest for the long term to extend the period over which the trademarks are expected to continue to provide economic benefits. Computer software and technology platforms Acquired computer software and technology platforms are capitalised on the basis of the costs incurred to acquire and bring to use these assets. Where such assets are acquired in a business combination, historical cost represents their acquisition-date fair value. These costs are amortised over their estimated useful lives of 3 to 4 years or, in the case of computer software, over the term of the licence agreement, if different. Development costs that are directly attributed to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets when the following criteria are met: / it is technically feasible to complete the intangible asset so that it will be available for use; / management intends to complete the intangible asset and use or sell it; / there is an ability to use or sell the intangible asset; it can be demonstrated how the intangible asset will generate probable future economic benefits; / adequate technical, financial and other resources to complete the development and to use or sell the intangible asset are available; and / the expenditure attributable to the intangible asset during its development can be reliably measured. Directly attributable costs that are capitalised as part of these intangible assets include the development employee costs; the assessment of whether such costs satisfy the above conditions for capitalisation is made by members of the Group’s chief officers, and is based on data logged in a project management platform. Other development expenditures that do not meet these criteria are recognised as an expense as incurred. Impairment of non-financial assets Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circum- stances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are sep- arately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. ===== SIDA 77 ===== Gentoo Media | Annual Report 2024 | Section 3 77 Financial statements | Back to FS content Note 3.2 Impairment test Impairment test result As at December 31, 2024 and December 31, 2023 the management have evaluated goodwill, domains and websites for impairment. The results of the impairment tests for goodwill and domains and websites showed that the recoverable amount exceeded the carrying value and that there was no impairment loss to be recognized. The board of directors have approved the inputs to the impairment testing and are satisfied that the judgements made are appropriate. Goodwill and intangible assets The company’s reported goodwill as at 31 December 2023 primarily relates to the acquisition of Rebel Penguin ApS, a company offering digital marketing services, and AskGamblers Limited and KaFe Rocks Limited, companies offering affiliate marketing via their own websites, and Titan offering SEO and marketing content. In the prior year, the company’s reported goodwill also included Sportnco, which has been classified as an asset held for distribution as at 31 December 2023, refer to note 7. Trademarks acquired in 2017 are considered to have an indefinite useful life. Trademarks comprise of gig.com domain. Cash-generating units As at 31 December 2024, the Group operated two CGU’s comprising Publishing and Paid marketing. This, because during the year to 31 December 2023, the Platform & Sportsbook arm of the business (which previously comprised two separate CGUs) has been classified as discontinued operations and met the condition of a disposal group held for distribution as described further in note 3.5. The key assumptions on which management has based its impairment tests are reflected in the cash flow projections comprising the budget for 2025 as confirmed by the Group’s Board and estimated cash flows for years 2026 - 2028 (2023: 2025 - 2027). Average sales growth is the average annual growth rate over the three-year forecast period. It is based on past performance and management’s expectations of market development. The development of average sales is expected to be realised based on all the Group’s activities, Paid and Publishing is supported by a documented increasing level of activity with the Group’s existing customers and the expectation and a general increase in the market. Marginal tax rate is the expected rate over the three-year forecast period. For Paid it is based on current Danish tax legislation, and for Publishing it is based on current Maltese tax legislation. The calculated value in use for each cash-generating unit is considerably higher than the carrying amount, and the prepared impairment test shows that goodwill and other intangible assets are not impaired. In Management’s opinion, no reasonable likely change to the above-mentioned assumptions will imply that the carrying amount of each cash-generating unit will exceed the value in use significantly. 2024 EUR’000 Paid Publishing Total Goodwill 5,380 39,049 44,429 Intangible assets: With definite lives 736 61,053 61,789 With indefinite lives - 432 432 6,116 100,534 106,650 2023 EUR’000 Paid Publishing Total Goodwill 5,380 35,413 40,793 Intangible assets: With definite lives 815 61,858 62,240 With indefinite lives - - 432 6,196 97,270 103,465 Paid Publishing Marginal tax rate (%) 22% 5% Long term growth rate (%) 2% 2% Pre-tax discount rate 15% 15% ===== SIDA 78 ===== Gentoo Media | Annual Report 2024 | Section 3 78 Financial statements | Back to FS content Note 3.3 Leases The Group as a lessee Nature of the Group’s leasing activities The Group leases various properties. Rental contracts are typically made for fixed periods of 1 to 8 years but may have extension options as described below. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes. Extension and termination options are included in a number of properties across the Group. These terms are used to maximise operational flexibility in terms of managing contracts. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and that is within the control of the lessee. No change was required in 2024 or in 2023 that would have resulted in a change in the lease term. The Group has recognised the following amounts related to leases: Right-of-use assets Lease liabilities Additions to the right-of-use assets during the 2024 financial year were EUR 2,481,090 (2023: EUR 526,631). Disposals to the right-of-use assets during the current year were EUR 1,082,955 (2023: EUR 1,768,865) of which EUR nill (2023: EUR 1,768,865) relates to sub-lease arrangements entered into by the Group. The income statement shows the following amounts related to leases: Depreciation charge of right-of use assets EUR'000 2024 2023 Buildings 2,902 2,166 Total right-of-use assets 2,902 2,166 EUR'000 2024 2023 Office space 824 1,385 Total depreciations 824 1,385 Interest expense on lease liabilities 458 410 EUR'000 2024 2023 Current 1,088 1,420 Non-current 2,114 3,406 Total lease liabilities 3,202 4,826 The Group leases immovable property and recognises a right-of-use asset and a lease liability unless the lease qualifies as a short-term lease and the Group applies the practical expedient for short-term leases. With effect from the year ended 31 December 2024, the Group and the company apply the practical expedient to leases of other classes of underlying assets other than office premises. Up until the previous financial year, the Group applied the practical expedient to all short-term leases; the effect of the change in accounting policy has been disclosed in note 1.5. This accounting policy was adopted in order to have one consistent model for the classification and presentation of the Group’s and the company’s rights and obligations arising from all its leases of office premises. At initial recognition, future lease payments are discounted to present value using the incremental borrowing rate, being the rate that the respective entity within the Group would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. The Group subsequently depreciates right-of-use assets over the shorter of the asset’s useful life and the lease term on a straight-line basis.Payments associated with short- term leases are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Accounting policies ===== SIDA 79 ===== Gentoo Media | Annual Report 2024 | Section 3 79 Financial statements | Back to FS content Note 3.4 Acquisition of businesses Acquisition of Titan Inc Limited (Titan) The fair value of the consideration is EUR 2,686,552 and comprise of: Strategic rationale and synergies In August 2024, the Group completed the purchase of 100% of the shares and voting rights in Titan. The Group acquired effective control over Titan from 31 May 2024, which is the date on which the group became exposed to variable returns from its involvement with the entity and gained the ability to affect those returns through its power to direct the activities of the entity via its majority voting rights. Titan is based in the UK offering bespoke link building, multimedia content production etc. and employed around 40 people at takeover. The acquisition is in line with the strategy to create sustainable long-term growth. The group expects to obtain significant cost synergies following the transactions from the internal purchase of SEO and marketing content services that Titan provides. Previously the Group made use of the services from Titan. Moreover, the ultimate goal with the acquisition is also to expand Titan’ customer base outside of the collaboration with the Group. This is expected to go proportionally faster given the synergies provided from the rest of the Group post acquisition. The goodwill is attributable to expected synergies from combining Titan with the Group and the assembled workforce. Goodwill will not be deductible for tax purposes. Consideration transferred The cash consideration was paid on closing, whereas the deferred consideration is payable in equal instalments in August 2025 and August 2026. Transaction costs Acquisition related costs of EUR 1,009,814 have been recognised in the income statement within other operating expenses. Fair value of acquired net assets and recognised goodwill The provisional fair value of identified net assets and goodwill recognised comprises as follows: The net assets acquired were all in GBP and the amounts were converted to EUR using a rate of 85.365 as of 31 May 2024. EUR'000 2024 Purchase amount Cash and cash equivalents 1,030 Earn out 1,657 Cash outflow 2,687 EUR'000 Trade and other payables -17 Deferred tax liabilities -180 Lease liabilities -812 Borrowings -30 Trade and other payables - Current income tax liabilities -122 Total liabilities -1,161 Goodwill 2,176 Customer relationships 718 Property, plant and equipment 27 Right of use assets 812 Cash and cash equivalents acquired 20 Trade and other receivables 95 Net assets acquired 2,687 ===== SIDA 80 ===== Gentoo Media | Annual Report 2024 | Section 3 80 Financial statements | Back to FS content Note 3.4 | Acquisition of businesses The net outflow of cash in 2024 from the transaction is: EUR'000 2024 Net outflow of cash Cash considerations 1,030 Less cash balances acquired -20 Net outflow of cash - investing activities 1,010 Business combinations The Group applies the acquisition method of accounting to account for business combinations other than those between entities under common control. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contin- gent liabilities assumed (identifiable net assets) in a business combination are measured initially at their fair values at the acquisition date. Goodwill is initially measured as the excess of the consideration transferred (together with, if applicable, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree) over the fair value of the identifiable net assets acquired. Subsidiaries Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable return from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Upon consolidation, inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated but considered an impairment indicator of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Accounting policies ===== SIDA 81 ===== Gentoo Media | Annual Report 2024 | Section 3 81 Financial statements | Back to FS content Note 3.5 Discontinued operations and disposal groups held for distribution Discontinued operations related to Platform & Sportsbook divestment In February 2023, the board of the company’s Parent decided to initiate a strategic review with the intention to split GiG into two main business segments. The purpose of the split is to sharpen the focus for each business segment, optimise growth opportunities and ensure each business can benefit from the strategic and financial flexibility of their distinctive business models. The split will form two industry leading businesses with the potential to grow much faster than in the current corporate structure. The split will be achieved through the divestment of the Platform & Sportsbook segment, which will be distributed to the shareholders of the parent company. In accordance with IFRS 5, Platform & Sportsbook financial results are presented as a discontinued operation, and the assets and liabilities of this disposal group held for distribution have been separately presented in the financial statements for the years ended 31 December 2024 and 2023. The results from Platform & Sportsbook have been reported as a discontinued operation in the Group’s consolidated financial statements. Key figures for discontinued operations: The following assets and liabilities were reclassified as held for distribution to shareholders in relation to the discontinued operation as at 30 September 2024 and 31 December 2023: EUR’000 2024 2023 Revenue 29,647 53,992 Expenses -107,168 -55,200 Profit before income tax -77,522 -1,208 Income tax -1,391 -208 Profit after income tax -78,912 -1,416 Loss on distribution to owners - - Accumulated currency translation reserve transferred to the income statement - - Tax effect - - Loss from discontinued operations -78,912 -1,416 Loss from discontinued operations is attributable to: Owners of the company -78,912 -1,409 Non-controlling interest - -7 Cash flows Operating activities -24,635 25,592 Investing activities -10,641 -21,056 Financing activities 34,634 -6,106 EUR’000 30 September 2024 31 December 2023 Assets classified as held for distribution to shareholders Intangible assets 46,015 100,919 Property, plant and equipment 2,595 3,070 Right of use assets 944 1,828 Trade and other receivables 24,910 17,636 Cash at bank and other intermediaries* 9,890 7,582 Total assets of disposal group held for distribution to shareholders 84,354 131,099 Liabilities directly associated with assets classified as held for distribution to shareholders Borrowings** 47 4 12,904 Deferred income tax liabilities 1,113 1,206 Lease liabilities 3,47 4 2,682 Current income tax liabilities - - Trade and other payables 20,294 13,930 Total liabilities of disposal group held for distribution to shareholders 25,355 30,722 *Included within cash at bank and other intermediaries is an amount of EUR 1,464,579 as restricted cash that is held in a fiduciary capacity and represents customer monies, whose use is restricted in terms of the Malta Gaming Act, 2018. **Borrowings are loans due to third party credit institutions. As part of such loans, the Group had entered in certain pledges and guarantees as security against such loans ===== SIDA 82 ===== Gentoo Media | Annual Report 2024 | Section 3 82 Financial statements | Back to FS content As required by IFRS 5, a disposal group held for distribution to owners, shall be measured at the lower of its carrying amount and fair value less costs to distribute. The plan to dispose itself is an impairment indicator meaning that an impairment test under IAS 36 has been performed. The key assumptions on which management has based its impairment test, are reflected in the cash flow projections comprising the budget for 2024 as confirmed by the entity’s board, forecasted cash flows for years 2024 - 2026 supplemented by extrapolated projections for 2027 – 2032. The key assumptions include: / Revenue annual growth rate; / EBITDA margin; / Post-tax discount rate / Long term growth rate The revenue growth rate is forecasted to grow to 38.5% in 2025 and then steadily declines from 31.3% in 2026 to 8% in 2032, with a perpetual growth rate assumed in the residual value of 4%. The projected growth rates between FY24-32, reflect a revenue CAGR of 22%. The EBITDA margin is forecasted to increase from 33.4% in 2025 to 40.8% in 2026, and assumed to remain at this level until 2032 including within the terminal value. The post-tax discount rate applied to the cash flow projections in full period was 19% and the tax rate 15%.With the assumptions applied, the sum of the discounted cash flows amounts to EUR 151 million which exceeds the carrying value of EUR 101 million. An impairment situation would arise if a reduction of more than 6 percentage points is applied on the current revenue growth rates (reflecting a revenue CAGR of 20% decreasing from 22% from the base case valuation) in the explicit period and terminal value, with all other assumptions remaining constant. In the event that a 10-percentage point reduction is applied on the revenue growth rates, an impairment of EUR 27 million would arise. (a) Sports Betting Services Following the acquisition of Sportnco in the prior year, the Group’s own sportsbook was phased out as a standalone product as Sportnco’s sportsbook is the preferred product going forward. Thus, in accordance with IFRS 5, the results from Sports Betting Services are reported as a discontinued operation in the Group’s consolidated statement of comprehensive income. During 2023, the Group incurred additional expenses of EUR 0.7 million related to the divested business, and these expenses have also been presented within results from the discontinued operation. (b) Revenue included within discontinued operations in 2023 Total net revenue in 2023 amounted to EUR 52,007,124 out of which, 89% is revenue recognised over time and 11% is revenue recognised at a point in time. In 2022, all net revenues relate to sales recognised over time. The Enterprise Solution Model contract also included unsatisfied performance obligations that the Group expects to satisfy over the period 2024 to 2027. Expected revenue from such unsatisfied performance obligations approximates at EUR 2.9 million. In April 2024, the Group amended the terms to reflect reduced un- satisfied performance obligations, resulting in a reduced overall transaction price and a longer payment plan. Note 3.5 | Discontinued operations and disposal groups held for distribution ===== SIDA 83 ===== Gentoo Media | Annual Report 2024 | Section 3 83 Financial statements | Back to FS content Non-current assets are classified as held for distribution if their carrying amount will be recovered principally through a distribution to owners rather than through continuing use and a distribution is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to distribute, except for assets such as deferred tax assets, assets arising from employee benefits, financial assets that are carried at fair value, which are specifically exempt from this requirement. An impairment loss is recognised for any initial or subsequent write-down of the asset to fair value less costs to distribute. A gain is recognised for any subsequent increases in fair value less costs to distribute an asset, but not in excess of any cumulative impairment loss previously recognised once its distributed. A gain or loss not previously recognised by the date of the distribution of the non-current asset is recognised at the date of derecognition. Non-current assets are not depreciated or amortised while they are classified as held for distribution. Interest and other expenses attribut- able to the liabilities of a disposal group classified as held for distribution continue to be recognised. Assets of a disposal group classified as held for distribution are presented separately from the other assets in the Statement of financial position. The liabilities of a disposal group classified as held for distribution are presented separately from other liabilities in the statement of financial position. A discontinued operation is a component of the entity that has been disposed of or is classified as held for distribution and that represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. A component of the entity is also presented as discontinued operations if the component is to be abandoned and represents a separate major line of business or geographical area of operations. The results of discontinued operations are presented separately in the consolidated statement of comprehensiv income. Accounting policies Note 3.5 | Discontinued operations and disposal groups held for distribution ===== SIDA 84 ===== Gentoo Media | Annual Report 2024 84 Financial statements | Back to FS content Net working capital Section 4 85 Note 4.1 / Trade receivables 87 Note 4.2 / Cash flow statement specification 88 Note 4.3 / Income tax and deferred income tax 90 Note 4.4 / Trade payables ===== SIDA 85 ===== Gentoo Media | Annual Report 2024 | Section 4 85 Financial statements | Back to FS content Credit risk Credit risk is the risk of a financial loss to the Group if a counterparty to a financial instrument fails to meet its contractual obligations and arises principally from outstanding receivables due to the Groups customers and cash and cash equivalents. The Group assesses the credit quality of its customers taking into account financial position, past experience and other factors. It has processes in place to ensure that sales of services are affected to customers with an appropriate credit history. The Group manages credit limits and exposures actively in a practicable manner such that past due amounts receivable from customers are within controlled parameters. The Group monitors the performance of these financial assets on a regular basis to identify incurred collection losses which are inherent in the Groups receivables taking into account historical experience in collection of accounts receivable. The Group and company seek to manage credit risk by only undertaking transactions with counterparties which include financial institutions or intermediaries, such as payment providers with quality standing. Control structures are in place to assess credit risk on similar lines. Expected credit losses The Group’s trade receivables are subject to the expected credit loss model. Cash and cash equivalents are also subject to the impairment requirements of IFRS 9, but due to the low credit risk the loss allowance was deemed to be immaterial in both current and prior years. The loss allowance in relation to amounts due from payment providers was deemed to be nil as at 31 December 2024 and 31 December 2023. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. The expected loss rates are based on historical experience, as adjusted for qualitative factors, as further described below. Trade receivables from continuing operations amounted to EUR 27,085 thousands as at 31 December 2024 (2023: EUR 18,501 thousands), and accrued income of EUR 1,494 thousands (2023: EUR 297 thousands). As at 31 December 2024, management recorded a loss allowance of EUR 2,805 thousands (2023: EUR 1,435 thousands). Management has considered the creditworthiness of counterparties as at 31 December 2024 and 2023, and concluded that no further loss allowance should be recorded on the basis of payment experience, where relevant, and management’s credit risk assessment. The closing loss allowance for trade receivables related performance marketing as at 31 December 2024 and 2023 reconciles to the opening loss allowance as follows: The expected loss rates are based on historical experience, as adjusted for qualitative factors. Note 4.1 Trade receivables EUR’000 2024 2023 Expected credit loss at 1 January 1,435 675 Foreign exchange adjustment - - Additions - 588 Reversals - -472 Increase/ in loss allowance recognised in profit or loss during the year 2,456 4,198 Transfer to assets classified as held for distribution -1,087 -3,555 Realised - - Expected credit loss at 31 December 2,805 1,435 ===== SIDA 86 ===== Gentoo Media | Annual Report 2024 | Section 4 86 Financial statements | Back to FS content Expected credit loss on trade receivables specified according to aging Note 4.1 | Trade receivables EUR’000 Trade receivables, gross Expected loss rate Expected credit loss Carrying amount 31 December 2024 Not due 12,405 1% 150 12,255 Overdue 1-30 days 3,354 3% 105 3,250 Overdue 31 to 60 days 2,355 6% 142 2,213 Overdue 61 to 90 days 1,621 10% 167 1,454 Overdue 90 to 120 days 769 14% 107 662 Overdue +120 days 4,904 44% 2,134 2,770 Total 25,409 - 2,805 22,605 31 December 2023 Not due 6,658 1% 99 6,560 Overdue 1-30 days 4,955 1% 42 4,912 Overdue 31 to 60 days 1,731 3% 52 1,680 Overdue 61 to 90 days 794 8% 61 733 Overdue 90 to 120 days 556 11% 61 495 Overdue +120 days 2,799 36% 1,015 1,783 Total 17,493 - 1,331 16,163 Trade receivables are amounts due from customers for services performed in the ordinary course of business. Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment (note 3.2). The carrying amount of the asset is reduced through the use of an allowance account, and the amount of the loss is recognised in profit or loss. When a receivable is uncollectible, it is written off against the allowance account for trade and other receivables. Subsequent recoveries of amounts previously written off are credited against profit or loss. Accounting policies ===== SIDA 87 ===== Gentoo Media | Annual Report 2024 | Section 4 87 Financial statements | Back to FS content Changes in working capital Adjustments for non-cash items Note 4.2 Cash flow statement specification EUR’000 2024 2023 Change in trade and other receivables -15,227 -9,500 Change in trade and other payables 2,253 6,945 Other changes in assets and payables 629 -1,533 Total change in working capital -12,345 -4,088 EUR’000 2024 2023 Depreciation and amortization charges 33,607 28,655 Share-based compensation 59 1,534 Impairment of assets 51,051 719 Loss on disposal of intangible assets and property, plant and equipment 393 - Other non-cash items -234 -14,536 Total non-cash adjustments 84,876 16,370 ===== SIDA 88 ===== Gentoo Media | Annual Report 2024 | Section 4 88 Financial statements | Back to FS content Income taxes Total income tax for the year is specified as follows: Income tax is attributable to: Note 4.3 Income tax and deferred income tax EUR’000 2024 2023 Current tax Current tax on profit for the year 21,246 1,400 Adjustments for current tax from prior years - -21 Total current tax 21,246 1,379 Deferred tax expense/(benefit) -21,578 1,866 Total income tax -332 3,245 EUR’000 2024 2023 Profit from continuing operations -332 3,245 Profit from discontinuing operations 1,391 208 Total income tax expense 1,059 3,451 EUR’000 2024 2023 Effective tax rate Profit from continuing operations before tax 23,597 16,128 Profit from discontinued operations before tax -78,912 -1,416 Calculated tax at domestic tax rates 2,181 1,202 Tax effect of: Income not subject to taxation - -502 Expenses non-deductible for tax purpose 1,190 1,004 Unrecognized current tax in previous year -83 -21 Utilisation of unrecognised tax losses from previous years - - Movements in unrecognised deferred tax assets -3,247 980 Other differences -73 582 Income tax expense, reported -32 3,244 Effective tax rate (%) 0.1% 20.1% The Company currently files U.S. federal income tax returns and state returns in Illinois and previously Florida and California. Returns filed in these jurisdictions for tax years ended on or after 31 December 2021 are subject to examination by the relevant taxing authorities. In addition, Plc and its subsidiaries, and GiG Properties file tax returns in Malta, Spain, Gibraltar, Norway, Denmark and France. ===== SIDA 89 ===== Gentoo Media | Annual Report 2024 | Section 4 89 Financial statements | Back to FS content Note 4.3 | Income tax and deferred income tax Deferred taxes The following amounts are shown in the statements of financial position after appropriate offsetting: EUR’000 2024 2023 Deferred tax assets/(liabilities) Deferred tax liabilities 1 January -3,984 -2,118 Adjustments of deferred tax in profit and loss 21,578 -738 Additions from business combinations -180 -2,228 Reclassification against current tax liability -105 - Other movements -11 -106 Total deferred tax assets/(liabilities) 17,298 -5,190 Transferred to liabilities relating to assets held for sale - 1,206 Deferred tax assets/(liabilities) 31 December 17,298 -3,984 Deferred tax is recognized in the balance sheet as: Deferred tax asset 19,7 46 6 Deferred tax liability -2,448 -3,990 Deferred tax assets/(liabilities) 31 December 18,350 -3,984 Deferred tax is related to: Future tax credits on subsidiaries' undistributed profits 21,345 - Differences between the tax base and carrying amounts of intangible, tangible assets and leases -4,635 -4,937 Unabsorbed capital allowances and tax losses - 923 Provision for impairment of receivables 719 29 Other temporary differences -131 - Deferred tax liabilities 31 December 17,298 -3,984 Deferred tax credits on temporary differences recognised in the income statement in 2024 amount to EUR 21.6 million (2023: charges of EUR 0.7 million). Deferred tax balances are in all material aspects expected to be recovered in more than 12 months. As at 31 December 2024 the company had approximately EUR 14 million (2023: EUR 34 million all of which are to be utilised by the company against taxes due in the USA on the Company’s Global Intangible Low-Taxed Income (GILTY). For the years ended 31 December 2024 and 2023, the company incurred tax losses in the U.S. but had GILTY taxes from foreign operations. U.S. Federal and State income taxes due of approximately EUR 300 thousand were accrued. In assessing the realizability of the deferred tax assets related to net operating losses from its US operations, management considered whether it is probable that some portion or all of the deferred tax assets will not be realized. The realization of deferred tax assets depends on the company’s ability to generate taxable income in the future. The company has determined that it will realize the benefit of its deferred tax assets and as such an allowance for deferred tax assets was not recorded as at 31 December 2024. ===== SIDA 90 ===== Gentoo Media | Annual Report 2024 | Section 4 90 Financial statements | Back to FS content Note 4.4 | Net working capital Trade payables The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period. Deferred tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, the deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred tax asset is realised, or the deferred tax liability is settled. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. Accounting policies Amounts due to subsidiaries are unsecured, interest- free and repayable on demand. In connection with the sale of B2C operations related to Sportnco in 2023, a EUR 2.1 million payable to former shareholders of Sportnco is included under other payables for both Group and company. The amount was paid in April 2024. Some of the Group’s subsidiaries postponed the remittance of certain indirect taxes. Management has entered into a payment plan with the relevant authorities for any overdue balances relating to 2020 and preceding years. Amounts for which the renegotiated payment does not fall due within 12 months are presented as non-current liabilities. In 2023, some of the Group’s subsidiaries entered into a payment plan with the relevant authorities for any overdue tax balances related to 2022 and preceding years. Note 4.3 | Income tax and deferred income tax EUR’000 2024 2023 Current Trade payables 8,216 6,223 Amounts due to subsidiaries - - Amounts due to related parties - - Other payables 5,180 2,787 Indirect taxation and social security 260 1,916 Accruals 2,568 2,164 Deferred income - - Total Trade and other payables 16,225 13,090 ===== SIDA 91 ===== Financial statements | Back to FS content 91 Gentoo Media | Annual Report 2024 Capital structure and financial items Section 5 92 Note 5.1 / Shares and capital structure 94 Note 5.2 / Borrowings and interest 96 Note 5.3 / Financial assets and liabilities 98 Note 5.4 / Financial risks ===== SIDA 92 ===== Gentoo Media | Annual Report 2024 | Section 5 92 Financial statements | Back to FS content Share issues 2024 In May 2024, the company issued 2,176,941 new shares of its common stock, whereof (i) 823,897 new shares at a share price of NOK 30.11 in connection with the acquisition of KaFe Rocks Limited, where the sellers were entitled to an additional EUR 2.5 million payment due to specific operational cost savings targets being met by year end 2023; (ii) 982,694 new shares in connection with the option program entered into in connection with the acquisition of Sportnco at a share price of EUR 2.11 per share; and (iii) 370,350 new shares in connection with exercise of options, whereof 319,000 shares at a share price of NOK 15.00 and 51,350 at a share price of NOK 22.00 per share. In June 2024, a further 3,408,472 new shares were issued, whereof; (i) 3,226,418 new shares in connection with the SEK 100 million directed share issue at a share price of SEK 31 per share; (ii) 126,554 new shares in connection with the option program entered into in connection with the acquisition of Sportnco at a share price of EUR 3.16; and (iii) 55,500 new shares in shares at a share price of NOK 15.00 and 26,500 at a share price of NOK 22.00 per share. In September 2024, 119,400 new shares were issued in connection with exercise of options, whereof 61,600 shares at a share price of NOK 15.00 and 57,800 at a share price of NOK 22.00 per share. The special meeting of shareholders on 23 September 2024 resolved to change the par value per share of the company’s Common Stock from one dollar (USD 1.00) to one tenth of a cent (USD 0.001). As a consequence, the share capital was reduced from EUR 119,430,391 to EUR 119,430 with the reduction increasing other equity. Share issues 2023 In January 2023, as part of the financing of the initial consideration of the AskGamblers transaction, the board of directors of the company approved a EUR 10.2 million equity raise from a group of investors to finance the equity part of the acquisition. Pursuant to agreed terms, the share price was set at NOK 25.61, which represented a discount of 2.6% from the volume-weighted average share price for the share so far in 2023. On 30 January 2023, the company issued 4,267,112 new shares of its common stock to the above-mentioned group of investors. In May 2023, 1,777,873 new shares were issued at a share price of NOK 27.60 for the earn-out consideration in connection with the acquisition of Sportnco Gaming SAS (“Sportnco”). During the year, a total of 171,600 new shares were issued in connection with exercise of options. As at 31 December 2023, 129,003,161 shares were issued and outstanding (par value USD 1.00). All shares issued are fully paid. Each share has a par value of USD 0.001 and carries one vote. The number of authorised shares is 150 million. On September 30, 2024, the Platform & Sportsbook business was spun off to the shareholders, by way of a non-cash distribution where the shareholders received one share in the newly formed GiG Software PLC for each share held in the company. The distribution was treated as a reduction in paid in capital. Proposed dividends The board of directors do not propose any dividend for the year 2024 (2023: nil). Note 5.1 Shares and capital structure (1,000) 2024 2023 No. of shares Nominal value No. of shares Nominal value 1 January 129,003 114,137 122,787 107,967 Capital increase, cash 3,226 2,994 4,267 4,254 Capital increase, exercise of options 1,655 1,535 171 158 Capital increase, acquisitions 824 764 1,778 1,758 Reduction in par value - -119,311 - - 31 December 134,708 119 129,003 114,137 Share capital ===== SIDA 93 ===== Gentoo Media | Annual Report 2024 | Section 5 93 Financial statements | Back to FS content Capital management For the purpose of the Group’s capital management, capital includes issued capital, share premium, and all other equity reserves attributable to the equity holders of the parent. The primary objective of the Group’s capital management is to maximize shareholder value and to maintain an optimal capital structure. The Group manages its capital structure and makes adjustments in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, issue new shares or return capital to shareholders. Loan covenants Under the terms of Group’s outstanding bonds which has a carrying amount of EUR 89,476 thousands (2023: EUR 7 4,551 thousands) the Group is required to comply with the following financial covenants at the end of each annual and interim reporting period: / The Net Leverage Ratio shall not exceed 4.0x Under the terms of Group’s Revolving Facility Agreement which has an outstanding amount of EUR 7,000 thousands (2023: EUR nil) the Group is required to comply with the following financial covenants at the end of each annual and interim reporting period: / The Net Leverage Ratio shall not exceed 2.5x; and / The Interest Cover Ratio shall not be less than 4.00x The Group has complied with these covenants throughout the reporting period. There are no indications that the Group would have difficulties complying with the covenants when they will be next tested as at the 31 March interim reporting date. Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. Share premium comprises amounts above the nominal share capital paid by shareholders when shares are issued by Gentoo Media inc. Translation reserve comprises foreign exchange differences arising from the translation of financial statements of foreign entities with a functional currency other than EUR. On full realisation of a foreign entity the accumulated foreign exchange adjustments are transferred to the income statement in the same line item as the gain or loss. Accounting policies Note 5.1 | Shares and capital structure ===== SIDA 94 ===== Gentoo Media | Annual Report 2024 | Section 5 94 Financial statements | Back to FS content Borrowings and interest The Group’s loans and borrowings consist of the following: In December 2023, the company completed the issuance of a new 3-year EUR 75 million equivalent senior secured bonds, split in a EUR 45 million and a SEK 350 million tranches, and with a combined borrowing limit of EUR 100 million equivalent and floating coupons of 3 months EURIBOR/STIBOR + 7.25% per annum. The net proceeds were used to call the 2021-24 SEK 550 million bond in full including the call premium, to partly finance the acquisition of KaFe Rocks and for general corporate purposes. In June 2024, the company completed a EUR 15 million subsequent issue under the EUR tranche, increasing the EUR tranche to EUR 60 million. The proceeds from the contemplated tap issue were used towards financing the acquisition of CasinoMeister and general corporate purposes. The transaction involved investors across the Nordics, continental Europe, and the US, with both existing and new investors participating in the placement, resulting in a significant oversubscription and a subsequent bond issue price of 103.75% of par. The company had initiated the process for application and listing of the bonds on Frankfurt Stock Exchange Open Market and Nasdaq Stockholm. Their quoted price as of 31 December 2023 was EUR 45.8 million and SEK 350.9 million (total EUR 77.4 million), which in the opinion of the directors fairly represented the fair value of these liabilities. This fair value estimate was deemed to fall under level 2 of the fair value measurement hierarchy, as it was based on a quoted price in a market with low trading volume. The 2023-26 bonds and the 2024 TAP are registered in the Norway Central Securities Depository and are listed on Nasdaq Stockholm and Frankfurt Stock Exchange Open Market. Issued bonds As at 31 December 2024, the Group had the following outstanding bonds: *Above is showing only the outstanding on the bonds without transaction costs which are reflected in the amount on the balance sheet. EUR’000 2024 2023 Borrowings, non-current 89,476 7 4,551 Borrowings, current 7,079 - Total loans and borrowings 96,555 74,551 Non-current liabilities 93,839 112,142 Current liabilities 84,566 37,461 Cash and cash-equivalents 11,305 15,487 Net debt 167,100 134,116 Note 5.2 Issued Maturity date Seniority Currency Interest rate Nominal amount Carrying amount 2024* Carrying amount 2023* 2023 18 Dec 2026 Senior secured SEK 3 month STIBOR + 7.25% p.a. 350 million 30,659 31,543 2023, 2024 18 Dec 2026 Senior secured EUR 3 month EURIBOR + 7.25% p.a. 60 million 60,233 45,000 90,892 76,543 ===== SIDA 95 ===== Gentoo Media | Annual Report 2024 | Section 5 95 Financial statements | Back to FS content Other income and expenses Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. The Group’s and the company’s accounting policy is to present all exchange differences within finance (costs)/income, including exchange differences arising on cash and cash equivalents and amounts due from payment providers. Note 5.2 | Borrowings and interest Borrowings consisting of bond issued and amounts drawn under revolving credit facilities are recognised initially at the fair value of proceeds received; net of transaction costs incurred; they are subsequently carried at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in profit or loss over the period of the borrowings using the effective interest method in the case of fixed rate borrowings and using a straight-line basis in the case of floating rate borrowings. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least twelve months after the end of the reporting period. Accounting policies EUR’000 2024 2023 Other interest income 170 - Exchange differences income 182 - Bond interest expense -10,094 -6,556 Other interest expense -3,931 -3,785 Exchange differences expense - -546 Interest paid/payable for lease liabilities -296 - Total other income and expenses -13,969 -10,887 ===== SIDA 96 ===== Gentoo Media | Annual Report 2024 | Section 5 96 Financial statements | Back to FS content Note 5.3 Financial assets and liabilities Fair value measurement Financial instruments that are remeasured at fair value of on a recurring basis, or for which fair value is disclosed, are categorised into the following levels of the fair value hierarchy: / Level 1: Observable market prices for identical instruments (quoted prices in active markets). / Level 2: Valuation techniques primarily based on observable prices or traded prices for comparable instruments. / Level 3: Valuation techniques primarily based on non-observable inputs. For financial assets and liabilities of short-term nature, such as trade receivables and trade payables the carrying amount approximates their fair value. The company had initiated the process for application and listing of the bonds on Nasdaq Stockholm. Their quoted price as of 31 December 2023 was EUR 45.8 million and SEK 350.9 million (total EUR 77.4 million), which in the opinion of the directors fairly represented the fair value of these liabilities. This fair value estimate was deemed to fall under level 2 of the fair value measurement hierarchy, as it was based on a quoted price in a market with low trading volume. The 2023-26 bonds and the 2024 TAP are registered in the Norway Central Securities Depository and are listed on Nasdaq Stockholm and Frankfurt Stock Exchange Open Market. EUR’000 2024 2023 Financial assets Financial assets at amortised costs Trade receivables 27,085 18,501 Cash and cash equivalents 11,305 15,478 Total 38,389 33,988 Financial liabilities Financial liabilities at amortised costs Trade payables 16,227 13,090 Borrowings, current and non-current 96,555 7 4,551 Lease liabilities, current and non-current 3,202 4,826 Deferred consideration 34,107 44,485 Total 150,091 136,952 Financial liabilities at fair value through profit & loss Contingent consideration 74 1 769 Total 741 769 The carrying amount of financial instruments by category is specified as follows: ===== SIDA 97 ===== Gentoo Media | Annual Report 2024 | Section 5 97 Financial statements | Back to FS content Note 5.3 | Financial assets and liabilities Accounting policies The Group’s financial liabilities comprise trade and other payables and borrowings, and they are classified as financial liabilities which are not at fair value through profit or loss (classified as ‘Other liabilities’) under IFRS 9. They are initially measured at fair value, being the fair value of consideration received, net of transaction costs that are directly attributable to the acquisition or the issue of the financial liability, and subsequently measured at amortised cost using the effective interest method. Financial liabilities are presented as current liabilities unless the Group and company has an unconditional right to defer settlement of the liability for at least twelve months after the end of the reporting period; in that case, they are presented as non-current liabilities. Classification and measurement The Group’s and company’s financial assets comprise debt instruments which it classifies based on an assessment of the business model for managing the financial assets and the contractual terms of an instrument’s cash flows. At initial recognition, the Group and company measures a financial asset at its fair value plus transaction costs, if any, that are directly at- tributable to the acquisition of the financial asset. It subsequently measures these debt instruments at amortised cost as the Group’s and company model for managing these instruments is to collect the contractual cash flows arising from them, and those cash flows have been determined to represent solely payments of principal and interest. If collection of a financial asset is expected in one year or less they are classified as current assets. If not, they are presented as non-current assets. Interest income from these financial assets is included in other income and expenses using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line items in the statement of profit or loss. Impairment The Group and company assesses on a forward-look- ing basis the expected credit losses associated with its debt instruments carried at amortised cost. The impair ment methodology applied depends on whether there has been a significant increase in credit risk. Nevertheless, for trade receivables the Group applies the simplified approach permitted by IFRS 9, which re- quires expected lifetime losses to be recognised from initial recognition of the receivables, see note 3.2 for further details. The Group also applies the low credit risk simplification for cash and cash equivalents, for which it measures allowances at the 12-month expected credit losses if a counterparty is considered to have low credit risk at the reporting date. The Group considers low credit risk to be equivalent to a Baa3 or higher rating per Moody’s or BBB- or higher per Standard & Poor’s or Fitch, although an external rating by one of these agencies is not a pre- requisite for the purposes of the Group’s assessment. ===== SIDA 98 ===== Gentoo Media | Annual Report 2024 | Section 5 98 Financial statements | Back to FS content Financial risk overview The Group is exposed to a number of financial risks arising from its operating and financing activities, mainly foreign exchange risk, interest rate risk, liquidity risk and credit risk. It is management’s assessment that the Group’s exposure to these risks is low. The Group has not identified additional financial risk exposures in 2024 compared to 2023. The Group has a centralised management of the Group’s financial risks. The overall objectives and policies for the Group’s financial risk management are outlined in the internal control and risk management framework, which is approved by the board of directors. Exposure to credit risk on trade receivables and expected credit losses is however managed locally in the operating entities, see 4.1, Trade receivables and credit risk. Through our risk management procedures, financial risks are monitored and reduced to an acceptable level. The Group only hedges commercial exposures and consequently does not enter into derivative transactions for trading or speculative purposes. On an ongoing basis the Group considers whether the financial risk management approach appropriately addresses the risk exposures. Note 5.4 Financial risks Management has assessed the following key financial risks: Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the DKK, GBP, NOK, RSD, SEK and USD. The company is primarily exposed to foreign exchange risk with respect to SEK arising on the bond in issuance. Notably the DKK exchange risk is very low because of Denmark’s fixed exchange rate policy toward EUR. Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities which are denominated in a currency that is not the entity’s functional currency. For the Group, a sensitivity analysis for foreign exchange risk disclosing how profit or loss and equity would have been affected by changes in foreign exchange rates that were reasonably possible at the end of the period was deemed necessary for liabilities denominated in SEK. At the end of the reporting period, had the SEK exchange rate strengthened or weakened against the euro by 5.5% (2023: 5.5%) with other variables held constant, the decrease or increase respectively in net exposure of the Group would amount to approximately EUR 1,352,661. A sensitivity analysis for all other assets and liabilities was not deemed necessary on the basis that the directors do not consider the risk to be material. Type Financial risk Foreign exchange risk High Interest risk Low Credit risk Low Liquidity risk Low Group Assets € Liabilities € Net exposure € DKK to EUR 2,420,206 -2,417,142 3,064 GBP to EUR 2,811,244 -659,592 2,151,652 NOK to EUR 31,534 -1,804,335 -1,772,801 RSD to EUR 3,486,700 - 3,486,700 SEK to EUR 620 -30,527,856 -30,527,236 USD to EUR 13,976,582 -4,429,041 9,547,541 Other currencies 178,843 - 178,843 22,905,729 -39,837,966 -16,932,237 Company Assets € Liabilities € Net exposure € USD to EUR 11,848,406 -4,218,338 7,630,068 NOK to EUR 31,534 - 31,534 11,879,940 -4,218,338 7,661,602 ===== SIDA 99 ===== Gentoo Media | Annual Report 2024 | Section 5 99 Financial statements | Back to FS content Note 5.4 | Financial risks Credit risk The Group is exposed to credit risk arising from cash and cash equivalents and trade receivables. At 31 December 2024, the total credit risk exposure was EUR 38,389 thousand (2023: EUR 33,988 thousand). The credit risk is governed by the Group’s credit risk policy. To mitigate the credit risk related to deposits with banks, the Group only uses financial counterparties possessing a satisfactory long-term credit rating from an internationally recognised agency (credit rating of minimum A-). Furthermore, maximum credit lines for each financial counterparty diversify the overall counterparty risk. The following table provides information regarding the aggregated credit risk exposure, for deposits with bank and financial institutions or intermediaries with external credit ratings as at 31 December 2024. The Group’s exposure to credit risk from trade receivables is described on note 4.1. EUR’000 Amount 2024 AA+ to AA- 32 A+ to A- 4,455 BBB+ to BBB- 4,299 Below BB or not rated 2,572 Total 11,358 ===== SIDA 100 ===== Gentoo Media | Annual Report 2024 | Section 5 100 Financial statements | Back to FS content EUR’000 Less than 1 year Between 1 and 2 years Between 2 and 5 years Total 2024 Trade payables* 13,397 - - 13,397 Bond 9,653 99,129 - 108,782 Lease liabilities 1,644 1,583 2,77 4 6,001 Loan from credit institution 7,079 - - 7,079 Deferred consideration 34,195 1,025 - 35,220 Contingent consideration 769 - - 769 Total 66,737 101,737 2,774 171,249 Liquidity risk The Group is exposed to liquidity risk in relation to meeting future obligations associated with its financial liabilities, which comprise principally trade payables, interest payments on bonds and loans as well as lease payments. Prudent liquidity risk management includes maintaining sufficient cash to ensure the availability of an adequate amount of funding to meet the Group’s obligations. Management monitors liquidity risk by reviewing expected cash flows and assesses whether additional financing facilities are expected to be required over the coming year. The Group’s liquidity risk is actively managed taking cognisance of the matching of cash inflows and outflows arising from expected maturities of financial instruments. Further information linked to liquidity and the going concern basis of preparation is found in note 1.3 to the financial statements. The table below analyses the maturity profile of the financial liabilities of the Group based on contractual undiscounted cash flows. The maturity analysis is based on the following assumptions: / The amounts disclosed in the table are the contractual undiscounted cash flows (including interest payments). Balances due within 12 months equal their carrying amounts as the impact of discounting is not significant. / Interest payments on borrowings with variable interest rates are based on current interest rate. / Payments for lease liabilities include only lease agreements which have commenced before the end of the reporting period. EUR’000 Less than 1 year Between 1 and 2 years Between 2 and 5 years Total 2023 Trade payables 10,777 1,863 – 12,039 Bond 8,319 8,319 82,870 99,509 Lease liabilities 1,423 1,206 954 3,583 Deferred consideration 16,560 27,924 - 44,484 Contingent consideration 361 408 - 769 Total 36,840 39,719 83,824 176,896 *Excluding non-financial instruments such as public debt, staff payables etc. Note 5.4 | Financial risks ===== SIDA 101 ===== Gentoo Media | Annual Report 2024 101 Financial statements | Back to FS content Other notes Section 6 102 Note 6.1 / Related party transactions 102 Note 6.2 / Fees to statutory auditors 102 Note 6.3 / Contingent liabilities 103 Note 6.4 / Events after reporting period 103 Note 6.5 / Comparative information 104 Note 6.6 / List of group entities ===== SIDA 102 ===== Gentoo Media | Annual Report 2024 | Section 6 102 Financial statements | Back to FS content Related parties The Group’s related parties are the executive management and the board of directors. Apart from contracts of employment, including share- based incentive programmes, no agreements or transactions have been entered into with these parties. Remuneration to the board of directors and the executive management is disclosed in note 2.4. Gentoo Media Inc. has no controlling shareholders or shareholders with significant influence. Group’s related party transactions MJ Foundation is the company’s largest shareholder, holding 13.17% as at 31 December 2024, and has a representative in the company’s Board of Directors. MJ Foundation is in close relationship with ZJ Foundation and these two hold controlling interests in Betplay Capital sp. These three hold a combined 26.27% of shares in the Group as of 31 December 2024. There were no other material related party transactions in 2024. Note 6.1 Note 6.2 Note 6.3 Related party transactions Fees to statutory auditors Contingent liabilities Group’s related party outstanding balances Fees to statutory auditors Litigations Gentoo Media is not part of any ongoing cases which are deemed to be of a material nature. From time to time, the company is involved in litigation brought by previous employees or other persons. As of today, the company and its legal counsel believe that these claims are without merit. EUR’000 2024 2023 Fees related to statutory audit 1,243 637 Fees for tax advisory services 48 135 Assurance engagements - - Other assistance - 292 Total audit fees 1,291 1,064 EUR’000 2024 2023 Payables Group parent 9,121 13,682 Other transactions Capital contributions during the year 13,336 4,265 Fair value of employee services - 1,534 ===== SIDA 103 ===== Gentoo Media | Annual Report 2024 | Section 6 103 Financial statements | Back to FS content Event after reporting period No subsequent events of material significance have occurred. Comparative information Comparative figures disclosed in the main components of these financial statements have been reclassified to conform with the current year’s presentation format for the purpose of fairer presentation. Amongst others, these include that the profit measure presented within the statement of cash flows is the operating profit; previously, the profit before tax measure was used, as is allowed by IAS 7, but not required. This change aligns with the future mandatory requirements of IFRS 18. Note 6.4 Note 6.5 Events after reporting period Comparative information ===== SIDA 104 ===== Gentoo Media | Annual Report 2024 | Section 6 104 Financial statements | Back to FS content Note 6.6 List of group entities List of group entities for discontinued operations The consolidated financial statements of the Group include the following subsidiaries for discontinued operations: Entities Country 2024 2023 GIG Central Services Limited Malta - 100.0 iGamingCloud Inc United States - 100.0 iGamingCloud Limited Malta - 100.0 iGamingCloud NV Curacao - 100.0 iGamingCloud SLU Spain - 100.0 MT Securetrade Limited Malta - 100.0 Silvereye International Limited Malta - 100.0 Sportnco Espana SA Spain - 100.0 Sportnco Gaming SAS France - 100.0 Sportnco SAS France - 100.0 Tecnalis Solution Providers SLU Spain - 100.0 List of group entities The consolidated financial statements of the Group include the following subsidiaries for continued operations: Entities Country 2024 2023 AskGamblers doo Serbia 100.0 100.0 AskGamblers Limited Malta 100.0 100.0 BE Marketing Limited Malta 80.0 80.0 Digital World Ltd Malta 100.0 100.0 Gentoo Media Plc Malta 100.0 100.0 GiG Norway AS Norway 100.0 100.0 Innovation Labs Limited Malta 100.0 100.0 KaFe Rocks Ltd Malta 100.0 100.0 KaFe Rocks USA LLC United States 100.0 100.0 Rebel Penguin ApS Denmark 100.0 100.0 SIA GiG Riga Latvia 100.0 100.0 Time2Play Media Ltd Malta 70.3 69.9 Titan Inc. Limited United Kingdom 100.0 - ===== SIDA 105 ===== Gentoo Media | Annual Report 2024 | Section 6 105 Financial statements | Back to FS content Note 6.6 | List of group entities The Group holds an interest of 70.33% in the share capital and voting rights over Time2Play Media Ltd. The company is exposed to the following options over the remaining interests in this subsidiary: / a held call option over an additional 11.11% interest; / a held call option and a written put option over an additional 16.67% interest; and / a held call option and a written put option over the remaining 1.89% interest. Each pairing of call and put options have the same strike price, and it is therefore expected that options in each pairing are exercised by one party for each circumstance. The strike price for the options over the 16.67% interest in Time2Play Media Ltd was determinable on the basis of a multiple of this subsidiary’s revenues for 2023. The combination of these options with a strike price that was virtually fixed at the time of the acquisition is considered to have exposed the Group to an interest associated with a present ownership of the underlying shares in Time2Play Media Ltd. Consequently, the value of EUR 0.9 million has been recognised as a liability at the time of the business combination, and the ownership interest associated with these shares has been attributed to the company’s owners; no ownership interest for these underlying shares has been attributed to non-controlling interests. Throughout 2024, the remaining 11.11% and 1.89% interests in Time2Play Ltd were presented in these consolidated financial statements as non-controlling interests, as the options did not expose the Group to risks and rewards associated with a present ownership interest. However, the strike price for the combined call and put options over the 1.89% interest was determinable on the basis of a multiple of Time2 Play Ltd’s revenues for 2024. Any variability in the strike price was thus removed as at the end of the reporting period, and it was determined that the Group’s exposure to risks and rewards became equivalent on 31 December 2024 to those associated with a present ownership interest in the underlying shares. Consequently, on that date the Group derecognised the non-controlling interest associated with this 1.89% interest (having a value of EUR 0.2 million) and recognised a liability of EUR 0.5 million for the anticipated strike price. The difference of EUR 0.3 million has been recognised directly within equity attributable to owners of the company, and is presented within capital reserves. ===== SIDA 106 ===== Gentoo Media | Annual Report 2024 106 Financial statements | Back to FS content Parent company financial statements ===== SIDA 107 ===== Gentoo Media | Annual Report 2024 | Parent company 107 Financial statements | Back to FS content Parent company financial statements Statement of comprehensive income for the year ended 31 ecember EUR’000 2024 2023 Revenue - - Employee costs 411 428 Amortization, depreciation and impairment -10,839 - Marketing expenses - - Other operating expenses 1,494 2,116 Total operating income before special items -12,744 2,544 Special items - - Operating income -12,744 -2,544 Other Income and expenses -453 -165 Profit before income taxes -13,197 -2,709 Income tax -339 - Profit from continuing operations -13,536 -2,709 Loss from discontinued operations - - Profit for the year -13,536 -2,709 Total comprehensive income -13,536 -2,709 ===== SIDA 108 ===== Gentoo Media | Annual Report 2024 | Parent company 108 Financial statements | Back to FS content Balance sheets as of 31 December Assets 2024 2023 Non-current assets Goodwill 10,448 10,448 Investment in subsidiaries 16,448 69,951 Deferred tax - - Other non-current assets 67 67 Total non-current assets 29,963 80,466 Current assets Trade receivables 22 10 Due from subsidiaries 9,121 13,682 Cash and cash equivalents 21 321 Total current assets 9,164 14,013 Total assets 36,127 94,479 Liabilities 2024 2023 Equity Share capital 119 114,136 Share premium 196,332 70,241 Accumulated deficit -164,953 -92,354 Total equity 31,498 92,023 Liabilities Current liabilities Borrowings - 1,706 Trade and other payables 4,329 750 Current income tax liability 300 - Total current liabilities 4,629 2,456 Total liabilities 4,629 2,456 Total equity and liabilities 36,127 94,479 Parent company financial statements ===== SIDA 109 ===== Gentoo Media | Annual Report 2024 | Parent company 109 Financial statements | Back to FS content Statement of changes in equity, for the year ended 31 december 2024 EUR’000 Share capital Share premium Currency translation reserve Accumulated deficit Total equity 2024 Equity at 1 January 114,136 70,241 - -92,354 92,023 Profit for the year - - - -13,536 -13,536 Other comprehensive income - - - - - Tax on other comprehensive income - - - - - Total comprehensive income for the year - - - -13,536 -13,536 Transactions with owners: Capital increase 5,294 6,662 - - 11,956 Reduction in share capital’s par value -119,311 119,311 - - - Share based payments - 118 - - 118 Distributions - - - -59,063 -59,063 Total transaction with owners -114,017 126,091 - -59,063 -46,989 Equity at 31 December 119 196,332 - -164,953 31,498 Parent company financial statements ===== SIDA 110 ===== Gentoo Media | Annual Report 2024 | Parent company 110 Financial statements | Back to FS content EUR’000 Share capital Share premium Currency translation reserve Accumulated deficit Total equity 2023 Equity at 1 January 107,967 61,889 - -89,645 80,211 Profit for the year - - - -2,709 -2,709 Other comprehensive income - -1,537 - - -1,537 Tax on other comprehensive income - - - - - Total comprehensive income for the year - -1,537 - -2,709 -4,246 Transactions with owners: Capital increase 6,011 8,192 - - 14,203 Share based payments 158 163 - - 321 Share compensation expense - 1,534 - - 1,534 Total transaction with owners 6,169 9,889 - - 16,058 Equity (deficit) at 31 December 114,136 70,241 - -92,354 92,023 Statement of changes in equity, for the year ended 31 december 2023 Parent company financial statements ===== SIDA 111 ===== Gentoo Media | Annual Report 2024 | Parent company 111 Financial statements | Back to FS content Statement of cash flows for the year ended 31 December The cash flow statement is presented using the indirect method and shows the composition of cash flows divided into operating, investing and financing activities and the changes in cash and cash equivalents during the year. Cash flows from discontinued operations are included in cash flows from operating, investing and financing activities together with cash flows from continuing operations. Cash flow from operating activities consists of earnings before depreciation, amortization and impairment (EBITDA) adjusted for changes in provisions and net working capital, other non- cash operating items and paid and taxes paid. Cash flow from investing activities comprises payments made and cash received in connection with the acquisition and disposal of businesses and non-current assets. Cash flow from financing activities comprises changes in the size or composition of equity and loans, repayment of interest-bearing debt including lease liabilities and payments of interests. Cash and cash equivalents are comprised of cash on hand, deposits held at call with banks and e-wallets. Accounting policies EUR’000 Note 2024 2023 Cash flow from operating activities Results before income taxes -13,197 -2,709 Loss from discontinued operations - - Changes in working capital - - Change in current assets 279 -9,729 Change in trade and other payables 493 689 Adjustments for non-cash items 10,957 - Taxes paid -39 - Net cash flows from operating activities -1,507 -11,749 Cash flow from investing activities Purchases of intangible assets - - Purchases of property, plant and equipment - - Acquisition of subsidiaries, net of cash acquired -6,569 - Net cash flows from investing activities -6,569 - Cash flow from financing activities Proceeds from loans - 1,705 Loan repayment -1,705 - Proceeds from issuance of shares 9,459 10,273 Net proceeds from bond refinancing - - Repayment of lease liabilities, principal part - - Interests paid 22 - Net cash flows from financing activities 7,776 11,978 Net movement in cash and cash equivalent 300 229 Cash and cash equivalents at beginning of year 321 92 Cash and cash equivalents classified as held for distribution to owners - - Cash and cash equivalents at end of the period 21 321 Parent company financial statements ===== SIDA 112 ===== Gentoo Media | Annual Report 2024 | Parent company 112 Financial statements | Back to FS content Note 1 Note 2 Basis of reporting Employee costs Accounting policies The financial statements of Gentoo Media Inc. for 2024 have been prepared in accordance with IFRS Accounting Standards issued by the IASB. The financial statements are presented in EUR thousands, which is considered the functional currency of the parent company. New accounting policies and regulation New accounting regulations are described in Section 1 to the consolidated financial statements. Material accounting policies With the exception of the items described below, the accounting policies for Gentoo Media Inc. are identical to the Group’s accounting policies, which are described in the notes to the consolidated financial statements. Investments in subsidiaries Investment in subsidiaries is measured at cost, which comprises consideration transferred measured at fair value and directly attributable transaction costs. If the recoverable amount is lower than the cost, the investment is written down to this lower value. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount, but only to the extent that the recoverable amount does not exceed the original cost. Receivables from subsidiaries Receivables from subsidiaries are initially recognised at fair value and are subsequently measured at amortised costs. Interest income from these financial assets is included in finance income using the effective interest rate method. A loss allowance is recognised for 12-months expected credit losses, where there has not been a significant increase in credit risk since initial recognition. Significant accounting estimates and judgement Significant accounting estimates and judgements relating to the applied accounting policies for Gentoo Media Inc. are the same as for the Group to the extent of similar accounting items. The specific risk for Gentoo Media Inc. is primarily related to investment in subsidiaries. Investments in subsidiaries If there is identification of impairment, an impairment test is performed as described in the accounting policies in note 3.2 to the consolidated financial statements. The assessment of whether there is an indication of impairment is based on both external and internal sources of information such as performance of the subsidiary. Employee costs Employee costs consist of direct wages and salaries, remuneration, pension costs, share-based payments, training etc. related to the continuing activities. For information regarding remuneration to the board of directors and executive management, refer to note 2.4 to the consolidated financial statements. EUR’000 Note 2024 2023 Wages and salaries 411 428 Defined contribution plans - - Other short-term benefits - - Total 411 428 Average number of full-time employees 2 2 ===== SIDA 113 ===== Gentoo Media | Annual Report 2024 | Parent company 113 Financial statements | Back to FS content Note 3 Note 4 Other operating expenses Other income and expenses Fees to auditors Other income and expenses EUR’000 2024 2023 Annual statutory audit 621 - Tax advisory and compliance services - - Other non-audit services - - Total operating expenses 621 - EUR’000 2024 2023 Finance income - - Other income - - Finance expense -453 -165 Other expense - - Total other income and expenses -453 -165 ===== SIDA 114 ===== Gentoo Media | Annual Report 2024 | Parent company 114 Financial statements | Back to FS content Note 5 Income tax Income tax Effective tax rate (ETR) The U.S. corporate tax rate is 21% for US federal and approximately 3% on state in 2024 and 2023. As at 31 December 2024 the Company had approximately kan du skrive EUR 14 million (2023: EUR 34 million) of net operating loss carryforwards from its US operations adjusted for exchange fluctuations. EUR’000 2024 2023 Current tax 339 - Deferred tax - - Prior year adjustments, net - - Total current tax 339 - Deferred tax expense/(benefit) - - Total income tax 339 - EUR’000 2024 2023 Effective tax rate 24% Profit from continuing operations before tax -13,197 - Calculated tax at domestic tax rates 3,167 - Tax effect of: Income not subject to taxation - - Expenses non-deductible for tax purpose - - Unrecognized current tax in previous year - - Utilisation of unrecognised tax losses from previous years -3,400 - Movements in unrecognised deferred tax assets - - Other differences -106 - Income tax expense, reported -339 - Effective tax rate (%) 2,6% - ===== SIDA 115 ===== Gentoo Media | Annual Report 2024 | Parent company 115 Financial statements | Back to FS content Note 6 Note 7 Goodwill Investments in subsidiaries EUR’000 2024 2023 Cost at 1 January 10,448 10,448 Foreign exchange adjustment - - Additions - - Acquisition of subsidiaries - - Disposals - - Reclass to assets held for distribution - - Cost at 31 December 10,448 10,448 Accumulated amortisations and impairment at 1 January - - Foreign exchange adjustment - - Amortisation - - Impairment - - Accumulated amortisations and impairment at 31 December - - Carrying amount 10,448 10,448 EUR’000 2024 2023 Cost at 1 January 69,951 65,703 Additions 13,335 4,248 Disposals - - Disposals through distribution of the Platform & Sportsbook segment -55,999 - Cost at 31 December - 69,951 Impairment Beginning of financial year - - Impairment during the year -10,839 - End of financial year -10,839 - Carrying amount 16,448 69,951 Goodwill in the parent company solely related to the acquisition of Gentoo Media PLC including subsidiaries at the time of acquisition. Gentoo Media PLC including subsidiaries were acquired in 2015. The list of subsidiaries is disclosed in note 6.6 to the consolidated financial statements. At 31 December 2024, management has not identified any impairment indications. The additions during 2024 comprised: / an investment of EUR 10.8 million in a new subsidiary that was incorporated in connection with, and in preparation for, the spin-off of the Group’s Platform & Sportsbook segment - control over this subsidiary was temporary as it was subsequently spun-off on 30 September 2024; / an additional investment of EUR 2.5 million related to the KaFe Rocks earnout. During 2023, the Group had classified its Platform & Sportsbook segment as a discontinued operation, and management had performed an impairment test on the investments in subsidiaries within the discontinued operations. That assessment had been based on valuations that had been obtained at the time, and had resulted in an impairment charge of EUR 59.1 million. The spin-off of the Platform & Sportsbook segment was completed during 2024, as disclosed in note 3.5. The investments in subsidiaries belonging to this segment were impaired by an additional amount of EUR 59.1 million through which their carrying amount was reduced to be equal to the post-spin-off market capitalization of this segment once it started trading as a separate group. There were no indications of possible impairment in the Company’s investments in the subsidiaries that are still held at 31 December 2024. ===== SIDA 116 ===== Gentoo Media | Annual Report 2024 | Parent company 116 Financial statements | Back to FS content Share capital Further information about the parent company’s share capital and related rights is provided in note 5.1 to the consolidated financial statements. Capital management For the purpose of the parent company’s capital management, reference is made to the consolidated financial statement note 5.1. Litigations Gentoo Media is not part of any ongoing cases which are deemed to be of a material nature. From time to time, the company is involved in litigation brought by previous employees or other persons. As of today, the company and its legal counsel believe that these claims are without merit. Note 7 | Investments in subsidiaries Note 8 Note 9 Share and capital structure Contingent liabilities In the company’s separate financial statements, investments in subsidiaries are accounted for by the cost method of accounting, i.e. at cost less impairment. Cost includes directly attributable costs of the investment. Impairment adjustments are recorded where, in the opinion of the directors, there is an impairment in the value of an asset. Where there has been an impairment in the value of an investment, it is recognised as an expense in the period in which the diminution is identified. The results of subsidiaries are reflected in the company’s separate financial statements only to the extent of dividends receivable. On disposal of an investment, the difference between the net disposal proceeds and the carrying amount is charged or credited to profit or loss. Accounting policies ===== SIDA 117 ===== Gentoo Media | Annual Report 2024 | Parent company 117 Financial statements | Back to FS content Note 10 Financial instruments and risk management Financial risk management Financial risks of the parent company are handled within the risk management processes and framework of the Group. The objectives, policies, and processes for measuring and managing the exposure to financial risks is described in note 5.5 to the consolidated financial statements. The risks specific to the parent company are described below. Currency risk The parent company is not exposed to significant currency risk. Liquidity risk Liquidity risk results from the parent company’s potential inability or difficulty in meeting the contractual obligations associated with its financial liabilities due to insufficient liquidity. Gentoo Media Inc. is a holding company and its primary assets consist of shares in Gentoo Media PLC and receivables from companies within the Group. The parent company has no revenue generating activities of its own, thus cash flows and ability to service its indebtedness and other obligations, will depend primarily on the operating performance and financial condition of Gentoo Media PLC and its operating subsidiaries and related cash receipts. At 31 December 2024, the parent company carried no significant financial liabilities. Credit risk The parent company has no revenue generating activities and therefore no trade receivables. Consequently, the parent company’s exposure to credit risk is primarily related to receivables from subsidiaries. The carrying amount of financial instruments by category is specified as follows: The carrying amount of receivables and payables as well as cash balances is not considered to differ significantly from the fair value. EUR’000 2024 2023 Financial assets Financial assets at amortised costs Receivables from subsidiaries 9,121 13,682 Cash and cash equivalents 21 321 Total 9,142 14,003 Financial liabilities Financial liabilities at amortised costs Trade payables 4,329 750 Short term loans - 1,705 Total 4,329 2,456 ===== SIDA 118 ===== Gentoo Media | Annual Report 2024 | Parent company 118 Financial statements | Back to FS content Note 11 Note 12 Related party transactions Events after reporting period Parent’s related party transactions In addition to the description in Section 6 to the consolidated financial statements of related parties and transactions with these, related parties of the Parent comprise Gentoo Media p.l.c. and its subsidiaries. Events after reporting period Event after reporting period – parent Company See note 6.5 to the consolidated financial statements. EUR’000 2024 2023 Receivables Subsidiaries 9,121 13,682 ===== SIDA 119 ===== Gentoo Media | Annual Report 2024 Management commentary | Back to content 119 121 Statement by the Executive Management and the Board of Directors 122 Independent Auditor’s Report 126 Glossary Assurance statements and glossary Financial statements | Back to FS content ===== SIDA 120 ===== Gentoo Media | Annual Report 2024 | Parent company 120 Financial statements | Back to FS content Mikael Riese Harstad Chairman Jonas Warrer CEO Executive Management Board of Directors Mateusz Juroszek Director Cristina Romero de Alba Director Hesam Yazdi Director 11 April 2025 The Board of Directors and the Executive Management have today considered and adopted the annual report of Gentoo Media Inc. for the financial year 1 January - 31 December 2024. The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as adopted by the EU. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the Group’s and the parent company’s assets, liabilities and financial position at 31 December 2024, 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 – 31 December 2024. In our opinion, tthe Management’s Commentary represents a true and fair account of the development in the Group’s and the parent company’s operations and financial circumstances, of the results for the year and of the financial position of the Group and the parent company as well as a description of the most significant risks and elements of uncertainty facing the Group and the parent company In our opinion, the Sustainability summary included in the Management’s Commentary represents a reasonable, fair, and balanced representation of the Group’s sustainability performance and is prepared in accordance with the stated accounting policies. In our opinion, the annual report of Gentoo Media Inc. for the financial year 1 January – 31 December 2024 is prepared, in all material respects, in compliance with the ESEF Regulation. We recommend that the annual report is adopted at the annual general meeting. Statement by the Executive Management and the Board of Directors Nicholas Batram Director Tomasz Juroszek Director ===== SIDA 121 ===== Gentoo Media | Annual Report 2024 | Independent Auditor’s Report 121 Financial statements | Back to FS content To the Shareholders of Gentoo Media Inc. (formerly known as Gaming Innovation Group Inc.) Report on the Audit of the Financial Statements Opinion We have audited the consolidated financial statements of Gentoo Media Inc. and its subsidiaries (the Group), and the financial statements of the Parent, each of which comprise the applicable statements of financial position as of 31 December 2024, and the statements of comprehensive income (loss), statements of changes in equity and statements of cash flows for the year then ended, and the notes to the consolidated financial state- ments, including a summary of significant accounting policies. In our opinion, the accompanying Group consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as of 31 December 2024, and its consolidated financial performance and consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU. In our opinion, the accompanying Parent financial statements give a true and fair view of the financial position of the Par- ent as of 31 December 2024, and its financial performance and cash flows for the year then ended in accordance with the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway and Sweden Accounting Act and accounting standards and practices generally accepted in Sweden. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report below. We are indepen- dent of the Group and the Parent in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statements and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appro- priate to provide a basis for our opinion. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit proce- dures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the financial statements. Impairment assessment of goodwill and other intangible assets As described in the accounting policies note 3.1 and note 3.2 to the financial statements, the Group tests whether goodwill and other intangible assets are impaired on an annual basis. IAS 36 ‘Impairment of Assets’ requires that Goodwill and other intangible assets are subject to an impairment review at least annually, or more frequently when there is evidence of a trigger event. IAS 36 also requires a number of specific disclosures in respect of the impairment assessment. The Group test whether goodwill and other intangible assets are impaired on an annual basis. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separable identifiable cash flows, referred to as a cash generating unit (“CGU”). During the year and following the completion of the Strategic Review announced by the Board of Directors, the Group reassessed its accounting policy for the identification of its CGUs – this reassessment led the Group to identify two CGUs: ‘Paid’ and ‘Publishing’. The Group had goodwill of Euro 44 million and Euro 62 million of other intangible assets across the two cash- generating units. When performing the annual impairment review of goodwill and other intangible assets as at 31 December 2024, management determined that the goodwill and other intangible assets were fully recoverable . The underlying forecast of cash flows and the supporting assumptions, reflect significant judgements as these are affected by future market or economic conditions, changes to laws and regulations as well as management’s success in achieving growth targets. The estimation of future cash flows and the level to which they are discounted is inherently uncertain and requires judgement. Judgement is also applied in the assessment of useful lives of intangible assets that are amortised over a defined period. The extent of judgement, and the size of goodwill and intangible assets resulted in this matter being identified as an area of audit focus. Report on the Audit of the Financial Statements Independent Auditor’s Report ===== SIDA 122 ===== Gentoo Media | Annual Report 2024 | Independent Auditor’s Report 122 Financial statements | Back to FS content How our audit addressed the key audit matter We obtained the annual impairment assessments per CGU performed by management. A key component of our work was to consider the budgets and cash flow forecasts prepared by management, as outlined below. This was supplemented by specific procedures on the key assumptions used. We agreed the 2025 budget in the impairment models to the latest Board approved budgets. For the remaining periods covered by the models we evaluated the assump- tions (including growth rates, EBITDA margins and discount rates) in the forecasts and considered the evidence available to determine whether the forecasts were reasonable and supportable. We, together with our valuation experts, determined that the application of the key assumptions was considered to be reasonable. Due to the significant headroom between the reported intangible assets and the respective value-in-use calculations, sensitivities were not deemed necessary. We assessed the appropriateness of the disclosures as required by IAS 36 in respect of the goodwill and other intangible assets and considered these to be reasonable. Based on the work performed, we found the assessment of the recoverable amount of goodwill and other intangible assets to be consistent with the explanations and evidence obtained. Acquisition accounting Refer to Note 1.4 -key accounting estimates and judgements, Note 3.1 Intangible assets and Note 3.4 Acquisition of businesses. In August 2024, the Group completed the purchase of 100% of the shares and voting rights in Titan Inc. Limited. The Group acquired effective control over Titan Inc. Limited from 31 May 2024, which is the date on which the Group became exposed to variable returns from its involvement with the entity and gained the ability to affect those returns through its power to direct the activities of the entity via its majority voting rights. The consideration (net of discounting) amounts to €2.7 million. Accounting for the acquisition under IFRS 3 ‘Business Combinations’ required a fair value exercise to assess the assets and liabilities acquired including valuing any separately identifiable assets and the resulting goodwill. Management identified €0.7 million of identifiable intangible assets in respect of customer relationships. The residual goodwill arising from this acquisition amounted to €2.2 million. In addition to the above, during 2024, the Group completed three asset acquisitions amounting to €8.9 million. Management determined that the purchase price is to be allocated to two separately identifiable intangible assets: domains and affiliate contracts. In arriving at the value of affiliate contracts, management assessed the acquired affiliate contracts and assumed a churn rate. The remainder of the consideration is allocated to the domain value. How our audit addressed the key audit matter We focused on this matter due to the significance of management assumptions and judgements exercised. The identification and valuation of intangible assets can be a particularly subjective process. Any difference to these assumptions could cause a material misstatement. We obtained and assessed management’s purchase price allocation / valuation workings for each of the four acquisitions completed during 2024. We performed the following procedures on the Group’s acquisitions during the year: Specifically on Titan Inc. Limited we obtained comfort over the acquisition meeting the definition of a Business Combination under IFRS 3 and audited the opening balance sheet position of Titan Inc. Limited; Assessed management’s judgements and estimates made in preparing these valuations, including the key assumptions applied such as the growth rate and discount rate (where applicable), and the useful economic lives assigned to the intangible assets (taking into considering the useful lives assigned to existing Group intangibles arising from previous acquisition); assessed whether the accounting principles and disclosures in the annual report are in accordance with IFRSs. From the procedures performed set out above, we did not find any material differences in the identified intangible assets and the arising values recognized in the financial statements. As a result of our work, we determined that the acquisitions during the year have been appropriately accounted for and disclosed. Disposal of Platform Business Refer to Note 3.5 Discontinued operations and disposal groups held for distribution. In February 2023, the Board of the Company’s Parent decided to initiate a Strategic Review with the intention to split the Group into two main business segments. The split was achieved through the divestment of the Platform & Sportsbook segment, which was distributed to the shareholders of the Parent Company. Report on the Audit of the Financial Statements Independent Auditor’s Report ===== SIDA 123 ===== Gentoo Media | Annual Report 2024 | Independent Auditor’s Report 123 Financial statements | Back to FS content As part of the distribution process and prior to the completion of the divestment, management assessed whether an impairment indicator arose under IAS 36. Management used the fair value of the new listed Group, and such value was based on the average share price in the initial listing period. As a result of such an assessment, €51.1 million was included as an impairment charge. In accordance with IFRS 5, Platform & Sportsbook financial results are presented as a discontinued operation, and the assets and liabilities of this disposal group held for distribution have been separately presented in the financial statements for the year ended 31 December 2023 and at the distribution date (30 September 2024). How our audit addressed the key audit matter We focused on this matter due to the significance of man- agement assumptions and judgements exercised in rela- tion to determining the fair value of the new listed Group. Any difference to these assumptions and judgements could cause a material misstatement. We obtained management’s impairment assessment comparing the market value of the new listed Group and the net asset value accounted for at distribution date. We agreed the inputs to the supporting documentation and challenged the judgement in relation to the share price assigned to the units. We, together with our valuation experts, determined that the application of the key assumptions was considered to be reasonable. We assessed the appropriateness of the disclosures as required by IAS 36 and IFRS 5 and considered these to be reasonable. Effectiveness of internal controls The Group, in September 2024, completed the split dividing the Company into two independently listed companies. In addition, the Group made a number of acquisitions in 2023 and 2024. These factors contributed to gaps in control measures especially in the area of acquisition accounting and the related revenue. How our audit addressed the key audit matter We focused on areas such as acquisition accounting and related revenue because of the nature and magnitude of the said areas, as well as the outcome of the evaluation of the degree of formal corporate governance over these acquisitions, which in turn increases the risk of management override and inherently presents a higher risk of misstatement. As a result of the increased audit risk, we performed additional audit procedures designed to identify and mitigate the related risks and incorporated a greater emphasis on substantive testing of these areas. Procedures included: Applying a higher level of professional scepticism and placing more reliance on substantive work on acquisitions and related revenues by obtaining third party confirmations on certain elements where lack of segregation of duties and/or corporate governance were noted; Engaging in detailed ongoing discussions with management and the directors throughout the audit process to understand new transactions and revenue generated from these transactions, which led to adjustments being processed by management; Seeking written endorsements of such transactions from the Group Audit Committee; Seeking written representations on, inter alia, the nature, completeness and business rationale of some specific transactions entered into by the Group in 2024 and that no related parties were involved. Control deficiencies, including lack of formal corporate governance around such transactions have been formally communicated to the directors and the Group Audit Committee. We have no key audit matters to report with respect to our audit of the parent company financial statements. Other Information Other information consists of the information included in the Company’s annual report other than the consolidated financial statements and our auditor’s report thereon. The Board of Directors and Chief Executive Officer (management) are responsible for the other information. Our opinion on the consolidated financial statements does not cover the Board of Directors Report nor the other information accompanying the consolidated financial statements and we do not express any form of assurance or conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of the Board of Directors Report and the other information we are required to report that fact. We have nothing to report in this regard. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free form material misstatement, whether due to fraud or Report on the Audit of the Financial Statements Independent Auditor’s Report ===== SIDA 124 ===== Gentoo Media | Annual Report 2024 | Independent Auditor’s Report 124 Financial statements | Back to FS content error. In preparing the consolidated financial statements, management is responsible for assessing the Group and Parent’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 and Parent or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the consolidated 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 will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: / Identify and assess the risks of material misstatement of the consolidated 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 and Parent’s internal control. / Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates 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 conditions that may cast significant doubt on the Group and Parent’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 consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and Parent to cease to continue as a going concern. / Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated 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 and the Parent to express an opinion on the consolidated and parent financial statements. We are responsible for the direction, supervision and performance of the group and parent audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to 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 gover- nance, we determine those matters that were of most significance in the audit of the consolidated 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. Opinion on the Board of Directors Report and Corporate Governance Report Based on our audit of the consolidated financial statements as described above, it is our opinion that the information presented in the Board of Directors Report and Corporate Governance Report concerning the financial statements and the going concern assumption is consistent with the consolidated financial statements and complies with the applicable laws and regulations. Report on Other Legal and Regulatory Requirements The Annual Report and Consolidated Financial statements contains other areas required by legislation or regulation Report on the Audit of the Financial Statements Independent Auditor’s Report ===== SIDA 125 ===== Gentoo Media | Annual Report 2024 | Independent Auditor’s Report 125 Financial statements | Back to FS content on which we are required to report. The Board of Directors are responsible for these other areas. Report on compliance with Regulation on European Single Electronic Format (ESEF) / Opinion As part of the audit of the Financial Statements of Gentoo Media Inc., we have performed an assurance engagement to obtain reasonable assurance about whether the financial statements included in the annual report, with the file name GentooMedia Inc AR 2024.zip have been prepared, in all material respects, in compliance with the requirements of the Commission Delegated Regulation (EU) 2019/815 of the European Single Electronic Format (ESEF Regulation) and regulation pursuant to Section 5-5 of the Norwegian Securities Trading Act, which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the consolidated financial statements. In our opinion, the financial statements included in the annual report, have been prepared, in all material respects, in compliance with the ESEF Regulation. / Management’s responsibilities Management is responsible for the preparation of the annual report in compliance with the ESEF Regulation. This responsibility comprises an adequate process and such internal control as management determines is necessary. / Auditor’s Responsibilities Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all material respects, the financial statements included in the annual report have been prepared in accordance with the ESEF Regulation. We conduct our work in accordance with International Standards for Assurance Engagements (ISAE) 3000 – “Assurance engagements other than audits or reviews of historical financial information”. The standard requires us to plan and perform procedures to obtain reasonable assurance about whether the financial statements included in the annual report have been prepared in accordance with the ESEF Regulation. As part of our work, we performed procedures to obtain an understanding of the Company’s processes for preparing the financial statements in accordance with the ESEF Regulation. We test whether the financial statements are presented in XHTML- format. We evaluate the completeness and accuracy of the iXBRL tagging of the consolidated financial statements and assess management’s use of judgement. Our procedures include reconciliation of the iXBRL tagged data with the audited financial statements in human-readable format. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Woodbury, New Y ork, 11 April 2025 REID CPAs LLP Report on the Audit of the Financial Statements Independent Auditor’s Report ===== SIDA 126 ===== Gentoo Media | Annual Report 2024 Financial statements | Back to FS content 126 Glossary List of abbreviations and definitions AI: Artificial intelligence B2B: Business-to-Business B2C: Business-to-Customer BI: Business intelligence CLV: Customer Lifetime Value CMS: Content Management System CRM: Customer Relationship Management CSR: Corporate Social Responsibility EBITDA before special items: Earnings before interest, tax, depreciation, amortisation and special items (equivalent to operating profit before depreciation, amortisation, impairment, and special items) EGR: eGaming Review - B2B publisher and membership networking group for the online gaming and gambling industry ESG: Environment, Social, Governance EU: European Union FTD: First-time-Depositors GDPR: EU’s General Data Protection Regulation GiG: Gaming Innovation Group Inc. IFRS: International Financial Reporting Standards IR: Investor Relations M&A: Mergers and acquisitions NFRD: EU’s Non-Financial Reporting Directive Platform & Sportsbook: The entity that was a part of Gaming Innovation Group with Gentoo Media, now known as GiG Software The parent: Parent company of Gentoo Media Inc. PPC: Pay per click QMAR: Quality Mark Responsible Affiliates SEO: Search engine optimisation The company: Gentoo Media Inc. The Group: Gentoo Media Inc. ===== SIDA 127 ===== 127 Gentoo Media | Annual Report 2024 Company information St. Julian’s (Headquarters) Golden Mile Business Centre Triq Id-Dragunara St Julian’s, STJ 3148, Malta Valencia @46015 València Av. de les Corts Valencianes, 58, 5th floor Pobles de l’Oest Spain Norwich The Union Building, 51-59 Rose Lane Norwich, Norfolk England Copenhagen @Rebel Penguin Nannasgade 28 2200 Copenhagen N Denmark Belgrade @Airport City, Rose Building Omladinskih Brigada 90V 11070 New Belgrade Serbia Norwich Valencia St. Julian’s Belgrade Copenhagen