Kvartalsrapport Q3 2024

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===== SIDA 1 =====

Q3 2024
Interim report
Gentoo Media Inc. - 13 November 2024

===== SIDA 2 =====

Financial statement: Gentoo Media Plc
Consolidated statement of income ........................................................... 28
Consolidated balance sheet ...................................................................... 29
Consolidated cash statment of cash flow ................................................. 30
Financial statement: Gentoo Media Group 
Consolidated statement of income........................................................... 17
Consolidated balance sheet  ..................................................................... 18
Consolidated cash statment of cash flow  ................................................ 19
Notes
1. General information  ................................................................................ 21
2. Basis of preparation  ............................................................................... 21
3. Summary of significant accounting policies  ......................................... 21
4. Assets held for distribution  .................................................................... 22
5. Impairment of intangible assets  ............................................................ 23
6. Discontinued operations  ....................................................................... 23
7. Earning (loss) per share  ........................................................................... 23
8. Changes in equity  .................................................................................. 23
9. Senior secured bonds  ............................................................................ 24
10. Business combinations  ........................................................................ 24
11.  Litigations  .............................................................................................. 24
12. Related party transactions  ................................................................... 24
13. Subsequent events  ............................................................................... 24
14. Special Items  ........................................................................................ 24
15. Alternative performance measures  ...................................................... 25
Auditors review report
Review report  ............................................................................................. 26
Table of contents
Q3 2024 Interim report
Group CEO
Jonas Warrer
jonas.warrer@g2m.com
This information is information that Gentoo Media Inc. is obliged to make public pursuant to the EU Market Abuse 
Regulation. The information was submitted for publication, at 08:00 CET on 13 November 2024.
Group CFO
Tore Formo
tore@g2m.com
Contact
Management's review
Q3 Highlights .............................................................................................. 3
Letter from the CEO ................................................................................... 4
Summary and outlook................................................................................. 5
Gentoo Media operational review  ............................................................. 7
Financial review .......................................................................................... 9
Our business model  ................................................................................... 13
Our strategic approach to sustainability  ................................................... 14
Financial highlights  .................................................................................... 15
Where we are  ............................................................................................. 31

===== SIDA 3 =====

Q3 2024  -  Gentoo Media Interim Report
3
Split of the company
• Gentoo Media Inc. (formerly Gaming Innovation Group 
Inc.) is now purely an affiliate-focused business after 
distribution of the Platform & Sportsbook division to 
shareholders on 30 September 2024. 
• The restructuring strengthens Gentoo Media, 
enabling expansion into new markets, investment in 
technology, and strategic acquisitions. With greater 
financial flexibility and streamlined operations, the 
Company is well-positioned to capitalise on new 
opportunities and scale effectively. 
• Gentoo Media is now better equipped to deliver 
meaningful returns and leveraging the strengthened 
financial capacity to create substantial value for its 
investors.
Financial highlights 
• Gentoo Media reported all-time high revenues of EUR 
30.4 (22.5) million, up 35% Y oY (12% organic growth), 
marking the 15th successive quarter with all-time high 
revenue. 
• EBITDA increased by 36% to EUR 14.0 million (10.3), 
with an EBITDA margin of 46% (46%).  
• Adjusting for special items primarily related to the 
Company's split, EBITDA amounted to EUR 14.6 million 
with a margin of 48%. 
• EBIT reached EUR 10.0 (7.1) million, up 40% Y oY with a 
margin of 33% (32%). 
• Cash flow from operations was EUR 9.5 (8.3) million. 
• Entered into a EUR 25 million Revolving Credit Facility 
Agreement with Citibank Europe plc., securing 
financial flexibility.
Operational highlights 
•  Successful recovery of sites adversely affected by 
Google Core’s March update. 
• AskGamblers and KaFe Rocks continue to develop 
positively following Gentoo Media takeover. 
• The integration of Titan Inc. has begun, with substantial 
cost savings expected in SEO and content as the 
process accelerates. 
• Sustained focus on higher value markets continued 
in Q3, reducing intake of low-value players. Player 
intake reached 112,000 (113,800) in the quarter, down 
2% Y oY. In the same period, value of deposits for the 
player base is up 36% Y oY. 
• Player-friendly sports results impacted sports 
margins negatively in August and September, with an 
estimated adverse revenue effect in excess of EUR 1.5 
million.
Q3 Highlights
Q3
2023
Q3
2024
Q3
2023
Q3
2024
EBITDA
(MEUR)
22.5 10.330.4
Q3 Highlights - 
14.0
before
special 
items
Revenues
(MEUR)
+36%
Yo Y
+35%
14.6

===== SIDA 4 =====

4
Letter from the CEO
Dear shareholders,
I am pleased to present our third quarterly report for 
2024, marking yet another record-setting quarter for 
Gentoo Media, with 15 consecutive quarters of all-time 
high revenue. Our focused strategy on sustainable, 
long-term growth - emphasising diversification and 
increased revenue share earnings - continues to 
strengthen our business. Despite market volatility, our 
disciplined approach has proven resilient, driving steady 
success and positioning us with a competitive edge in an 
increasingly dynamic marketplace. We remain confident 
that our strategic path will support our continued growth 
and stability in the coming quarters.
The restructuring to separate Media and Platform 
& Sportsbook and create two independently listed 
companies was successfully completed in the quarter, 
with the Platform & Sportsbook division distributed 
to shareholders. As of October 2024, Gentoo Media 
operates as a purely affiliate-focused business. This 
pivotal milestone enhances our financial flexibility and 
sharpens our strategic focus, positioning us for even 
greater growth and adaptability in the affiliate space.
Our diversification strategy, focused on sustainable 
long-term growth amid challenging market conditions, 
continues to deliver strong results. In the third quarter 
of 2024, Gentoo Media achieved record-breaking 
revenue of EUR 30.4 million, reflecting a 35% year-on-
year increase, with 12% organic growth. Gentoo Media’s 
operational efficiency remains evident, with EBITDA 
reaching EUR 14.0 million, a year-on-year increase of 
36%, and an EBITDA margin of 46% for the quarter.
The integration of Titan Inc., which we acquired in the 
quarter, is already in progress. We expect this integration 
to result in substantial cost reductions in content and 
SEO as we advance. Additionally, initiatives to grow 
the newly acquired website, Casinomeister.com, have 
commenced. Meanwhile, KaFe Rocks and AskGamblers 
continue to thrive following these acquisitions in 2023. 
These developments strengthen our confidence that 
our growth will be driven by organic expansion as well as 
carefully controlled strategic acquisitions.
Traditionally, the fourth quarter is historically a period of 
strong performance for Gentoo Media, benefiting from 
favourable seasonality in both casino and sports. Gentoo 
Media is well-positioned to seize the opportunities this 
exciting period presents. In Q3, several new initiatives 
were launched to drive further revenue growth in Q4, and 
the team eagerly anticipates seeing the full impact of 
these efforts.
I want to take a moment to express my heartfelt gratitude 
to our dedicated team at Gentoo Media. Thanks to their 
hard work, commitment, and focus, we have achieved 
remarkable growth over the past several quarters. I also 
appreciate our valued partners; we are building a thriving 
business together, and I eagerly anticipate an even 
more successful year ahead. Finally, I want to thank our 
investors for their unwavering support, which has been 
instrumental in our journey.
Sincerely,
Jonas Warrer  |  Chief Executive Officer Gentoo Media
Letter from the CEO  -

===== SIDA 5 =====

Q3 2024  -  Gentoo Media Interim Report
5
Summary and outlook
Split of the Company
The Board of Directors initiated a strategic review 
in February 2023 with the intention of splitting the 
Company into two separate companies, forming two 
industry-leading businesses with the potential to 
grow faster than in the current corporate structure. 
The purpose of the split was to optimise growth 
opportunities and ensure each business could benefit 
from the strategic and financial flexibility of its distinctive 
business models.
Following shareholder approval in a Special Meeting 
of Shareholders on 23 September 2024, the split 
was executed on 30 September 2024, dividing the 
Company into two independently listed companies. 
The shareholder meeting also approved the name 
change from Gaming Innovation Group Inc. to Gentoo 
Media Inc. The change reflects the Company’s ongoing 
commitment to growing the business and building on 
its successful track record as a leading affiliate in the 
iGaming industry.
Gentoo Media continues as an independent public 
company and a pure media business, continuing the 
business's journey as a market-leading affiliate in the 
iGaming industry. Gentoo Media Inc. maintains its dual 
listing on the Oslo Stock Exchange, Norway,  and on 
Nasdaq Stockholm, Sweden.
The assets and subsidiaries of the platform business 
were extracted from Gentoo Media Inc. and distributed 
to the shareholders. The platform business continues 
as an independent B2B company named GiG Software 
PLC, providing its proprietary platform and sportsbook 
technology across the global iGaming sector. The 
distribution of the platform business to the shareholders 
was in the form of depository receipts in GiG Software 
PLC, listed on the Nasdaq First North Premier Growth 
Market in Stockholm.
Gentoo Media
Revenues in Gentoo Media were at an all-time high of 
EUR 30.4 (22.5) million in the third quarter of 2024, a 
35% increase Y oY, of which 12% organic. EBITDA before 
special items amounted to EUR 14.6 million with a margin 
of 48%. EBITDA after special items increased by 36% 
to EUR 14 million (10.3), with an EBITDA margin of 46% 
(46%). 
Sustained focus on higher value markets continued in 
the third quarter of 2024, reducing intake of low-value 
players. Player intake reached 112,000 (113,800) in the 
quarter, down 2% Y oY. In the same period, value of 
deposits for the player base is up 36% Y oY. Similar to 
previous quarters, the majority of players generated 
were on deals with a revenue-share component. 
Summary and outlook  -
41%
EBITDA before
special items

===== SIDA 6 =====

Q3 2024  -  Gentoo Media Interim Report
6
As part of the split, Gentoo Media has established 
internal support functions previously managed at the 
group level. Expanding and solidifying these functions 
remains a key focus going forward.
Gentoo Media remains confident in its guidance for 
full-year 2024 results, with revenues between EUR 125-
135 million and an EBITDA margin between 45-50%, 
anticipating strong seasonality in the fourth quarter,  
particularly within casinos, along with revenue growth 
from initiatives launched throughout the year. 
The Google Core update rolled out in March this year 
had a mixed impact on the Company’s websites. Some 
sites, such as AskGamblers.com, benefited, while others 
were negatively affected. During Q3, Gentoo Media 
successfully turned around several of the sites impacted 
by the March update. Efforts are still underway to 
reclaim rankings for one of our flagship casino websites, 
Casinotopsonline.com, which remains a central focus for 
Gentoo Media until a full recovery is achieved.
AskGamblers and KaFe Rocks continue to thrive after 
Gentoo Media takeover in 2023. Sports and sports 
betting have gradually been developed on AskGamblers 
throughout Q3. This work will continue in Q4 and in the 
new year.
The integration of Titan Inc., which was acquired in 
August, has begun. Moving more of our SEO and content 
operations to Titan Inc. is expected to realise significant 
cost savings and benefit EBITDA margin. Work on 
Casinomeister.com was also started in the quarter, with 
the ultimate goal of re-establishing the site as a leading 
authority in casino affiliation.
Outlook and guidance
The third quarter of 2024 was another strong quarter 
for Gentoo Media, marked by further diversification 
of earnings across markets, customer segments, and 
websites. AskGamblers continued its growth, setting 
new records with ongoing developments in sports 
content and product enhancements. Two key websites 
that had been negatively impacted in the Google Core 
update rolled out in March were successfully restored in 
the quarter with a strong uptake in traffic and rankings. 
Significant efforts have been dedicated to restoring 
rankings and revenue for Casinotopsonline.com, with full 
impact anticipated in the coming period. The Company’s 
proven track record of reversing losses in rankings on 
Google and other search engines is an important signal 
in maintaining an optimistic view on the site’s ability to 
drive significant revenue in the new year, similar to what 
the website did previously.
Additionally, the integration of Titan Inc. began this 
quarter, yielding improvements in operational efficiency 
and cost savings in SEO and content. With a full 
integration of Titan Inc. into Gentoo Media, material cost 
savings can be realised for the business.
Gentoo Media has traditionally been very strong in the 
acquisition of traffic, be it within Paid campaigns or in 
terms of getting its own websites to rank well on search 
engines such as Google. The conversion of traffic is an 
element where the business has identified opportunities 
for growth, and in Q3, a fully dedicated unit was built to 
develop and master the Company’s ability to convert 
traffic better. The availability of data also gives a strong 
position to monetise the traffic that has been converted. 
Expanding the consumption of data across the 
organisation is also a focal point in Q4 and beyond.
Summary and outlook  -

===== SIDA 7 =====

Q3 2024  -  Gentoo Media Interim Report
7
Operational review
The third quarter of 2024 marked another period of 
progress for Gentoo Media. Revenue reached an all-time 
high of EUR 30.4 million, marking the 15th consecutive 
quarter of record revenue. Y ear-over-year, revenue grew 
by 35%, slightly up from the previous quarter.
EBITDA reached EUR 14.0 million, growing 36% year-
over-year. EBITDA margin in the quarter ended at 46%. 
Adjusted for special items related to the split, EBITDA 
was EUR 14.6 million, with an EBITDA margin of 48%. 
Player intake reached 112,020 in the quarter, down 2% 
year-over-year. The combined Publishing business, 
including AskGamblers and KaFe Rocks, grew player 
intake by 10% year-over-year. Compared to last year, 
Gentoo Media has adopted a stricter focus on higher-
value markets, which has led to a more significant drop 
in players from lower-value markets. In Paid, player 
intake fell by 16% year-over-year, as Paid activities 
have similarly focused more intensively on higher-value 
markets throughout 2024.
Publishing benefited from a favourable Google Core 
update in August, with several websites returning to 
growth. Revenue from Gentoo Media’s U.S.-facing 
asset, WSN.com, reached an all-time high during the 
quarter. Efforts are ongoing to reclaim rankings for the 
flagship casino site, Casinotopsonline.com, which was 
notably impacted by the Google Core update in March. 
Restoring Casinotopsonline.com to its former status 
remains a central focus until success is achieved.
Following Q2 with major sporting events, Gentoo 
Media’s paid channels focused on reconciling and 
optimising current website portfolio and marketing 
technology in the third quarter. Social media channels 
showed notable growth, with performance revenue 
increasing by 49% compared to Q3 2023. CRM activities 
also expanded during this period, with monthly record 
highs in lead generation through owned assets.
AskGamblers.com continued its upward trajectory, 
reaching record revenue and player intake in the quarter. 
KaFe Rocks also saw a positive development, achieving 
its highest player intake since joining Gentoo Media.
Across the Publishing business, revenue grew by 44% 
year-over-year. Casinomeister and Titan Inc., acquired 
in June and August respectively, contributed meaningful 
revenue in the quarter. Within Paid, revenue grew by 8% 
year-over-year.
In Q3 and the preceding months, Gentoo Media has 
been re-applying for the required licences and vendor 
registrations through its Maltese subsidiary, Innovation 
Labs Limited,  in preparation for the legal separation 
from Gaming Innovation Group. Gentoo Media, through 
Innovation Labs, now holds a total of 10 licences and/
or vendor registrations, and is qualified to conduct 
business in 27 states and Washington D.C.
Gentoo Media's marketing compliance solution, Sitebee 
(previously GiG Comply), signed one new client and 
renewed six existing clients. Furthermore, Sitebee 
went through a rebranding following the rebranding of 
Gentoo Media. The rebrand represents a significant step 
in Gentoo Media's mission to redefine how operators 
protect their brands and ensure regulatory and 
marketing compliance from the affiliate partners.
Operational review  -
Revenue reached an
all-time high of EUR 30.4 million,
marking the 15th consecutive 
quarter of record revenue.
AskGamblers.com continued 
its upward trajectory, reaching 
record revenue and player intake 
in the quarter. 
Revenues and EBITDA
Revenues for Gentoo Media were EUR 30.4 (22.5) million 
in the third quarter of 2024, a 35% increase year-on-
year, whereas 12% were organic. Paid Media represented 
18% (25%) of quarterly revenues. 58% (63%) of revenues 
in the third quarter of 2024 derived from revenue share 
agreements, 9% (9%) from CPA (Cost Per Acquisition) 
and 33% (28%) from listing fees and other services. The 
increase in listing fees and other services is driven by the 
acquisition of Titan Inc. and a strong sales push in the 
quarter. Excluding Titan, revenue share contributed to 
60% of revenues. 
The Company continues referring players to revenue 
share agreements to secure recurring revenue streams. 
In the third quarter of 2024, marketing expenses 
amounted to EUR 6.6 million, marking a 3% year-over-
year decrease from EUR 6.8 million in the third quarter of 
2023.
EBITDA grew by 36% to EUR 14.0 (10.3) million, with an 
EBITDA margin of 46% (46%). After adjusting for special 
items primarily related to the Company split, EBITDA 
reached EUR 14.6 million, with a margin of 48%.
For the first nine months of 2024, revenues were EUR 
88.7 (62.8) million, a 41% increase from the first nine 
months of 2023 (19% organic). EBITDA before special

===== SIDA 8 =====

Q3 2024  -  Gentoo Media Interim Report
8
50.0
63.8
113.8
192192
183
items ended at EUR 42.8 million (28.9), an increase of 49 
% with a margin of 48% (46%). EBITDA after special items 
ended at EUR 42.3 million (28.8), an increase of 47 % with 
a margin of 46% (46%). 
FTDs
In the third quarter of 2024, Gentoo Media referred 
above 112,000 FTDs (First Time Depositors) to 
operators, representing a 2% decrease year-over-year. 
The combined Publishing segment, which includes 
AskGamblers and KaFe Rocks, saw player intake grow by 
10% year-over-year. Meanwhile, in Paid activities, player 
intake declined by 16% year-over-year. Throughout 
2024, both Publishing and Paid have placed a stronger 
emphasis on higher-value markets, deprioritising player 
acquisition in lower-value markets. For the period, value 
of deposits for player base is up 36% Y oY. 
For the first nine months of 2024, 359,000 (333,800) 
new FTDs were referred to operators, an 8% increase 
year-on-year.
Strategy
Gentoo Media’s diversification strategy, designed 
to ensure sustainable long-term growth, saw further 
implementation in the quarter. The number of partners 
generating revenues  over EUR 10,000 per quarter grew 
by 94% year-over-year. Revenue from non-top five 
websites grew by 46% year-over- year, while revenue 
from the top 5 websites increased by 14% year-over-
year. Revenue from the Americas and Europe grew by 
more than 50% year-over-year in the quarter, and both 
regions remain key markets for Gentoo Media going 
forward.
Significant progress was made within Tech, Product, and 
Design during the third quarter 2024. Enhancements 
to the Gentoo Media proprietary platform continued, 
with major deliverables scheduled for the new year. 
Various product upgrades and design improvements 
were introduced across Gentoo Media’s websites. The 
company aims to maintain a strong product and design 
focus both now and into the future. Gentoo Media is 
optimistic about its dedicated CRO (conversion rate 
optimization) efforts, which are expected to further 
improve traffic conversion and monetization.
In the third quarter of 2024, the Business Intelligence 
unit benefited from positive momentum. With data 
availability now well-established, the focus has shifted to 
maximizing data utilization across the organization rather 
than further expanding data access. This priority will 
continue through Q4 and beyond, aiming to ensure that 
all decisions at Gentoo Media are data-driven.
10.3 10.9
12.5
14.8
14.0
22.5
26.1 29.0
30.3 30.4
Q3 2023
Q3 2023
Q4 2023
Q4 2023
Q1 2024
Q1 2024
Q2 2024 Q3 2024
Q2 2024 Q3 2024
61.8 50.9
54.0
75.8 74.2 67.9
41.9
70.1
112.0
137.6
125.1 121.9
EBITDA
Revenue
Paid
Value of deposits
Publishing
Gentoo Media
Revenues & EBITDA (MEUR)
Gentoo Media
FTDs (1000)
Operational review  -
157
141

===== SIDA 9 =====

Q3 2024  -  Gentoo Media Interim Report
9
Third quarter 2024
Revenues
Reported revenues for Gentoo Media amounted to 
EUR 30.4 (22.5) million in the third quarter 2024, a 35% 
increase year-over-year whereof 12% organic.
Cost of sales
Reported cost of sales was EUR 0.0 (0.0) million, with a 
gross profit margin of 100% (100%).
Marketing expenses
Reported marketing expenses were EUR 6.9 million in the 
third quarter 2024, reflecting a 1% increase from EUR 6.8 
million in the third quarter of 2023. Marketing expenses 
as a percentage of revenue fell to 23%, down from 30% 
in the same period last year. Paid marketing expenses 
make up approximately half of Gentoo Media's total 
marketing costs, with Publishing covering the other half. 
Operating expenses
Other operating expenses are mainly related to salaries 
and general corporate expenses and amounted to 
EUR 8.9 (5.3) million in the third quarter 2024, a 69% 
increase from the third quarter 2023.The increase is 
partly explained by the acquisitions of KaFe Rocks, 
Casinomeister and Titan, and excluding these, other 
operating expenses increased by 50% year-over-year.  
Personnel expenses before capitalized salaries 
reached EUR 6.9 million in the third quarter of 2024, 
up 72% from EUR 4.0 million in the same period last 
year. This increase was driven by the company's 
organic growth, additional personnel costs associated 
with completing the corporate split, and workforce 
expansion following the acquisitions of KaFe Rocks, 
Titan Inc., and Casinomeister. Excluding acquisitions, 
personnel expenses rose by 34%. Capitalized salaries 
related to technology development and future products 
totaled EUR 1.4 (1.4)  million in the third quarter of 2024, 
amortized over a three-year period.
EBITDA before special items
Reported EBITDA before special items for the third 
quarter 2024 was EUR 14.6 (10.3) million, a 41% increase 
year-over-year, with an EBITDA margin of 48% (46%)
Special items
Expenses related to the strategic review were EUR 0.6 
million in the quarter.
EBITDA after special items
Reported EBITDA after special items for the third quarter 
2024 was EUR 14.0 (10.3) million, a 45% increase year-
over-year, with an EBITDA margin of 46% (46%).
D&A
Reported depreciation and amortisation amounted to 
EUR 4.0 (3.2) million in the third quarter 2024. Acquired 
affiliate assets  were amortised with EUR 2.2 (1.5) million 
in the quarter. Affiliate domains/SEO assets have been 
conservatively amortised over 8 years, which is at a 
considerably faster pace than industry peers. 
EBIT
EBIT came in at EUR 10.0 (7.1) million in the third quarter of 
2024, an increase of 40% from the third quarter of 2023, 
with an EBIT margin of 33% (32%). The increase in EBIT is 
related to the positive development in the operation. 
Financial and other expenses
Net financial expense amounted to EUR -4.1 (-5.2) million 
in the third quarter 2024, including an unrealized loss 
related to the bond due to the strengthening of the SEK 
towards the EUR of EUR -0.2 (-1.3) million. Interest on the 
Company’s bonds were EUR -2.4 (-1.6) million in the third 
quarter 2024. Other financial expenses were EUR -1.5 
(-2.3) million in the third quarter 2024.
Tax
Net tax expense was EUR -1.0 (-1.4) million in the third 
quarter of 2024.
Profit from continuing operations
The profit from continuing operations was EUR 4.9 (0.6) 
million in the third quarter 2024. The increase is related to 
operations.
Loss from assets held for distribution
Loss from discontinued operations and assets held for 
distribution to owners were EUR -62.6 (8.4) million in the 
third quarter 2024. The loss for the period is negatively 
affected by an impairment of EUR 50.2 million 
(see note 4). 
Financial review
Gentoo Media split the Company in two by distributing the Platform & Sportsbook 
segment to its shareholders on 30 September 2024. In accordance with IFRS 5, 
Platform & Sportsbook financial results are reported as assets held for distribution in
the Company’s financial statements.
Financial review  -

===== SIDA 10 =====

Q3 2024  -  Gentoo Media Interim Report
10
Cash flow
The cash flow statement includes both continued and 
discontinued operations in accordance with IFRS.
Cash flow from operating activities
Cash flow from operating activities amounted to EUR 
9.5 (8.3) million. The cash flow is positively affected from 
development within net working capital.
Cash flow from investing activities
Cash flow from investing activities amounted to 
EUR -13.7 (-4.2) million. The development is related 
to intangible assets and acquisition of Titan Inc., 
Casinomeister and minor affiliate websites. 
 
Cash flow from financing activities
Cash flow from investing activities amounted to EUR 
-10.0 (-3.7) million. The cash outflows are related 
to payment of interest on Bond and lease liabilities. 
Furthermore,full  repayment of the Sportnco  loans with 
EUR  6.5 million have been made in connection with the 
spin-off of Platform & Sportsbook. 
Financial position
Total assets amounted to EUR 144.6 (222.8) million. The 
spin-off of Platform & Sportsbook is the main driver for 
the decrease.
The Company’s equity is negative with EUR 13.5 million 
due to the negative impact from the spin-off of Platform, 
impacting equity with a negative EUR 77.2 in the third 
quarter, including a EUR 50.2 million impairment of 
intangible assets, ref. note 4. Management believes the 
equity will be reestablished during the coming periods 
based on the ongoing operations. 
As of 30 September 2024, reported holdings of cash 
and cash equivalents amounted to EUR 5.0 (8.0) million, 
reflecting the transfer of cash to Platform & Sportsbook. 
The Company’s bonds are included with EUR 89.4 
(47.0) million under long term liabilities. In addition, the 
deferred payments (discounted) for the AskGamblers, 
KaFe Rocks and Titan Inc. acquisitions are included with 
EUR 28.2 million under current liabilities and EUR 6.1 
million under long-term liabilities.
Financial review  -
€144.6
million
Total assets

===== SIDA 11 =====

Q3 2024  -  Gentoo Media Interim Report
11
January to September 2024
Revenues
Reported revenues amounted to EUR 88.7 (62.8) million 
for the first nine months of 2024, an increase of 41% 
year-over-year, whereof 19% organic.
Cost of sales
Reported cost of sales was EUR 0.0 (0.0) million for the 
first nine months of 2024, with a gross profit margin of 
100% (100%).
Marketing expenses
Reported marketing expenses were EUR 22.1  (18.2) 
million for the first nine months of 2024, an increase 
of 21%. The share of revenues spent on marketing 
expenses was 25%, a decrease from 29% for the first 
nine months of 2023. Paid marketing expenses make up 
approximately half the marketing costs, with Publishing 
covering the other half. 
Operating expenses
Other operating expenses, primarily related to salaries 
and general corporate expenses, amounted to EUR 
23.7 (15.8) million for the first nine months of 2024, a 
50% increase year-over-year. The increase is driven by 
organic development of the company and additional 
expenses as a result of acquisitions of KaFeRocks, Titan 
and Casinomeister, and excluding acquisitions, the 
increase was 7%. Other operating expenses’ share of 
revenues were 27% (25%).
Personnel expenses before capitalized salaries reached 
EUR 17.8 million in the first nine months of 2024, up 57% 
from EUR 11.3 million in the same period last year. This 
increase was driven by the company's organic growth, 
and workforce expansion following the acquisitions of 
KaFe Rocks, Titan Inc., and Casinomeister. Excluding 
acquisitions, personnel expenses rose by 20%. 
Capitalized salaries related to technology development 
and future products totaled EUR 3.8 (2.9) million in the 
first nine months of 2024, amortized over a three-year 
period.
EBITDA before special items
Reported EBITDA before special items for the first nine 
months of 2024 was EUR 42.8 (28.8) million, a 49% 
increase, with an EBITDA margin of 48% (46%).
Special items
Expenses related to the strategic review were EUR 0.6 
million in the first nine months.
EBITDA after special items
Reported EBITDA after special items for the first nine 
months of 2024 was EUR 42.3 (28.8) million, a 47% 
increase, with an EBITDA margin of 48% (46%).
D&A
Depreciation and amortisation amounted to EUR 14.2 
(8.3) million for the first nine months of 2024, an increase 
of 71%. Acquired affiliate assets  were amortised with 
EUR 8.2. (3.1) million in the third quarter, which related to 
Ask Gamblers, KaFeRocks and affiliate assets acquired in 
prior years.
 
EBIT
EBIT came in at EUR 28.1 (20.5) million for the first nine 
months of 2024, a 37% improvement from 2023, with an 
EBIT margin of 32% (33%).
Financial and other expense
Net financial expense amounted to EUR -8.3 (-6.2) million 
for the first nine months of 2024, including an unrealized 
gain related to the bond due to the weakening of the SEK 
towards the EUR of EUR 0.8 million compared to a EUR 
1.4 million gain in the first nine months of 2023. Interest 
on the Company’s bonds were EUR -4.7 (-3.2) million in 
the first nine months of 2024. Other financial expenses 
were EUR 2.5 (0.5) million and includes discounting of 
contingent payments of EUR -1.8 (0.1). 
Tax
Net tax expense was EUR -1.8 (-1.5) million  for the first 
nine months of 2024.
Profit from continuing operations
The profit from continuing operations was EUR 18.0 (12.8) 
million for the nine months 2024, a 41% increase from 
the same period in 2023. The increase is mainly a result 
of improved operations. The net profit margin was 20% 
(20%).
Loss from assets held for distribution
Loss from discontinued operations and assets held for 
distribution to owners were EUR -77.2 (6.4) million for 
the first nine months of 2024. The loss for the period is 
negatively affected by an impairment of EUR 50.2 million 
(see note 4).
Cash flow
The cash flow statement includes both continued and 
discontinued operations in accordance with IFRS.
Cash flow from operating activities
Cash flow from operating activities amounted to EUR 
26.0 (30.7) million. The cash flow is positively affected 
from development within net working capital.
Cash flow from investing activities
Cash flow from investing activities amounted to EUR 
-34.1 (-37.3) million, and includes EUR 15.0 million 
in deferred payments related to the acquisitions of 
AskGamblers  and KaFe Rocks, and payments for 
the acquisitions of Casinomeister and Titan Inc.  The 
comparison period in 2023 includes the initial EUR 20 
million cash payment for AskGamblers. The increase in 
purchase of intangible assets is related to capitalization 
of development costs for future operations.
 
Cash flow from financing activities
Cash flow from investing activities amounted to EUR 
0.0 (-0.4) million. In the first nine months of 2024, the 
Company had EUR 8.6 million in net proceeds from 
a share issue and EUR 15.2 million in net proceeds 
from a bond tap, both in June. The first nine months of 
2023 includes EUR 10.3 million from the share issue 
in connection with the acquisition of AskGamblers in 
January 2023.  The financing activities contain an outflow 
of EUR 24.6 (10.7) million, including repayment of loans 
and interest payments to the bond. 
Financial review  -

===== SIDA 12 =====

Q3 2024  -  Gentoo Media Interim Report
12
Employees
At the end of September 2024, Gentoo Media counted 
370 employees spread throughout Malta, Denmark, 
Serbia, Spain and the UK. Furthermore, Gentoo Media 
uses approximately 87  consultants and remote workers 
with which at present the Company collaborates across 
Europe, Asia and USA. 
Gentoo Media continues to abide by its sustainability 
journey, supporting the ESG, ref. page 14, targets 
outlined in the 2023 Sustainability Report, which is 
available on www.gentoomedia.com/ir.
Shareholder matters
The Gentoo Media share is dual-listed on Oslo Stock 
Exchange and Nasdaq Stockholm with the same ISIN 
code: US36467X2062. The authorised number of shares 
are 150,000,000 shares (par value USD 0.001).
In September 2024 the Company issued 119,400 new 
shares 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. As at 30 
September 2024, the number of outstanding shares 
was 134,707,97 4.  In addition, 1,139,000 options were 
outstanding.
Shareholder meetings
A Special Meeting of Shareholders was held on 23 
September 2024 in Stockholm, Sweden. The meeting 
resolved an amendment to the Company's Amended 
and Restated Certificate of Incorporation authorizing 
(i) a change in 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) and (ii) a change in the name of 
the Company from "Gaming Innovation Group Inc." to 
"Gentoo Media Inc.".
The Special Meeting of Shareholders also resolved to 
approve the split of the Company, whereby the Platform 
& Sportsbook business will be spun off to operate as an 
independent public company, GiG Software PLC. This 
will result in the Company being split into two separate 
unaffiliated public companies. The Media Business, 
which is not extracted through the spin-off, will remain 
with the Company, which is renamed to Gentoo Media 
Inc. The split took place on 30 September 2024.
Finally, the Special Meeting of Shareholders also 
elected Tomasz Juroszek as new member of the Board 
of Directors, replacing Steve Salmon that resigned in 
June 2024. The Board of Directors now consists of six 
members, Mikael Riese Harstad as Chairman, Hesam 
Yazdi, Cristina Romero de Alba, Mateusz Juroszek, 
Nicholas Batram and Tomasz Juroszek.
Nomination committee
The Annual Meeting of Shareholders in May 2024 
resolved that the Nomination Committee shall represent 
all shareholders, and consist of not less than three and 
not more than four members. Each of the three largest 
shareholders of the Company as per 31 August 2024 
shall have the right to appoint one member each to 
the Nomination Committee. Should any of the three 
largest shareholders waive their right to appoint a 
representative, or their representative resign from 
the Nomination Committee, or when members of the 
Nomination Committee representing shareholders who 
are no longer among the three largest shareholders 
resign, the opportunity to appoint a member of the 
Nomination Committee shall thereafter be passed on in 
order of the largest shareholding. The three members 
appointed by the largest shareholders may decide, 
by simple majority, to appoint a fourth member to the 
Nomination Committee. If such fourth member is a 
member of the Board of Directors, such member cannot 
run for re‐election as member of the Board of Directors 
upon expiry of his/her current term as a Board member.
The Company has followed the principles set out by the 
Annual Meeting of Shareholders, and the new nomination 
committee are as follows:
• Lukasz Wojciak, representing MJ Foundation
• Lukasz Borkowski, representing ZJ Foundation
• André Lavold, representing Optimus Invest Limited
Legal disclaimer
Gentoo Media Inc. provides forecasts. Certain 
statements in this report are forward-looking and the 
actual outcomes may be materially different. In addition 
to the factors discussed, other factors could have 
an impact on actual outcomes. Such factors include 
developments related to customers, competitors, the 
impact of economic and market conditions, national and 
international legislation and regulations, fiscal policies, 
the effectiveness of copyright protection for computer 
systems, technological developments, fluctuations in 
exchange rates, interest rates, and political risks.
Financial Calendar
Financial review  -
Q4 2024 Interim Report 18 February 2025
Q1 2025 Interim Report 14 May 2025
Annual Meeting of Shareholders 27 May 2025

===== SIDA 13 =====

13
Q3 2024  -  Gentoo Media Interim Report
Our business model
Our business model  -

===== SIDA 14 =====

Q3 2024  -  Gentoo Media Interim Report
14
Regulatory review and preparation.
We have continued our engagement with KPMG, 
which is supporting both Gentoo Media and  Platform 
& Sportsbook with the implementation of the EU’s 
Corporate Sustainability Reporting Directive (CSRD)1. 
The first stage was to conduct an impact assessment to 
determine when the Group should report. This has now 
been completed, with the outcome being that Gentoo 
Media qualifies for wave 1 (i.e., reporting FY 2024 data 
in 2025). This will involve reporting Group data from Q1 
to Q3, and only Gentoo Media data for Q4. We have 
now commenced the Double Materiality Assessment 
process, in accordance with the European Sustainability 
Reporting Standards (ESRS).
• To ensure a high standard of accuracy in these 
processes, and to prepare for the spin-off in Q4, 
where both companies will report independently, 
two working groups have been established—one for 
Gentoo Media and one for Platform & Sportsbook. 
• As Gentoo Media will remain under the same stock 
exchange listing, and Platform & Sportsbook will 
spin out onto a different market, which does not 
qualify for wave 1 reporting, Gentoo Media will lead 
the CSRD efforts. Gentoo will coordinate and report 
both qualitative and quantitative data for both 
organisations up until Q3, and only Gentoo’s data for 
Q4 in the Annual Sustainability Report, which will be 
published in Q1 20252.
Calculating our GHG emissions.
We have finalised the upload of financial transactions 
from 2023 into Greenly’s leading carbon accounting 
platform and have recategorised outstanding 
transactions into Scope 1, 2, and 3. The two working 
groups will then upload all Group data from Q1–Q3 2024 
in Q4 of 2024 to ensure accurate GHG calculations are 
reported. After the spin-off, Gentoo’s and Platform 
& Sportsbook's data will be separated for reporting 
purposes, effective Q4 2024.
  Directive 2022/2464 of the European Parliament and of the Council of 14 
December 2022 amending Regulation (EU) No 537/2014, Directive 2004/109/EC, 
Directive 2006/43/EC and Directive 2013/34/EU.
Platform & Sportsbook will then begin reporting independently in 2025, adhering to 
the EU’s CSRD, and will publish all data in its Annual Sustainability Report in 2026. Both organisations are reporting on direct employees only, and from Q4 onwards will be adopting the Maltese Companies Act section 185, paragraph 10 approach to calculate 
average numbers during the financial period, instead of the previous approach, ‘by point in time’ .
Our strategic approach
to sustainability
In Q3, our sustainability updates are centred around:
 1  
2
Female
50%
Male
50%
Gentoo
Media
Diversity
Detail
370
Full Time Employees
Company wide gender split
46
Nationalities
FemaleFemaleFemale
45%40%36%
MaleMaleMale
55%60%64%
Managers
Team Leads
Heads
Male
Female Female
0% 38%
Male Male
100% 63%
Chiefs
Directors
Our strategic approach to sustainability -

===== SIDA 15 =====

Q3 2024  -  Gentoo Media Interim Report
15
Q3 2024 Q3 2023 9M 2024 9M 2023 2023
Income statement
Revenues 30.4 22.5 88.7 62.8 88.6
EBITDA before special items 14.6 10.4 42.8 28.9 39.6
Special items 0.6 0.0 0.6 0.1 0.1
EBITDA after special items 14.0 10.3 42.3 28.8 39.5
EBIT 10.0 7.1 28.1 20.5 27.0
Net financial income (expense) 2.9 6.6 7.9 7.7 14.1
Result from continuing operations 4.9 0.6 18.0 12.8 12.9
Result from discontinued operations -62.6 8.4 -77.2 6.4 -1.4
Net result -57.8 9.0 -59.3 19.2 11.5
Balance sheet
Total non-current assets 115.2 182.3 107.5
Trade and other receivables 24.3 32.6 18.5
Cash and cash equivalents 5.0 8.0 15.5
Assets classified as held for distribution 131.1
Total assets 144.6 222.8 272.6
Equity -13.5 99.7 92.3
Bond payable 89.4 47.0 7 4.6
Liabilities held for distribution 30.7
Cash flow
Cash flow from operating activities 9.5 8.3 26.0 30.7 40.6
Cash flow form investing activities -13.7 -4.2 -34.1 -37.3 -58.4
Cash flow from financing activities -10.0 -3.7 0.0 -0.4 25.6
Cash flow for the period -14.2 0.5 -8.1 -7.1 7.9
Ratio
EBITDA before special items 48% 46% 48% 46% 45%
EBITDA after special items 46% 46% 48% 46% 45%
EBIT 33% 32% 32% 33% 30%
Result from continuing operations 16% 2% 20% 20% 15%
Gento Media have split the company in two by distribution the Platform & 
Sportsbook to its shareholder as of 30 September, 2024. The activity have 
been reported as discontinuing operation in the profit and loss and balance 
sheet statement. The activity is distributed to shareholder through equity, 
which is the rationale for development in the equity. Gentoo Media belive the 
equity will increase over time based on the outlook for the Company.
Financial highlights
EUR 1000 - Unaudited
Financial highlights  -

===== SIDA 16 =====

Consolidated
Financial Statements
Gentoo Media Inc.

===== SIDA 17 =====

Q3 2024  -  Gentoo Media Interim Report
17
Consolidated statement of income
Q3 2024 Q3 2023 9M 2024 9M 2023 2023 
Revenues 30,412 22,476 88,654 62,796 88,621
Cost of sales - - -37 - -
Gross profit 30,412 22,476 88,617 62,796 88,621
Marketing expenses -6,904 -6,814 -22,114 -18,243 -26,777
Other operation expenses -8,932 -5,336 -23,654 -15,77 4 -22,342
Total operating expenses -15,837 -12,150 -45,769 -34,017 -49,119
EBITDA before special items 14,575 10,326 42,848 28,779 39,502
Special items -573 - -573 - -
EBITDA after special items 14,002 10,326 42,275 28,779 39,502
Depreciation, amortisation and impairment -1,869 -1,704 -6,032 -5,193 -7,357
Amortisation on acquired assets -2,171 -1,484 -8,188 -3,125 -5,131
EBIT 9,962 7,138 28,055 20,461 27,014
Unrealized exchange gain (loss) on the bond -213 -1,318 799 1,379 -546
Financial income (expenses) -3,845 -3,867 -9,059 -7,539 -10,341
EBT 5,904 1,953 19,795 14,301 16,127
Tax income (expense) -1,049 -1,394 -1,842 -1,548 -3,244
Profit from continuing operations 4,856 558 17,954 12,752 12,883
Loss from discountinuing operations -545 -155 -686 -675 -736
Loss from assets held for distribution -61,726 8,584 -76,167 7,088 -680
Loss on divestment of GiG Software p.l.c. -373 - -373 - -
Profit (loss) for the period -57,788 8,988 -59,272 19,166 11,467
Exchange differences on translation of foreign operations -176 -142 -655 -142 -258
Translation differences 373 - 373 - -
Total comprehensive income (loss) -57,591 8,846 -59,554 19,024 11,209
Weighted average shares outstanding 134,611 128,950 131,515 127,500 127,867
Diluted weighted average shares outstanding 135,750 131,194 132,655 129,7 45 129,782
Basic and diluted earnings (losses) per share:
- from continuing operations 0.04 - 0.14 0.10 0.10
- from discontinued operations -0.47 0.06 -0.58 0.05 -0.01
- attributable to Gentoo Media  Inc. -0.44 0.07 -0.45 0.15 0.09
EUR 1000 - Unaudited
In accordance with IFRS 5, Platform & Sportsbook financial results are 
reported as loss from assets held for distribution in the Company’s financial 
statements. See note 4.
Consolidated statement of income  -

===== SIDA 18 =====

Q3 2024  -  Gentoo Media Interim Report
18
Assets 30 Sep 2024 30 Sep 2023 31 Dec 2023
Goodwill 45,011 88,035 40,793
Intangible assets 59,972 84,299 62,673
Deferred income tax assets 6,739 6 6
Deposits and other non-current assets 3,510 9,970 4,077
Total non-current assets 115,233 182,310 107,549
Trade and other receivables 24,349 32,552 18,501
Cash and cash equivalents 5,015 7,987 15,487
Total current assets 29,365 40,539 33,988
Assets classified as held for distribution - - 131,099
Total assets 144,597 222,849 272,636
Consolidated balance sheet
In accordance with IFRS 5, Platform & Sportsbook financial results are reported as loss from assets held for distribution 
in the Company’s financial statements. See note 4.
EUR 1000 - Unaudited
Equity at beginning of period 92,311 64,966 64,966
Shares issued for share acquisitions 11,962 14,544 14,524
Share compensation expense 50 1,209 1,534
Exchange differences on translation of foreign operations -281 -140 -175
Other changes incl. non-controlling interests 770 - -4
Net results from continuing operations 17,954 19,840 12,883
Net results from discontinuing operations -77,226 -675 -1,416
Distribution of GiG Software plc. -58,999 - -
Equity at end of period -13,459 99,744 92,311
Liabilities and Shareholders’ Equity (Deficit) 30 Sep 2024 30 Sep 2023 31 Dec 2023
Share capital 119 118,052 114,137
Share premium/reserves 198,247 67,503 71,856
Retained earnings -213,158 -86,162 -93,997
Total equity (Deficit) attributale to Gentoo Media Inc. -14,792 99,393 91,996
Non-controlling interests 1,333 351 315
Total Equity (Deficit) -13,459 99,744 92,311
Bond payable 89,408 - 7 4,551
Lease liabilities 2,07 4 6,936 3,406
Deferred tax liabilities 9,760 3,386 3,990
Other long term liabilities 6,128 33,881 30,194
Total long term liabilities 107,370 44,203 112,142
Trade payables and accrued expenses 16,271 14,952 17,414
Corporate income tax 4,884 - -
Lease liabilitites 780 1,762 1,420
Deferred consideration 28,231 9,654 16,922
Bond payable - 47,040 -
Other current liabilities 520 5,494 1,705
Total current liabilitiets 50,685 78,902 37,461
Total liabilities 158,056 123,105 149,603
Liabilities directly associated with assets classified as held for distribution 30,722
Total liabilities and shareholders’ equity 144,597 222,849 272,636
EUR 1000 - Unaudited
Consolidated balance sheet  -

===== SIDA 19 =====

Q3 2024  -  Gentoo Media Interim Report
19
Q3 2024 Q3 2023 9M 2024 9M 2023 2023 
Results from continuing operations 5,902 558 19,795 12,752 16,127
Income/(loss) from assets held for distribution -62,099 8,584 -76,540 7,088 -680
Income/(loss) from discontinued operations -545 -155 -686 -675 -736
Adjustments to reconcile profit before tax to net cash flow:
Tax expense - 1,878 - 1,735 -166
Depreciation, amortisation and impairment 61,018 6,947 79,723 20,267 29,37 4
Loss on divestment of GiG Software plc. 373 - 373 - -
Other adjustments for non-cash items and changes in operating assets and liabilities 4,850 -9,468 3,332 -10,497 -3,271
Cash flow from operating activities 9,499 8,345 25,997 30,671 40,648
Purchases of intangible assets -6,877 -4,169 -16,724 -13,077 -20,763
Purchases of property, plant and equipment -138 - -657 -341 -1,454
Acquisition of subsidiary -6,713 - -16,713 -23,898 -36,203
Cash flow form investing activities -13,728 -4,169 -34,094 -37,316 -58,420
Lease liability principal payments -538 -1,313 -2,063 -3,577 -2,570
Interest paid -3,156 -1,414 -8,602 -4,282 -6,260
Repayment of loans -6,457 -978 -13,963 -2,852 -3,829
Proceeds from loans - - - - 1,705
Proceeds from bond issue - - 15,173 - 26,313
Proceeds from share issue 187 - 9,466 10,278 10,273
Cash flow from financing activities -9,964 -3,705 11 -433 25,632
Translation loss - -128 - -144 -
Cash flow for the period -14,193 343 -8,086 -7,222 7,860
Cash and cash equivalents - beginning of the period 29,177 7,644 23,069 15,209 15,209
Cash and cash equivalents in distributed operations -9,969 - -9,968 - -7,582
Cash flow for the period -14,193 343 -8,086 -7,222 7,860
Cash and cash equivalents - end of the period 5,015 7,987 5,015 7,987 15,487
Consolidated cash statment of cash flow
The cash flow statement is prepared for continued and discontinued 
operations combined in accordance with IFRS. For more details, see note 4.
EUR 1000 - Unaudited
Consolidated cash statment of cash flow  -

===== SIDA 20 =====

Notes
Gentoo Media Inc.

===== SIDA 21 =====

Q3 2024  -  Gentoo Media Interim Report
21
1. General information
Gentoo Media Inc. (“G2M” or the “Company”) is a US 
corporation incorporated in the state of Delaware and 
traded on the Oslo Stock Exchange with the ticker 
symbol “G2MNO” and on Nasdaq Stockholm with the 
ticker symbol “G2M” (dual listing). Gaming Innovation 
Group Plc. (“Plc”) is incorporated and domiciled in Malta, 
having a registered office at The Golden Mile business 
center, Triq Id-Dragunara, St. Julian’s STJ 3148, Malta.
The Company’s activities are affiliate marketing 
operations for the igaming and betting industry.
2. Basis of preparation
These unaudited condensed financial statements are 
prepared in accordance with International Financial 
Reporting Standards (“IFRS”) as adopted by the 
European Union. The condensed consolidated financial 
statements report the periods ended 30 September 
2024 and 2023, and 31 December 2023 of Gentoo 
Media Inc. and subsidiaries and have been prepared in 
conformity with IAS 34. The condensed consolidated 
financial statements for the periods ended 30 
September 2024 and 2023 have not been audited by the 
Company’s auditors.
The Company’s condensed consolidated financial 
statements are presented in Euro (EUR), which is 
the presentation and functional currency of the 
Company. The functional currencies of its subsidiaries 
are the United States dollar, the Euro, British Pounds, 
Norwegian and Danish Kroners and the Serbian Dinar 
which are translated into EUR at monthly average rates 
for revenues and expenses and at month end rates for 
assets and liabilities. Equity accounts are translated at 
historical rates. Exchange differences on translation of 
foreign operations are shown as a separate component 
of stockholders’ equity (deficit) and reflected as other 
comprehensive income (loss) on the condensed 
consolidated statement of comprehensive income 
(loss).
The condensed consolidated financial statements of the 
Company as at and for the periods ended 30 September 
2024 and 2023, and 31 December 2023 are comprised 
of its subsidiary Plc and Plc’s related accounting basis 
subsidiaries.
As of 30 September 2024, current assets amounted to 
EUR 29.4 million (2023: EUR 40.5m), and current liabilities 
amounted to EUR 50.7 million (2023: EUR 78.9m). 
Current liabilities include EUR 28.2 million in deferred 
considerations related to acquisitions in 2023 and 2024. 
The Company’s cash position as at 30 September 2024 
is impacted by the funding of, and transfer of cash to the 
Platform & Sportsbook segment prior to the distribution 
to shareholders on 30 September 2024. 
The Company has a negative equity as of 30 September 
2024. The equity is in deficit as a result of past events 
and the negative development within discontinuing 
operations. 
Based on the Company’s recent development and 
positive cash flow from operations, the directors are 
confident about the Company’s ability to successfully 
generate sufficient cash flow to be able to pay the 
deferred considerations when due. Moreover, the 
directors believe the operation will reestablish the equity 
over the coming period. The directors acknowledge 
that the judgements made as part of the going concern 
assessment are subject to a degree of underlying 
uncertainty and recognises that the future cash flow 
from operations are contingent on external market 
factors, which may be beyond the Company’s control. 
On this basis, the directors consider the going concern 
assumption in the preparation of the financial statements 
to be appropriate as at the date of authorisation for issue 
of the Q3 2024 Interim Report.
3. Summary of significant accounting 
policies 
Accounting policies
The accounting policies, judgements and estimates 
adopted and used in preparing the condensed 
consolidated financial statements as of and for the 
periods ended 30 September 2024 and 2023 are 
consistent with those used in preparing the Company’s 
consolidated financial statements as of and for the year 
ended 31 December 2023. A number of reclassifications 
and adjustments have been made in the comparative 
figures. The result for the period and equity have not 
been impacted. See the 2023 Annual Report for more 
details, hereunder the Company’s Revenue Recognition 
Policy.
Notes
Selected notes to condensed consolidated financial statements as of and for the 
periods ending September 30 2024 and 2023.
Notes  -

===== SIDA 22 =====

Q3 2024  -  Gentoo Media Interim Report
22
Discontinued operations
The Company has succeeded with distributing the 
Platform & Sportsbook segment to its shareholders 
on 30 September, 2024. In accordance with IFRS 
5, Platform & Sportsbook have been reported as 
an asset held for distribution for the periods ended 
30 September 2024 and 2023 and full year ended 
31 December 2023. Previous periods have been 
restated accordingly. In accordance with IFRS 5, the 
B2C and Sports Betting Services’ financial results are 
reported as discontinued operations in the Company’s 
financial statements as of and for the periods ended 
30 September 2024 and 2023 and full year ended 31 
December 2023.
Standards, Interpretations and Amendments to 
Published Standards that are not yet Effective in 2024
The Company has not adapted any new standards, 
amendments and interpretations to existing standards, 
and will assess the need for any adoption or revisions to 
the requirements of IFRSs as adopted by the EU.
4. Assets held for distribution
The spin-off of Platform & Sportsbook was successfully 
executed on 30 September 2024. As per 30 September 
2024, impact is limited to the profit and loss statement. 
Previous periods have been restated accordingly 
for profit and loss statement and balance sheet. The 
following is the breakdown of the profit/(loss) from 
assets held for distribution to owners for the periods 
ended 30 September 2024 and 2023, and 31 December 
2023.
Consolidated statement of income
Consolidated balance sheet
Q3 2024 Q3 2023 9M 2024 9M 2023 2023 
Revenues 9,262 12,582 29,351 39,735 53,992
Cost of sales -851 -1,183 -3,358 -3,848 -4,996
Gross profit 8,411 11,399 25,993 35,887 48,996
Marketing expenses -1,693 -2,388 -5,772 -8,683 -11,045
Other operation expenses -14,452 4,069 -30,503 -6,946 -18,801
Total operating expenses -16,145 1,681 -36,275 -15,629 -29,846
EBITDA before special items -7,734 13,080 -10,282 20,258 19,150
Share option expenses (non cash) - -372 -710 -1,135 -1,464
EBITDA after special items -7,734 12,708 -10,992 19,123 17,686
Depreciation and amortisation -53,364 -3,261 -65,372 -10,856 -16,167
Impairment of assets -373 -373
EBIT -61,472 9,447 -76,775 8,267 1,519
Financial income (expenses) -197 -666 -2,315 -993 -1,991
EBT -61,412 8,781 -75,796 7,274 -472
Tax income (expense) -430 -197 -487 -186 -208
Profit from discontinuing operations -61,842 8,584 -76,283 7,088 -680
Sep 30 2024 Dec 31 2023
Goodwill 12,667 59,545
Intangible assets 33,100 41,37 4
Deposits and other non-current assets 9,468   4,962 
Trade and other receivables 12,939   17,636 
Cash and cash equivalents 9,968 7,582
Other current assets 939   - 
Total assets 79,081 131,099
Other long term liabilities 5,882 12,904
Trade payables and accrued expenses 14,115 13,930
Lease liabilitites 2,200 2,682
Other current liabilities 1,002   1,206 
Total liabilities 23,199 30,722
EUR 1000 - Unaudited
EUR 1000 - Unaudited
Notes  -

===== SIDA 23 =====

Q3 2024  -  Gentoo Media Interim Report
23
5. Impairment of intangible assets
The Company reviews the carrying amounts of its 
tangible and intangible assets on an annual basis (or 
more frequently if events or changes in circumstances 
indicate a potential impairment) to determine if there are 
any indications that the assets have decreased in value. 
If any such indications exist, the recoverable amount is 
set to determine the need to recognize an impairment. 
When calculating the recoverable amount, future cash 
flows are discounted to present value using a discount 
rate before tax. If the recoverable amount is determined 
to be lower than the carrying amount an impairment 
is recorded through a charge to the statement of 
operations. There were no impairments in continuing 
operations in the periods covered by this interim report.
6. Discontinued operations
Following the acquisition of Sportnco Gaming SAS 
(“Sportnco”) in 2022, the Company’s own sportsbook 
has been 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 
operations in the Company’s consolidated financial 
statements. The following is the breakdown of the profit/ 
(loss) from discontinued operations for the periods 
ended 30 September 2024 and 2023, and 31 December 
2023 (see table below).
7. Earning (loss) per share
Basic earnings (loss) per share are calculated by dividing 
the net income (loss) for the period, plus or minus 
applicable dividends, by the weighted number of shares 
outstanding. Diluted earnings (loss) per share utilize the 
same numerator, but outstanding shares in profitable 
periods include the dilutive effect of outstanding 
warrants and options determined by the treasury stock 
method. As of 30 September 2024, the Company had 
1,139,600 outstanding options.
8. Changes in equity
In January 2023, 4,267,112 new shares were issued at 
a share price of NOK 25.61 to a group of investors to 
finance the equity part of the AskGamblers acquisition. 
In addition, 78,400 new shares were issued for exercises 
of options, whereof 66,400 to employees exercising 
options in 2023 where the Company borrowed shares 
for the transfer of the option shares to the employees.
In May 2023, 1,777,873 new shares were issued for the 
earn-out consideration for Sportnco’s performance in 
2022, whereby 50% was paid in cash and 50% in shares. 
The shares were issued to the former shareholders 
of Sportnco at a share price of NOK 27.60 for a total 
consideration of EUR 4,247,640. In addition, 39,650 new 
shares were issued in connection with exercise of
options.
In December 2023, 53,600 new shares were issued in 
connection with exercise of options.
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 Ltd., 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 
connection with exercise of options, whereof 29,000 
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. 
Q3 2024 Q3 2023 9M 2024 9M 2023 2023 
Net revenue
Expenses -545 -155 -686 -675 -736
Operating profit/(losses) -545 -155 -686 -675 -736
Net cash inflow/(outflow) from:
- operating activities -545 -155 -686 -675 -736
- investing activities
- financing activities
EUR 1000 - Unaudited
Notes  -

===== SIDA 24 =====

Q3 2024  -  Gentoo Media Interim Report
24
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 has reduced from EUR 119,430,391 to 
EUR 119,430 with the reduction increasing other equity. 
The number of outstanding shares were 134,707,97 4 (par 
value USD 0.001 ) as at 30 September 2024. In addition, 
1,139,600 options were outstanding.
9. Senior secured bonds
In December 2023, the Company completed the 
issuance of 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 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 senior secured bond issue under its existing 
EUR-tranche bond loan, increasing the EUR tranche to 
EUR 60 million. The transaction was well received among 
investors with both existing as well as new investors 
participating in the placement, resulting in a significant 
oversubscription and a subsequent bond issue price of 
103.75% of par.
The 2023-26 bonds are registered in the Norway Central 
Securities Depository and are listed on Frankfurt Stock 
Exchange Open Market and an application is in process 
for listing of the bonds on Nasdaq Stockholm. The 
outstanding balance of the bond on 30 September 2024 
was EUR 89.1 million (2023: EUR 45.8m).
10. Business combinations
On 21 December 2023, Gentoo Media acquired KaFe 
Rocks Ltd. including the casino affiliate websites 
KafeRocks.com and Time2Play.com. The purchase price 
were EUR 35 million, of which EUR 15 million was paid on 
closing and EUR 20 million to be paid in four semi-annual 
payments over 24 months with an added contingent 
consideration (earn-out) given specific performance 
targets are met. In addition, the Company issued EUR 
2.5 million in shares to the sellers in May 2024, due to 
specific operational cost savings targets being met by 
year-end 2023, where the number of shares to be issued 
was based on a 30-day VWAP at the time of closing.
The contingent consideration arrangement requires the 
Company to pay the former shareholders of KaFe Rocks 
a 24 month performance based earn-out. In the event 
that KaFe Rocks’ EBITDA exceeds EUR 5 million for each 
6 months period, the former shareholders of KaFe Rocks 
shall be entitled to an additional payment which shall be 
equal to 50% of the difference between the EBITDA and 
EUR 5 million. The earn-out will be paid 100% in cash, 
however with the Company’s option to pay up to 50% 
in new shares, where the number of shares to be issued 
shall be based on a 30-day VWAP prior to the time of 
payment. The contingent consideration is classified as a 
liability in the Company’s financial statements.
In June 2024, the Company’s subsidiary Innovation 
Labs Limited acquired the casino affiliate website 
Casinomeister.com effective from 1 June 2024. The 
transaction was structured as an asset purchase with a 
total consideration of EUR 3 million, that was paid in cash 
in July 2024. The consideration has been allocated to 
domains as at 30 June 2024, and a final purchase price 
allocation will be conducted by year end 2024.
In August 2024, the Company’s subsidiary Innovation 
Labs Limited acquired Titan Inc. The acquisition 
is structured with a total price of EUR 3.2 million, 
comprising an initial payment of EUR 1.1 million that was 
paid on closing, followed by two yearly installments 
of MEUR 1.05 to be paid after twelve and twentyfour 
months.
In September 2024, the Company’s subsidiary 
Innovation Labs Limited acquired two minor casino 
affiliate websites effective from 30 September 2024. 
The transaction was structured as an asset purchase 
with a total consideration of EUR 2.7 million. EUR 0.9 was 
paid in Q3 2024, and the remaining was paid in October 
2024. The consideration has been allocated to domains 
as at 30 September  2024, and a final purchase price 
allocation will be conducted by year end 2024.
11. Litigations
Gentoo Media is not part of any ongoing material cases. 
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.
12. Related party transactions
There were no material related party transactions  in Q3 
2024 which is not already addressed in other sections 
within this report.
13. Subsequent events
There are no subsequent events in Q3 2024 which is not 
already addressed in other sections within this report.
14. Special Items
Significant expenses and income, which the Company 
considers not part of ordinary business operations, 
are presented in the Income statement in a separate 
line item labeled ‘Special items’ in order to distinguish 
these items from other income statement items and 
provide a more transparent and comparable view of the 
ongoing performance. Types of expenses and income 
included in special items include cost spin-off cost, cost 
related to restructuring, related to dual listing, M&A and 
adjustments to earn-out payments.
Notes  -

===== SIDA 25 =====

Q3 2024  -  Gentoo Media Interim Report
25
15. Alternative performance measures
Certain financial measures and ratios related thereto in 
this interim report are not specifically defined under IFRS 
or any other generally accepted accounting principles. 
These measures are presented in this report because 
they are the measures used by management and they 
are frequently used by other interested parties for 
valuation purposes. In addition, the Company provides 
information on certain costs in the income statement, 
as these are deemed to be significant from an industry 
perspective.
EBIT:
Operating profit
EBIT margin:
EBIT in percent of Normalised revenues 
EBITDA before special items:
Operating profit less depreciation, amortization, 
impairments and special items
EBITDA after special items:  
Operating profit less depreciation, amortization and 
impairments
EBITDA before special items margin: 
EBITDA before special items in percent of revenues 
EBITDA after special items:  
EBITDA after special items in percent of revenues
First Time Depositor (FTD):
A first time depositor is a person who places wagers or 
deposits an amount of money for the very first time
Gross profit:
Operating revenue less cost of sales
Gross margin:
Gross profit in percent of revenues
Interest bearing debt:
Other long-term debt and short-term borrowings
Organic growth:
Growth including growth from acquired companies from 
the date of acquisition measured against the historical 
revenue
Notes  -

===== SIDA 26 =====

Q3 2024  -  Gentoo Media Interim Report
26
Introduction
We have reviewed the condensed interim financial 
information (the interim report) for Gentoo Media Inc. 
as of September 30, 2024 and the nine-month period 
then ended and the explanatory notes. The Board of 
Directors and the President are responsible for the 
preparation and presentation of this interim report 
in accordance with International Financial Reporting 
Standards as adopted by the European Union applicable 
to interim reporting (International Accounting Standards 
34 “Interim Financial Reporting”, “IAS 34”) and the 
Annual Accounts Act. Our responsibility is to express a 
conclusion on this interim report based on our review.
Scope of Review 
We conducted our review in accordance with 
International Standards on Review Engagements 
ISRE 2410 “Review of Interim Financial Information 
performed by the Independent auditor of the entity”. A 
review consists of making inquiries, primarily of persons 
responsible for financial reporting and accounting 
matters and applying analytical and other review 
procedures. A review has a difference focus and is 
substantially less in scope than an audit conducted in 
accordance with International Standards on Auditing 
(“ISA”) and other generally accepted auditing practices. 
The procedures performed in a review do not enable us 
to obtain a level of assurance that would make us aware 
of all significant matters that might be identified in an 
audit. Therefore the conclusion expressed based on a 
review does not give the same level of assurance as a 
conclusion expressed based on an audit.
Conclusion 
Based on our review, nothing has come to our attention 
that causes us to believe that the interim report for 
Gentoo Media Inc. in all material respects prepared in 
accordance with IAS 34 and the Annual Accounts Act and 
for the Gentoo Media PLC in accordance with the Annual 
Accounts Act.
12 November 2024
REID CPAs LLP
Woodbury, New Y ork, USA
Review report
Review Report  -

===== SIDA 27 =====

Consolidated
Financial Statements
Gentoo Media Plc.

===== SIDA 28 =====

28
Q3 2024  -  Gentoo Media Interim Report
In December 2023, the Gaming Innovation Group PLC issued a new 3-year 
dual tranche senior secured bond consisting of EUR 45 million and SEK 350 
million, with a EUR 100 million borrowing limit. In June 2024, the Company 
completed a EUR 15 million subsequent issue under the EUR-tranche, 
increasing the EUR tranche to EUR 60 million. As per the bond terms, the 
interim condensed consolidated accounts for the issuer for the periods 
ending 30 September 2024 and 2023, and 31 December 2023 are stated 
here and in the following two pages.
Gentoo Media Group have split the Company in two by distributing the 
Platform & Sportsbook segment to its shareholders in September 30 2024. 
In accordance with IFRS 5, Platform & Sportsbook financial results are 
reported as loss from assets held for distribution in the Company’s financial 
statements. See note 4.
Consolidated statement of income
Q3 2024 Q3 2023 9M 2024 9M 2023 2023
Revenues 30,412 22,476 88,654 62,793 88,616
Cost of sales - - -19 - -
Gross profit 30,412 22,476 88,635 62,793 88,616
Marketing expenses -6,904 -6,814 -22,114 -18,243 -26,778
Other operation expenses -8,896 -4,862 -23,337 -13,958 -21,909
Total operating expenses -15,801 -11,676 -45,452 -32,201 -48,687
EBITDA before special items 14,611 10,800 43,183 30,592 39,929
Special items -573 - -573 - -
EBITDA after special items 14,038 10,800 42,610 30,592 39,929
Depreciation, amortisation and impairment -1,869 -1,704 -5,865 -5,193 -7,357
Amortisation on acquired assets -2,171 -1,484 -8,188 -3,125 -5,131
EBIT 9,998 7,612 28,557 22,273 27,441
Unrealized exchange hain (loss) on the bond -213 -1,216 799 1,484 -
Financial income (expenses) -3,907 -3,867 -8,686 -7,561 -8,753
EBT 5,878 2,529 20,670 16,197 18,688
Tax income (expense) -1,043 -1,394 -1,806 -1,548 -3,246
Profit from continuing operations 4,835 1,135 18,864 14,648 15,442
Loss from discountinuing operations -545 -155 -686 -675 -736
Loss from assets held for distribution -61,726 8,584 -75,829 7,088 -680
Loss on divestment of GiG Software p.l.c. -373 - -373 - -
Profit (loss) for the period -57,809 9,564 -58,024 21,062 14,026
Exchange differences on translation of foreign operations -176 -142 -492 -142 -258
Total comprehensive income (loss) -57,984 9,422 -58,515 20,920 13,768
EUR 1000 - Unaudited
Consolidated statement of income  -

===== SIDA 29 =====

29
Q3 2024  -  Gentoo Media Interim Report
Gentoo Media Group have split the company in two by distributing the Platform & Sportsbook segment to its 
shareholders in September 30 2024. In accordance with IFRS 5, Platform & Sportsbook financial results are reported as 
loss from assets held for distribution in the Company’s financial statements. See note 4.
Consolidated balance sheet
EUR 1000 - UnauditedEUR 1000 - Unaudited
Assets 30 Sep 2024 30 Sep 2023 31 Dec 2023
Goodwill 34,563 77,587 30,345
Intangible assets 59,972 84,299 63,179
Deferred tax assets 6,739 6 6
Deposits and other non-current assets 3,443 9,669 8,077
Total non-current assets 104,718 171,561 101,607
Trade and other receivables 24,349 32,526 15,308
Cash and cash equivalents 4,923 7,910 15,167
Total current assets 29,272 40,436 30,475
Assets classified as held for distribution - - 129,706
Total assets 133,990 211,997 261,788
Liabilities and Shareholders’ Equity (Deficit) 30 Sep 2024 30 Sep 2023 31 Dec 2023
Share capital 50 50 51
Share premium/reserves 155,159 142,943 144,240
Retained earnings -192,128 -66,701 -7 4,361
Total equity (Deficit) attributale to Gentoo Media Inc. -36,919 76,292 69,930
Non-controlling interests 1,333 340 315
Total Equity (Deficit) -35,586 76,632 70,245
Bond payable 89,408 - 7 4,551
Lease liabilities 2,07 4 6,936 3,405
Deferred tax liabilities 9,759 3,386 3,990
Other long term liabilities 18,306 45,914 32,200
Total long term liabilities 119,547 56,236 114,147
Trade payables and accrued expenses 15,614 15,179 15,090
Corporate income tax 4,884 - -
Lease liabilitites 780 1,762 1,701
Deferred consideration 28,231 - 16,544
Bond payable - 47,040 -
Other current liabilities 520 15,148 14,401
Total current liabilitiets 50,029 79,129 47,736
Total liabilities 169,575 135,365 161,883
Liabilities directly associated with assets classified as held for distribution - - 29,660
Total liabilities and shareholders’ equity 133,990 211,997 261,788
Consolidated balance sheet  -

===== SIDA 30 =====

30
Q3 2024  -  Gentoo Media Interim Report
Gentoo Media have split the Company in two by distributing the Platform 
& Sportsbook segment to its shareholders in 2024. In accordance with 
IFRS 5, Platform & Sportsbook financial results are reported as assets held 
for distribution in the Company’s financial statements. Previous periods 
have been restated accordingly. The cash flow statement is prepared for 
continued operations and discontinued operations combined in accordance 
with IFRS. For more details, see note 4.
Consolidated cash statment of cash flow
Q3 2024 Q3 2023 9M 2024 9M 2023 2023
Results from continuing operations 5,879 1,135 20,671 14,648 16,723
Income/(loss) from assets held for distribution -62,099 8,584 -76,202 7,088 -680
Income/(loss) from discontinued operations -545 -155 -686 -675 -736
Adjustments to reconcile profit before tax to net cash flow:
Tax expense - - - - -3,517
Depreciation, amortisation and impairment 61,018 6,737 79,723 20,056 28,326
Other adjustments for non-cash items and changes in operating assets and liabilities 5,882 -7,998 4,711 -10,431 730
Cash flow from operating activities 10,135 8,303 28,217 30,687 40,846
Purchases of intangible assets -6,877 -4,169 -16,724 -13,077 -20,349
Purchases of property, plant and equipment -138 - -657 -341 -3,438
Acquisition of subsidiary -6,713 - -16,713 -23,898 -31,635
Cash flow form investing activities -13,728 -4,169 -34,094 -37,316 -55,422
Lease liability principal payments -538 -1,313 -2,063 -3,578 -3,200
Interest paid -3,156 -1,414 -8,601 -4,282 -5,796
Repayment of loans -7,177 -978 -13,059 -2,852 -3,829
Proceeds from bond issue - - 15,173 - 24,842
Proceeds from share issue - - - 10,277 10,277
Other financing activities 6,569 - 6,569 - -
Cash flow from financing activities -4,302 -3,705 -1,981 -435 22,294
Translation loss - -128 - -142 -86
Cash flow for the period -7,895 301 -7,858 -7,207 7,632
Cash and cash equivalents - beginning of the period 22,786 7,609 22,749 15,117 15,117
Cash held by assets held for distribution -9,968 - -9,968 - -7,582
Cash flow for the period -7,895 301 -7,858 -7,207 7,632
Cash and cash equivalents - end of the period 4,923 7,910 4,923 7,910 15,167
EUR 1000 - Unaudited
Consolidated cash statment of cash flow  -

===== SIDA 31 =====

31
Q3 2024  -  Gentoo Media Interim Report
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 København
Denmark
Belgrade
Norwich
Valencia
St. Julian’s
Belgrade
@Airport City, Rose Building
Omladinskih Brigada 90V
11070 New Belgrade
Serbia
Where we are
Where we are  -
Copenhagen