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    Netent annual report 2019

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    During , many new customers found their way to NetEnt which resulted in a total of 43 new customer agreements. The third customer agreement in New Jersey was signed with Golden Nugget in the third quarter of while another important partnership agreement was signed with Gala Coral in the UK as well.

    In the last successful quarter of , a fourth customer agreement was signed in New Jersey, this time with Gamesys US for Tropicana. At the end of , NetEnt had over active customers while the company keeps on expanding in regulated markets such as New Jersey, US.

    In the third quarter of NetEnt was granted a first transactional waiver from the regulator in New Jersey to launch games with bwin. With the number of active customers growing in Europe and the US, NetEnt keeps on expanding rapidly internationally.

    It is because of this expansion NetEnt is opening a new game development studio in Polen while in November the company also signed a new rental agreement for a move to new attractive offices in central Stockholm.

    More and more time is spend online consuming digital entertainment including online casino games. It seems that land-based gaming keeps on losing popularity which results in growing demand for online casino gaming.

    NetEnt is well aware of this fact and will continue to focus on premium digital casino solutions that enable success for its customers. Therefore, NetEnt is currently developing a mobile solution for Live Casino, a product segment that looks very interesting going forward.

    To keep up with new technologies, it was at the end of NetEnt launched its first time ever video slot developed entirely in HTML5 for both desktop and mobile.

    No overview without a short description of all 14 NetEnt slots released in Farm Escape was the first of the many NetEnt slots released in , offering you a video slot game with two unique online slot features as there are a Tornado feature and a Storm feature available bringing a stormy adventure that will blow you away.

    While you climb the steam tower in Free Spins, the Multiplier increases in order to reach the top floor of the steam tower and save the princess.

    In June , a very cheerful slot was added to the NetEnt Casinos bringing traditional fruit symbols.

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    Delivering products across all platforms means operators can provide a better service to players. The wide variety of themes, graphics, audio, payout-volatility and bonus features increases the excitement and entertainment.

    NetEnt provides pooled, aggregated jackpot games which operators and players across many geographic markets can take part in.

    Our diverse game portfolio includes a range of wellknown, popular titles. By focusing on the very best in graphics, audio and game mathematics, NetEnt develops best-in-class games.

    The main objective is to reach new target groups through innovative video slot games in which we combine settings and characters from popular movies, or artists, with our unique games.

    Examples of branded games: Other games NetEnt also has lottery games, mini games and scratch cards, yet these account for only a small percentage of the game win and can also be used for marketing purposes.

    Examples of games featuring our very own characters and themes: Live Casino Live Casino uses a real-time broadcast by video link, featuring actual dealers based in a studio in Malta.

    This is as close as you can. Allowing players to chat to the dealer, Live Casino offers a more social experience than other types of online casino games.

    Insights into operator and player needs Creating entertaining and exciting games requires creativity, precision, extensive technical expertise and experience.

    Serving the needs of players, NetEnt delivers the ultimate player experience. Game development is driven by the high expectations of operators and players with regards to quality, renewal, user-friendliness and availability.

    Comprehensive gaming systems with world-leading titles NetEnt provides a comprehensive online casino solution to gaming operators, which includes innovative titles and a powerful technical platform.

    The platform includes Back OfficeTM, an advanced, user-friendly administrative tool which enables operators to utilise specially-designed functions in order to boost the loyalty and commitment of players and run a successful business.

    For a number of years, NetEnt has been investing in technology and expertise enabling expansion into regulated markets. What are the biggest challenges in your job?

    My biggest and most important task is to recruit and retain talented people. NetEnt takes its corporate culture seriously, and that means employing staff who are not only skilful and wellqualified, but have the right attitude.

    Which productions have you worked on? Twin Spin Deluxe is a particular favourite. The best mobile games on the market NetEnt was a front runner in creating games adapted to mobile devices, and this continues to be a key consideration when developing new titles.

    Last year also saw the launch of mobile games for Live Casino, with a significant part of the development process focused on providing a superior user experience for mobile players.

    The platform processes gaming transactions and supports operators in developing a successful business. With system uptime exceeding Regular system upgrades are carried out to make sure that operators can deliver good service and availability through the latest operating systems and at any time.

    What makes a game successful? There are many internal activities aimed at collaboration around innovative solutions. Employees and corporate culture Unity is important here at NetEnt.

    The company is committed to providing gender equality, excellent leadership and the opportunity to recover to ensure that every one of its employees can thrive.

    A place where people develop and thrive NetEnt strives to employ and retain the best talent in the technology and gaming industries. The aim is to provide a workplace where employees can develop and thrive.

    There is a strong correlation between profitability and a good work environment, and happy, healthy employees perform better. NetEnt employs just over 1, people from 64 different countries.

    While the majority come from the gaming, IT, telecommunications and financial industries, some have a more varied background, for example the music industry.

    NetEnt is an inclusive organisation that spans the full spectrum of diversity. Working actively towards gender equality and diversity is crucial as NetEnt continues to challenge and develop the industry through new innovations.

    Actively recruiting talent There is fierce competition in the industry for attracting future talent, and NetEnt must continue to recruit extensively.

    This means the company has to meet the needs and preferences of potential employees. NetEnt employees have a lot of scope to influence their working situation.

    The company believes in value-based leadership, and its core values guide the decisions it makes from day to day. NetEnt employees are encouraged to be independent and take their own initiative within the scope of company values, vision, goals and strategy.

    The concept emphasises the benefits of working for NetEnt, both to attract new employees to the company and retain those already here.

    Better Mondays shines a light on the corporate culture and values, with examples of how these can be applied in practical situations. No one at NetEnt should have to suffer the Sunday night blues.

    The company wants everyone to look forward to the positive, exciting challenges ahead as the working week kicks off. Every Monday offers new opportunities for employees to develop in their roles.

    NetEnt wants to create a work environment for employees underpinned by creativity, innovation and a broad scope to pursue their own initiatives.

    Leadership and development The company has managers of varying age and experience who share a desire to develop their leadership skills, their staff and the company.

    How have you benefited from the NetEnt leadership programme you attended? It gave me a good overview, and highlighted various aspects of leadership that are important here at NetEnt.

    The rate of sickness absence at NetEnt was 2. NetEnt puts a lot of emphasis on recruiting new managers and supporting them in their work.

    NetEnt has been running three types of leadership programmes since All new recruits in management roles attend a six-day course focusing on the corporate culture, support and feedback, as well.

    In its first three years, around people took part in the course. In the course evaluation, many participants responded positively to the way NetEnt demonstrated the connection between corporate culture and success through practical steps.

    A further programme, for managers who lead managers, was introduced in Targeting senior managers, it emphasises the differences between becoming a manager of employees and leading managers themselves.

    Why do you like being a manager? I like tackling complex issues and helping to realise the full potential of employees and teams, and I enjoy playing a part in driving NetEnt towards its vision and objectives.

    Five elements for sound balance Frida Östberg has the role of raising awareness about the importance of good health among the NetEnt workforce.

    Her task is to inspire employees to live a healthier life. Taking a holistic approach to her work, she provides opportunities for individuals to influence their work-life balance.

    This involves five elements which must all work in harmony: While some are looking to get into better physical shape, others think mental recovery is most important.

    A key aspect of her role is to consider the needs and initiatives of employees, something which affects their work in both the long- and short-term.

    Frida liaises closely with the local health. Some employees also take part in external events like the Stafettvasan relay, the Blodomloppet fun run and the Halvvättern bike race.

    One example is the volume and duration of meetings, a source of stress for many employees. Things become more serious when people are exposed to long-term stress without recovery.

    Towards the top together The challenge of reaching a peak in the Alps led to large numbers of job applications. All the people and nationalities, and the exciting challenges.

    The project was made of two parts, a webcomic and a core value game. In the webcomic, four employees from different parts of the organization took on the challenge of climbing a mountain in the Alps.

    Scaling the mountain symbolizes the core values; the will to reach the peak together. Over the period the campaign was run, job applications rose by 86 percent.

    If the employees completed their tasks, the four climbers were given help to scale the mountain, for example, carrying items for one hour. The employees completed 17, tasks in total.

    A clear division of responsibilities and duties ensures that management and employees are focused on achieving good results,.

    Revenues, profit and cash flow rose in and the company followed its longterm strategy for growth by entering several new regulated markets. I am also delighted to see that the number of shareholders in NetEnt continued to increase, reaching a total of 16, by the end of the year.

    NetEnt continues to have a debtfree balance sheet, which enables investment in our future growth. Vigo Carlund Chairman of the Board. Good corporate governance The small cap fund invested in NetEnt because of its unique combination of good owners, competent management, market-leading products in an exciting sector, and high scalability.

    Christian Brunlid is delighted with the way the shares have performed. The company has genuinely succeeded in growing with the help of leading products, based on a sensible, progressive corporate culture.

    As of January , the share is quoted in the Large Cap segment, which includes companies with a market capitalisation of more than EUR 1 billion.

    Share capital The number of shares in NetEnt amounts to ,,, of which 33,, are of class A and ,, are of class B, equal to a total of ,, votes.

    Share capital amounts to SEK 1,,, with the quota value per share 0. Trading volume and share price performance The last price paid on the final trading day of the year was SEK In , a total of ,, shares were traded on the stock exchange for a combined value of SEK The trading year for the NetEnt share Many new shareholders and improved share liquidity.

    The share price declined by SEK The highest price paid during the year was SEK Stock option programme, — The Annual General Meeting on April 21, resolved to introduce a longterm incentive scheme for all employees in the NetEnt Group.

    A total of , The stock options were issued at a market price of SEK 5. The strike price for the options was set at SEK Shareholders The number of shareholders in NetEnt at December 31, was 16, 11, , according to Euroclear.

    Institutional ownership amounted to The Board proposes that the distribution take place through a share redemption programme.

    The complete proposal will be presented well in advance of the AGM. Cash distribution divided by share price at year-end. Percentage change in share price during the year, plus dividend yield.

    Assets Non-current assets Current receivables Cash and cash equivalents Total current assets Total assets. Equity and liabilities Equity Non-current liabilities Current liabilities Total liabilities Total equity and liabilities.

    Condensed consolidated cash flow statement Condensed consolidated cash flow statement Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Cash flow for the year Opening cash and cash equivalents Exchange rate difference in cash and cash equivalents Closing cash and cash equivalents.

    The company presents certain financial performance measures in the annual report that are not defined according to IFRS. Because not all companies calculate financial performance measures in the same way, these are not always comparable to the measures used by other companies.

    These performance measures should therefore not be regarded as a replacement for measures as defined according to IFRS.

    Certain performance measures that are not defined according to IFRS are presented in the table below. Operating revenues Earnings per share SEK , basic Earnings per share SEK , diluted Average number of shares outstanding, basic Average number of shares outstanding, diluted Number of shares outstanding at year-end, basic Number of shares outstanding at year-end, diluted.

    NetEnt Casino Module is a comprehensive gaming system comprising a full suite of high-quality games and a powerful administration tool. Operators are provided with a customized system solution that is quickly and easily integrated, ensuring cost-efficient operation and minimizing installation-to-operation times.

    When signing new customer agreements, the customers are also invoiced for setup fees that are aimed at covering the integration and setup costs that arise for NetEnt in connection with the launch of new customers.

    NetEnt is a pure operating and development Company and thus does not conduct any gaming operations of its own. The Parent Company of the Group is based in Stockholm, where a certain amount of development and infrastructure coordination is carried out, while product management, sales, operations, customer support and marketing are managed out of Malta.

    Revenues in the Parent Company are attributable to services that are provided to subsidiaries. Product development is not capitalized in the Parent Company, since the development projects are ordered and owned by the subsidiary in Malta.

    NetEnt holds licenses in the following jurisdictions: NetEnt is a digital entertainment company. By doing so, NetEnt shall generate sustainable profit growth and dividends for its.

    The first and second quarters do not normally feature any particular seasonal effects. The third quarter is affected by the vacation period, which often leads to a somewhat lower growth rate for both revenues and personnel expenses, while the fourth quarter has historically featured higher sales volumes.

    The online gaming market has shown healthy growth in recent years. It is estimated that global gross gaming yield for online games, including all game segments, amounted to EUR The corresponding size of the global online casino market is.

    H2 Gambling Capital, February Europe is by far the largest gaming market and is expected to account for close to half of global gaming yield in the next few years.

    Reregulation of national gaming legislation is taking place in several European countries. NetEnt closely monitors developments on all markets that are undergoing regulation.

    NetEnt has held local gaming licenses in the UK since In Romania, NetEnt obtained a gaming license and launched its games with several operators in In the Netherlands, new gaming legislation is expected to come into force at the end of In Sweden, the Gambling Inquiry presented its proposal for a new gambling law at the end of March , and according to the Government, the new legislation could.

    Also, positive initiatives are under way to reregulate in other states too, such as in Pennsylvania. In NetEnt signed agreements with 37 45 new customers and 35 34 new customer casinos were launched.

    At the end of NetEnt had active customers and agreements with 30 customers that had not yet been launched.

    Revenues and operating profit for the last five years is presented below. Revenue, volume, price and currency developments Revenues for amounted to SEK 1, This growth is attributable to higher revenues.

    NetEnt signed 37 45 new license agreements and launched 35 34 new customers in The number of gaming transactions increased from the previous year by The average bet per transaction is generally higher in Scandinavia, and the difference in relation to the rest of the markets is particularly substantial for mobile games.

    The average royalty level was stable compared to the previous year. In , the Swedish krona weakened against the euro by an average of 1.

    Expenses and profit Operating profit rose by 9. Operating expenses increased by Personnel expenses rose The expansion also led to increased operating and maintenance costs, such as IT expenses and costs for establishing operations on new markets.

    Other operating expenses rose Net financial items amounted to SEK 1. The Group had an effective tax rate of 5. Investments in intangible assets consist of development of new games for mobile devices and desktop, technical adjustments to the platform such as new functionality, increased capacity, adjustments for requirements on regulated markets and software licenses.

    Investments in property, plant and equipment are primarily servers and other computer equipment to meet new technical requirements and maintain capacity and performance in connection with new product launches.

    Consolidated cash flow from operating activities for the full year amounted to SEK Cash flow from financing activities was SEK — Through an automatic redemption procedure,.

    Funds held on behalf of licensees amounted to SEK In the number of employees in the Group increased to Including extra resources such as dedicated staff at subcontractors and consultants, NetEnt employed 1, people , defined as full-time equivalents.

    Operating profit amounted to SEK The operating margin is mainly affected by how high a share of Parent Company expenses are invoiced onto other Group companies, and the intra-group price level applied.

    The price level is governed based on independent benchmark studies for similar services, and can vary over time if the general price level on the market changes.

    Profit before tax for the year was SEK At the AGM shareholders can vote the full number of shares represented. Holders of A shares are entitled to convert one or more A shares to B shares by written request to the Board of Directors, within the bounds of the maximum number of B shares that may be issued according to the articles of association.

    The number of shares in the Company totals ,,, of which 33,, shares are series A and ,, are series B, equaling a total of ,, votes.

    Share capital amounts to SEK 1,, The quotient value per share is 0. The number of shareholders in NetEnt at December 31, , was 16, 11, according to Euroclear.

    The largest shareholders were the Hamberg family with 6. Incentive scheme — Stock options The Annual General Meeting on April 21, , resolved to introduce a new longterm incentive scheme for all employees in the NetEnt Group.

    A total of , stock options were issued, with the right to subscribe for an equal number of new. The redemption price for the options was set at SEK If these stock options are fully subscribed, SEK Growth The Company sees conditions for profitable growth in thanks to a large pipeline of new games, growing revenues from regulated markets, mobile games and new customers to be launched.

    The Board intends to propose that such distribution occurs through a share redemption procedure. The proposed record date for the share redemption procedure is May 9, The complete proposal and an information folder will be available at the latest three weeks prior to the AGM.

    The information will be available to shareholders at the Company and on the website www. Pro forma after distribution to shareholders Retained earnings incl.

    Risks and risk management Uncertainty about future events is a natural feature of all business operations. Matters regarding risks associated with business development and long-term strategic planning are prepared in Group management, and decided by the Board of Directors.

    Group management continually reports risk-related issues, such as the Group's financial status and compliance with the.

    Group finance policy, to the Board of Directors. A number of key policies form the basis for operational risk management in the organization.

    NetEnt works continually on assessing and evaluating the risks to which the Group is or could become exposed. As NetEnt expands geographically, the revenue base becomes more diversified and dependency on political decisions in individual countries decreases.

    NetEnt is in continual dialog with authorities and legislators on key markets regarding new or amended regulations, to assist in devising sustainable regulations in line with customer demand and the reality prevailing on the cross-border digital market.

    It is crucial for the Company to be able to successfully respond to competition. The Company works to constantly improve the product offering in order to remain at the forefront among competition.

    Like other online services, the systems can sometimes suffer from operational disruptions. NetEnt invests continuously in IT infrastructure and staff to ensure high technical security in its systems and to minimize risks of operational disruptions.

    The Company has a temporary permit for operations in New Jersey, USA, that will be replaced by a full license in the near future.

    In recent years, the Company has invested in technology and expertise to adapt the organization to regulated markets.

    NetEnt is regularly examined in connection with license extension, and the operations are continually adapted in order to fulfill new or amended rules.

    Although NetEnt does not have direct contacts with players in its operations, there is a risk of people who suffer a gambling addiction bringing legal proceedings against companies in the NetEnt Group in its capacity of game supplier.

    Although such claims appear unfounded, at worst it could lead to considerable costs for and a drop in confidence in NetEnt. NetEnt works actively and in close collaboration with other entities in the market to prevent gambling-related problems.

    NetEnt's product design helps the operators to promote responsible gaming through functions that enable the operators to offer players sound control over their gaming.

    Corruption and money laundering are major problems worldwide and are unfortunately also found in the gaming industry.

    All employees are given training in anti-corruption and anti-money laundering. The risks are mitigated by identifying key people and ensuring that NetEnt remains an attractive employer, so that key staff stay on in the Group, and so as to facilitate the recruitment of new expertise.

    As NetEnt grows and the number of customers increases, dependence on individual large customers gradually decreases. NetEnt applies industry practice in systems and processes in order to maintain a high level of IT security.

    The Company continuously monitors the gaming transactions in its systems to detect any irregularities and take swift action if needed. Through contracts with employees and subcontractors, we ensure that the copyright for developed products accrues to NetEnt.

    Furthermore, the Company continuously protects its intellectual property rights through, for instance, registering pattern protection and trademarks.

    An appreciation of the SEK vs. NetEnt has a strong balance sheet and its operations generate healthy cash flows.

    In general, the Company is well equipped to handle exchange rate fluctuations. As the Company expands its operations outside Sweden, the cost base is also becoming more diversified.

    New laws, taxes or rules could give rise to limitations in operations or place new and higher requirements. Together with external experts, NetEnt has assessed how different tax rules affect its operations, to ensure an accurate tax status.

    This also applies to indirect taxes. NetEnt reports and pays tax to the tax authorities in the amounts that NetEnt and its advisors deem correct.

    Tax issues do not govern the operations, but tax is a factor taken into consideration in important business decisions or changes to the operations.

    A recession can lead to a reduction in the disposable income of consumers and consequently in demand for digital entertainment, including online casino games.

    NetEnt applies the Swedish Code of Corporate Governance and hereby submits its corporate governance report for NetEnt has no divergences to report.

    Corporate governance model for the NetEnt Group Corporate governance foundation NetEnt endeavours to apply strict standards and efficient processes so that its entire operations create long-term value for shareholders and other stakeholders.

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

    There have been no material changes in corporate governance from the preceding year. Board of Directors, headed by Chairman 5. The number of shares is ,,, divided into 33,, A shares and ,, B shares, equalling ,, votes in total.

    Holders of A shares have the right to convert one or more A shares to B shares by written request to the Board of Directors, within the limits of the maximum number of B shares that may be issued according to the Articles of Association.

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

    The date, time and location are announced no later than in connection with the third quarter earnings report.

    To be entitled to vote at the AGM, shareholders must be recorded in the. Shareholders who cannot attend in person may participate through representatives.

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

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

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

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

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

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

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

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

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

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

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

    Before each Board meeting, members receive written documentation about the matters to be discussed at the Board meeting.

    Also, each month, a monthly report is distributed on operational and financial performance. The Chairman organises and heads the work of the Board of Directors so that it is conducted efficiently, and such that the Board of Directors honors its obligations.

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

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

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

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

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

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

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

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

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

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

    The Board of Directors establishes guidelines for senior executive remuneration that are presented to and approved by the AGM.

    The guidelines for senior executive remuneration are monitored and evaluated annually, including variable remuneration schemes for the Company management that are in progress and that ended during the year.

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

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

    The Remuneration Committee met once in

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