Annual Report

Dual-listed on Oslo Børs and

at Nasdaq Stockholm

Over 25 primary countries

target by Media assets

€235m (approx) Market Cap

Approximately 610

employees

Offices in Malta, Denmark,

Latvia, Spain and France

Greece, Ontario, Serbia

To be the industry-leading platform and media

provider delivering world-class solutions to our

iGaming partners and their customers.

Annual Report 2021

Annual Report 2021

• Full year 2021 revenues* were EUR 66.8m (52.2), an

increase of 28%, all organic growth

• EBITDA was EUR 20.7m (10.7), up 93%, EBITDA margin*

increased to 31.1% (20.6%)

• Positive EBIT of EUR 7.0m (-8.7), an improvement of EUR

15.7m

• Revenues in Media Services at all-time high of EUR

45.0m (34.3), an increase of 31%, with an all-time high

EBITDA of EUR 20.7m (17.5)

EUR 1.4m (-2.5). Excluding discontinued white-labels,

revenues increased 42%

• Signed 9 new agreements for Platform Services in 2021

• 6 new brands were launched on the platform in 2021 and

two additional brands were development complete at

year end (launched in 2022)

• Balance strengthened through refinancing of bond and

conversion convertible loan in May

• Signed a Share Purchase Agreement in December to

acquire Sportnco Gaming SAS, transaction completed on

+93% Y/Y

(20.6% in 2020)

Annual Report 2021

Annual Report 2021

Annual Report 2021

Media Services continues to go from strength to strength,

of wallet in existing markets. The team and strategy has

delivered exceptionally well during 2021 with organic growth

started the integration program and welcoming the team at

Sportnco into GiG.

After a remarkable year growing stronger together, 2021

allowed us to refocus our sustainability efforts and address

ratings, whilst adapting to our B2B business strategy. Our

four sustainability pillars have two clearly defined business

We support our B2B partners and their end users to drive

sustainable growth and to comply with technical, legislative

and responsible marketing demands, as a software supplier

achieve this, our people team have been working incredibly

aspect of sustainability, including our impact on the global

environment, and through our upcoming assessment of our

scope 1, 2 and 3 emissions, our supplier chain ethics and

improving our global reporting, we not only aim to achieve

their end users.

I would like to also take this opportunity to thank the staff at

GiG, who have worked tirelessly towards not only achieving

the results in 2021 but also the work they put into developing

the business for the long term benefit of our ambitions.

2021 was an exciting and rewarding year, and our first full

year as B2B only focus, and we have made real ground in

and future in the business as we continue to move forward

our market expansion and begin to invest further into the

North American markets as part of the global strategy of the

business unit.

from the re-regulation of the German market and the closure

of the Dutch market, I am happy to deliver revenue growth

from the underlying SaaS business after the strategic shut

down of the white-label business. The year saw us increase

our onboarding rate and enter 6 more regulated markets, a

key driver for the long term growth of the business.

The platform business unit continues to build towards its

expansion strategy and pursue with force its growth drivers.

Annual Report 2021

Annual Report 2021

Gaming Innovation Group is a leading iGaming technology

company, providing solutions, products and services to

Group’s vision is ‘To be the industry-leading platform and

media provider delivering world-class solutions to our

drive sustainable growth and profitability of our partners’

through product innovation, scalable technology and quality

of service.

ambition for top performance and operational excellence.

of end-users through digital marketing channels to leading

customers via innovative and scalable technology. Through

its platform services, GiG specialises in taking land-based

operators online for the first time via its tailored omnichannel

solution, which brings together the offline and online worlds

through a shared loyalty system, wallet and dual registration.

focus on producing the best iGaming solutions for our clients

so that they can grow and develop across regulated markets

strictest regulated markets in the world (France, Portugal,

Spain and Greece). We pride ourselves on being flexible, we

in relation to regulatory compliance, risk management, or

marketing strategy, we ensure the same quality of excellence

technology offers a complete omnichannel experience,

allowing retail operators to fully embrace their digital

transformation with a full turnkey solution.

and building blocks in a flow chart style design, helping them

to build their logic within these messages and tailor them to

GiG’s real-time data platform allows operators to seamlessly

to make smarter predictions about their future. Producing

detailed data, and back office reports featuring actionable

insights, GiG Data enables its partners to make faster

Built using AI applications, GiG Data enables forecast

and present detailed data such as responsible gaming data

and CMS solutions work together to keep its partner’s players

engaged with a consistent gaming experience and enables

them to continue to stand out from their competitors online as

they do offline.

Through machine learning applications, GiG’s feature-rich

of games and presents them with automated promotions

such as tournaments, races, automated cash-back and more.

GiG’s managed services solution provides operators with

All of GiG’s turnkey managed services are available from

Media Managed

services provide a full package of the most valuable traffic

sources covering all channels to make sure that every

opportunity is captured (Google Ads, social media marketing,

affiliation and SEO).

and experience of driving results for online casinos and

successfully supporting land-based casinos in their

digital transformation. With its media managed services

solution, GiG creates a proven acquisition model that

specialises in following player journeys and focuses on

customer experience, providing its partners with actionable,

your acquisition strategy.

Annual Report 2021

Annual Report 2021

journey and lifetime value. With over a decade of experience

from within a B2C gaming environment, and with expert

products, GiG’s CRM team is always one step ahead when

it comes to delivering a proactive customer relationship

GiG offers its partners a major competitive advantage via its

industry-leading global media affiliate business. GiG Media

multiple content rich websites which empowers potential

Our business model

throughout the year given the different seasonalities of casino

and sport. We operate in established markets earning our

supply tomorrow’s revenue.

GiG Media operates multiple content rich websites targeting

articles, reviews and more to connect users with the sites.

included in GiG’s affiliate websites, which will then take the

Our paid media business

Our paid media business uses a variety of marketing

with users from each channel being directed to an affiliate

site of ours or directly to a partners site.

Search engine marketing (SEM): Ads on search engines such

as Google and Bing

Messenger

Annual Report 2021

Casinotopsonline

Connecting millions of visitors every year with over 400

Active in more than 14 languages

Annual Report 2021

Annual Report 2021

Compliance

We promote responsible gambling through all of our websites

and are dedicated to ensuring compliance in all our marketing

created by our media team to help safeguard your license by

ensuring your digital marketing is safe and compliant.

GiG Comply

helps you to identify where you need to focus and tighten

It’s easy to use compliance solution scans web pages for

marketing campaigns.

GiG puts the power in its partners’ hands, the flexibility built

into its compliance solution enables its partners to create

engine to analyse real snapshots from affiliate campaigns

to provide operators with the promotional content that is

being used in their brands promotions. Not only does this

help operators ensure that they remain proactive but it also

enables them to stay on top of any potential compliance

threat or breach with a reactive approach.

Dedication to details combined with an activity based

costing mindset is a prerequisite for succeeding in the paid

on-advertising-spend focus (ROAS) ensuring that both we

and our partners profit from the players that we generate.

solutions to support our paid marketing activities – to name a

few examples:

• Our technology allows us to understand and track our

activities on a granular level

• Allows us to safeguard all of our marketing activities

Annual Report 2021

Annual Report 2021

Annual Report 2021

linked to our work in local

communities and reducing our

environmental footprint with the

aim of reaching Net Zero by 2030.

Annual Report 2021

Annual Report 2021

Annual Report 2021

Annual Report 2021

Annual Report 2021

Annual Report 2021

Revenues for Platform Services were EUR 37.2 million in 2021, a

25% increase from EUR 29.7 million in 2020. Included are revenues

the profit and loss statements and these revenues are partly offset

by related cost of sales and site overhead expenses. By assuming

revenues for Platform Services were EUR 21.4 million in 2021, a 13%

increase from EUR 18.9 million in 2020.

Due to the termination of the white-label model, revenues from

white-label agreements decreased by 49% in 2021 compared to

2020 while revenues from SaaS agreements and other revenues

on Platform Services’ revenues of EUR 3.2 million in 2021 compared

compared to 2020.

Aggregated gross gaming revenue (GGR) through the platform in

2021 was EUR 408 million, an 18% increase from EUR 345 million in

2020. Some Platform clients are on fixed fee contracts, thus GGR

Platform Services is well positioned as a turnkey and fully managed

service provider across the main verticals in iGaming, and the

position has strengthened through the acquisition of Sportnco.

long term to support growth in the digital space and/or a digital

transformation from a land-based operation to an online presence

GGR (MEUR)

Annual Report 2021

forward. GiG has a vision to offer a sportsbook agnostic

platform and will consider integrating third-party sportsbooks

broaden the potential client base.

in 2021, compared to EUR 0.8 million in 2020. The sportsbook

has been operated with a sustainable cost base in 2021, and

from EUR -3.7 million in 2020.

Casino and Sports Betting Services through in-house brands,

million, an increase of 54% from EUR 3.0 million in 2020,

an increase of 28% from EUR 51.8 million in 2020, with a gross

profit margin of 99% (99% in 2020).

Personnel expenses were EUR 22.1 million in 2021, a decrease

of 13% from EUR 25.3 million in 2020. Capitalised expenses

related to the Company’s development of technology

and future products amounted to EUR 8.0 million in 2021,

compared to EUR 4.4 million in 2020, and are amortised

over three years. These costs are mainly related to the

Marketing expenses were EUR 23.0 million in 2021, an

Revenue and EBITDA (MEUR)

Annual Report 2021

Depreciation and amortisation amounted to EUR 14.6 million

depreciation was EUR 1.7 million (EUR 2.3 million in 2020).

2015-2017 were EUR 4.3 million in 2021, a decrease of 41%

from EUR 7.3 million in 2020. Acquired affiliate assets have

been conservatively amortised over 3 years for customer

reflect the re-assessed value of such assets, see Note 9 in

EUR 2.6 million in 2021 compared to EUR 2.7 million in 2020.

Operating profit was EUR 6.2 million in 2021, compared to a

loss of EUR -8.7 million in 2020. The improvement results from

improved operational performance and lower amortisation.

Net other expenses for 2021 were EUR -6.3 million,

compared to EUR -6.9 million in 2020. The interest

expense on the Company’s bonds were EUR -4.8 million in

2021, compared to EUR -4.2 million in 2020. As part of the

refinancing of the bond process, the Company incurred

income/expense is a net unrealised foreign exchange gain of

EUR 1.1 million in 2021 on the bond due to the weakening of

Net result

The net income from continuing operations was EUR 0.4

million in 2021, a significant improvement from a loss of EUR

The loss from discontinuing operations was EUR -0.5 million

in 2021, compared to loss of EUR -1.8 million in 2020.

loss per share was EUR 0.00 in 2021 compared to EUR -0.20

Assets

As at 31 December 2021, GiG had total assets of EUR 87.7

intangible assets of EUR 31.7 million (EUR 33.0 million in

2020), which mainly comprises goodwill generated through

business combinations, development on technology platform

as well as affiliate assets acquired.

Goodwill was EUR 16.3 million both as at 31 December 2021

acquisition of Rebel Penguin and the reverse Nio/GiG merger

in 2015.

Annual Report 2021

Annual Report 2021

cash balances.

Equity

with an equity ratio of 14%, an improvement from EUR 3.6

million as at 31 December 2020 (4% equity ratio).

Liabilities

31 December 2021, a decrease from EUR 24.9 million as at

The Company’s SEK 450 million 2021-2024 bond is included

Lease liabilities as per IFRS 16 are included with EUR 3.2

million under current liabilities and EUR 9.4 million under long

term liabilities.

December 2020.

Cash flow

The consolidated net cash flow from operating activities

million in 2020. Included in the net cash flow from operating

activities are changes in operating assets and liabilities. Cash

2020 and EUR 8.5 million in proceeds from the convertible

loan in December 2020.

Cash and cash equivalents decreased by EUR -2.9 million in

2021, compared to an increase of EUR 6.9 million in 2020.

Summary

The Board of Directors proposes that the Company’s net

loss shall be covered by other equity. The Board of Directors

confirms that the financial statements have been prepared

Inc. and subsidiaries, as of 31 December 2021. For more

Governance and the Swedish Corporate Governance Code.

Adherence to the Codes is based on the “comply-or-explain”

principle; a detailed description of the Company’s adherence

to the Codes is included on page 49 of this annual report.

In June 2019, Gaming Innovation Group Plc. issued a SEK

400 million senior secured bond with maturity in June 2022.

In June 2021, the 2019-22 bond was refinanced through the

issuance of a new 3-year SEK 450 million senior secured

borrowing limit. The new bond has a floating coupon of 3

months STIBOR + 8.50% per annum and is listed on Nasdaq

Annual Report 2021

Gaming Innovation Group Inc. is dual-listed on the Oslo Stock

Nasdaq Stockholm with the ticker symbol “GIGSEK”. The ISIN

code for the share is US36467X2062.

As at 31 December 2021, the total number of shares

outstanding in GiG was 96,675,626 (par value USD 1.00),

in the Norwegian VPS system and with Euroclear Sweden.

The Annual Meeting of Shareholders in May 2021 resolved

2022 approved to further increase the number of authorized

On 28 May 2021, 6,600,000 new shares were issued at a

share price of NOK 15 per share covering the outstanding

loan, accrued interest and a fee for early termination.

and the options vests over three years with expiry on 31

December 2026 and are conditional upon employment at time

of exercise. A total of 1,720,000 options were outstanding as

at 31 December 2021.

In February 2022, 1,700,000 options were granted to key

and the options vests over three years with expiry on 31

December 2027, and are conditional upon employment at time

authorised shares, whereof 122,786,526 are issued and

outstanding. In addition, a total of 3,420,000 options are

22 in the Consolidated Financial Statements.

comprised five members with Petter Nylander as Chairman

and Helge Nielsen, Henrik Persson Ekdahl, Nicolas

Adlercreutz and Kjetil Garstad as Directors. The Annual

and to re-elect Helge Nielsen, Henrik Persson Ekdahl, Nicolas

seven members.

(committee chair) and Henrik Persson Ekdahl.

Mr. Ahearne is related to SkyCity, that holds 11.0% of shares

in GiG. The remaining six board members are independent

Board, the composition of the Board of Directors responds to

the Company’s needs for varied competency, continuity and

changes in ownership structure.

None of the directors hold any options or are entitled to any

severance payment upon termination or expiration of their

board members and senior management, see Note 30 in the

Consolidated Financial Statements.

Annual Report 2021

Annual Report 2021

related to risk management and internal control. These

documents are distributed to the relevant employees and

to read, understand and sign off on Company policies and

to comply with the code of conduct. The internal control

processes, which take into consideration the Company’s

business operations, as well as the external environment in

The CEO and Group CFO are responsibility for managing

issues concerning insider information and monitoring the

So far, the Company’s operations has not been materially

negatively affected by COVID-19 and GiG has applied a work

from home policy, operating in a work from home and hybrid

office set up allowing, when possible and safe, to employees

to work from the company’s facilities which are constantly

regulations. Given the inherent uncertainties, it is difficult

to ascertain the longer term impact of COVID-19 on the

Name Position Shares Options

Petter Nylander Chairman 119,800 -

Henrik Persson Ekdahl Director 4,896,125 -

Helge Nielsen Director 1,026,000 -

Nicolas Adlercreutz Director 22,500 -

Kjetil Garstad Director 334,531 -

Kathryn Moore Baker Director 20,000 -

Richard Brown CEO 121,000 110,000

Tore Formo Group CFO 458,167 60,000

at the end of 2020. Approximately 230 contributed towards

Platform Services, 145 into Media Services and 20 in Sports

Betting Services with the balance in corporate functions. The

acquisition of Sportnco in April 2022 has added around 130

The post pandemic employment scenario is allowing a wider

talent search and is providing a good opportunity for the

Company to strengthen outsourcing agreements in order to

supply talent in a scalable and longer-term sustainable way.

At present, GiG collaborates with approximately 50 full time

outsourced resources dedicated to tech departments for the

delivery of key projects.

Annual Report 2021

year ended 31 December 2021 give a true and fair view of the assets, liabilities, financial position and results of

operations as a whole for the group and parent company.

We also declare that, to the best of our knowledge, the Board of Directors’ report provides a true and fair

review of the development and performance of the business and the position of the group and parent company,

any description of transactions with related parties are correct.

Petter Nylander

Chairman

Henrik Persson Ekdahl

Director

Richard Brown

CEO

Annual Report 2021

Annual Report 2021

any short-term or long-term needs. There is no assurance

that the Company will be profitable in the future, which could

to the above, the Group faces the risk that customers are not

able to pay for the services rendered when these falls due.

Competition

The Company faces competition from current competitors,

as well as potential new competitors, which could result

in loss of market share and diminished profits for its

and improvements. As well as a positive cash flow, the

revenues in 2021. The performance of the customers and

market-related dynamics have an impact on the Company’s

performance. GiG seeks long-term partnerships with its

customers and is reliant on the strength of the relationship

Unsuccessful Integration of SportNCo

The Company believes that the acquisition of SportNCo

Gaming SAS will result in certain benefits, including expand

market coverage, grow client base, certain cost synergies,

However, to realize these anticipated benefits, the businesses

of GiG and that of SportNCo must be successfully integrated.

presently unregulated becomes subject to commercially

unfeasible or unfavourable regulation or fiscal regimes which

laws, or other political decisions in the jurisdictions where the

Company operates, may have a positive or negative effect on

Where GiG acts as a B2B supplier, regulatory risks as

main source of income is generated through revenue sharing

arrangements with operators.

software (PAM) and sportsbook platform. The software has

One of the B2B activities carried out by GiG involves the

provision of white-label services to SkyCity, whereby gaming

activities are carried out in reliance of licences held by GiG,

placing GiG accountable for regulatory compliance affairs

the white-label model carried out during 2020, GIG is less

directly exposed to legal and compliance risks associated

with gaming operations.

GiG’s B2B services described above are carried out in a

highly regulated and supervised environment, where the

such as social responsibility are ever evolving and becoming

more stringent. Even where GiG does not operate on the

Annual Report 2021

may also be adopted to prohibit commercial model generally

adopted to compensate for affiliate referrals, including GiG,

GiG currently holds authorisations to carry out its affiliate

marketing activities in 10 US states, holds a Class II licence

Gaming Commission.

users received from internet searches and any changes in the

way internet searches are regulated or carried out may impact

this activity.

range from direct loss of revenue, penalties or sanctions,

Cybersecurity

The Company maintain a rigorous, risk-based information

security programme aligned with the business strategy and

objectives. GiG’s information security processes are regularly

tested by independent auditors, and are ISO 27001:2013

certified. There are, however, no certainty of avoiding attacks

or other hostile attempts to systems and servers, which

financial performance. Cybersecurity risks have increase after

the Covid-19 pandemic broke out and have further increased

The Company’s largest asset, other than its customers, is

its employees. It is dependent on the ability of attracting

Directors, the CEO, the rest of the management team and

other key individuals to perform relevant duties. If they are

might have an adverse effect on the Company’s reputation

and financial performance.

COVID-19

which is affected by general economic and consumer trends

home and hybrid office set up allowing, when possible and

of COVID-19 on the Company’s operations.

For further description on risk factors, see Note 2.1, Note 4.1

and Note 33 to the Consolidated Financial Statements.

GeoPolitical Conflict

Against the backdrop of rising tensions between the West

and Russia, particularly as it relates to Russia’s actions in

Ukraine, and the sanctions imposed against Russia and

Belarus, Russian and Belarusian officials, companies and

inflation, rising operational costs, loss of supply chains, loss

of potential future business and general market challenges

Annual Report 2021

Annual Report 2021

Annual Report 2021

successful career within iGaming and

media enterprises. Starting his career

in MTG, he held various management

positions such as CEO of Unibet (now

separately listed as Kindred Group &

Kambi at Nasdaq OMX), CEO of TV3

Scandinavia and CEO of OMD Sweden

(part of Omnicom Group). Petter

such as Chairman of the Board of G5

Entertainment AB since 2013- (Nasdaq

currently serving as Global CEO for

Besedo AB. He brings unparalleled

industry knowledge as well as great

experience within corporate governance

investor, he has launched, grown and

sold leading Scandinavian gaming

operations such as BestGames

Holdings Plc, Betsafe Ltd and Betit

industry in various roles including

CEO BestPoker, CEO Betsafe & CEO

Betsson Group Ltd. Henrik Persson

Ekdahl holds an MBA from Gothenburg

School of Economics.

senior management experience both

nationally and internationally, including

listed companies. He has been in

charge of tech-driven international

Currently, Helge Nielsen runs his own

consultancy company, which provides

management for hire. He also holds

various directorships.

Gaming Innovation Group is committed to good corporate

between the Company’s shareholders, the Board of Directors

Being a Delaware company, GiG is subject to Delaware

company legislation and regulation. In addition, certain

aspects of the Norwegian Securities law and the Swedish

Stockholm, including the requirement to publish an annual

statement of the Company’s policy of corporate governance.

The Company’s Board of Directors and management adheres

to the Norwegian Code of Practice for Corporate Governance,

last revised 14 October 2021 (the “Norwegian Code”) and

January 2020 (the “Swedish Code”), both referred to as “the

Codes” in this document. The Company has Norway as its

corporategovernanceboard.se

The application of the Codes is based on a “comply or

the Board of Directors and the annual corporate governance

base, with extended sections to cover the Swedish Corporate

The Company complies with the Codes in all material

respects; however, it deviates on the following topics: Board

authorisation to issue new shares (section 3) and formulation

of guidelines for use of the auditor for services other than

The Codes are in material respects complied with through

the Company’s Certificate of Incorporation and By-Laws

(combined Articles of Association) and the annual report.

As a Delaware corporation, the Company’s business is not

defined in the Articles of Association. A description of the

Annual Report 2021

Annual Report 2021

from financing of normal operating expenses, GiG’s business

model requires low tied-up capital in fixed assets and the

The Board of Directors constantly assesses the Company’s

need for financial strength based on the Company’s

The Company has adopted a dividend policy under which,

according to continued self-imposed restrictions concerning

financial solidity and liquidity, all of which should be complied

with. To date, the Company has not paid any dividends to

According to common practice for Delaware companies,

corporate law, the Board of Directors may issue shares up

US36467X2062.

Company has only one class of shares, which is listed on both

the Oslo Stock Exchange and NASDAQ Stockholm.

Under Delaware law, no pre-emption rights of existing

shareholders exist, however the Company aims to offer

pre-emption rights to existing shareholders in the event of

share issues for cash. If the Board of Directors carries out

an increase in share capital by cash and waives to offer a

The Codes are, in material respects, complied with as stated

below. A shareholder meeting ensures the shareholders’

in the Company and in which the Company’s Articles of

Association are adopted.

shareholders as their proxy. Shareholders are allowed to vote

using English only for all communication, including the notice,

as the ownership structure warrants it and it is financially

feasible given the financial situation of the Company. The

same applies to the minutes of the meeting. The Swedish

representative of a shareholder, who is neither a member of

the Board nor an employee of the Company is to be appointed

to verify and sign the minutes of shareholder meetings.

Annual Report 2021

one-to-one interviews with each member of the Board.

that the nomination committee of Gaming Innovation Group

shall consist of not less than three and not more than four

by the three largest shareholders at 31 August 2021. The

members of the committee are: Mikael Riese Harstad

Fagerli (nominated by Myrlid AS) and Dan Castillo (nominated

by Jesper Ribacka).

representing all shareholders and independent from

whereof a majority (six) are independent of the Company’s

main shareholders. All board members own shares in the

Company, either directly or indirectly. Information about the

current board members, their expertise, independency and

As a Delaware company, the board members have unlimited

periods, however the board members must be proposed,

elected and re-elected at the annual shareholder meeting.

The Chairman of the Board is formally elected by the Board of

Directors according to the Company’s by-laws.

according to the Swedish Code. There is no such equivalent

rule in the Norwegian Code.

The Board of Directors appoints a remuneration committee

and an audit committee and establishes an annual plan for its

The Board of Directors has evaluated its work through a

nomination committee. The evaluation report has been shared

with the nomination committee and also discussed by the

Board of Directors.

Board receives the information required in order to be able to

The Codes are complied with. The Board of Directors

constantly assesses the Company’s need for necessary

internal control systems for risk management covering the

The Company employs a risk management policy which is

Annual Report 2021

Annual Report 2021

In connection with the annual report, the most important

The Codes are complied with and variable remuneration for

Company follows. The remuneration to board members is at

a sufficiently competitive level in order to ensure the desired

composition of the Board. The remuneration is resolved by

The annual shareholder meeting in May 2021 resolved

No board members have share options and no board

(or companies with which they are associated) shall take

on specific assignments for the Company in addition to

their appointment as Director. If such assignments are

made, it shall be disclosed to the Board of Directors and the

The Codes are complied with. The remuneration for the

CEO is set by the Board. The Board also establishes

guidelines for the remuneration of other members of senior

principles for and scope of bonus schemes and any option

grants. Performance-related remuneration are subject to

Company’s development and economic and financial status.

Prompt financial reporting reduces the possibility of leakage

Responsibility for investor relations (IR) and price sensitive

CFO, including guidelines for the Company’s contact with

shareholders other than through general meetings.

All information distributed to the Company’s shareholders

is available through the Company’s website. Each year the

Company publishes to the market the dates of reporting for

are made available on the Company’s website. The Company

take-overs, and the Board of Directors is pragmatic with

respect to a possible takeover of the Company.

If a takeover bid is made for the Company, the Board of

expiry of the bid, including a recommendation as to

whether the shareholders should accept the bid or not. The

main responsibility of the Board of Directors under such

circumstances is to maximise value for the shareholders,

while simultaneously looking after the interest of the

Company’s employees and customers.

Annual Report 2021

information about the statutory audit.

for the management’s opportunity to use the auditor for

other services than audit. The auditors are used as advisors

preparation of tax returns and general tax advice.

finally approved the annual financial statements for 2021, but

participated in the audit committee meeting that approved the

annual financial statements and the auditors’ comments were

Annual Report 2021

Annual Report 2021

The meeting furthermore resolved that the nomination committee

members, to represent all shareholders and be appointed by the

three largest shareholders as at 31 August 2021. It was resolved

Incorporation to reflect an increase in the number of shares of

stock which the Company is authorized to issue 100,000,000 to

of the Company.

The meeting also resolved to authorise the Board of Directors to

shares may not exceed 10% of the outstanding share capital of the

www.gig.com

Stockholm, Sweden. 50.47% of the shareholders were represented

at the meeting in person or by proxy.

The meeting resolved to amend the Company’s Amended and

Restated Certificate of Incorporation to reflect an increase in the

number of shares of stock which the Company is authorized to

The meeting also resolved that the number of Board members

legislation and regulations, fiscal regulations,

the effectiveness of copyright for computer

fluctuation in exchange rates, interest rates

and political risks.

CEO

Tore Formo

Triq id-Dragunara c/w Triq San Gorg,

St. Julians, STJ 3148

Malta

Q1 2022 Interim Report 10 May 2022

2022 Annual

Shareholder Meeting

Q2 2022 Interim Report 16 Aug 2022

Q3 2022 Interim Report 9 Nov 2022

comprehensive income (loss), statements of changes in

In our opinion, the accompanying Group consolidated

financial statements present fairly, in all material respects,

the consolidated financial position of the Group as of 31

December 2021, and its consolidated financial performance

(IFRSs) as adopted by the EU.

In our opinion, the accompanying Parent financial statements

give a true and fair view of the financial position of the

Parent as of 31 December 2021, and its financial performance

and cash flows for the year then ended in accordance with

and practices generally accepted in Norway and Sweden

Accounting Act and accounting standards and practices

those standards are further described in the Auditor’s

International Ethics Standards Board for Accountants’ Code

obtained is sufficient and appropriate to provide a basis for

Key audit matters are those matters that, in our professional

judgment, were of most significance in our audit of the

consolidated financial statements of the current period. These

our opinion thereon, and we do not provide a separate opinion

on these matters. For each matter below, our description

of how our audit addressed the matter is provided in that