Prospectus • Oct 10, 2019
Prospectus
Open in ViewerOpens in native device viewer
(A private limited liability company incorporated under the laws of Norway)
Admission to trading of shares on Merkur Market
_________________________________________________
This admission document (the "Admission Document") has been prepared by Kahoot! AS (the "Company" or "Kahoot!" and, together with its consolidated subsidiaries, the "Group") solely for use in connection with the admission to trading (the "Admission") of all issued shares of the Company on Merkur Market.
As of the date of this Admission Document, the Company's registered share capital is NOK 12,158,949.60, divided into 121,589,496 shares, each with a par value of NOK 0.10 (the "Shares").
The Shares have been admitted for trading on the Merkur Market and it is expected that the Shares will start trading at Merkur Market on or about 10 October 2019 under the ticker code "KAHOOT-ME". The Shares are, and will continue to be, registered in VPS in bookentry form. All of the issued Shares rank pari passu with one another and each Share carries one vote.
Merkur Market is a multilateral trading facility operated by Oslo Børs ASA. Merkur Market is subject to the rules in the Norwegian Securities Trading Act of 29 June 2007 no 75 (as amended) (the "Norwegian Securities Trading Act") and the Norwegian Securities Trading Regulations of 29 June 2007 no 876 (as amended) (the "Norwegian Securities Trading Regulation") that apply to such marketplaces. These rules apply to companies admitted to trading on Merkur Market, as do the marketplace's own rules, which are less comprehensive than the rules and regulations that apply to companies listed on Oslo Børs and Oslo Axess. Merkur Market is not a regulated market. Investors should take this into account when making investment decisions.
Investing in the Company involves a high degree of risk. Prospective investors should read the entire document and, in particular, Section 1 ("Risk Factors") and Section 3.3 ("Cautionary note regarding forward-looking statements") when considering an investment in the Company and its Shares.
Merkur Market Advisor
ABG Sundal Collier ASA
The date of this Admission Document is 7 October 2019
This Admission Document has been prepared solely by the Company in connection with the Admission. The purpose of the Admission Document is to provide information about the Company and its business. This Admission Document has been prepared solely in the English language.
For definitions of terms used throughout this Admission Document, please refer to Section 13 ("Definitions and glossary of terms").
The Company has engaged ABG Sundal Collier ASA as its advisor in connection with its Admission to Merkur Market (the "Merkur Advisor"). This Admission Document has been prepared to comply with the Admission to Trading Rules for Merkur Market (the "Merkur Market Admission Rules") and the Content Requirements for Admission Documents for Merkur Market (the "Merkur Market Content Requirements"). Oslo Børs ASA has not approved or reviewed this Admission Document or verified its content.
The Admission Document does not constitute a prospectus under the Norwegian Securities Trading Act and related secondary legislation, including Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market and has not been reviewed or approved by any governmental authority.
All inquiries relating to this Admission Document should be directed to the Company or the Merkur Advisor. No other person has been authorized to give any information, or make any representation, on behalf of the Company and/or the Merkur Advisor in connection with the Admission, if given or made, such other information or representation must not be relied upon as having been authorized by the Company and/or the Merkur Advisor.
The information contained herein current is as of the date hereof and subject to change, completion or amendment without notice. There may have been changes affecting the Company subsequent to the date of this Admission Document. Any new material information and any material inaccuracy that might have an effect on the assessment of the Shares arising after the publication of this Admission Document and before the Admission will be published and announced promptly in accordance with the Merkur Market regulations. Neither the delivery of this Admission Document nor the completion of the Admission at any time after the date hereof will, under any circumstances, create any implication that there has been no change in the Company's affairs since the date hereof or that the information set forth in this Admission Document is correct as of any time since its date.
The contents of this Admission Document shall not be construed as legal, business or tax advice. Each reader of this Admission Document should consult with its own legal, business or tax advisor as to legal, business or tax advice. If you are in any doubt about the contents of this Admission Document, you should consult with your stockbroker, bank manager, lawyer, accountant or other professional advisor.
The distribution of this Admission Document in certain jurisdictions may be restricted by law. Persons in possession of this Admission Document are required to inform themselves about, and to observe, any such restrictions. No action has been taken or will be taken in any jurisdiction by the Company that would permit the possession or distribution of this Admission Document in any country or jurisdiction where specific action for that purpose is required.
The Shares may be subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under applicable securities laws and regulations. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. Investors should be aware that they may be required to bear the financial risks of this investment for an indefinite period of time.
This Admission Document shall be governed by and construed in accordance with Norwegian law. The courts of Norway, with Oslo District Court (Nw.: Oslo tingrett) as legal venue, shall have exclusive jurisdiction to settle any dispute which may arise out of or in connection with the Admission Document.
Investing in the Company's Shares involves risks. Please refer to Section 1 "Risk factors".
Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the Shares have been subject to a product approval process, which has determined that they each are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II (the "Positive Target Market"); and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "Appropriate Channels for Distribution"). Notwithstanding the Target Market Assessment, distributors should note that: the price of the Shares may decline and investors could lose all or part of their investment; the Shares offer no guaranteed income and no capital protection; and an investment in the Shares is compatible only with investors who do not need a
guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. Conversely, an investment in the Shares is not compatible with investors looking for full capital protection or full repayment of the amount invested or having no risk tolerance, or investors requiring a fully guaranteed income or fully predictable return profile (the "Negative Target Market", and, together with the Positive Target Market, the "Target Market Assessment").
For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Shares.
Each distributor is responsible for undertaking its own target market assessment in respect of the Shares and determining appropriate distribution channels.
The Company is a private limited liability company incorporated under the laws of Norway. As a result, the rights of holders of the Shares will be governed by Norwegian law and the Company's articles of association (the "Articles of Association"). The rights of shareholders under Norwegian law may differ from the rights of shareholders of companies incorporated in other jurisdictions.
The members of the Company's board of directors (the "Board Members" and the "Board of Directors", respectively) and the members of the Group's senior management (the "Management") are not residents of the United States of America (the "United States"), and a substantial portion of the Company's assets are located outside the United States. As a result, it may be very difficult for investors in the United States to effect service of process on the Company, the Board Members and members of Management in the United States or to enforce judgments obtained in U.S. courts against the Company or those persons, whether predicated upon civil liability provisions of federal securities laws or other laws of the United Stated (including any State or territory within the United States).
The United States and Norway do not currently have a treaty providing for reciprocal recognition and enforcement of judgements (other than arbitral awards) in civil and commercial matters. Uncertainty exists as to whether courts in Norway will enforce judgments obtained in other jurisdictions, including the United States, against the Company or its Board Members or members of Management under the securities laws of those jurisdictions or entertain actions in Norway against the Company or its Board Members or members of Management under the securities laws of other jurisdictions. In addition, awards of punitive damages in actions brought in the United States or elsewhere may not be enforceable in Norway. The United States does not currently have a treaty providing for reciprocal recognition and enforcement of judgements (other than arbitral awards) in civil and commercial matters with Norway.
Similar restrictions may apply in other jurisdictions.
| 1 | RISK FACTORS | ||
|---|---|---|---|
| 1.1 | Risks relating to the Group and the industry in which it operates | ||
| 1.2 | Risks relating to laws and regulation | ||
| 1.3 | Risks relating to the Shares | ||
| 2 | RESPONSIBILITY FOR THE ADMISSION DOCUMENT | ||
| 3 | GENERAL INFORMATION | ||
| 3.1 | 0ther important investor information | ||
| 3.2 | Presentation of financial and other information | ||
| 3.3 | Cautionary note regarding forward-looking statements | ||
| 4 | REASONS FOR THE LISTING | ||
| 5 | DIVIDENDS AND DIVIDEND POLICY | ||
| 5.1 | Dividends policy | ||
| 5.2 | Legal and contractual constraints on the distribution of dividends | ||
| 5.3 | Manner of dividends payment | ||
| 6 | BUSINESS OVERVIEW | ||
| 6.1 | Introduction | ||
| 6.2 | History and important events | ||
| 6.3 | Vision and strategy Group organisation |
||
| 6.4 6.5 |
Business segments | ||
| 6.6 | Overview of users | ||
| 6.7 | Key collaborating partners | ||
| 6.8 | IT | ||
| 6.9 | Material contracts | ||
| 6.10 | Dependency on contracts, patents, licenses etc. | ||
| 6.11 | Related party transactions | ||
| 6.12 | Legal and arbitration proceedings | ||
| 7 | SELECTED FINANCIAL INFORMATION AND OTHER INFORMATION | ||
| 7.1 | Introduction and basis for preparation | ||
| 7.2 | Summary of accounting policies and principles | ||
| 7.3 | Selected statement of income | ||
| 7.4 | Selected statement of financial position | ||
| 7.5 | Selected statement of cash flows | ||
| 7.6 | Selected statement of changes in equity | ||
| 7.7 | Significant changes in the Company's financial or trading position | ||
| 7.8 | Material borrowings | ||
| 7.9 | Grants | ||
| 7.10 | Working capital statement | ||
| 8 | THE BOARD OF DIRECTORS, EXECUTIVE MANAGEMENT AND OTHER CONSULTANTS 27 | ||
| 8.1 | Introduction | ||
| 8.2 | The Board of Directors | ||
| 8.3 | Management | ||
| 8.4 | 29. Share incentive schemes | ||
| 8.5 | Employees and other consultants | ||
| 8.6 | Benefits upon termination | ||
| 8.7 | Corporate governance | ||
| 8.8 | Conflicts of interests etc. | ||
| 9 | SHARE CAPITAL AND SHAREHOLDER MATTERS | ||
| 9.1 | Corporate information | ||
| 9.2 | Legal structure | ||
| 9.3 | Share capital and share capital history |
| 9.4 | 0wnership structure | |
|---|---|---|
| 9.5 | Authorisations | |
| 9.6 | Financial instruments | |
| 9.7 | Shareholder rights | |
| 9.8 | The Articles of Association | |
| 9.9 | Certain aspects of Norwegian corporate law | |
| 9.10 | Dividend policy | |
| 9.11 | Takeover bids and forced transfers of shares | |
| 10 | NORWEGIAN TAXATION | |
| 10.1 | Norwegian shareholders | |
| 10.2 | Non-Resident Shareholders | |
| 10.3 | Transfer taxes etc. VAT | |
| 11 | SELLING AND TRANSFER RESTRICTIONS | |
| 11.1 | General | |
| 11.2 | 11. Selling restrictions | |
| 11.3 | Transfer restrictions | |
| 12 | ADDITIONAL INFORMATION | |
| 12.1 | Admission to Merkur Market | |
| 12.2 | Information sourced from third parties and expert opinions | |
| 12.3 | Independent auditor | |
| 12.4 | Advisors | |
| 13 | DEFINITIONS AND GLOSSARY OF TERMS |
| APPENDIX A ARTICLES OF ASSOCIATION OF KAHOOT! AS | A1 | |
|---|---|---|
| APPENDIX B | AUDITED (UNCONSOLIDATED) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 |
B1 |
| APPENDIX C | AUDITED (UNCONSOLIDATED) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 |
C1 |
| APPENDIX D | INTERIM FINANCIAL STATEMENTS (CONSOLIDATED) FOR THE SIX MONTHS' PERIOD ENDED 30 JUNE 2019 |
D 1 |
Investing in the Shares involves inherent risks. Before making an investment decision, investors should carefully consider the risk factors and all information contained in this Admission Document, including the Financial Information and related notes. The risks and uncertainties described in this Section 1 are the principal known risks and uncertainties faced by the Group as of the date hereof that the Company believes are the material risks relevant to an investment in the Shares. An investment in the Shares is suitable only for investors who understand the risks associated with this type of investment and who can afford a loss of all or part of their investment. The absence of a negative past experience associated with a given risk factor does not mean that the risks and uncertainties described herein should not be considered prior to making an investment decision.
If any of the risks were to materialize, individually or together with other circumstances, it could have a material and adverse effect on the Company and/or its business, financial condition, results of operations, cash flow and/or prospects, which may cause a decline in the value of the Shares that could result in a loss of all or part of any investment in the Shares. The risks and uncertainties described below are not the only risks the Company may face. Additional risks and uncertainties that the Company currently believes are immaterial, or that are currently not known to the Company, may also have a material adverse effect on its business, financial condition, results of operations and cash flow. The order in which the risks are presented below is not intended to provide an indication of the likelihood of their occurrence nor of their severity or significance.
The risk factors described in this Section 1 "Risk factors" are sorted into a limited number categories, where the Company has sought to place each individual risk factor in the most appropriate category based on the nature of the risk it represents. The risks that are assumed to be of the greatest significance are described first. This does not mean that the remaining risk factors are ranked in order of their materiality or comprehensibility, and the fact that a risk factor is not mentioned first in its category does not in any way suggest that the risk factor is less important when taking an informed investment decision. The risks mentioned herein could materialise individually or cumulatively.
The information in this Section 1 is as of the date of this Admission Document.
It is the opinion of the Management that two of the most important competitive advantages which the Company has, is its brand and large user base. If user engagement drops significantly on the Kahoot! platform, the value of the platform and brand may also drop significantly. Since user preferences change and develop over time, Kahoot! needs ,to adapt to changing preferences in order to stay attractive and relevant for its users. Failure to create products that customers are willing to pay for is very important going forward and it may have a material adverse effect on the Company's business, financial condition, results of operations, cash flow and prospects if the Company is not able to monetise on its current and future offerings.
Significant changes in end-users' preferences away from Kahoot!'s offerings and towards competing platforms and bad reviews by users are factors that may negatively affect the Company's business, operating results and financial condition. A shift in the preferences of users could cause a decline in the popularity of the Company's offering that could materially reduce its revenues and have a material adverse effect on the Company's business, operating results, financial condition and prospects.
The Group's strategy is to continuously improve the value proposition in focus business areas and accelerate user growth, engagement and subscriptions (ref Section 6.3 "Vision and strategy"). The Group's ability to implement its strategy and achieve its business and financial objectives is subject to a variety of factors, many of which are beyond the Group's control.
A principal focus of the Group's strategy is to grow the number of paying subscribers, the success of which will depend upon a several factors, including the Group's ability to:
The Group's failure to execute its business strategy or to manage its growth effectively could adversely affect the Group's business, prospects, financial condition and results of operations. In addition, there can be no guarantee that even if the Group successfully implements its strategy, it would result in the Group achieving its business and financial objectives. The Group's management will review and evaluate the business strategy with the Board of Directors on a regular basis and the Group may decide to alter or discontinue elements of the Group's business strategy and may adopt alternative or additional strategies in response to the Group's operating environment or competitive situation or other factors or events beyond the Group's control.
The Company has a small number of commercial contracts which allow the other contracting party to terminate the contract upon a change of control of the Company. Currently, the Company does not have any such contract which is deemed material to the Group's business, however, this may not be the case in the future. The Company will be seeking change of control consents from those third parties that the Company consider to be material, however, if such consent is not obtained, a change of control may be triggered by a material change in ownership of the Company which may have a material and adverse effect on the Company's business, financial condition, results of operations, cash flows and prospects.
The Company currently has collaborations and licensing arrangements with third parties to enhance its content and further its reach with existing and new audiences. Key partners include Microsoft, Google, Apple, Disney as well as publisher partners such as National Geographic and Britannica provide the Company with marketing, sales and partnership benefits. See Section 6.7 "Key collaborating partners" for further information. If such third parties terminate their collaboration with the Company, or are not able to deliver or negotiate agreements with terms favourable to the Company, it may result in reduced user growth, engagement and new user subscriptions, which could have a material adverse effect on the Company's business, operating results, financial condition and prospects.
The Company is highly dependent upon having a highly qualified team and is therefore reliant on key personnel and the ability to retain and attract new, qualified personnel. The loss of a key person might impede the achievement of the development and commercial objectives. Competition for key personnel with the required competences and experience is intense and the competition for such personnel is expected to continue to increase. There is no assurance that the Company will be able to recruit the required new key personnel in the future. Any failure to retain or attract such personnel could result in the Company not being able to successfully implement its business plan which could have a material and adverse effect on the Company's business, financial condition, results of operations, cash flows and prospects.
The Group believes that a significant contributor to its success has been its focus on creating a playful, curious and inclusive learning environment. As the Group grows, including by mergers and acquisitions, the Group may find it difficult to maintain important aspects of its corporate culture, which could negatively affect its profitability and/or its ability to retain and recruit employees with the competences, creativity and dedication essential to its future success. The Group may face pressure to change its culture as it grows, particularly if it experiences difficulties in attracting competent personnel who are willing to embrace the Group's culture. If the Group experiences a change in management, management philosophy or business strategy, it may find it increasingly difficult to maintain the beneficial aspects of its corporate culture which may have an adverse effect on the Group's business, results of operations and prospects.
The Company acquired Poio AS and WWTK AS (also known as "Dragonbox") in August 2019. Integration of these companies' offerings into the Kahoot! platform is currently work in progress, and the long-term strategy for the Company is to launch a Kahoot! learn-to-read application ("App") based on Poio's offering and further develop math curriculum, based on the Dragonbox' offering. See Section 7.7 "Significant changes in the Company's financial or trading position" for more information on the acquisitions. If the Company is unable to successfully integrate the acquired businesses or realise the strategic rationale for these acquisitions, this may have an adverse effect on the Group's business, results of operations and prospects.
The Group competes in a market that is competitive, fragmented and rapidly changing. The Group expects to continue to experience competition from existing and new competitors, some of which are more established and who may have (i) greater capital and other resources, (ii) more superior brand recognition than the Group, and/or (iii) more aggressive pricing policies. Although the Group believes that it enjoys a number of key advantages compared to its competitors, there is no assurance that the Group will be able to compete successfully in such a competitive marketplace. Further, although the Group believes that it has a strong reputation for delivery and high quality of service, there is a risk that the Group's reputation and competitiveness may suffer.
Virtual deck placement holders such as Google Play and App Store provide a limited selection of games that are accessible through a deck on mobile handsets and typically one or more top level menus highlighting games that are recent top sellers or which is believed to become a top seller or which is featured for any other reason. The Company believes that deck placement on the top level or featured menu or toward the top of genre specific or other menus, rather than lower or in sub-menus, is likely to result in games achieving a greater degree of commercial success, and consequently inferior virtual deck placement may have a material adverse effect on the Company's business, financial condition and results of operations.
The Group uses information technology systems to develop and conduct its business. Disruption, failure or security breaches of these systems could materially and adversely affect its business and results of operations.
The Group uses industry accepted security measures and technology such as access control systems to securely maintain confidential and proprietary information maintained on its IT systems, and market standard virus control systems. However, the Group's portfolio of hardware and software products, solutions and services and its enterprise IT systems may be vulnerable to damage or disruption caused by circumstances beyond its control, such as catastrophic events, power outages, natural disasters, computer system, IT infrastructure or network failures, computer viruses, cyber-attacks or other malicious software programmes. The failure or disruption of the Group's IT systems to perform as anticipated for any reason could disrupt the Group's business and result in decreased performance, significant remediation costs, transaction errors, loss of data, processing inefficiencies, down-time, litigation, and the loss of customers and other users. A significant disruption or failure could have a material adverse effect on the Group's business, results of operations and prospects.
The Group's use of open source licensed software is generally limited to permissive licenses, which will not adversely affect the Group's ability to use or modify the software for commercial purposes. The Group believes that it may want to use certain non-permissive open source licensed software components, and if any such use occurs, it will be limited to non-commercial purposes and strictly separate from the Group's commercial offerings and the Kahoot! platform as such. The Group's ability to fully realise the commercial benefits of software containing non-permissive open source licensed materials may be restricted. Depending on the actual use, non-permissive open source licensed software may impose obligations on the Group to disclose proprietary software to third parties and to permit them to use the software free of charge. Open source licences may also present onerous compliance risks, and failure to observe these may result in litigation or the loss of the right to use the software which may have an adverse effect on the Group's financial condition and future prospects.
The Group is subject to liquidity risk in relation to meeting future obligations associated with its financial liabilities, which normally include operating costs. If the Group is unable to manage its liquidity efficiently or has insufficient liquidity, the Group may not be able to fulfil its obligations when due. In case the Group should experience a liquidity shortfall, there is a risk that additional capital cannot be raised when needed, that capital cannot be raised on terms favourable to the Group, or that the capital raised should prove insufficient to cover the Group's liquidity needs which could have an adverse effect on the Group's business, results of operations, cash flows, financial condition and prospects.
The Group presents its financial statements in NOK. The Group operates in Finland, France, Norway, United Kingdom and United States and have costs in local currencies while a major part of the Group's revenues are in USD. Any fluctuations in exchange rates between NOK and SEK, USD, Euro, pounds sterling could materially and adversely affect the Group's business, results of operations, cash flows, financial condition and/or prospects. The Group does currently not have any currency hedging arrangements in place to limit the exposure to exchange rate fluctuations.
The Kahoot! platform enables users to generate and distribute quizzes containing various forms of digital content (user generated content or "UGC"). The Company cannot control whether such UGC is legally used by the users. The Company has adopted measures to minimize potential infringement of third-party intellectual property rights through its intellectual property infringement complaint and take-down procedures, but these measures may not always be successful. The Company may be subject to allegations of civil or criminal liability for unlawful activities carried out by third parties through its online platform. The legislation governing liability for UGC may vary between countries where the Company's services are provided and such legislation may change from time to time with negative impact on the business of the Group.
The Group believes that the "Kahoot" trademarks have significant value and that these are valuable assets that are critical to the Group's success. Unauthorized uses or other infringement of the Group's trademarks could diminish the value of the Group's brand and may adversely affect its business. Effective intellectual property protection may not be available in every market. Failure to adequately protect the Group's intellectual property rights could damage the Group's brand and impair its ability to compete effectively. Even where the Group have effectively secured statutory protection for its trademarks, the Group's competitors and other third parties may misappropriate its intellectual property, and in the course of litigation, such competitors and other third parties occasionally attempt to challenge the breadth of the Group's ability to prevent others from using similar marks. If such challenges were to be successful, less ability to prevent others from using similar marks may ultimately result in a reduced distinctiveness of the Group's brand in the minds of consumers. Defending or enforcing the Group's trademark rights and other intellectual property could result in the expenditure of significant resources and divert the attention of Management, which in turn may materially and adversely affect the Group's business and results of operations, even if such defense or enforcement is ultimately successful. Even though competitors occasionally may attempt to challenge the Group's ability to prevent infringers from using its marks, the Group is not aware of any such challenges from competitors to its right to use any of its trademarks.
In the provision of its services, the Group collects and processes personal data about its users. The Group's processing of personal data is subject to complex and evolving laws and regulations regarding data protection and privacy ("Data Protection Laws"), including but not limited to the General Data Protection Regulation (EU) 2016/679 ("GDPR") in the EU/EEA and the Childe Online Privacy Protection Act (COPPA) in the United States. Although the Group has adopted measures to ensure compliance with Data Protection Laws, such measures may not always be successful. The Group may incur civil or criminal liability in case of infringement of Data Protection Laws and failure to comply with Data Protection Laws may affect the Group's reputation and brands negatively, which may affect the Group's business, results of operations, cash flows, financial condition and prospects.
The Group may become subject to legal disputes. Whether or not the Group ultimately prevails, legal disputes are costly and can divert management's attention from the Group's business. In addition, the Group may decide to settle a legal dispute, which could cause the Group to incur significant costs. An unfavourable outcome of any legal dispute could inter alia imply that the Group becomes liable for damages, royalty payments or will have to modify its business model. A settlement or an unfavourable outcome in a legal dispute could have an adverse effect on the Group's business, results of operations, cash flows, financial condition and prospects.
Changes in laws and regulations applicable to the Group could increase compliance costs, mandate significant and costly changes to the way the Group implements its services and solutions, and threaten the Group's ability to continue to serve certain markets. For instance, the implementation of new data privacy protection laws in Europe from May 2018 (which entered into force in Norway in July 2018) has incurred additional compliance and other costs which could have a material adverse effect on the Group's operating revenue and profitability.
The Group is subject to prevailing tax legislation, treaties and regulations in the jurisdictions in which it is operating, and the interpretation and enforcement thereof. The Group's income tax expenses are based upon its interpretation of the tax laws in effect at the time that the expense is incurred. If applicable laws, treaties or regulations change, or if the Group's interpretation of the tax laws is at variance with the interpretation of the same tax laws by tax authorities, this could have a material adverse effect on the Group's business, results of operations or financial condition.
If any tax authority successfully challenges the Group's operational structure, intercompany pricing policies, the taxable presence of its subsidiaries in certain countries, or if taxing authorities do not agree with the Group's and/or any subsidiaries' assessment of the effects of applicable laws, treaties and regulations, or the Group loses a material tax dispute in any country, or any tax challenge of the Group's tax payments is successful, the Group's effective tax rate on its earnings could increase substantially and the Group's business, earnings and cash flows from operations and financial condition could be materially and adversely affected.
As a company with its shares listed on Merkur Market, the Company will be required to comply with Oslo Børs' reporting and disclosure requirements for companies listed on Merkur Market. The Company will incur additional legal, accounting and other expenses in order to ensure compliance with these and other applicable rules and regulations. The Company anticipates that its incremental general and administrative expenses as a company with its shares listed on Merkur Market will include, among other things, costs associated with annual and interim reports to shareholders, shareholders' meetings, investor relations, incremental director and officer liability insurance costs and officer and director compensation. In addition, the Board of Directors and management may be required to devote significant time and effort to ensure compliance with applicable rules and regulations for companies with its shares listed on Merkur Market, which may entail that less time and effort can be devoted to other aspects of the business. Any such increased costs, individually or in the aggregate, could have an adverse effect on the Company's business, financial condition, results of operations, cash flows and prospects.
Trades in the Shares have been quoted on the NOTC (a non-regulated information system owned by Oslo Børs for unlisted shares), but the Shares have not been traded on any stock exchange, other regulated market place or multilateral trading facilities. No assurances can be given that an active trading market for the Shares will develop on Merkur Market, nor sustain if an active trading market is developed. The market value of the Shares could be substantially affected by the extent to which a secondary market develops for the Shares following completion of the Listing.
An investment in the Shares involves risk of loss of capital, and securities markets in general have been volatile in the past. The trading volume and price of the Shares may fluctuate significantly in response to a number of factors beyond the Company's control, including adverse business developments and prospects, variations in revenue and operating results, changes in financial estimates, announcements by the Company or its competitors of new development or new circumstances within the industry, legal actions against the Group, unforeseen events and liabilities, changes in management, changes to the regulatory environment in which the Group operates or general market conditions. The market value of the Shares could also be substantially affected by the extent to which a secondary market develops or sustains for the Shares.
The Shares will be traded in NOK on Oslo Børs, and any future payments of dividends on the Shares will be denominated in NOK. Investors registered in the VPS who have not supplied the VPS with details of their bank account, will not receive payment of dividends unless they register their bank account details with Sparebank 1 SMN (the "VPS Registrar"). The exchange rate(s) that is applied when denominating any future payments of dividends to the relevant investor's currency will be the VPS Registrar's exchange rate on the payment date. Exchange rate movements of NOK will therefore affect the value of these dividends and distributions for investors whose principal currency is not NOK. Further, the market value of the Shares as expressed in foreign currencies will fluctuate in part as a result of foreign exchange fluctuations. This could affect the value of the Shares and of any dividends paid on the Shares for an investor whose principal currency is not NOK.
Norwegian law provides that any declaration of dividends must be adopted by the Company's general meeting. Dividends may only be declared to the extent that the Company has distributable funds and the Board of Directors finds such a declaration to be prudent in consideration of the size, nature, scope and risks associated with the Company's operations and the need to maintain its liquidity and financial position. Accordingly, the size of any future dividend from the Company to its shareholders is dependent on a number of factors, such as the Company's business development, results, financial position, cash flow, available liquidity and need for working capital. There are many risks that may affect the Company's earnings, and there can be no guarantee that the Company will be able to present results that enable distribution of dividends to its shareholders in the future. If no dividend is distributed, the shareholders' return on investment in the Company will solely generate on the basis of the development of the share price.
The Company may in the future decide to offer additional shares or other securities. Depending on the structure of any future offering, existing Shareholders may not be able to purchase additional equity securities. If the Company raises additional funds by issuing additional shares or other equity securities, the relative holdings and voting interests and the financial interests of existing Shareholders may be diluted.
The rights of shareholders of the Company are governed by Norwegian law and by the articles of association of the Company. These rights may differ from the rights of shareholders in companies incorporated in other jurisdictions. In particular, Norwegian law limits the circumstances under which shareholders of Norwegian companies may bring derivative actions. For instance, under Norwegian law, any action brought by a company in respect of wrongful acts committed against such company will be prioritised over actions brought by shareholders claiming compensation in respect of such acts. Further, it may be difficult to prevail in a claim against the Company under, or to enforce liabilities predicated upon, securities laws in other jurisdictions.
In the long-term, the Company intends to generate shareholder value through a sale of the Company an initial public offering and listing on a stock exchange or other regulated market place (an "IPO"). However, there can be no assurances that such sale or IPO will be carried out or, if carried out, at which terms.
The market price of the Shares could decline as a result of sales of a large number of Shares in the market after the date hereof or as a result of the perception that such sales could occur. Such sales, or the possibility that such sales may occur, might also make it more difficult for the Company to issue new Shares or other equity securities in the future at a time and at a price that it deems appropriate. The Company cannot predict what effect, if any, future sales of the Shares, or the availability of Shares for future sales, will have on their market prices. Sales of substantial amounts of the Shares following the date hereof, or the perception that such sales could occur, may materially and adversely affect the market price of the Shares, making it more difficult for holders to sell their Shares or the Company to issue new Shares or other equity securities at a time and price that they deem appropriate.
Beneficial owners of Shares that are registered in the name of a nominee will be unable to exercise their voting rights for Shares unless their ownership is re-registered with the VPS in the name of the beneficial owners prior to the general meeting. There can be no assurance that beneficial owners of the Shares will receive the notice of any general meeting in time to instruct their nominees to either effect a re-registration of their Shares or otherwise vote for their Shares in the manner desired by such beneficial owners.
None of the Shares have been registered under the US Securities Act of 1933 (as amended) (the "US Securities Act") or any US state securities laws or any other jurisdiction outside of Norway and are not expected to be registered in the future. As such, the Shares may not be offered or sold except pursuant to an exemption from, or in transactions not subject to, the registration requirements of the US Securities Act and other applicable securities laws. In addition, there is no assurances that shareholders residing or domiciled in the United States will be able to participate in future capital increases or rights offerings. Further, investors in the United States may have difficulty enforcing any judgment obtained in the United States against the Company or its directors or executive officers in Norway.
This Admission Document has been prepared solely in connection with the Admission to trading on Merkur Market.
The Board of Directors of Kahoot! accepts responsibility for the information contained in this Admission Document. The members of the Board of Directors confirm that, after having taken all reasonable care to ensure that such is the case, the information contained in this Admission Document is, to the best of their knowledge, in accordance with the facts and contains no omission likely to affect its import.
7 October 2019
The Board of Directors of Kahoot! AS
Eilert Giertsen Hanoa (Chairman)
Michiel David Kotting (Board Member)
Carl Jöran Fredrik Cassel (Board Member)
Sindre Svendsen Østgård (Board Member)
Harald Arnet (Board Member)
The Company has furnished the information in this Admission Document. No representation or warranty, express or implied, is made by the Merkur Advisor as to the accuracy, completeness or verification of the information set forth herein, and nothing contained in this Admission Document is, or shall be relied upon as a promise or representation in this respect, whether as to the past or the future. The Merkur Advisor assume no responsibility for the accuracy or completeness or the verification of this Admission Document and accordingly disclaim, to the fullest extent permitted by applicable law, any and all liability whether arising in tort, contract or otherwise which they might otherwise be found to have in respect of this Admission Document or any such statement.
Neither the Company nor the Merkur Advisor, or any of their respective affiliates, representatives, advisors or selling agents, is making any representation to any purchaser of the Shares regarding the legality of an investment in the Shares. Each investor should consult with his or her own advisors as to the legal, tax, business, financial and related aspects of a purchase of the Shares.
The Company's Financial Statements and Interim Financial Statements (both as hereinafter defined) have been prepared in accordance with NGAAP, the Norwegian Accounting Act and NRS no. 8 (good accounting practice for small businesses). The Company's Financial Statements have been audited by Deloitte AS, while the Interim Financial Statements are unaudited.
The Financial Statements present unconsolidated financial information and the Interim Financial Statements presents consolidated financial information. For the year ending 31 December 2019, the Company will prepare consolidated financial statements for the Group in accordance with NGAAP, including cash flow statements and notes.
The Company presents the Financial Statements and Interim Financial Statements in NOK (presentation currency). Reference is made to Section 7 ("Selected financial information and other information") for more information on the Company's financial statements.
In this Admission Document, the Company has used industry and market data obtained from independent industry publications, market research and other publicly available information. Although the industry and market data is inherently imprecise, the Company confirms that where information has been sourced from a third party, such information has been accurately reproduced and that as far as the Company is aware and is able to ascertain from information published by that third party, no facts have been omitted that would render the reproduced information inaccurate or misleading. Where information sourced from third parties has been presented, the source of such information has been identified.
Industry publications or reports generally state that the information they contain has been obtained from sources believed to be reliable, but the accuracy and completeness of such information is not guaranteed. The Company has not independently verified and cannot give any assurances as to the accuracy of market data contained in this Admission Document that was extracted from industry publications or reports and reproduced herein.
Market data and statistics are inherently predictive and subject to uncertainty and not necessarily reflective of actual market conditions. Such data and statistics are based on market research, which itself is based on sampling and subjective judgments by both the researchers and the respondents, including judgments about what types of products and transactions should be included in the relevant market.
As a result, prospective investors should be aware that statistics, data, statements and other information relating to markets, market sizes, market shares, market positions and other industry data in this Admission Document (and projections, assumptions and estimates based on such information) may not be reliable indicators of the Company's future performance and the future performance of the industry in which it operates. Such indicators are necessarily subject to a high degree of uncertainty and risk due to the limitations described above and to a variety of other factors, including those described in Section 1 (Risk factors) and elsewhere in this Admission Document.
Unless otherwise indicated in the Admission Document, the basis for any statements regarding the Company's competitive position is based on the Company's own assessment and knowledge of the market in which it operates.
This Admission Document includes forward-looking statements that reflect the Company's current views with respect to future events and financial and operational performance. These forward-looking statements may be identified by the use of forward-looking terminology, such as the terms "anticipates", "assumes", "believes", "can", "could", "estimates", "expects", "forecasts", "intends", "may", "might", "plans", "projects", "should", "will", "would" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements are not historic facts. Prospective investors in the Shares are cautioned that forward-looking statements are not guarantees of future performance and that the Company's actual financial position, operating results and liquidity, and the development of the industry in which the Company operates, may differ materially from those made in, or suggested, by the forward-looking statements contained in this Admission Document. The Company cannot guarantee that the intentions, beliefs or current expectations upon which its forward-looking statements are based will occur.
By their nature, forward-looking statements involve, and are subject to, known and unknown risks, uncertainties and assumptions as they relate to events and depend on circumstances that may or may not occur in the future. Because of these known and unknown risks, uncertainties and assumptions, the outcome may differ materially from those set out in the forward-looking statements. For a non-exhaustive overview of important factors that could cause those differences, please refer to Section 1 "Risk factors".
These forward-looking statements speak only as at the date on which they are made. The Company undertakes no obligation to publicly update or publicly revise any forward-looking statement, whether as a result of new information, future events or otherwise. All subsequent written and oral forward-looking statements attributable to the Company or to persons acting on the Company's behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in this Admission Document.
As of the date of this Admission Document, the Company has 378 shareholders. The Company believes the Listing will:
No proceeds will be generated in relation to the Admission.
The Company will strive to follow a dividend policy favourable to the shareholders. The amount of any dividend to be distributed will be dependent on, inter alia, the Company's investment requirements and rate of growth. As of the date of this Admission Document, the Company is in a growth phase and is not in a position to pay any dividends. There can be no assurance that in any given year a dividend will be proposed or declared, or if proposed or declared, that the dividend will be as contemplated by the policy.
In deciding whether to propose a dividend and in determining the dividend amount, the Board of Directors will take into account legal restrictions, as set out in Section 5.2 "Legal and contractual constraints on the distribution of dividends" below, as well as capital expenditure plans, financing requirements and maintaining the appropriate strategic flexibility.
The Company has not paid any dividends on its Shares during the financial years 2018 and 2017.
In deciding whether to propose a dividend and in determining the dividend amount in the future, the Board of Directors must take into account applicable legal restrictions, as set out in the Norwegian Private Limited Liability Companies Act of 13 June 1997 no. 44 (as amended) (the "Norwegian Private Companies Act"), the Company's capital requirements, including capital expenditure requirements, its financial condition, general business conditions and any restrictions that its contractual arrangements in force at the time of the dividend may place on its ability to pay dividends and the maintenance of appropriate financial flexibility. Except in certain specific and limited circumstances set out in the Norwegian Private Companies Act, the amount of dividends paid may not exceed the amount recommended by the Board of Directors.
Dividends may be paid in cash or in some instances in kind. The Norwegian Private Companies Act provides the following constraints on the distribution of dividends applicable to the Company:
Pursuant to the Norwegian Private Companies Act, the time when an entitlement to dividend arises depends on what was resolved by the General Meeting when it resolved to issue new shares in the company. A subscriber of new shares in a Norwegian private limited company will normally be entitled to dividends from the time when the relevant share capital increase is registered with the Norwegian Register of Business Enterprises. The Norwegian Private Companies Act does not provide for any time limit after which entitlement to dividends lapses. Subject to various exceptions, Norwegian law provides a limitation period of three years from the date on which an obligation is due. There are no dividend restrictions or specific procedures for non-Norwegian resident shareholders to claim dividends. For a description of withholding tax on dividends applicable to non-Norwegian residents, see Section 10 "Norwegian taxation".
Any future payments of dividends on the Shares will be denominated in the currency of the bank account of the relevant shareholder, and will be paid to the shareholders through the VPS Registrar. Shareholders registered in the VPS who have not supplied the VPS Registrar with details of their bank account, will not receive payment of dividends unless they register their bank account details with the VPS Registrar. The exchange rate(s) that is applied when denominating any future payments of dividends to the relevant shareholder's currency will be the VPS Registrar's exchange rate on the payment date. Dividends will be credited automatically to the VPS registered shareholders' accounts, or in lieu of such registered account, at the time when the shareholder has provided the VPS Registrar with their bank account details, without the need for shareholders to present documentation proving their ownership of the Shares. Shareholders' right to payment of dividend will lapse three years following the resolved payment date for those shareholders who have not registered their bank account details with the VPS Registrar within such date. Following the expiry of such date, the remaining, not distributed dividend will be returned from the VPS Registrar to the Company.
This section provides an overview of the Company's business as of the date of this Admission Document. The following discussion contains forward-looking statements that reflect the Company's plans and estimates, see Section 3.3 ("Cautionary note regarding forward-looking statements") above, and should be read in conjunction with other parts of this Admission Document, in particular Section 1 ("Risk factors").
Kahoot! is the company name and also the name of its online learning platform, which is a learning platform that makes it easy to create, share and play fun learning games or trivia quizzes. Kahoot! is used in a variety of settings – in school or university classrooms, corporate offices, social settings, sporting and cultural events. The Kahoot! platform was launched in 2013 and the Company is headquartered in Norway with offices in the US and the UK. In 2018, Kahoot! had over one billion participating players in more than 200 countries. The basic version of the Kahoot! platform is available for free on a global basis, however, Kahoot! started in 2018 to monetise through selling premium subscription versions of its platform and games primary to the corporate market, but also to the school market. In August 2019, the Company completed the acquisition of two companies, Poio AS, a company which has developed a game-based learning-to-read App, and WWTK AS, or "Dragonbox", a game studio that has launched a popular learning math App for children and young adults. Kahoot! is on a mission to make learning awesome and to build the leading learning community in the world that connects its users to premium content.
The table below shows the Group's key milestones from its incorporation and to the date of this Admission Document:
| Year | Event |
|---|---|
| 2011 | Kahoot! is incorporated in December. |
| 2013 | Kahoot! launched private beta version of the platform in March. |
| 2013 | The Company launched the Kahoot! platform as a free offering to the public in September. |
| 2015 | Kahoot! reaches 340 million cumulative players.1 Focus on United States and the education market. |
| 2017 | Kahoot! reaches 1 billion cumulative players. Introduced paid subscriptions to a limited user segment and participated in joint Disney Accelerator program in second half of 2017. |
| 2018 | The Company reaches 2 billion cumulative players. The Company built further commercial offering for the work and school segment. |
| 2019 | The Company began commercial offering for the at home segment. The Company acquired Poio AS and WWTK AS (Dragonbox) in August. |
The Company's vision is to build the leading learning platform in the world. The strategic focus is to continuously improve the value proposition in focus business areas and accelerate user growth, engagement and subscriptions.
The Company is the parent company of (i) Kahoot! Edu. Limited (an English private limited liability company) ("Kahoot! UK"), Kahoot! Edu. Inc. (a Texas corporation) ("Kahoot! US"), Poio AS (a Norwegian private limited liability company) ("Poio") and WWTK AS (a Norwegian private limited liability company) ("Dragonbox") (all of these together with Kahoot!, the "Group"). The activities of Kahoot! UK and Kahoot! US have been financed by loans from the Company. See Section 6.11 "Related party transactions" for more information on these loans and Section 9.2 "Legal structure".
Kahoot! US was incorporated in 2015 and currently has six employees engaged in support, sales and marketing services delivered to the Company. The United States is the Group's largest market measure in number of users and revenue.
1 Cumulative players means all players from the incorporation of the Company and up until the date as stated hereto.
Kahoot! UK was incorporated in 2014 with the purpose of being the development hub of the Group. The Group ramped up its organisation in Kahoot! UK and reached a total of approximately 30 employees not long after the incorporation of Kahoot! UK, but the Company later decided to keep its development headquarters in Oslo, and consequently the number of employees in Kahoot! UK were then reduced. Kahoot! UK currently has three employees who serve as operational support for the Company. The United Kingdom is the second largest market measured by number of users and revenue for the Group.
The Group's sales revenue relating to the Kahoot! platform is received by the Company only. The Company has two types of revenue: (i) automated sales (purchase of offerings on the internet) and (ii) assisted sales (for larger customers such as schools which receive invoices). The Group is considering setting up assisted sales for Kahoot! UK and Kahoot! US in the future to the respective users in those countries and these two subsidiaries may then receive sales revenues directly.
Kahoot! completed the acquisitions of DragonBox and Poio in August 2019. Both DragonBox and Poio are digital learning companies. DragonBox produces games to help children learn maths. Poio is a game that teaches children essential reading skills. DragonBox, in addition to its digital games, offers school classes a subscription which covers the full math curriculum for grades 1-3. This offering comes complete with game, game-pad and physical books and task books.
Kahoot! is an educational technology ("EdTech") company with a global base of participating players. Through its platform, users can register, create and share trivia-style learning games to be played in a variety of social settings and across devices (smartphones, tablets, and computers).
The Kahoot! platform allows the user to create, host and share Kahoot! games with others. When creating games, the user can set the number of questions, type of questions (quiz, poll, puzzle, true or false), time limit for answering, add visuals (images, diagrams, and videos), etc. In addition, users can choose from more than 45 million public games on the Kahoot! platform and customise them to suit their purpose, e.g. Star Wars Kahoot! games created by content provider Disney. Premium content (e.g. image library from Getty Images) is also available to paying users.
Kahoot! can be played in two ways: (i) group play, in which all participants are in the same room and play together (typically on a big screen), and (ii) single/multiplayer mode through the app, in which users can play by themselves or challenge others to a game.
Kahoot! currently has three business segments with tailored offerings: (i) at school, (ii) at home and (iii) at work. These are described in the subsequent sub-chapters.
The Company's mission in the "at school" segment is to make learning awesome for teachers and students in kindergarten to twelfth grade ("K-12") and higher education ("Higher-ed") around the globe. Teachers leverage Kahoot! to increase student engagement and to conduct formative assessment. Their end goal is to improve student learning outcomes. Teachers either create their own bespoke Kahoot's, meaning that they make their own educational quizzes for the purpose of teaching curriculum, or they may search from over 45 million public games (mostly made by teachers). The product is free for both teachers and students, with the opportunity to upgrade to premium plans offering more functionality. Games can be played live in the classroom or assigned as homework for students to play on their own time. Subjects such as math, English and science are the most commonly played and sought-after subjects. After a game, or also known as a "kahoot", teachers can access a report which gives them instant feedback on the learning progress of their students. Kahoot! not only boosts student engagement, but also improves knowledge retention2.
Students in Higher-ed also use Kahoot! in a variety of ways. Firstly to create impactful, gamified presentations that their fellow classmates play while presenting an assignment. Secondly, to prepare for tests using Kahoot! as a study aid in order to help retain knowledge.
Kahoot! will focus on continued engagement growth from teachers and students with new product functionality, and value-creating programs such as Kahoot! Certified. Kahoot! Certified is a free program for schools and teachers in order to become a seasoned Kahoot! user. Furthermore, Kahoot aims to convert teachers from the free Kahoot! Apps to a paid subscription with addition functionality. In addition, Kahoot! will continue to grow its free teacher sign-ups worldwide by viral growth by capitalising on the Kahoot! brand.
The Company's short-term goal is to develop a higher-priced premium subscription that will include ready-to-play Kahoot! premium games that align with key subject areas and curriculum such as math and literacy. Overtime, the Company will leverage Dragonbox and Poio's know-how to produce premium content.
The Company's mission in the "at home" segment is to ensure playful learning in a social setting, enabling parents to connect and take an active part in their children's education. Currently, Kahoot has a free subscription, with the option to upgrade for additional functionality including an image library. Poio and Dragonbox currently offer an at home App where parents can purchase their Apps for their children to use at home (also called "private App market").
Kahoot! will continue to grow the use of the Kahoot! platform at home with new product functionality. The shortterm goal is to develop a family subscription in the summer of 2020. Dragonbox and Poio's know-how will be used to develop the premium content portfolio.
The Company's mission in the at work segment is to transform learning in the workplace by empowering every employee to create, play and share engaging learning experiences. Currently, Kahoot! has different business subscription plans based on functionality and number of players per game.
2 Source: Information from Management which is derived from extensive feedback from teachers using Kahoot! at school.
Kahoot! is used in workplaces to add engagement and reinforce learning during training, presentations and events. It is used by organisations of all sizes – including 97% of the Fortune 500 companies.3 Those hosting Kahoot! games at work are found in a broad range of business functions, including HR, sales and operations.
Kahoot! will continue to grow its business users and engagement with new product functionality including new ways to play that is designed specifically for the workplace including new advanced reporting functionality. In order to increase awareness for the at work segment a new promotor program will be introduced whereby Kahoot! targets highly active users to promote the Company's offerings and other social media initiatives and strategic partnerships will be developed.
The Company's short-term goal is to develop a full corporate learning offering that will include all the Company's functionality and new offerings such as corporate branding, personalised learning, remote learning and new game modes.
Over the last 12 months, more than 14 million accounts were active on the Kahoot! platform. These accounts hosted on average 14 games each, with a total of over 1.1 billion participating players (non-unique). Kahoot! is used globally in more than 206 countries, with a strong adoption in the United States.
There are two categories of users: (i) the "game master", who hosts the game, and (ii) the players, who participate in a hosted game. Kahoot! is commonly played in social settings, in which the game master puts the game onto a large screen and the players participate via their own devices. For players, user registration is not needed (only a PIN code given by the game master). This makes Kahoot! easy to host for game masters, e.g. at large events where people may not have registered ahead of time.
The table below illustrates the geographical spread and by segment of the Company's users:4
| LTM1 31.08.2019 Kahoot Accounts (unique3) |
YoY2 Growth |
LTM1 31.08.2019 Hosted Games |
YoY2 Growth |
LTM1 31.08.2019 Participants (non unique4) |
YoY2 Growth |
|
|---|---|---|---|---|---|---|
| All Accounts (hosting) | 14 393 678 | 30 % | 199 934 798 | 33 % | 1 117 227 325 | 20 % |
| By Territory | ||||||
| USA and Canada | 7 319 131 | 23 % | 105 619 109 | 24 % | 665 421 890 | 12 % |
| Europe | 4 412 964 | 36 % | 56 915 562 | 42 % | 271 660 119 | 31 % |
| Asia Pacific | 1 471 256 | 32 % | 19 585 533 | 38 % | 108 259 911 | 29 % |
| Latin America and The Caribbean | 773 366 | 68 % | 10 773 322 | 70 % | 47 320 879 | 67 % |
| Africa, The Middle East, and India | 416 961 | 34 % | 7 041 272 | 46 % | 24 564 526 | 37 % |
| 14 393 678 | 199 934 798 | 1 117 227 325 | ||||
| By Segment | ||||||
| Teachers | 5 203 415 | 24 % | 75 429 987 | 18 % | 779 724 106 | 15 % |
| Business | 380 891 | 11 % | 2 684 691 | 1 % | 19 097 321 | 3 % |
| Students/Social | 8 809 372 | 35 % | 121 820 120 | 45 % | 318 405 898 | 36 % |
| 14 393 678 | 199 934 798 | 1 117 227 325 |
1 Last twelve months
2 Year over year
3 Source: Information based on Management feedback and sign-ups in the Kahoot App. Fortune 500 companies is an annual list compiled and published by Fortune magazine that ranks 500 of the largest United States corporations by total revenue for their respective fiscal years.
4 Source: The information included in the table is sourced from the Company's Management.
Kahoot! collaborates with several key partners in the education industry to further its reach with existing and new audiences. A selection of key partners includes Microsoft, Google, Apple, Disney as well as publisher partners such as National Geographic and Britannica.
Kahoot! is part of the Microsoft Partner Network which works with key educational tech companies such as Kahoot! to empower educators to inspire learning around them. Through the Microsoft Partner Network, Kahoot! receives marketing, sales and partnership benefits with Microsoft's wide array of product offerings and marketing initiatives. Kahoot! is integrated with Microsoft Teams its unified communications platform in the Microsoft suite.
Kahoot! is also a Google for Education Premier Partner which gives Kahoot! several sales and marketing privileges with Google for Education offerings. Kahoot! offers several integrations with Google services allowing a seamless Kahoot playing and hosting experience to educators and students who are using the Google suite of products. Google also promotes Kahoot! on the Chromebook AppHub – a discovery experience from Google for education apps.
Kahoot! works closely with Apple and is one of a few select partners in Apple's Education Partner Program which promotes EdTech companies to its education customer base via its sales channels. Kahoot! is integrated with Apple's Schoolwork class management system and was one of the featured Apps at Apple's Education Event in Chicago in front of a global audience earlier in 2019. Apple has featured Kahoot! in the App Store as "App of the Day" and "Top Picks" on many instances – including holiday season, back to school etc.
Kahoot! has been a collaborating partner of TWDC since participating in the Disney Accelerator program in 2017. The synergy of Disney IP/storytelling with the gamification and in-classroom reach of Kahoot! has been the primary focus of business exploration to date. The Star Wars™ campaign on Kahoot! in 2018 and the relationship with Disney Youth Programs being two partnership examples. Additional win-win opportunities are being explored across several TWDC business units/franchises.
Kahoot! offers specific opportunities for publishers and other content owners, including those that enable publishers to add Kahoot! gamification within their own offerings for their own audiences and those that can create publisher awareness with the Kahoot! user community. The business models underpinning these offerings are based on either a subscription (e.g., Kahoot! Plus for publishers) or a flat fee (e.g. a featured set of publisher kahoots on Kahoot!). National Geographic, Britannica and other publishers have achieved Kahoot game participation numbers in the millions and have also added Kahoot directly within their own products/platforms.
Kahoot! is a cloud-based multi-tenant SaaS game platform. User-facing and servers storing data are from Amazon Web Services, Google Cloud, Hetzner and OVH. Data is stored across multiple servers and locations in EU, Canada and the US for redundancy. The Company sources several IT services from third party service providers, for e.g. business intelligence, testing, and other applications.
Neither the Company nor any other member of the Group has entered into any material contracts outside the ordinary course of business for the two years prior to the date of this Admission Document. Further, the Group has not entered into any other contract outside the ordinary course of business that contains any provision under which any member of the Group has any obligation or entitlement that is material to the Group as of the date of this Admission Document.
The Group has extensively registered trademarks in and related to the "Kahoot!" brand, including word-marks and logos currently in use by the Group in e.g. the US, Canada, UK, Europe and Norway. Except for the Group's trademarks, the Group's existing business and profitability is not dependent on any patents, licenses or other intellectual property.
It is the Company's opinion that the Group's existing business and profitability are not dependent upon any contracts.
Below is a summary of the Group's related party transactions for the periods covered by the historical financial information included in this Admission Document as Appendix B and C and up to the date of this Admission Document. For further information on related party transactions of the Group, please refer to the Financial Statements (note 5 for 2018 and note 5 for 2017), included in this Admission Document as Appendix B and C.
As of the date of this Admission Document, the Company had receivables in the total amount of NOK 92,898,727 towards its subsidiaries Kahoot! UK and Kahoot! US. The amount of these receivables were NOK 90,431,214 as of 30 June 2019, NOK 81,773,454 as of 31 December 2018, NOK 72,752,346 as of 30 June 2018 and NOK 64,473,677 as of 31 December 2017. See Section 6.4 "Group organisation" for more information on the reason for these receivables.
From time to time, the Group may become involved in litigation, disputes and other legal proceedings arising in the course of its business. Neither the Company nor any other company in the Group, is, nor has been, during the course of the preceding 12 months involved in any legal, governmental or arbitration proceedings which may have, or have had in the recent past, significant effects on the Company's and/or the Group's financial position or profitability, and the Company is not aware of any such proceedings which are pending or threatened.
The audited financial statements as of and for the years ending on 31 December 2018 (unconsolidated) and 31 December 2017 (unconsolidated) (together referred to as the "Financial Statements") have been prepared in accordance with Norwegian Generally Accepted Accounting Principles ("NGAAP"), the Norwegian Accounting Act of 17 July 1998 no 56 (the "Norwegian Accounting Act") and the Norwegian Accounting Standard Board (Nw.: Norsk Regnskapsstiftelse) standard no. 8 (good accounting practice for small businesses) (Nw.: Norsk Regnskaps Standard nr 8, God regnskapsskikk for små foretak) ("NRS no. 8"). The Financial Statements are included herein as Appendix B and C, respectively.
The Company's unaudited consolidated interim financial statements as of and for the six months' periods ended 30 June 2019, with comparable figures as of and for the six months' periods ended 30 June 2018 (together, the "Interim Financial Statements") are included in Appendix D to this Admission Document. The Interim Financial Statements have been prepared in accordance with NGAAP, the Norwegian Accounting Act and NRS no. 8.
The Financial Statements and the Interim Financial Statements are referred to herein as the "Financial Information". The Company presents the Financial Information in NOK (presentation currency).
The Financial Statements have been audited by the Company's independent auditor, Deloitte AS, as set forth in the auditor's report, which is included in the Financial Statements (see Appendix B). Deloitte gave a qualified opinion with respect to the annual financial statements for 2018 on the basis that there is significant uncertainty with respect to the value of the Company's receivables towards its subsidiaries Kahoot! UK and Kahoot! US due to the subsidiaries' lack of revenue and assumed loss of equity.
The reason for the subsidiaries' lack of revenue and assumed loss of equity is that the Company receives all of the Group's revenues, and no revenue has been attributed to Kahoot! UK and Kahoot! US since their incorporation. The Company expects that Kahoot! UK and Kahoot! US will break-even in 2019 by revenues from services delivered to the Company.
In the unaudited consolidated accounts for the Group as of and for the years ending on 31 December 2018 and 31 December 2017, these receivables of the Company are netted against the corresponding debt of the two subsidiaries. The Group will arrange for the receivables against Kahoot! UK and Kahoot! US to either be converted into equity of the subsidiaries or written down during the course of 2019. See Section 6.4 "Group organisation" for more information on the business of the subsidiaries and Section 6.11 "Related party transactions" for more information on these intragroup receivables.
The selected financial information presented in Section 7.2 to Section 7.6 below has been derived from the Financial Statements and the Interim Financial Statements, and should be read in connection with, and is qualified in its entirety by reference to, the Financial Statements and the Interim Financial Statements included herein as Appendices B, C and D.
For information regarding accounting policies and the use of estimates and judgments, please see note 1 in each of the Financial Statements, incorporated herein as Appendix B and C.
The table below sets out selected data from the Company's unaudited consolidated interim income statement for the six months' periods ended 30 June 2019, with comparable figures for the six months' periods ended 30 June 2018, and from the unconsolidated audited statement of income for the years ended 31 December 2018 and 2017:
| Six months ended 30 June | Year ended 31 December | ||||
|---|---|---|---|---|---|
| (In TNOK) | 2019 | 2018 | 2018 | 2017 | |
| (consolidated) | (consolidated) | (unconsolidated) | (unconsolidated) | ||
| Sales revenue | 37,142 | 7,059 | 27,227 | 3,846 | |
| Changes in deferred revenue | (15,023) | (3,045) | (12,853) | (1,277) | |
| Other operating income | 0 | 0 | 1,350 | 0 |
| Six months ended 30 June | Year ended 31 December | |||
|---|---|---|---|---|
| (In TNOK) | 2019 | 2018 | 2018 | 2017 |
| (consolidated) | (consolidated) | (unconsolidated) | (unconsolidated) | |
| Total revenue | 22,119 | 4,014 | 15,724 | 2,568 |
| Cost of goods | 2,490 | 206 | 1,266 | 439 |
| Payroll expenses | 29,290 | 31,577 | 49,246 | 22,605 |
| Depreciation/amortisation on fixed and intangible assets |
4,115 | 59 | 7,935 | 118, |
| Other operating expenses | 26,093 | 16,385 | 27,322 | 16,826 |
| Total operating expenses | 61,989 | 48,227 | 85,769 | 39,988 |
| Operating profit | (39,870) | (44,213) | (70,046) | (37,420) |
| Net financial income and expenses | 566 | (1,747) | 218 | 1,835 |
| Operating result before tax | (39,304) | (45,596) | (69,827) | (35,584) |
The table below sets out selected data from the Company's unaudited consolidated interim balance sheet as at 30 June 2019, with comparable figures as at 30 June 2018, and from the unconsolidated audited statement of financial position as at 31 December 2018 and 2017:
| As at 30 June | As at 31 December | ||||
|---|---|---|---|---|---|
| (In TNOK) | 2019 | 2018 | 2018 | 2017 | |
| (consolidated) | (consolidated) | (unconsolidated) | (unconsolidated) | ||
| Assets | |||||
| Fixed assets | |||||
| Intangible assets | |||||
| Activated R&D | 27,042 | 38,632 | 30,905 | 38,632 | |
| Licences | 1,744 | 1,774 | 1,744 | 1,833 | |
| Deferred tax income | 30,124 | 15,434 | 30,123 | 15,434 | |
| Total intangible assets | 58,910 | 55,840 | 62,774 | 55,899 | |
| Fixed assets | |||||
| Tangible assets, inventory, office equipment etc |
1,905 | 449 | 1,133 | 0 | |
| Total fixed assets | 1,904 | 448 | 1,132 | - | |
| Financial fixed assets | |||||
| Loan to Poio | 1,000 | 0 | 0 | 0 | |
| Loan to subsidiaries | 90,431 | 72,752 | 81,773 | 64,474 | |
| Total financial fixed assets. | 1,000 | 0 | 81,773 | 64,474 | |
| Total fixed assets | 61,815 | 56,289 | 145,680 | 120,373 |
| As at 30 June | As at 31 December | ||||
|---|---|---|---|---|---|
| (In TNOK) | 2019 | 2018 | 2018 | 2017 | |
| (consolidated) | (consolidated) | (unconsolidated) | (unconsolidated) | ||
| Current assets | |||||
| Receivables | |||||
| Account receivables | 7,137 | 1,683 | 3,288 | 716 | |
| Other receivables | 6,590 | 3,936 | 5,170 | 3,571 | |
| Total receivables | 13,727 | 5,619 | 8,458 | 4,288 | |
| Bank deposits, cash and other |
213,151 | 131,888 | 239,585 | 33,842 | |
| Total current assets | 226,878 | 137,507 | 248,043 | 38,130 | |
| Total assets | 288,693 | 193,796 | 393,723 | 158,503 | |
| Equity and liabilities | |||||
| Equity | |||||
| Deposited equity | |||||
| Share capital | 11,634 | 10,558 | 11,591 | 427 | |
| Share premium | 466,363 | 319,806 | 464,305 | 199,785 | |
| Total paid-in capital | 477,997 | 330,364 | 475,897 | 200,212 | |
| Retained earnings | |||||
| Uncovered losses | (233,491) | (155,590) | (104,673) | (49,535) | |
| Total retained earnings | (223,491) | (155,590) | (104,673) | (49,535) | |
| Total equity | 254,505 | 174,775 | 371,223 | 150,677 | |
| Liabilities | |||||
| Short term liabilities | |||||
| Accounts payable | 3,806 | 2,391 | 1,462 | 1,869 | |
| Public duties payable | 2,040 | 7,781 | 2,517 | 2,018 | |
| Other short term liabilities | 28,342 | 8,849 | 18,520 | 3,940 | |
| Total short-term liabilities | 34,187 | 19,021 | 22,499 | 7,826 | |
| Total liabilities | 34,187 | 19,021 | 22,499 | 7,826 | |
| Total equity and debt | 288,693 | 193,796 | 393,723 | 158,503 |
The Company has not included cash flow statements in the Financial Information as the preparation of cash flow statements is not a requirement under NRS no. 8.
Changes in equity is presented in the equity note of the financial statements as of and for the year ending on 31 December 2018 and 2017. An overview is included below.
| Share premium | ||||
|---|---|---|---|---|
| (In TNOK) | Share capital | account | Uncovered losses | Total equity |
| As of 31 December 2016 | 334 | 115,423 | (21,819) | 93,938 |
| Share capital increase | 93 | 84,362 | 84,455 | |
| Annual profit/loss | (27,717) | (27,717) | ||
| As at 31 December 2017 | 427 | 199,785 | (49,535) | 150,677 |
| As of 1 January 2018 | 427 | 199,785 | (49,535) | 150,677 |
| Share capital increase | 1,135 | 274,550 | 275,685 | |
| Share capital increase by bonus issue |
10,030 | (10,030) | ||
| Annual profit/loss | (55,138) | (55,138) | ||
| As of 31 December 2018 | 11,592 | 464,305 | (104,673) | 371,224 |
On 21 August 2019, the Company's acquisition of all shares in Poio AS, a company developing a learn-to-read App for children, was completed. The total consideration for Poio was approximately NOK 56.2 million which was settled by a combination of cash and new Kahoot! Shares. The shareholders and ultimate owners of Poio have entered into lock-up agreements with the Company pursuant to which 1,383,660 consideration shares are subject to lock-up for periods of up to two years from completion of the acquisition.
Poio was incorporated in 2012 and has six employees as of the date of this Admission Document. Poio is in the process of launching the English edition of the Poio App in the United States to make it available for English speaking users. Poio has prepared its financial in accordance with the Norwegian Accounting Act and NRS no. 8. Key financial information from the unaudited financial statements as of and for the year ended 31 December 2018 of Poio is included in the table below:
| (In TNOK) | Year ended 31 December |
|---|---|
| 2018 | |
| (unaudited) | |
| Total revenue | 3,684 |
| Total operating expenses | 8,455 |
| Annual net profit/loss | (4,060) |
| Total assets | 3,388 |
| Total equity | 3,384 |
| Total liabilities | 3 |
Poio does not have any material off-balance sheet liabilities. The difference between Kahoot's purchase price and Poio's adjusted equity will be classified as goodwill in the Group's consolidated financial statements.
On 29 August 2019, the Company's acquisition of all shares in WWTK AS ("Dragonbox"), a company developing game-based learning Apps and producer of the Dragonbox family of math Apps, from WWTK Holding AS. The total consideration for Dragonbox was approximately NOK 157.7 million which was settled by a combination of cash and new Kahoot! Shares. The shareholders and ultimate owners of Dragonbox have entered into lock-up agreements with the Company pursuant to which 3,868,636 consideration shares are subject to lock-up for periods of up to two years from completion of the acquisition.
Dragonbox was incorporated in 2012, and has offices in France and Finland in addition to the main office in Oslo, Norway, and a total of 22 employees. Dragonbox has prepared its financial in accordance with the Norwegian Accounting Act and NRS no. 8. Key financial figures from the audited financial statements as of and for the year ended 31 December 2018 is included in the table below:
| (In TNOK) | Year ended 31 December |
|---|---|
| 2018 | |
| (unaudited) | |
| Total revenue | 7,884 |
| Total operating expenses | (10,228) |
| Annual net profit/loss | (2,334) |
| Total assets | 10,666 |
| Total equity | 1,976 |
| Total liabilities | 8,689 |
Dragonbox does not have any material off-balance sheet liabilities. The difference between Kahoot's purchase price and Dragonbox' adjusted equity will be classified as goodwill in the Group's consolidated financial statements.
The strategic rationale behind the Company's acquisition of both Poio and Dragonbox is to strengthen its learning platform and further accelerate the Company's user and revenue growth.
In the period between 1 January 2019 and 31 August 2019, Dragonbox and Poio delivered combined total invoiced revenue of NOK 16 million, of which NOK 6.7 million was generated through App Store (including Apple and Google), NOK 8.2 million in direct sales to schools in Finland and Norway, and NOK 1 million in other revenue. With effect from 1 September 2019, Dragonbox and Poio will be consolidated into the financial statements of the Group. Kahoot! will ensure consistent accounting principles for all income and expenses throughout the Group, i.e. income from the school market is accrued in the school year.
Except for acquisitions of Poio and Dragonbox, there has not been any significant change in the financial or trading position of the Company since 30 June 2019.
The Company has no material borrowings. No new debt financing is planned as of the date of this Admission Document.
The Company received a grant in the amount of NOK 4,000,000 from Innovation Norway in 2015, of which the last instalment of NOK 1,300,000 was paid to the Company in 2018. The Company has not submitted and is not expecting to submit any additional applications for governmental grants.
The Company is of the opinion that the working capital available to the Group is sufficient for the Group's present requirements, for the period covering at least 12 months from the date of this Admission Document.
The General Meeting is the highest decision-making authority of the Company. All shareholders of the Company are entitled to attend and vote at General Meetings and to table draft resolutions for items to be included on the agenda for a General Meeting.
The overall management of the Company is vested with its board of directors (the "Board of Directors", and each of the members thereof, a "Board Member") and its executive management team (the "Management"). In accordance with Norwegian law, the Board of Directors is responsible for, among other things, supervising the general and day-to-day management of the Company's business ensuring proper organization, preparing plans and budgets for its activities ensuring that the Company's activities, accounts and assets management are subject to adequate controls and undertaking investigations necessary to perform its duties.
The Management is responsible for the day-to-day management of the Company's operations in accordance with Norwegian law and instructions set out by the Board of Directors. Among other responsibilities, the Company's Chief Executive Officer (the "CEO"), is responsible for keeping the Company's accounts in accordance with existing Norwegian legislation and regulations and for managing the Company's assets in a responsible manner. In addition, the CEO must, according to Norwegian law, brief the Board of Directors about the Company's activities, financial position and operating results at a minimum of one time per month.
The Company's articles of association (the "Articles of Association") provide that the Board of Directors shall comprise between four and eight board members, as elected by the Company's shareholders in an ordinary or extraordinary general meeting (as applicable).
The composition of the Board is in compliance with the independence requirements of the Norwegian Code of Practice for Corporate Governance last updated 17 October 2018 (the "Corporate Governance Code"), meaning that (i) the majority of the shareholder-elected members of the Board of Directors are independent from the Company's executive management and material business connections and (ii) at least two of the shareholder-elected members of the Board of Directors are independent of the Company's main shareholders (shareholders holding 10% or more of the Shares), and (ii) no member of the Company's executive management shall serve on the Board of Directors.
The Company's registered business address, Fridtjof Nansens plass 7, 0160 Oslo, serves as business address for the members of the Board of Directors in relation to their directorship in the Company.
The names and positions of the members of the Board of Directors are set out in the table below.
| Name | Function | Served since | Term expires | Shares | |
|---|---|---|---|---|---|
| Eilert Giertsen Hanoa | Chairman | 2015 | 2020 | 11,267,7401 | |
| Harald Arnet | Director | 2018 | 2020 | 16,876,9552 | |
| Carl Jöran Fredrik Cassel | Director | 2015 | 2020 | 11,044,420 3 | |
| Sindre Svendsen Østgård | Director | 2017 | 2020 | 20,0004 | |
| Michiel David Kotting | Director | 2018 | 2020 | 15,577,7605 |
1 Hanoa indirectly holds 11,267,740 Shares in the Company, of which 8,309,720 Shares are held through AS Real-Forvaltning (company reg. 947 540 734) (which is wholly owned by Hanoa), 2,000,000 Shares are held through Glitrafjord AS (company reg. 994 506 943), (which is wholly owned by AS Real-Forvaltning) and 958,020 Shares are held through K! Invest AS (company reg 914 331 587) (which is wholly owned by AS Real-Forvaltning).
2 Arnet serves as a member of the Board of Directors representing Datum Group which holds 16,876,955 Shares in the Company. 14,295,870 Shares are held through Diabase AS (company reg. 989 698 176), 1,590,000 Shares are held through Datum Vekst AS (company reg. 918 536 183), and 991,085 Shares are held through Datum Eiendom AS (company reg. 966 859 261). Arnet advises Datum Group in investment matters in the capacity as chief executive officer and board member of Diabase AS, Datum Vekst AS (of which Arnet indirectly owns 40% through his wholly owned company Hato Invest AS, company reg. 986 012 796), Datum Eiendom AS and all other companies within the Datum Group.
3 Cassel is appointed as a member of the Board of Directors nominated by Creandum III LP, which holds 11,044,420 Shares in the Company.
4 Østgård holds 20,000 Shares in the Company through Konsern AS (company reg. 919 795 174) (which is wholly owned by Østgård).
5 Kotting serves as a member of the Board of Directors as the representative of Northzone VII L.P, which holds 15,577,760 shares in the Company. Kotting advises Northzone Ventures VII Limited, the advisor of Northzone VII LP, in investment matters in the capacity as a partner of Northzone (a venture capital firm advising Northzone Ventures VII Limited).
Set out below are brief biographies of members of the Board of Directors, including their managerial expertise and experience, in addition to an indication of any significant principal activities performed by them outside of the Company.
Eilert Giertsen Hanoa is the founder and former chief executive officer of ERP software company Mamut (delisted from the Oslo Stock Exchange when acquired by Visma in 2011), and Director SMB ERP in Visma from 2011-2018. He is also a board member of Dagens Næringsliv AS and Gyldendal ASA and investor in several start-ups. He has studied management and finance studies at BI Norwegian Business School.
Harald Arnet serves as the chief executive officer, president and partner of the Datum Group, an investment company based in Oslo, Norway. He has more than 30 years national and international experience in corporate finance, industrial transactions and financial investments. In addition to being on Kahoot!'s Board of Directors, he currently serves as a member of the board of directors of NRC Group ASA, Base Bolig AS, Hato Invest AS, Hermia AS, and as chairman or board member of a number of companies within the Datum Group. Arnet holds an executive MBA from London Business School and BSBA from University of Denver.
Carl Jöran Fredrik Cassel is an experienced investor and partner at the venture firm Creandum, where he has been the main advisor to the fund on early institutional rounds of financing in several highly successful and category defining companies such as Spotify, KRY / LIVI, Depop and Cint. He currently also works with several other earlier start-ups in his position with Creandum, including Xeneta, Careship and Shapr3D. He holds a master of science from the Royal Institute of Technology, Stockholm.
Sindre Svendsen Østgård is the chief executive officer of Konsern AS, co-founder and CEO of Share (scale-up tech company) and a partner at PropTech AS. He has diverse experience within the Nordic start-up ecosystem and corporate innovation, with a background from the global digital media space as a product manager, head of digital, chief executive officer, consultant and founder. Østgård has a master of business administration, strategy and leadership from Norwegian School of Economics and Copenhagen Business School.
Michiel David Kotting, originally from the Netherlands, is a partner at Northzone, a global early stage venture capital fund. Michiel spent the early years of his career at Boston Consulting Group before founding Digital Jones, an artificial intelligence company in Silicon Valley that was later acquired by shopping.com with Kotting joining as VP Operations. He then joined Accel London before joining Northzone in 2016. Michiel has a master of science degree in physics from Delft University of Technology and an MBA from Harvard Business School.
As of the date of this Admission Document, the Company's senior management team consists of three individuals. The names of the members of the management and their respective positions are presented in the table below.
| Name | Position | Employed since | Shares | Options held |
|---|---|---|---|---|
| Åsmund Grytting Furuseth | Chief Executive Officer | 2014 | 3,052,0001 | 400,000 |
| Martin Kværnstuen | Chief Financial Officer | 2014 | 4,779,0202 | 500,000 |
| Morten Versvik | Chief Technical Officer | 2014 | 4,620,6923 | 500,000 |
1 Furuseth holds 3,052,000 Shares in the Company through Newbrott AS (of which Furuseth holds 100% of the Shares).
2 Kværnstuen holds 4,779,020 Shares in the Company through KAM Holding AS (of which Kværnstuen owns 100% of the shares).
3 Versvik holds 4,620,692 Shares in the Company through Versvik Invest AS (of which Versvik owns 100% of the shares).
The Company's registered business address, Fridtjof Nansens plass 7, 0160 Oslo, Norway, serves as business address for the members of the Company's senior management team in relation to their employment with the Company.
Until 2013, Åsmund Grytting Furuseth ran a wind turbine technology company called ChapDrive. He advises, secures funding and serves on the board of various start-ups. Åsmund has a master of science degree in physics from the Norwegian University of Science and Technology.
Martin Kværnstuen joined Kahoot! in 2014. He has held CFO roles since 1996, primarily in Mamut, a Norwegian company that was acquired by Visma in 2011. Martin currently also acts as an investor and chairman of the board of Filmgrail. Kværnstuen holds a master's degree in business and economics from BI Norwegian School of Management and MBA degree from Norges Handelshøyskole.
Morten Versvik is the former chief executive officer of Coepto DA. Vervik's Master's thesis from 2006 was based on the concept of playing on the big screen in cinemas using mobile phones. This idea, developed further in cooperation with Professor Alf Inge Wang, led to the creation of Kahoot!. He holds a bachelor's degree in computer science from Oslo University College and a master's degree in computer science from the University of Science and Technology (NTNU).
On 10 August 2017, the Board of Directors resolved to implement a long term share incentive scheme for employees of the Company and its subsidiaries (the "2017 Share Option Rules"). Rights to acquire shares in the Company (the "Options") are granted by the Company on an individual basis to selected recipients (each an "Option Holder"). Each Option gives the Option Holder the right, but not the obligation, to subscribe to or purchase (at the Company's choice) one ordinary share in the Company at a strike price defined in the individual share option agreement. The Company has currently issued 7,562,375 share options, equal to 6.22% of the outstanding shares in the Company, of which 4,248,838 have vested.
The Option Holders include employees, consultants and board members. The Options are/shall vest as follows: (i) 25% of the Options are vested 12 months after grant date; and (ii) 1/36 of the remaining Options shall vest each month thereafter. Full vesting occurs after four years and last possible exercise is five years after grant date.
As of the date of this Admission Document, the Group has 99 employees. The table below shows the development in the numbers of full-time employees over the last two years:
| Year ended 31 December | ||||
|---|---|---|---|---|
| 2018 | 2017 | |||
| Number of employees5 | 43 | 27 |
No employee, including any member of the Company's senior management team, has entered into employment agreements which provide for any special benefits upon termination. None of the members of the Board of Directors have service contracts with the Company and none will be entitled to any benefits upon termination of office.
5 Number of employees stated for the average for each financial year.
The Company is not subject to the Corporate Governance Code, but the Company intends over time to implement the recommendations of the Corporate Governance Code.
No member of the Board of Directors or Management has, or have had, as applicable, during the last five years preceding the date of the Admission Document:
To the Company's knowledge, there are currently no actual or potential conflicts of interest between the Company and the private interests or other duties of any of the Board Members and members of the Management, including any family relationships between such persons.
The Company's legal name is Kahoot! AS and the Company's commercial name is Kahoot!. Kahoot! is a private limited liability company (Nw.: aksjeselskap), validly incorporated and existing under the laws of Norway and in accordance with the Norwegian Private Limited Liability Companies Act of 13 June 1997 no 44 (the "Norwegian Private Companies Act"). The Company is registered in the Norwegian Register of Business Enterprises with company registration number 997 770 234. The Company was incorporated on 15 December 2011.
The Company's registered business address is Fridtjof Nansens plass 7, 0160 Oslo, Norway, which also is its principal place of business. The telephone number to the Company's principal offices is +47 930 14 547 and its website is "https://kahoot.com".
The Shares are registered in book-entry form with VPS under ISIN NO0010823131. The Company's register of shareholders in VPS is administrated by the VPS Registrar, Sparebank 1 SMN, Bjergsted Terrasse 1, Stavanger, Norway. The Company's LEI-code is 2549004957SZTRN8CW77.
The Company is the parent company of Kahoot! Edu. Limited ("Kahoot! UK"), Kahoot! Edu. Inc. ("Kahoot! US"), Poio AS ("Poio") and WWTK AS ("Dragonbox"). See Section 6.4 "Group organisation" for more information on Poio, Dragonbox, Kahoot! UK and Kahoot! US.
The main activities of the Company are development of game-based learning Apps.
The following table sets out brief information about the Company's subsidiaries at the date of this Admission Document.
| Company name | Registered office | Activity | Ownership interest |
|---|---|---|---|
| Kahoot! Edu. Limited | London, United Kingdom | Operating company | 100% |
| Kahoot! Edu. Inc. | Austin, Texas, United States | Operating company | 100% |
| Poio AS | Oslo, Norway | Operating company | 100% |
| WWTK AS | Oslo, Norway | Operating company | 100% |
The following chart sets out the Group's legal structure as of the date of this Admission Document:
As of the date of this Admission Document, the Company's registered share capital is NOK 12,158,949.60 divided into 121,589,496 Shares, each with a par value of NOK 0.10. All of the Shares have been created under the Norwegian Private Companies Act, and are validly issued and fully paid.
The Company has one class of shares, and accordingly there are no differences in the voting rights among the Shares. The Company's shares are freely transferable, meaning that a transfer of Shares is not subject to the consent of the Board of Directors or rights of first refusal. Pursuant to the Articles of Association, the Company's shares shall be registered in the Norwegian Central Securities Registry ("VPS").
The table below shows the development in the Company's share capital for the period covered by the Financial Statements to the date of the Admission Document. There have not been any other capital increases in the Company other than as set out in the table below, neither by way of contribution in cash or in kind for the period covered by the Financial Statements until the date of this Admission Document.
| Date of registration |
Type of change | Change in share capital (NOK) |
New share capital (NOK) |
Nominal value (NOK) |
New number of total issued shares |
Subscription price per share (NOK) |
|---|---|---|---|---|---|---|
| 28 June 2017 | Share capital increase | 66,550 | 400,161 | 0.10 | 4,001,610 | 10/35/1001 |
| 23 August 2017 | Share capital increase | 25,500 | 425,661 | 0.10 | 4,256,610 | 100 |
| 7 September 2017 | Share capital increase | 850 | 426,511 | 0.10 | 4,265,110 | 100 |
| 26 March 2018 | Share capital increase | 1,400 | 427,911 | 0.10 | 4,279,110 | 35/602 |
| 9 April 2018 | Share capital increase | 100,000 | 527,911 | 0.10 | 5,279,110 | 35/100/1503 |
| 16 July 2018 | Share capital increase and share split |
10,030,309 | 10,558,220 | 0.10 | 105,582,200 | N/A4 |
| 1 November 2018 | Share capital increase | 550,000 | 11,108,220 | 0.10 | 111,082,200 | 23 |
| 7 January 2019 | Share capital increase | 450,000 | 11,558,220 | 0.10 | 115,582,200 | 5 |
| 7 March 2019 | Share capital increase | 33,500 | 11,591,720 | 0.10 | 115,917,200 | 1.75/55 |
| 23 May 2019 | Share capital increase | 42,000 | 11,633,720 | 0.10 | 116,337,200 | 56 |
| 3 September 2019 | Share capital increase | 138,366 | 11,772,086 | 0.10 | 117,720,860 | 25 |
| 12 September 2019 |
Share capital increase | 386,863.60 | 12,158,949.60 | 0.10 | 121,589,496 | 25 |
1 Private placement directed towards selected investors (600,000 Shares were subscribed for at a subscription price of NOK 100) and exercise of options for employees (9,000 Shares were subscribed for at a subscription price of NOK 10, whereas 56,500 Shares were subscribed for at a subscription price of NOK 35).
2 Exercise of options for employees (12,500 Shares were subscribed for at a subscription price of NOK 35, whereas 1,500 Shares were subscribed for at a subscription price of NOK 60).
3 Private placement directed towards selected investors (865,000 Shares were subscribed for at a subscription price of NOK 150) and exercise of options for employees (60,000 Shares were subscribed for at a subscription price of NOK 35, whereas 75,000 Shares were subscribed for at a subscription price of NOK 100).
4 Transfer from other equity to share capital. Share split 1:20 creating 100,303,090 new Shares.
5 Exercise of options for employees (100,000 Shares were subscribed for at a subscription price of NOK 1.75, whereas 235,000 Shares were subscribed for at a subscription price of NOK 5).
6 Exercise of options for employees (420,000 Shares were subscribed for at a subscription price of NOK 5).
As of 3 October 2019, being the last practical date prior to the date of this Admission Document, the Company had 378 shareholders on record in VPS. The Company's twenty largest shareholders as of the same date are presented in the table below.
| # | Shareholder | Number of Shares | Per cent of share capital |
|---|---|---|---|
| 1 | Northzone VII LP | 15,577,760 | 12.81% |
| 2 | Diabase AS | 14,295,870 | 11.76% |
| 3 | Creandum III LP | 11,044,420 | 9.08% |
| 4 | AS Real-Forvaltning1 | 8,309,720 | 6.83% |
| 5 | Microsoft Global Finance (Microsoft Venture) | 6,940,000 | 5.71% |
| 6 | KAM Holding AS2 | 4,779,020 | 3.93% |
| 7 | Versvik Invest AS3 | 4,620,692 | 3.80% |
| 8 | Citigroup Global Markets Inc | 4,500,000 | 3.70% |
| 9 | WWTK Holding AS | 3,868,636 | 3.18% |
| 10 | Newbrott AS | 3,052,000 | 2.51% |
| 11 | Norda ASA | 2,791,870 | 2.30% |
| 12 | MP Pensjon PK | 2,337,332 | 1.92% |
| 13 | Glitrafjord AS | 2,000,000 | 1.64% |
|---|---|---|---|
| 14 | Gamification AS | 1,866,600 | 1.53% |
| 15 | Datum Vekst AS | 1,740,000 | 1.31% |
| 16 | Verdipapirfondet DNB Norge Selektiv | 1,691,301 | 1.40% |
| 17 | Sanden AS | 1,624,000 | 1.33% |
| 18 | Skøien AS | 1,530,000 | 1.25% |
| 19 | Adrian AS | 1,052,250 | 0.86% |
| 20 | Bullris Invest AS | 1,000,000 | 0.82% |
| Total top 20 | 94,621,471 | 77.82% | |
| Others | 26,968,025 | 22.18% | |
| Total | 121,589,496 | 100% |
1 AS Real-Forvaltning is wholly-owned by Eilert Hanoa (Chairman of the Board of Directors).
2 KAM Holding AS is wholly-owned by Martin Kværnstuen (CFO).
3 Versvik Invest AS is wholly-owned by Morten Versvik (CTO).
As of the date of this Admission Document, no shareholder other than Northzone VII LP (12.81%), Diabase AS (11.76%), Creandum III LP (9.08%), AS Real-Forvaltning (6.83%) and Microsoft Global Finance (Microsoft Venture) (5.71%) holds more than 5% of the issued Shares.
As of the date of this Admission Document, the Company does not hold any treasury shares.
There are no arrangements known to the Company that may lead to a change of control in the Company.
9.5.1 Authorisation to increase the share capital
As at the date of this Admission Document, the Board of Directors holds the following authorisations to increase the share capital:
| Date granted |
Date of expiry | Potential share capital increase (NOK) |
Amount utilized (NOK) |
Purpose of the authorisation |
|---|---|---|---|---|
| 28 June 2018 | 28 June 2020 | 1,100,000 | 1,075,229.60 | To issue new shares in connection with acquisitions and to raise new equity. |
| 28 June 2019 | 28 June 2021 | 1,200,000 | 0 | To issue new shares in connection with acquisitions and to raise new equity. |
| 28 June 2019 | 28 June 2021 | 1,000,000 | 0 | To complete one or more share capital increases in connection with the exercise of options granted by the Company (see Section 8.4 "Share incentive schemes"). |
The board authorisation allows for the Board of Directors to deviate from the shareholders' right to subscribe for a proportionate share of any share issue (i.e. if the authorisation is utilised in a private placement).
As at the date of this Admission Document, the Board of Directors does not hold any authorisations to acquire Shares in the Company.
Except for the Share Options described in Section 8.4 "Share incentive schemes", neither the Company nor any of the Company's subsidiaries has issued any options, warrants, convertible loans or other instruments that would entitle a holder of any such instrument to subscribe for any shares in the Company or its subsidiaries.
The Company has one class of shares in issue and all Shares provide equal rights in the Company, including the rights to any dividends. Each of the Company's shares carries one vote. The rights attached to the Shares are further described in Section 9.8 ("The Articles of Association") and Section 9.9 ("Certain aspects of Norwegian corporate law").
The Articles of Association are enclosed in Appendix A to the Admission Document. Below is a summary of provisions of the Articles of Association as of 29 August 2019.
Pursuant to section 3, the objective of the Company is to develop software and design other concepts applicable to an educational environment, as well as any other activity naturally associated with these objectives.
Pursuant to article section 4, the Company's share capital is NOK 12,158,949.60 divided into 121 589 496 shares, each with a nominal value of NOK 0.10. The Shares shall be registered with a central securities depository (the Norwegian Central Securities Depository (VPS)). The Company's shares are freely transferable.
Pursuant to section 5, the Board of Directors shall consist of between four and eight members, according to the shareholders' decision in a general meeting of the Company.
The Articles of Association do not provide for any restrictions on the transfer of Shares. See Section 7.7 "Significant changes in the Company's financial or trading position" for information on the lock-up agreements entered into in connection with the acquisition of Poio and Dragonbox.
The signatory right lies with the chairman of the board of directors and the general manager, jointly.
Documents relating to matters to be dealt with by the Company's general meeting, including documents which pursuant to law shall be included in or attached to the notice of the general meeting, do not need to be sent to the shareholders if such documents have been made available on the Company's website. A shareholder may nevertheless request that documents which relate to matters to be dealt with at the general meeting are sent to him/her.
The annual general meeting shall deal with and decide the following matters:
Through the general meeting, shareholders exercise supreme authority in a Norwegian company. In accordance with Norwegian law, the annual general meeting of shareholders is required to be held each year on or prior to 30 June. Norwegian law requires that a written notice of annual general meetings setting forth the time of, the venue for and the agenda of the meeting is sent to all shareholders with a known address no later than seven days before the annual general meeting of a Norwegian private limited liability company shall be held, unless the articles of association stipulate a longer deadline, which is not currently the case for the Company.
A shareholder may vote at the general meeting either in person or by proxy (the proxy holder is appointed at their own discretion). Although Norwegian law does not require the Company to send proxy forms to its shareholders for general meetings, the Company plans to include a proxy form with notices of general meetings. All of the Company's shareholders who are registered in the shareholders' register kept and maintained with VPS as of the date of the general meeting, or who otherwise have reported and documented ownership of shares in the Company, are entitled to participate at general meetings, without any requirement of pre-registration.
Apart from the annual general meeting, extraordinary general meetings of shareholders may be held if the board of directors considers it necessary. An extraordinary general meeting of shareholders shall also be convened if, in order to discuss a specified matter, the auditor or shareholders representing at least 10% of the share capital demands such in writing. The requirements for notice and admission to the annual general meeting also apply to extraordinary general meetings.
Each Share carries one vote. In general, decisions shareholders are entitled to make under Norwegian law or the articles of association may be made by a simple majority of the votes cast. In the case of elections or appointments (e.g. to the board of directors), the person(s) who receive(s) the greatest number of votes cast is elected. However, as required under Norwegian law, certain decisions, including resolutions to waive preferential rights to subscribe for shares in connection with any share issue in the Company, to approve a merger or demerger of the Company, to amend the articles of association, to authorize an increase or reduction of the share capital, to authorize an issuance of convertible loans or warrants by the Company or to authorize the Board of Directors to purchase Shares and hold them as treasury shares or to dissolve the Company, must receive the approval of at least two-thirds of the aggregate number of votes cast as well as at least two-thirds of the share capital represented at the general meeting in question. Moreover, Norwegian law requires that certain decisions, i.e. decisions that have the effect of substantially altering the rights and preferences of any shares or class of shares, receive the approval by the holders of such shares or class of shares as well as the majority required for amending the articles of association.
Decisions that (i) would reduce the rights of some or all of the Company's shareholders in respect of dividend payments or other rights to assets or (ii) restrict the transferability of the Shares, require that at least 90% of the share capital represented at the general meeting in question vote in favour of the resolution, as well as the majority required for amending the articles of association.
In general, only a shareholder registered in VPS is entitled to vote for such Shares. Beneficial owners of the Shares that are registered in the name of a nominee are generally not entitled to vote under Norwegian law, nor is any person who is designated in the VPS register as the holder of such Shares as nominees.
There are no quorum requirements that apply to the general meetings.
If the Company issues any new Shares, including bonus share issues, the Company's articles of association must be amended, which requires the same vote as other amendments to the articles of association. In addition, under Norwegian law, the Company's shareholders have a preferential right to subscribe for new Shares issued by the Company. The preferential rights may be deviated from by a resolution in the general meeting passed with the same vote required to amend the articles of association. A deviation of the shareholders' preferential rights in respect of bonus issues requires the approval of all outstanding Shares.
The general meeting may, by the same vote as is required for amending the articles of association, authorize the board of directors to issue new Shares, and to deviate from the preferential rights of shareholders in connection with such issuances. Such authorisation may be effective for a maximum of two years, and the nominal value of the Shares to be issued may not exceed 50% of the registered par share capital when the authorisation is registered with the Norwegian Register of Business Enterprises.
Under Norwegian law, the Company may increase its share capital by a bonus share issue, subject to approval by the Company's shareholders, by transfer from the Company's distributable equity or from the Company's share premium reserve and thus the share capital increase does not require any payment of a subscription price by the shareholders. Any bonus issues may be affected either by issuing new shares to the Company's existing shareholders or by increasing the nominal value of the Company's outstanding Shares.
Issuance of new Shares to shareholders who are citizens or residents of the United States and other jurisdictions upon the exercise of preferential rights may require the Company to file a registration statement or prospectus in the United States under United States securities laws or in such other jurisdictions under the laws of such jurisdictions. Should the Company in such a situation decide not to file a registration statement or prospectus, the Company's U.S. shareholders and shareholders in such other jurisdictions may not be able to exercise their preferential rights. To the extent that shareholders are not able to exercise their rights to subscribe for new shares, the value of their subscription rights will be lost and such shareholders' proportional ownership interests in the Company will be reduced.
Norwegian law sets forth a number of protections for minority shareholders of the Company, including, but not limited to, those described in this paragraph and the description of general meetings as set out above. Any of the Company's shareholders may petition Norwegian courts to have a decision of the board of directors or the Company's shareholders made at the general meeting declared invalid on the grounds that it unreasonably favours certain shareholders or third parties to the detriment of other shareholders or the Company itself. The Company's shareholders may also petition the courts to dissolve the Company as a result of such decisions to the extent particularly strong reasons are considered by the court to make necessary dissolution of the Company.
Minority shareholders holding 10% or more of the Company's share capital have a right to demand in writing that the Board of Directors convenes an extraordinary general meeting to discuss or resolve specific matters. In addition, any of the Company's shareholders may in writing demand that the Company place an item on the agenda for any general meeting as long as the Company is notified in time for such item to be included in the notice of the meeting. If the notice has been issued when such a written demand is presented, a renewed notice must be issued if the deadline for issuing notice of the general meeting has not expired.
The share capital of the Company may be reduced by reducing the nominal value of the Shares or by cancelling Shares. Such a decision requires the approval of at least two-thirds of the aggregate number of votes cast and at least two-thirds of the share capital represented at a general meeting. Redemption of individual Shares requires the consent of the holders of the Shares to be redeemed.
The Company may purchase its own Shares provided that the Board of Directors has been granted an authorisation to do so by a general meeting with the approval of at least two-thirds of the aggregate number of votes cast and at least two-thirds of the share capital represented at the meeting. The aggregate nominal value of treasury shares so acquired, and held by the Company must not lead to the share capital with deduction of the aggregate nominal of the holding of own shares is less than the minimum allowed share capital of NOK 30,000, and treasury shares may only be acquired if the Company's distributable equity, according to the latest adopted balance sheet, exceeds the consideration to be paid for the shares. The authorisation by the general meeting of the Company's shareholders cannot be granted for a period exceeding two years.
A decision of the Company's shareholders to merge with another company or to demerge requires a resolution by the general meeting passed by at least two-thirds of the aggregate votes cast and at least two-thirds of the share capital represented at the general meeting. A merger plan, or demerger plan signed by the board of directors along with certain other required documentation, would have to be sent to all the Company's shareholders, or if the articles of association stipulate that, made available to the shareholders on the Company's website, at least one month prior to the general meeting to pass upon the matter.
Board members owe a fiduciary duty to the Company and its shareholders. Such fiduciary duty requires that the board members act in the best interests of the Company when exercising their functions and exercise a general duty of loyalty and care towards the Company. Their principal task is to safeguard the interests of the Company.
Board members may each be held liable for any damage they negligently or wilfully cause the Company. Norwegian law permits the general meeting to discharge any such person from liability, but such discharge is not binding on the Company if substantially correct and complete information was not provided at the general meeting passing upon the matter. If a resolution to discharge the Board Members from liability or not to pursue claims against such a person has been passed by a general meeting with a smaller majority than that required to amend the articles of association, shareholders representing more than 10% of the share capital or, if there are more than 100 shareholders, more than 10% of the shareholders may pursue the claim on the Company's behalf and in its name. The cost of any such action is not the Company's responsibility but can be recovered from any proceeds the Company receives as a result of the action. If the decision to discharge any of the Board Members from liability or not to pursue claims against the Board Members is made by such a majority as is necessary to amend the articles of association, the minority shareholders of the Company cannot pursue such claim in the Company's name.
Neither Norwegian law nor the articles of association contains any provision concerning indemnification by the Company of the board of directors. The Company is permitted to purchase insurance for the board members against certain liabilities that they may incur in their capacity as such.
9.9.9.1 Under Norwegian law, the Company may be wound-up by a resolution of the Company's shareholders at the general meeting passed by at least two-thirds of the aggregate votes cast and at least two-thirds of the share capital represented at the meeting. In the event of liquidation, the Shares rank equally in the event of a return on capital.
Pursuant to the Norwegian Private Companies Act, dividends may only be declared to the extent that the Company has distributable funds and the Board of Directors finds such a declaration to be prudent in consideration of the size, nature, scope and risks associated with the Company's operations and the need to strengthen its liquidity and financial position. Apart from this, there are no formal restrictions on the distribution of dividends. However, as the Company's ability to pay dividends is dependent on the availability of distributable reserves, it is, among other things, dependent upon receipt of dividends and other distributions of value from its subsidiaries and companies in which the Company may invest. See Section 5 "Dividends and dividend policy" for more information on the Company's dividend policy.
The Company is not subject to the takeover regulations set out in the Norwegian Securities Trading Act, or otherwise.
The Shares are, however, subject to the provisions on compulsory transfer of shares as set out in the Norwegian Private Companies Act. If a private limited liability company alone, or through subsidiaries, owns 9/10 or more of the shares in the subsidiary, and may exercise a corresponding part of the votes that may be cast in the general meeting, the board of directors of the parent company may resolve that the parent company shall take over the remaining shares in the company. Each of the other shareholders in the subsidiary have the right to require the parent company to take over the shares. The parent company shall give the shareholders a redemption offer pursuant to the provisions of the Norwegian Private Companies Act. The redemption amount will in the absence of agreement or acceptance of the offer be fixed by a discretionary valuation.
This section describes certain tax rules in Norway applicable to shareholders who are resident in Norway for tax purposes ("Norwegian Shareholders") and to shareholders who are not resident in Norway for tax purposes ("Non-Resident Shareholders"). The statements herein regarding taxation are based on the laws in force in Norway as of the date of this Admission Document and are subject to any changes in law occurring after such date. Such changes could possibly be made on a retrospective basis. The following summary does not purport to be a comprehensive description of all the tax considerations that may be relevant to a decision to purchase, own or dispose of the Shares. Investors are advised to consult their own tax advisors concerning the overall tax consequences of their ownership of Shares. The statements only apply to shareholders who are beneficial owners of Shares. Please note that for the purpose of the summary below, references to Norwegian Shareholders or Foreign Shareholders refers to the tax residency rather than the nationality of the shareholder.
Norwegian corporate shareholders (i.e. limited liability companies and similar entities) ("Norwegian Corporate Shareholders") are comprised by the Norwegian participation exemption. Under the exemption, only 3% of dividend income on shares in Norwegian limited liability companies is subject to tax as ordinary income (22% flat rate as of 2019), implying that such dividends are effectively taxed at a rate of 0.66%.
Dividends distributed to Norwegian individual shareholders (i.e. other shareholders than Norwegian Corporate Shareholders) ("Norwegian Individual Shareholders") are grossed up with a factor of 1.44 before taxed as ordinary income (22% flat rate, resulting in an effective tax rate of 31.68%) to the extent the dividend exceeds a tax-free allowance.
The tax-free allowance is calculated on a share-by-share basis for each individual shareholder on the basis of the cost price of each of the Shares multiplied by a risk-free interest rate. The risk-free interest rate is based on the effective rate of interest on treasury bills (Nw.: statskasseveksler) with three months maturity plus 0.5 percentage points, after tax. The tax-free allowance is calculated for each calendar year and is allocated solely to Norwegian Individual Shareholders holding Shares at the expiration of the relevant calendar year. Norwegian Individual Shareholders who transfer Shares will thus not be entitled to deduct any calculated allowance related to the year of transfer. Any part of the calculated tax-free allowance one year exceeding the dividend distributed on the Share ("unused allowance") may be carried forward and set off against future dividends received on (or gains upon realization of, see below) the same Share. Any unused allowance will also be added to the basis of computation of the tax-free allowance on the same Share the following year.
The Shares will not qualify for Norwegian share saving accounts (Nw.: aksjesparekonto) for Norwegian Individual Shareholders as the shares are listed on Merkur Market (and not Oslo Børs).
Sale, redemption or other disposal of Shares is considered as a realization for Norwegian tax purposes.
Capital gains generated by Norwegian Corporate Shareholders through a realization of shares in Norwegian limited liability companies, such as the Company, are comprised by the Norwegian participation exemption and therefore tax exempt. Net losses from realization of Shares and costs incurred in connection with the purchase and realization of such Shares are not tax deductible for Norwegian Corporate Shareholders.
Norwegian Individual Shareholders are taxable in Norway for capital gains derived from realization of Shares, and have a corresponding right to deduct losses. This applies irrespective of how long the Shares have been owned by the individual shareholder and irrespective of how many Shares that are realized. Gains are taxable as ordinary income in the year of realization and losses can be deducted from ordinary income in the year of realization. Any gain or loss is grossed up with a factor of 1.44 before taxed at a rate of 22% (resulting in an effective tax rate of 31.68%. Under current tax rules, gain or loss is calculated per Share, as the difference between the consideration received for the Share and the Norwegian Individual Shareholder's cost price for the Share, including costs incurred in connection with the acquisition or realization of the Share. Any unused tax-free allowance connected to a Share may be deducted from a capital gain on the same Share, but may not lead to or increase a deductible loss. Further, unused tax-free allowance related to a Share cannot be set off against gains from realization of other Shares.
If a Norwegian shareholder realizes Shares acquired at different points in time, the Shares that were first acquired will be deemed as first sold (the "first in first out"-principle) upon calculating taxable gain or loss. Costs incurred in connection with the purchase and sale of Shares may be deducted in the year of sale.
A shareholder who ceases to be tax resident in Norway due to domestic law or tax treaty provisions may become subject to Norwegian exit taxation of capital gains related to shares in certain circumstances.
The value of Shares is taken into account for net wealth tax purposes in Norway. The marginal net wealth tax rate is currently 0.85% of the value assessed. The value for assessment purposes for the Shares is equal to 75% of the total tax value of the Company as of 1 January of the year before the tax assessment year. However, if the share capital in the Company has been increased or reduced by payment from or to shareholders in the year before the tax assessment year, the value for assessment purposes for the Shares is equal to 75% of the total tax value of the Company as of 1 January of the tax assessment year. The value of debt allocated to the Shares for Norwegian wealth tax purposes is reduced correspondingly (i.e. to 75%).
Norwegian limited liability companies and similar entities are exempted from net wealth tax.
Dividends paid from a Norwegian limited liability company to Non-Resident Shareholders are subject to Norwegian withholding tax at a rate of 25% unless the recipient qualifies for a reduced rate according to an applicable tax treaty or other specific regulations. The shareholder's country of residence may give credit for the Norwegian withholding tax imposed on the dividend.
If a Non-Resident Shareholder is carrying on business activities in Norway and the Shares are effectively connected with such activities, the Non-Resident Shareholder will be subject to the same taxation of dividend as a Norwegian Shareholder, as described above.
Non-Resident Shareholders that are corporate shareholders (i.e. limited liability companies and similar entities) ("Foreign Corporate Shareholders") resident within the EEA are exempt from Norwegian withholding tax pursuant to the Norwegian participation exemption provided that the Foreign Corporate Shareholder is genuinely established and carries out genuine economic activities within the EEA.
Dividends paid to Non-Resident Shareholders that are individual shareholders (i.e. other shareholders than Foreign Corporate Shareholders) ("Foreign Individual Shareholders") are as the main rule subject to Norwegian withholding tax at a rate of 25%, unless a lower rate has been agreed in an applicable tax treaty. If the individual shareholder is resident within the EEA, the shareholder may apply to the tax authorities for a refund of an amount corresponding to the calculated tax-free allowance on each individual share, see Section 10.1.1 ("Taxation of dividends"). However, the deduction for the tax-free allowance does not apply in the event that the withholding tax rate, pursuant to an applicable tax treaty, leads to a lower taxation on the dividends than the withholding tax rate of 25% less the tax-free allowance.
In accordance with the present administrative system in Norway, a distributing company will generally deduct withholding tax at the applicable rate when dividends are paid directly to an eligible Foreign Shareholder, based on information registered with the VPS. Foreign Corporate and Individual Shareholders must document their entitlement to a reduced withholding tax rate by (i) obtaining a certificate of residence issued by the tax authorities in the shareholder's country of residence, confirming that the shareholder is resident in that state and (ii) providing a confirmation from the shareholder that the shareholder is the beneficial owner of the dividend. In addition, Foreign Corporate Shareholders must also present either (i) an approved withholding tax refund application or (ii) an approval from the Norwegian tax authorities confirming that the recipient is entitled to a reduced withholding tax rate or a withholding tax exemption. Such documentation must be provided to either the nominee or the account operator (VPS). Dividends paid to Non-Resident Shareholders in respect of nominee registered shares are not eligible for reduced treaty withholding tax rate at the time of payment unless the nominee, by agreeing to provide certain information regarding beneficial owner, has obtained approval for reduced treaty withholding tax rate from the Norwegian tax authorities. The withholding obligation lies with the company distributing the dividends and the Company assumes this obligation.
Foreign Individual and Corporate Shareholders who have suffered a higher withholding tax than set out in an applicable tax treaty may apply to the Norwegian tax authorities for a refund of the excess withholding tax deducted. The same will apply to Foreign Corporate Shareholders that have suffered withholding tax although qualifying for the Norwegian participation exemption.
Non-Resident Shareholders should consult their own advisers regarding the availability of treaty benefits in respect of dividend payments.
Gains from realization of Shares by Non-Resident Shareholders will not be subject to tax in Norway unless the Non-Resident Shareholders are holding the Shares in connection with business activities carried out or managed from Norway. Such taxation may be limited according to an applicable tax treaty or other specific regulations.
Non-Resident Shareholders are not subject to Norwegian net wealth tax with respect to the Shares, unless the shareholder is an individual, and the shareholding is effectively connected with a business which the shareholder takes part in or carries out in Norway. Such taxation may be limited according to an applicable tax treaty.
No transfer taxes, stamp duty or similar taxes are currently imposed in Norway on purchase, issuance, disposal or redemption of shares. Further, there is no VAT on transfer of shares.
As a consequence of the following restrictions, prospective investors are advised to consult legal counsel prior to making any offer, resale, pledge or other transfer of the Shares admitted to listing on Merkur Market.
The Company is not taking any action to permit a public offering of the Shares in any jurisdiction. Receipt of this Admission Document does not constitute an offer and this Admission Document is for information only and should not be copied or redistributed. If an investor receives a copy of this Admission Document, the investor may not treat this Admission Document as constituting an invitation or offer to it, nor should the investor in any event deal in the Shares, unless, in the relevant jurisdiction, the Shares could lawfully be dealt in without contravention of any unfulfilled registration or other legal requirements. Accordingly, if an investor receives a copy of this Admission Document, the investor should not distribute or send the same, or transfer Shares, to any person or in or into any jurisdiction where to do so would or might contravene local securities laws or regulations.
The Shares have not been and will not be registered under the U.S. Securities Act or with any securities regulatory authority of any state or other jurisdiction in the United States, and may not be offered or sold except: (i) within the United States to QIBs in reliance on Rule 144A or pursuant to another available exemption from the registration requirements of the U.S. Securities Act; or (ii) outside the United States to certain persons in offshore transactions in compliance with Regulation S under the U.S. Securities Act, and, in accordance with any applicable securities laws of any state or territory of the United States or any other jurisdiction. Accordingly, the Merkur Market Advisor has represented and agreed that it has not offered or sold, and will not offer or sell, any of the Shares as part of its allocation at any time other than (i) within the United States to QIBs in accordance with Rule 144A or (ii) outside of the United States in compliance with Rule 903 of Regulation S. Transfer of the Shares will be restricted and each purchaser of the Shares in the United States will be required to make certain acknowledgements, representations and agreements, as described under Section 11.3.1 "United States".
The Merkur Market Advisor has represented, warranted and agreed that:
In no member state (each a "Relevant Member State") of the European Economic Area (the "EEA") have Shares been offered and in no Relevant Member State other than Norway will Shares be offered to the public pursuant to an offering, except that Shares may be offered to the public in that Relevant Member State at any time in reliance on the following exemptions under the EU Prospectus Regulation:
provided that no such offer of Shares shall result in a requirement for the Company or Merkur Market Advisor to publish a prospectus pursuant to Article 3 of the EU Prospectus Regulation or supplementary prospectus pursuant to Article 23 of the EU Prospectus Regulation.
For the purpose of this provision, the expression an "offer to the public" in relation to any Shares in any Relevant Member State means a communication to persons in any form and by any means presenting sufficient information on the terms of the an offering and the Shares to be offered, so as to enable an investor to decide to acquire any Shares.
This EEA selling restriction is in addition to any other selling restrictions set out in this Admission Document.
The Shares may not be offered, sold, resold, transferred or delivered, directly or indirectly, in or into, Switzerland, Japan, Canada, Australia or any other jurisdiction in which it would not be permissible to offer the Shares.
In jurisdictions outside the United States and the EEA where an offering would be permissible, the Shares will only be offered pursuant to applicable exceptions from prospectus requirements in such jurisdictions.
The Shares have not been, and will not be, registered under the U.S. Securities Act or with any securities regulatory authority of any state or other jurisdiction in the United States, and may not be offered or sold except: (i) within the United States only to QIBs in reliance on Rule 144A or pursuant to another exemption from the registration requirements of the U.S. Securities Act; and (ii) outside the United States in compliance with Regulation S, and in each case in accordance with any applicable securities laws of any state or territory of the United States or any other jurisdiction. Terms defined in Rule 144A or Regulation S shall have the same meaning when used in this section.
Each purchaser of the Shares outside the United States pursuant to Regulation S will be deemed to have acknowledged, represented and agreed that it has received a copy of this Admission Document and such other information as it deems necessary to make an informed investment decision and that:
If the purchaser is acquiring any of the Shares as a fiduciary or agent for one or more accounts, the purchaser represents that it has sole investment discretion with respect to each such account and that it has full power to make the foregoing acknowledgements, representations and agreements in behalf of each such account.
The purchaser acknowledges that the Company, the Merkur Market Advisor and their respective advisers will rely upon the truth and accuracy of the foregoing acknowledgements, representations and agreements.
Each purchaser of the Shares within the United States purchasing pursuant to Rule 144A or another available exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act will be deemed to have acknowledged, represented and agreed that it has received a copy of this Admission Document and such other information as it deems necessary to make an informed investment decision and that:
Each person in a Relevant Member State who receives any communication in respect of, or who acquires any Shares under, the offers contemplated in this Admission Document will be deemed to have represented, warranted and agreed to and with the Merkur Market Advisor and the Company that:
For the purpose of this representation, the expression an "offer to the public" in relation to any Shares in any Relevant Member State means a communication to persons in any form and by any means presenting sufficient information on terms of an offering and the Shares to be offered, so as to enable an investor to decide to acquire any Shares.
On 26 September 2019, the Company applied for Admission to Merkur Market. The first day of trading on Merkur Market is expected to be on or about 10 October 2019.
Neither the Company nor any other entity of the Group have securities listed on any stock exchange or other regulated market place. However, prior to the Admission, trades in the Company's Shares have been quoted on the NOTC, a non-regulated information system for unlisted shares owned by Oslo Børs ASA.
In this Admission Document, certain information has been sourced from third parties. The Company confirms that where information has been sourced from a third party, such information has been accurately reproduced and that as far as the Company is aware and is able to ascertain from information published by that third party, no facts have been omitted that would render the reproduced information inaccurate or misleading. Where information sourced from third parties has been presented, the source of such information has been identified.
The Company confirms that no statement or report attributed to a person as an expert is included in this Admission Document.
The Company's independent auditor is Deloitte AS (business registration number 980 211 282, and registered business address at Dronning Eufemias gate 14, N-0191 Oslo, Norway). The partners of Deloitte are members of The Norwegian Institute of Public Accountants (Nw.: Den Norske Revisorforening). Deloitte has been the Company's independent auditor since its incorporation in 2011.
Deloitte has not audited, reviewed or produced any report on any other information in this Admission Document.
The Company has engaged ABG Sundal Collier ASA (business registration number 883 603 362, and registered business address at Munkedamsveien 45 Vika Atrium, N-0250 Oslo, Norway) as the Merkur Advisor.
Advokatfirmaet Thommessen AS (business registration number 957 423 248, and registered business address at Haakon VIIs gate 10, N-0116 Oslo, Norway) is acting as Norwegian legal counsel to the Company.
When used in this Admission Document, the following defined terms shall have the following meaning:
| 2017 Share Option Rules | The long term share incentive scheme for employees of the Company and its subsidiaries adopted by the Company on 10 August 2017. |
|---|---|
| Admission | The admission to trading of the Company's shares on Merkur Market. |
| Admission Document | This admission document, dated 7 October 2019. |
| App | Application. |
| Appropriate Channels for Distribution | Has the meaning ascribed to such term under "Important Information". |
| Articles of Association | Articles of Association of the Company as of 29 August 2019. |
| Board of Directors | The board of directors of the Company. |
| Board Members | The members of the Board of Directors. |
| CEO | Chief Executive Officer. |
| Company | Kahoot! AS. |
| Corporate Governance Code | The Norwegian Code of Practice for Corporate Governance last updated 30 October |
| 2014. | |
| COPPA | Child Privacy Protection Act in the United States. |
| Data Protection Laws | Data protection and privacy laws, including but not limited to GDPR and COPPA. |
| Dragonbox | WWTK AS (company reg. 922 693 021). |
| EdTech | Educational technology. |
| EEA | European Economic Area. |
| EU Prospectus Directive | The Commission Regulation (EC) no. 809/2004 implementing Directive 2003/71/EC |
| of the European Parliament and of the Council of 4 November 2003 regarding information contained in prospectuses, as amended, and as implemented in Norway |
|
| Euro | The lawful common currency of the Member States who have adopted the Euro as |
| their sole national currency. | |
| FSMA | Financial Services and Markets Act 2000. |
| Financial Statements | The audited financial statements of the Company for the periods ended 31 December |
| 2018 (unconsolidated) and 31 December 2017 (unconsolidated), prepared in | |
| accordance with NGAAP, the Norwegian Accounting Act and NRS no. 8. | |
| Foreign Corporate Shareholders | Non-Resident Shareholders that are corporate shareholders (i.e. limited liability |
| companies and similar entities). | |
| Foreign Individual Shareholders | Non-Resident Shareholders that are individual shareholders (i.e. other shareholders |
| than Foreign Corporate Shareholders). | |
| GDPR | The General Data Protection Regulation (EU) 2016/679. |
| GLEIF | The Global Legal Identifier Foundation. |
| Group | The Company together with its subsidiaries. |
| Higher-ed | Higher education (education after twelfth grade). |
| Interim Financial Statements | The Company's unaudited consolidated interim financial statements as of and for |
| the six months' periods ended 30 June 2019, with comparable figures as of and for | |
| the six months' periods ended 30 June 2018 prepared in accordance with NGAAP, | |
| the Norwegian Accounting Act and NRS no. 8. | |
| IPO | Initial public offering. |
| K-12 | Kindergarten to twelfth grade. |
| Kahoot! | The Company. |
| Kahoot! UK | Kahoot! Edu. Limited, a private limited liability company incorporated under the laws |
| of England. | |
| Kahoot! US | Kahoot! Edu. Inc., a Texas law corporation. |
| LEI | |
| Legal Entity Identifier. | |
| Listing | The listing of the Shares on Merkur Market on 10 October 2019. |
| LOU's | Local Operating Units. |
| Management | The members of the Group's senior management. |
| Merkur Advisor | ABG Sundal Collier ASA, company registration number 883 603 362. |
| Merkur Market | The multilateral trading facility for equity instruments operated by Oslo Børs ASA. |
| Merkur Market Admission Rules | Admission to trading rules for Merkur Market as of December 2017. |
| Merkur Market Content Requirements | Content requirements for Admission Documents for Merkur Market as of January 2017. |
| MiFID II | EU Directive 2014/65/EU on markets in financial instruments, as amended. |
| MiFID II Product Governance | MiFID II, Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 |
| Requirements | supplementing MiFID II and local implementing measures. |
| Negative Target Market | Has the meaning ascribed to such term under "Important Information". |
| NGAAP | Norwegian Generally Accepted Accounting Principles. |
| NOK | Norwegian kroner, the currency of the Kingdom of Norway. |
| Non-Resident Shareholders Norwegian Accounting Act |
Shareholders who are not resident in Norway for tax purposes. Norwegian Accounting Act of 17 July 1998 no 56. |
| Norwegian Corporate Shareholders | Shareholders who are limited liability companies (and certain similar entities) domiciled in Norway for tax purposes. |
|---|---|
| Norwegian Individual Shareholders | Norwegian Shareholders other than Norwegian Corporate Shareholders. |
| Norwegian Private Companies Act | The Norwegian Private Limited Liability Companies Act of 13 June 1997 no 44 (as amended) (Nw.: aksjeloven). |
| Norwegian Securities Trading Act | The Norwegian Securities Trading Act of 29 June 2007 no. 75 (as amended) (Nw.: verdipapirhandelloven). |
| Norwegian Securities Trading Regulation | The Norwegian Securities Trading Regulation of 29 June 2007 no 876 (as amended) (Nw.: verdipapirforskriften). |
| Norwegian Shareholders | Shareholders who are resident in Norway for tax purposes. |
| NOTC | A unregulated information system for unlisted shares owned by Oslo Børs ASA. |
| NRS no. 8 | Norwegian Accounting Standard Board's standard no. 8 (good accounting practice for small businesses). |
| Option Holders | Employees of the Company and its subsidiaries who hold Options. |
| Options | Rights to acquire shares in the Company granted under the 2017 Share Option Rules. |
| Oslo Børs (or OSE) | Oslo Børs ASA. |
| Poio | Poio AS (company reg. 922 307 598). |
| Positive Target Market | Has the meaning ascribed to such term under "Important Information". |
| Private App market | Market which users may purchase Apps for their own private use. |
| Relevant Member State | Each Member State of the European Economic Area which has implemented the EU Prospectus Directive. |
| SEK | The lawful currency of Sweden. |
| Shares (or Share) | Shares in the capital of the Company, each with a nominal value of NOK 0.10, or any one of them. |
| Target Market Assessment | Negative Target Market together with the Positive Target Market. |
| TWDC | The Walt Disney Company. |
| UGC | User generated content. |
| USD | United States Dollars, the currency of the United States. |
| United States (or US) | The United States of America. |
| US Securities Act | The US Securities Act of 1933, as amended. |
| VPS | The Norwegian Central Securities Depository (Nw.: Verdipapirsentralen). |
| VPS Registrar | Sparebank 1 SMN. |
***
As of 29 August 2019
The Company's name is Kahoot! AS.
The Company's business office shall be in the municipality of Oslo.
The Company will offer technology and other concepts applicable to an educational environment, as well as any other activity naturally associated with these objectives.
The Company's share capital is NOK 12,158,949.60, divided into 121,589,496 shares, each with a nominal value of NOK 0.10.
The Company's shares shall be registered in a securities register (the Norwegian Central Securities Depository (VPS)).
The Company's shares shall be freely transferable.
The Company's board of directors shall consist of 4 to 8 members, according to the decision of the general meeting.
Each of the chairman of the board of directors and the CEO have the right to sign on behalf of the Company.
Documents concerning matters to be considered at the Company's general meeting, including documents which by law must be included in or enclosed with the notice of the general meeting, need not be sent to shareholders if the documents are made available on the Company's website. Notwithstanding the foregoing, a shareholder may request a copy of documents which concern matters to be considered at the general meeting.
The annual general meeting shall deal with and decide the following matters:
Organisasjonsnummer. 997770234
Selskapet utvikler en spillbasert læringsplattform som ble lansert i september 2013. I 2018 hadde plattformen 12,5 millioner unike aktive bruker kontoer som hosted totalt 172 millioner spill med til sammen 1 milliarder deltakere (non unique) over hele verden. Hovedbruken av Kahoot!-plattformen er lærere som bruker Kahoot! i klasserom med 10 til 25 elever. Per i dag er 70-80% av Kahoot! bruken i klasserom, men også organisasjoner, bedrifter og privatpersoner bruker Kahoot! i en rekke ulike sammenhenger. Selskapet har i 2018 begynt salget av premium versjoner til primært bedriftsmarkedet, men også til skolemarkedet.
Virksomhetens forretningssted er Oslo.
Det er styrets oppfatning at årsregnskapet gir et rettvisende bilde av virksomheten.
Selskapets driftsresultat var MNOK -70,0 for 2018 sammenlignet med MNOK -37,4 for 2017. Egenkapital pr 31.12.2018 var MNOK 371,2 sammenlignet med MNOK 150,7 pr 31.12.2017.
Etter styrets mening gir det fremlagte resultatregnskap og balanse med tilhørende noter fyllestgjørende informasjon om selskapets drift og stilling pr 31.12.2018. Det er ikke inntruffet forhold etter 31.12.2018 som er av betydning for bedømmelse av selskapet, og som ikke fremkommer av årsregnskapet med tilhørende noter. Styret bekrefter dermed at grunnlaget for fortsatt drift er tilstede.
Årets resultat etter skatter ble et underskudd på NOK 55.137.774 som styret foreslår disponeres som følger: Overført til udekket tap med NOK 55.137.774
Arbeidsmiljøet er tilfredsstillende. Det har ikke vært skader eller ulykker hvor selskapets ansatte har vært involvert.
Selskapet har en bred sammensetning av ansatte med ulike nasjonalitet av begge kjønn. Selskapet har ingen kvinner i styret.
Selskapet har ikke innsatsfaktorer som påvirker det ytre miljø. Det er ikke registrert skader eller ulykker forbundet med selskapets virksomhet.
Oslo 21.06.2019
Eilert Hanoa Styrets leder Sign
Sindre Østgård Styremedlem Sign
Fredrik Cassel Styremedlem Sign
Harald Arnet Styremedlem Sign
Michiel Kotting Styremedlem Sign
| Note | 2018 | 2017 | |
|---|---|---|---|
| Salgsinntekt | 27 226 907 | 3 845 692 | |
| Endring utsatt inntekt | -12 853 314 | -1 277 451 | |
| Andre driftsinntekter | 1 350 000 | - | |
| Sum inntekter | 15 723 593 | 2 568 241 | |
| Varekostnad | 1 265 789 | 438 762 | |
| Lønnskostnad | 2 | 49 245 970 | 22 605 049 |
| Avskrivning på varige og immaterielle driftsmidler | 3 | 7 935 370 | 118 104 |
| Annen driftskostnad | 2 | 27 322 129 | 16 826 151 |
| Sum driftskostnader | 85 769 258 | 39 988 066 | |
| Driftsresultat | -70 045 665 | -37 419 825 | |
| Annen renteinntekt | 889 442 | 41 945 | |
| Annen finansinntekt | 5 | 2 508 130 | 2 387 418 |
| Annen rentekostnad | 5 908 | - | |
| Annen finanskostnad | 5 | 3 173 204 | 593 824 |
| Sum finanskostnader | 218 460 | 1 835 539 | |
| Resultat før skattekostnad | -69 827 205 | -35 584 286 | |
| Skattekostnad | 4 | -14 689 431 | -7 867 738 |
| Årsresultat | -55 137 774 | -27 716 548 | |
| Anvendelse av årsresultatet | |||
| Annen egenkapital | - | - | |
| Til udekket tap | 55 137 774 | 27 716 548 | |
| Sum anvendelse | 55 137 774 | 27 716 548 |
| Eiendeler | Note | 31.12.2018 | 31.12.2017 |
|---|---|---|---|
| Anleggsmidler | |||
| Immaterielle eiendeler | |||
| Aktivert FoU | 3 | 30 905 485 | 38 631 856 |
| Lisenser | 3 | 1 744 402 | 1 833 199 |
| Utsatt skattefordel | 4 | 30 123 632 | 15 434 201 |
| Sum immaterielle eiendeler | 62 773 519 | 55 899 256 | |
| Varige driftsmidler | |||
| Driftsløsøre, inventar, kontormaskiner m.v. | 3 | 1 132 783 | - |
| Sum varige driftsmidler | 1 132 783 | - | |
| Finansielle anleggsmidler | |||
| Investeringer i datterselskap | 8 | 12 | 12 |
| Lån til datterselskap | 5,8 | 81 773 454 | 64 473 677 |
| Sum finansielle anleggsmidler | 81 773 466 | 64 473 689 | |
| Sum anleggsmidler | 145 679 768 | 120 372 944 | |
| Omløpsmidler | |||
| Fordringer | |||
| Kundefordringer | 6 | 3 287 956 | 716 250 |
| Andre fordringer | 5 169 777 | 3 571 420 | |
| Sum fordringer | 8 457 733 | 4 287 670 | |
| Bankinnskudd, kontanter og lignende | 7 | 239 585 432 | 33 842 354 |
| Sum omløpsmidler | 248 043 165 | 38 130 024 | |
| Sum eiendeler | 393 722 933 | 158 502 968 |
Balanse
| Egenkapital og gjeld Egenkapital |
Note | 31.12.2018 | 31.12.2017 |
|---|---|---|---|
| Innskutt egenkapital | |||
| Aksjekapital | 9 | 11 591 720 | 426 511 |
| Overkursfond | 9 | 464 305 006 | 199 785 263 |
| Sum innskutt egenkapital | 475 896 726 | 200 211 774 | |
| Opptjent egenkapital | |||
| Udekket tap | 9 | -104 672 889 | -49 535 115 |
| Sum opptjent egenkapital | -104 672 889 | -49 535 115 | |
| Sum egenkapital | 371 223 837 | 150 676 659 | |
| Gjeld | |||
| Kortsiktig gjeld | |||
| Leverandørgjeld | 1 461 871 | 1 868 682 | |
| Skyldige offentlige avgifter | 2 517 187 | 2 018 066 | |
| Annen kortsiktig gjeld | 18 520 038 | 3 939 561 | |
| Sum kortsiktig gjeld | 22 499 097 | 7 826 309 | |
| Sum gjeld | 22 499 097 | 7 826 309 | |
| Sum egenkapital og gjeld | 393 722 933 | 158 502 968 |
Oslo 21.06.2019
Eilert Hanoa Styrets leder Sign
Sindre Østgård Styremedlem Sign
Fredrik Cassel Styremedlem Sign
Harald Arnet Styremedlem Sign
Michiel Kotting Styremedlem Sign
Årsregnskapet består av resultatregnskap, balanse og noteopplysninger og er avlagt i samsvar med aksjelov, regnskapslov og god regnskapsskikk for små foretak i Norge. For å gjøre årsregnskapet lettere å lese, er det redigert slik at regnskapsoppstillingene er sammendratt i formen. Den nødvendige spesifiseringen er gjort i notene. Notene er følgelig en integrert del av årsregnskapet.
Årsregnskapet er basert på de grunnleggende prinsipper om historisk kost, sammenlignbarhet, fortsatt drift, kongruens og forsiktighet. Transaksjoner regnskapsføres til verdien av vederlaget på transaksjonstidspunktet. Inntekter resultatføres når de er opptjent og kostnader sammenstilles med opptjente inntekter. Regnskapsprinsippene utdypes nedenfor. Når faktiske tall ikke er tilgjengelige på tidspunkt for regnskapsavleggelsen, tilsier god regnskapsskikk at ledelsen beregner et best mulig estimat for bruk i resultatregnskap og balanse. Det kan fremkomme avvik mellom estimerte og faktiske tall.
Eiendeler/gjeld som knytter seg til varekretsløpet og poster som forfaller til betaling innen ett år etter balansedagen, er klassifisert som omløpsmidler/kortsiktig gjeld. Vurdering av omløpsmidler/kortsiktig gjeld skjer til laveste/høyeste verdi av anskaffelseskost og virkelig verdi. Virkelig verdi er definert som antatt fremtidig salgspris redusert med forventede salgskostnader. Pengeposter i utenlandsk valuta omregnes til balansedagens kurs. Transaksjoner i resultatregnskapet blir ført til den enhver gjeldende valutakurs. Andre eiendeler er klassifisert som anleggsmidler. Vurdering av anleggsmidler skjer til anskaffelseskost. Anleggsmidler som forringes avskrives. Dersom det finner sted en verdiendring som ikke er forbigående, foretas en nedskrivning av anleggsmidlet. Tilsvarende prinsipper legges normalt til grunn for gjeldsposter.
Det er i henhold til god regnskapsskikk noen unntak fra de generelle vurderingsreglene. Disse unntakene er kommentert i de respektive noter. Ved anvendelse av regnskapsprinsipper og presentasjon av transaksjoner og andre forhold, legges det vekt på økonomiske realiteter, ikke bare juridisk form. Betingede tap som er sannsynlige og kvantifiserbare, kostnadsføres.
Inntekt resultatføres når den er opptjent. Inntektsføring skjer følgelig normalt på leveringstidspunktet ved salg av varer og tjenester. Selskapet forskuddsfakturerer salgsinntektene og periodiserer salgsinntektene over avtaleperioden. Driftsinntektene er fratrukket merverdiavgift, rabatter og bonuser.
Utgifter sammenstilles med og kostnadsføres samtidig med de inntekter utgiftene kan henføres til. Utgifter som ikke kan henføres direkte til inntekter, kostnadsføres når de påløper.
Varige driftsmidler føres i balansen til anskaffelseskost, fratrukket akkumulerte av- og nedskrivninger. Dersom den virkelige verdien av et driftsmiddel er lavere enn bokført verdi, og dette skyldes årsaker som ikke antas å være forbigående, skrives driftsmidlet ned til virkelig verdi. Utgifter forbundet med normalt vedlikehold og reparasjoner blir løpende kostnadsført. Utgifter ved større utskiftninger og fornyelser som øker driftsmidlenes levetid vesentlig, aktiveres. Et driftsmiddel anses som varig dersom det har en viss økonomisk levetid, samt en vesentlig kostpris.
Utgifter til immaterielle eiendeler, herunder utgifter til forskning og utvikling, er balanseført i utstrekning kriteriene for balanseføring er oppfylt.
Ordinære avskrivninger er beregnet lineært over driftsmidlenes økonomiske levetid med utgangspunkt i historisk kostpris. Avskrivningene er klassifisert som ordinære driftskostnader.
Utgifter til utvikling balanseføres i den grad det kan identifiseres en fremtidig økonomisk fordel knyttet til utvikling av en identifiserbar immaterielle eiendel og utgiftene kan måles pålitelig. I motsatt fall kostnadsføres slike utgifter løpende. Balanseført utvikling avskrives lineært over økonomisk levetid. Utgifter til forskning kostnadsføres løpende.
Investering i datterselskap balanseføres til anskaffelseskost. Investeringene blir nedskrevet til virkelig verdi dersom verdifallet ikke er forbigående. Mottatt utbytte og andre overskuddsutdelinger fra selskapene inntektføres som annen finansinntekt.
Beholdninger av varer vurderes til det laveste av kostpris etter "først inn - først ut"-prinsippet og virkelig verdi. Virkelig verdi er vurdert å være forventet salgspris etter fradrag for salgskostnader. Årets varekostnad består av kostpris solgte varer med tillegg av nedskrivning i samsvar med god regnskapsskikk pr. årsslutt. Selskapet har ingen langsiktige tilvirkningskontrakter.
Fordringer er oppført til pålydende med fradrag for forventede tap.
Fordringer/gjeld i utenlandsk valuta omregnes til balansedagens valutakurs (dagskurs).
Selskapet har inngått pensjonsavtale med sine ansatte i henhold til lov om obligatorisk tjenestepensjon. Ordningen er innskuddsbasert. Selskapet har ingen ytterligere betalingsforpliktelser etter at innskuddene er betalt. Innskuddene regnskapsføres som lønnskostnad når de forfaller.
Utsatt skatt beregnes på bakgrunn av midlertidige forskjeller mellom regnskapsmessige og skattemessige verdier ved utgangen av regnskapsåret. Ved beregningen benyttes nominell skattesats. Positive og negative forskjeller vurderes mot hverandre innenfor samme tidsintervall. Visse poster vurderes likevel særskilt, herunder merverdier ved oppkjøp og pensjonsforpliktelser. Utsatt skattefordel oppstår dersom en har midlertidige forskjeller som gir opphav til skattemessige fradrag i fremtiden. Årets skattekostnad består av endringer i utsatt skatt og utsatt skattefordel, sammen med betalbar skatt for inntektsåret korrigert for feil i tidligere års beregninger.
| 2018 | 2017 | |
|---|---|---|
| Lønn | 39 106 372 | 21 985 957 |
| Arbeidsgiveravgift | 5 655 376 | 3 212 409 |
| Pensjonskostnader | 782 528 | 362 001 |
| Aktiverte utviklingskostnader | - | -5 000 000 |
| Andre lønnsrelaterte ytelser | 3 701 694 | 2 044 681 |
| Lønnskostnader | 49 245 970 | 22 605 049 |
| Gjennomsnittlig antall årsverk: | 43 | 27 |
| Godtgjørelser (i kroner) | Daglig leder | Styret |
|---|---|---|
| Lønn og bonus | 1 255 233 | - |
| Andre godtgjørelser* | 1 212 682 | - |
| 2 467 915 | - |
*Inkludert i andre godtgjørelser er MNOK 1.2 fordel ved opsjonsinnløsning.
Utover lønn og andre ytelser spesifisert ovenfor, har daglig leder ordinære pensjonsrettigheter som følger av selskapets kollektive pensjonsordning.
Selskapet fikk ny daglig leder 1 mars 2019. Godtgjørelsen i tabellen ovenfor er for ny daglig leder for hele 2019.
Tidligere daglig leder mottok i 2018 NOK 890.000 i fastlønn, NOK 1.170,000 i sluttvederlag, samt utbetaling av NOK 500.000 i avregnet bonus for 2017.
Selskapet er pliktig til å ha tjenestepensjonsordning etter lov om obligatorisk tjenestepensjon. Selskapets pensjonsordning tilfredsstiller kravene i denne lov.
Kostnadsførte honorar til revisor i regnskapsåret 2018 utgjør (eksl mva):
| Skatterådgivning | Andre tjenester utenfor revisjonen Sum kostnadsført i regnskapsåret |
- 67 200 |
|---|---|---|
| 35 200 | ||
| Revisjon og revisjonsrelaterte tjenester | 32 000 |
| FoU | Lisenser Rettigheter | Sum 2018 | Sum 2017 | ||
|---|---|---|---|---|---|
| Anskaffelseskost 01.01 | 38 631 856 | 590 500 | 1 744 402 | 40 966 758 | 25 422 356 |
| Tilgang | - | - | 15 444 402 | ||
| Avgang | - | - | - | - | - |
| Anskaffelseskost 31.12 | 38 631 856 | 590 500 | 1 744 402 | 40 966 758 | 40 866 758 |
| Akkumulerte avskrivninger 01.01. | - | 501 704 | - | 501 704 | 383 600 |
| Årets avskrivninger | 7 726 371 | 88 796 | - | 7 815 167 | 118 104 |
| Akkumulerte avskrivninger 31.12. | 7 726 371 | 590 500 | - | 8 316 871 | 501 704 |
| Balanseført verdi 31.12 | 30 905 485 | - | 1 744 402 | 32 649 887 | 40 365 055 |
| Økonomisk levetid | Inntil 5 år | Inntil 5 år | |||
| Avskrivningsplan | Lineær | Lineær | Ingen |
Frem til og med 2017 er utgifter til utvikling av Kahoot! Platform balanseført i den grad det kan identifiseres en fremtidig økonomisk fordel knyttet til utvikling av en identifiserbar immaterielle eiendel (The Kahoot! Platform) og utgiftene kan måles pålitelig. I motsatt fall kostnadsføres slike utgifter løpende. Balanseført utvikling avskrives lineært over økonomisk levetid. Utgifter til forskning kostnadsføres løpende.
Kahoot lanserte på slutten av 2017 den første betalingsversjonen av Kahoot (Kahoot! Plus) Avskrivning av aktivert FoU startet 2018, men lineær avskrivingstid på 5 år.
Ingen nye utgifter til utvikling av Kahoot! Platform er aktivert i 2018.
| IT utstyr | Inventar | Sum 2018 | Sum 2017 | |
|---|---|---|---|---|
| Anskaffelseskost 01.01 | - | - | - | |
| Tilgang | 632 808 | 620 178 | 1 252 986 | |
| Avgang | - | - | - | - |
| Anskaffelseskost 31.12 | 632 808 | 620 178 | 1 252 986 | |
| Akkumulerte avskrivninger 01.01. | - | - | ||
| Årets avskrivninger | 102 255 | 17 948 | - | |
| Akkumulerte avskrivninger 31.12. | 102 255 | 17 948 | - | |
| Balanseført verdi 31.12 | 530 553 | 602 230 | 1 132 783 | |
| Økonomisk levetid | Inntil 3 år | Inntil 5 år | ||
| Avskrivningsplan | Lineær | Lineær |
| Note 4 Skatt | ||
|---|---|---|
| 2018 | 2017 | |
| Betalbar skatt fremkommer slik: | ||
| Ordinært resultat før skattekostnad | -69 827 205 | -35 584 286 |
| Permanente forskjeller | 6 828 | 5 991 |
| Endring midlertidige forskjeller | -217 121 | 5 862 |
| Grunnlag betalbar skatt | -70 037 498 | -35 572 433 |
| Betalbar skatt på årets resultat | - | - |
| Årets skattekostnad fremkommer slik: | ||
| Betalbar skatt på årets resultat | ||
| Årets endring utsatt skatt | -14 689 431 | -7 867 738 |
| Årets totale skattekostnad | -14 689 431 | -7 867 738 |
| Spesifikasjon av grunnlag for utsatt skatt: | ||
| Varige driftsmidler | 193 676 | -23 445 |
| Regnskapsmessige avsetning | 0 | 0 |
| Underskudd til framføring | -137 119 273 | -67 081 775 |
| Grunnlag utsatt skatt pr 31.12 | -136 925 597 | -67 105 220 |
Sum utsatt skatt (+) / utsatt skattefordel (-) -30 123 631 -15 434 201
| Note 5 Mellomværende med selskap i samme konsern m.v. | 31.12.2018 | 31.12.2017 | |
|---|---|---|---|
| Foretak i samme konsern | 81 773 454 | 64 473 677 | |
| Fordring i samme konsern er i hovedsak i GBP. | |||
| Note 6 Kundefordringer | 31.12.2018 | 31.12.2017 | |
| Avsatt for å møte eventuelle tap på kundefordringen | - | - | |
| Note 7 Kontanter, bankinnskudd og lignende | 31.12.2018 | 31.12.2017 | |
| Bundne midler til dekning av skyldig skattetrekk | 1 633 147 | 1 334 288 | |
| Note 8 Aksjer i datterselskap | |||
| Aksjer i datterselskap verdsettes etter kostmetoden. | |||
| Datterselskap: Kahoot! EDU Ltd | |||
| Formelle opplysninger Anskaffelsestidspunkt Forretningskontor London, England Aksjekapital, 1 aksje a GBP 1 Eierandel Andel av stemmeberettiget kapital Balanseført verdi Egenkapital ifølge siste årsregnska Resultat ifølge siste årsregnskap |
2014 100 % 100 % -5 434 -907 |
12 NOK TGBP TGBP |
|
| Kahoot! AS har i tillegg ytet et lån på totalt NOK 60.694.475 til det engelske datterselskapet. |
|||
| Datterselskap: Kahoot! EDU Inc | |||
| Formelle opplysninger Anskaffelsestidspunkt Forretningskontor Austin, TX, US Aksjekapital, 10.000 aksjer pålydende 0.00 Eierandel Andel av stemmeberettiget kapital Balanseført verdi Egenkapital ifølge siste årsregnska Resultat ifølge siste årsregnskap |
2015 99 % 99 % -2 330 -938 |
0 NOK TUSD TUSD |
Kahoot! AS har i tillegg ytet et lån på totalt NOK 21.078.980 til det amerikanske datterselskapet.
| Eierstruktur pr 31.12.2018: | Antall aksjer | Eierandel |
|---|---|---|
| Northzone VII LP | 15 577 760 | 13.4 % |
| Datum AS | 11 395 870 | 9.8 % |
| Creandum III LP | 11 044 420 | 9.5 % |
| AS Real-Forvaltning* | 8 309 720 | 7.2 % |
| Microsoft Global Finance (Microsoft Venture) | 6 940 000 | 6.0 % |
| Versvik Invest AS | 5 023 747 | 4.3 % |
| KAM Holding AS | 4 779 020 | 4.1 % |
| Citigroup Global Markets Inc. | 4 670 000 | 4.0 % |
| Andre | 48 176 663 | 41.6 % |
| Totalt | 115 917 200 | 100.0 % |
* Eies av styrets leder Eilert Hanoa
Alle aksjer har lik stemmerett.
| Aksjekapital | Overkursfond | Udekket tap | Sum | |
|---|---|---|---|---|
| Egenkapital 31.12.2017 | 426 511 | 199 785 263 | -49 535 115 | 150 676 659 |
| Årets endring i egenkapital: | ||||
| Kapitalutvidelse | 1 134 900 | 274 550 052 | 275 684 952 | |
| Fondsemisjon | 10 030 309 | -10 030 309 | - | |
| Årsresultat | -55 137 774 | -55 137 774 | ||
| Egenkapital 31.12.2018 | 11 591 720 | 464 305 006 | -104 672 889 | 371 223 837 |
Deloitte AS Dyre Halses gate 1A NO- 7042 Trondheim Norway
Tel: +47 73 87 69 00 www.deloitte.no
Til generalforsamlingen i Kahoot! AS
Vi har revidert Kahoot! AS' årsregnskap som viser et underskudd på kr 55 137 774. Årsregnskapet består av balanse per 31. desember 2018, resultatregnskap for regnskapsåret avsluttet per denne datoen og noteopplysninger til årsregnskapet, herunder et sammendrag av viktige regnska pspri nsi pper.
Etter vår mening er det medfølgende årsregnskapet, med unntak av de mulige virkningene av forholdet som er omtalt i avsnittet Grunnlag for konklusjonen med forbehold, avgitt i samsvar med lov og forskrifter og gir et rettvisende bilde av den finansielle stillingen til Kahoot! AS per 31. desember 2018 og av selskapets resultater for regnskapsåret som ble avsluttet per denne datoen i samsvar med regnskapslovens regler og god regnskapsskikk i Norge.
Kahoot! AS har fordringer mot datterselskapene Kahoot! EDU Ltd (UK) og Kahoot! EDU Inc (US) på totalt kr 81 773 454 per 31.desember 2018. Datterselskapene genererer ikke inntekter, og egenkapitalen er i sin helhet tapt. Det arbeides fortsatt med inntektsfordelingen mellom de forskjellige juridiske enhetene etter innføringen av betalingsmodeller. Inntil dette er avklart vurderer vi at det er vesentlig usikkerhet knyttet til verdien av bokførte fordringer mot datterselskapene og tar forbehold i vår uttalelse.
Vi har gjennomført revisjonen i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder de internasjonale revisjonsstandardene International Standards on Auditing (ISA-ene). Våre oppgaver og plikter i henhold til disse standardene er beskrevet i Revisors oppgaver og plikter ved revisjon av årsregnskapet. Vi er uavhengige av selskapet slik det kreves i lov og forskrift, og har overholdt våre øvrige etiske forpliktelser i samsvar med disse kravene. Etter vår oppfatning er innhentet revisjonsbevis tilstrekkelig og hensiktsmessig som grunnlag for vår konklusjon med forbehold.
Ledelsen er ansvarlig for øvrig informasjon. Øvrig informasjon omfatter informasjon i årsrapporten bortsett fra årsregnskapet og den tilhørende revisjonsberetningen.
Vår uttalelse om revisjonen av årsregnskapet dekker ikke øvrig informasjon, og vi attesterer ikke den øvrige informasjonen.
I forbindelse med revisjonen av årsregnskapet er det vår oppgave å lese øvrig informasjon med det formål å vurdere hvorvidt det foreligger vesentlig inkonsistens mellom øvrig informasjon og årsregnskapet, kunnskap vi har opparbeidet oss under revisjonen, eller hvorvidt den tilsynelatende inneholder vesentlig feilinformasjon. Dersom vi konkluderer med at den øvrige informasjonen
Deloitte AS and Deloitte Advokatfirma AS are the Norwegian affiliates of Deloitte NSE LLP, a member firm of Deloitte Touche Tohmatsu Limited ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients. Please see www.deloitte.no for a more detailed description of DTTL and its member firms.
Registrert i Foretaksregisteret Medlemmer av Den norske Revisorforening Organisasjonsnummer: 980 211 282
side 2 Uavhengig revisors beretning - Kahoot! AS
inneholder vesentlig feilinformasjon er vi pålagt å rapportere det. Vi har ingenting å rapportere i så henseende.
Styret og daglig leder (ledelsen) er ansvarlig for å utarbeide årsregnskapet i samsvar med lov og forskrifter, herunder for at det gir et rettvisende bilde i samsvar med regnskapslovens regler og god regnskapsskikk i Norge. Ledelsen er også ansvarlig for slik internkontroll som den finner nødvendig for å kunne utarbeide et regnskap som ikke inneholder vesentlig feilinformasjon, verken som følge av misligheter eller utilsiktede feil.
Ved utarbeidelsen av årsregnskapet må ledelsen ta standpunkt til selskapets evne til fortsatt drift og opplyse om forhold av betydning for fortsatt drift. Forutsetningen om fortsatt drift skal legges til grunn for årsregnskapet så lenge det ikke er sannsynlig at virksomheten vil bli avviklet.
Vårt mål med revisjonen er å oppnå betryggende sikkerhet for at årsregnskapet som helhet ikke inneholder vesentlig feilinformasjon, verken som følge av misligheter eller utilsiktede feil, og å avgi en revisjonsberetning som inneholder vår konklusjon. Betryggende sikkerhet er en høy grad av sikkerhet, men ingen garanti for at en revisjon utført i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder ISA-ene, alltid vil avdekke vesentlig feilinformasjon som eksisterer. Feilinformasjon kan oppstå som følge av misligheter eller utilsiktede feil. Feilinformasjon blir vurdert som vesentlig dersom den enkeltvis eller samlet med rimelighet kan forventes å påvirke økonomiske beslutninger som brukerne foretar basert på årsregnskapet.
Som del av en revisjon i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder ISA-ene, utøver vi profesjonelt skjønn og utviser profesjonell skepsis gjennom hele revisjonen. I tillegg:
Vi kommuniserer med dem som har overordnet ansvar for styring og kontroll blant annet om det planlagte omfanget av revisjonen og til hvilken tid revisjonsarbeidet skal utføres. Vi utveksler også
informasjon om forhold av betydning som vi har avdekket i løpet av revisjonen, herunder om eventuelle svakheter av betydning i den interne kontrollen.
Basert på vår revisjon av årsregnskapet som beskrevet ovenfor, og kontrollhandlinger vi har funnet nødvendig i henhold til internasjonal standard for attestasjonsoppdrag (ISAE) 3000 «Attestasjonsoppdrag som ikke er revisjon eller forenklet revisorkontroll av historisk finansiell informasjon», mener vi at ledelsen har oppfylt sin plikt til å sørge for ordentlig og oversiktlig registrering og dokumentasjon av selskapets regnskapsopplysninger i samsvar med lov og god bokføringsskikk i Norge.
Trondheim, 21. juni 2019 Deloitte AS
'1o,ZiM vK q,~ Morten Also~
statsautorisert revisor
Organisasjonsnummer. 997770234
Selskapet utvikler en spillbasert læringsplattform som ble lansert i september 2013. Per desember 2017 har plattformen 70 millioner månedlige aktive brukere over hele verden. Hovedbruken av Kahoot!-plattformen er lærere som bruker Kahoot! i klasserom med 10 til 25 elever. Per i dag er 70-80% av Kahoot! bruken i klasserom, men også organisasioner. bedrifter og privatpersoner bruker Kahoot! i en rekke ulike sammenhenger.
Virksomhetens forretningssted er Oslo.
Det er styrets oppfatning at årsregnskapet gir et rettvisende bilde av virksomheten.
Selskapets driftsresultat var MNOK -37,4 for 2017 sammenlignet med MNOK -15,0 for 2016. Egenkapital pr 31.12.2017 var MNOK 150,7 sammenlignet med MNOK 93,9 pr 31.12.2016. Selskapet gjennomførte en rette kapitalforhøyelse på MNOK 130 mot norske investorer i mars 2018 for å styrke selskapets balanse samt gi selskapet den nødvendige finansiering for å skalere inntektsmodeller.
Etter styrets mening gir det fremlagte resultatregnskap og balanse med tilhørende noter fyllestgjørende informasjon om selskapets drift og stilling pr 31.12.2017. Det er ikke inntruffet forhold etter 31.12.2017 som er av betydning for bedømmelse av selskapet, og som ikke fremkommer av årsregnskapet med tilhørende noter. Styret bekrefter dermed at grunnlaget for fortsatt drift er tilstede.
Årets resultat etter skatter ble et underskudd på NOK 27.716.548 som styret foreslår disponeres som følger:
Overført til udekket tap med NOK 27.716.548
Arbeidsmiljøet er tilfredsstillende. Det har ikke vært skader eller ulykker hvor selskapets ansatte har vært involvert.
Selskapet har en bred sammensetning av ansatte med ulike nasjonalitet av begge kjønn. Selskapet har ingen kvinner i styret.
Selskapet har ikke innsatsfaktorer som påvirker det ytre miljø. Det er ikke registrert skader eller ulykker forbundet med selskapets virksomhet.
Eilert Hanoa
Styrets leder
DocuSianed by: Fredrik Cassel
Styremedlem
Oslo 21.06.2018
Sindre Østgård Styremedlem
Thorleifsson Γellef Styremedlem
Kahoot! AS Arsregnskap 2017
| Note | 2017 | 2016 | |
|---|---|---|---|
| Salgsinntekt | 3845692 | 353750 | |
| Endring utsatt inntekt | $-1277451$ | ||
| Andre driftsinntekter | |||
| Sum inntekter | 2568241 | 353750 | |
| Varekostnad | 438762 | ||
| Lønnskostnad | $\overline{2}$ | 22 605 049 | 5511882 |
| Avskrivning på varige driftsmidler | 3 | 118 104 | 118 104 |
| Annen driftskostnad | $\overline{2}$ | 16 826 151 | 9769833 |
| Sum driftskostnader | 39 988 066 | 15 399 819 | |
| Driftsresultat | -37 419 825 | $-15046069$ | |
| Annen renteinntekt | 41945 | 15995 | |
| Annen finansinntekt | 5 | 2 3 8 7 4 1 8 | 61 164 |
| Annen rentekostnad | 1607947 | ||
| Annen finanskostnad | 5 | 593824 | 5 004 391 |
| Sum finanskostnader | 1835539 | $-6535180$ | |
| Resultat før skattekostnad | $-35584286$ | $-21581249$ | |
| Skattekostnad | 4 | -7867738 | $-5120878$ |
| Årsresultat | $-27716548$ | $-16460371$ | |
| Anvendelse av årsresultatet | |||
| Annen egenkapital | |||
| Til udekket tap | 27 716 548 | 16 460 371 | |
| Sum anvendelse | 27 716 548 | 16 460 371 |
Kahoot! AS Årsregnskap 2017
| Eiendeler | Note | 31.12.2017 | 31.12.2016 |
|---|---|---|---|
| Anleggsmidler | |||
| Immaterielle eiendeler | |||
| Aktivert FoU | 3 | 38 631 856 | 24 831 856 |
| Lisenser | 3 | 1833199 | 206 900 |
| Utsatt skattefordel | $\overline{4}$ | 15 434 201 | 7 566 463 |
| Sum immaterielle eiendeler | 55 899 256 | 32 605 219 | |
| Finansielle anleggsmidler | |||
| Investeringer i datterselskap | 8 | 12 | 12 |
| Lån til datterselskap | 5 | 64 473 677 | 37 320 728 |
| Sum finansielle anleggsmidler | 64 473 689 | 37 320 740 | |
| Sum anleggsmidler | 120 372 944 | 69 925 959 | |
| Omløpsmidler | |||
| Fordringer | |||
| Kundefordringer | 6 | 716 250 | 398 150 |
| Andre fordringer | 3571420 | 1508690 | |
| Sum fordringer | 4 287 670 | 1906840 | |
| Bankinnskudd, kontanter og lignende | $\overline{7}$ | 33 842 354 | 24 780 915 |
| Sum omløpsmidler | 38 130 024 | 26 687 754 | |
| Sum eiendeler | 158 502 968 | 96 613 713 |
Kahoot! AS Årsregnskap 2017
| Egenkapital og gjeld | Note | 31.12.2017 | 31.12.2016 |
|---|---|---|---|
| Egenkapital Innskutt egenkapital |
|||
| Aksjekapital | 9 | 426 511 | 333611 |
| Overkurs fond | 9 | 199 785 263 | 115 423 269 |
| Sum innskutt egenkapital | 200 211 774 | 115 756 880 | |
| Opptjent egenkapital | |||
| Udekket tap | $\mathsf g$ | -49 535 115 | $-21818568$ |
| Sum opptjent egenkapital | -49 535 115 | $-21818568$ | |
| Sum egenkapital | 150 676 659 | 93 938 312 | |
| Gjeld | |||
| Kortsiktig gjeld | |||
| Leverandørgjeld | 1868682 | 884 121 | |
| Skyldige offentlige avgifter | 2018066 | 360983 | |
| Annen kortsiktig gjeld | 3939561 | 1430297 | |
| Sum kortsiktig gjeld | 7826309 | 2675401 | |
| Sum gjeld | 7826309 | 2675401 | |
| Sum egenkapital og gjeld | 158 502 968 | 96 613 713 |
VOTA Eilert Hanoa
Styrets leder
DocuSigned by: 6228FASEEFE2442
Fredrik Cassel
Styremedlem
Oslo 21.06.2018
Sindre Østgård
Styremedlem
Tellef Thorleifsson
Styremedlem
Årsregnskapet består av resultatregnskap, balanse og noteopplysninger og er avlagt i samsvar med aksjelov, regnskapslov og god regnskapsskikk for små foretak i Norge gjeldende pr. 31. desember 2013. For å gjøre årsregnskapet lettere å lese, er det redigert slik at regnskapsoppstillingene er sammendratt i formen. Den nødvendige spesifiseringen er gjort i notene. Notene er følgelig en integrert del av årsregnskapet.
Årsregnskapet er basert på de grunnleggende prinsipper om historisk kost, sammenlignbarhet, fortsatt drift, kongruens og forsiktighet. Transaksjoner regnskapsføres til verdien av vederlaget på transaksjonstidspunktet. Inntekter resultatføres når de er opptient og kostnader sammenstilles med opptiente inntekter. Regnskapsprinsippene utdypes nedenfor. Når faktiske tall ikke er tilgjengelige på tidspunkt for regnskapsavleggelsen, tilsier god regnskapsskikk at ledelsen beregner et best mulig estimat for bruk i resultatregnskap og balanse. Det kan fremkomme avvik mellom estimerte og faktiske tall.
Eiendeler/gjeld som knytter seg til varekretsløpet og poster som forfaller til betaling innen ett år etter balansedagen, er klassifisert som omløpsmidler/kortsiktig gjeld. Vurdering av omløpsmidler/kortsiktig gjeld skjer til laveste/høyeste verdi av anskaffelseskost og virkelig verdi. Virkelig verdi er definert som antatt fremtidig salgspris redusert med forventede salgskostnader. Pengeposter i utenlandsk valuta omregnes til balansedagens kurs. Transaksjoner i resultatregnskapet blir ført til den enhver gjeldende valutakurs. Andre eiendeler er klassifisert som anleggsmidler. Vurdering av anleggsmidler skjer til anskaffelseskost. Anleggsmidler som forringes avskrives. Dersom det finner sted en verdiendring som ikke er forbigående, foretas en nedskrivning av anleggsmidlet. Tilsvarende prinsipper legges normalt til grunn for gjeldsposter.
Det er i henhold til god regnskapsskikk noen unntak fra de generelle vurderingsreglene. Disse unntakene er kommentert i de respektive noter. Ved anvendelse av regnskapsprinsipper og presentasjon av transaksjoner og andre forhold, legges det vekt på økonomiske realiteter, ikke bare juridisk form. Betingede tap som er sannsynlige og kvantifiserbare, kostnadsføres.
Inntekt resultatføres når den er opptjent. Inntektsføring skjer følgelig normalt på leveringstidspunktet ved salg av varer og tjenester. Selskapet forskuddsfakturerer salgsinntektene og periodiserer salgsinntektene over avtaleperioden. Driftsinntektene er fratrukket merverdiavgift, rabatter og bonuser.
Utgifter sammenstilles med og kostnadsføres samtidig med de inntekter utgiftene kan henføres til. Utgifter som ikke kan henføres direkte til inntekter, kostnadsføres når de påløper.
Varige driftsmidler føres i balansen til anskaffelseskost, fratrukket akkumulerte av- og nedskrivninger. Dersom den virkelige verdien av et driftsmiddel er lavere enn bokført verdi, og dette skyldes årsaker som ikke antas å være forbigående, skrives driftsmidlet ned til virkelig verdi. Utgifter forbundet med normalt vedlikehold og reparasjoner blir løpende kostnadsført. Utgifter ved større utskiftninger og fornyelser som øker driftsmidlenes levetid vesentlig, aktiveres. Et driftsmiddel anses som varig dersom det har en viss økonomisk levetid, samt en vesentlig kostpris.
Utgifter til immaterielle eiendeler, herunder utgifter til forskning og utvikling, er balanseført i utstrekning kriteriene for balanseføring er oppfylt.
Ordinære avskrivninger er beregnet lineært over driftsmidlenes økonomiske levetid med utgangspunkt i historisk kostpris. Avskrivningene er klassifisert som ordinære driftskostnader.
Utgifter til utvikling balanseføres i den grad det kan identifiseres en fremtidig økonomisk fordel knyttet til utvikling av en identifiserbar immaterielle eiendel og utgiftene kan måles pålitelig. I motsatt fall kostnadsføres slike utgifter løpende. Balanseført utvikling avskrives lineært over økonomisk levetid. Utgifter til forskning kostnadsføres løpende.
Investering i datterselskap balanseføres til anskaffelseskost. Investeringene blir nedskrevet til virkelig verdi dersom verdifallet ikke er forbigående. Mottatt utbytte og andre overskuddsutdelinger fra selskapene inntektføres som annen finansinntekt.
Beholdninger av varer vurderes til det laveste av kostpris etter "først inn - først ut"-prinsippet og virkelig verdi. Virkelig verdi er vurdert å være forventet salgspris etter fradrag for salgskostnader. Årets varekostnad består av kostpris solgte varer med tillegg av nedskrivning i samsvar med god regnskapsskikk pr. årsslutt. Selskapet har ingen langsiktige tilvirkningskontrakter.
Fordringer er oppført til pålydende med fradrag for forventede tap.
Fordringer/gjeld i utenlandsk valuta omregnes til balansedagens valutakurs (dagskurs).
Selskapet har inngått pensjonsavtale med sine ansatte i henhold til lov om obligatorisk tjenestepensjon. Ordningen er innskuddsbasert. Selskapet har ingen ytterligere betalingsforpliktelser etter at innskuddene er betalt. Innskuddene regnskapsføres som lønnskostnad når de forfaller.
Utsatt skatt beregnes på bakgrunn av midlertidige forskjeller mellom regnskapsmessige og skattemessige verdier ved utgangen av regnskapsåret. Ved beregningen benyttes nominell skattesats. Positive og negative forskjeller vurderes mot hverandre innenfor samme tidsintervall. Visse poster vurderes likevel særskilt, herunder merverdier ved oppkjøp og pensjonsforpliktelser. Utsatt skattefordel oppstår dersom en har midlertidige forskjeller som gir opphav til skattemessige fradrag i fremtiden. Årets skattekostnad består av endringer i utsatt skatt og utsatt skattefordel, sammen med betalbar skatt for inntektsåret korrigert for feil i tidligere års beregninger.
Noter
| Lønnskostnader mm. | ||
|---|---|---|
| 2017 | 2016 | |
| Lønn | 21 985 957 | 9 047 183 |
| Arbeidsgiveravgift | 3 2 1 2 4 0 9 | 1 3 1 1 1 5 1 |
| Pensjonskostnader | 362 001 | 180 691 |
| Aktiverte utviklingskostnader | -5 000 000 | $-5300000$ |
| Andre lønnsrelaterte ytelser | 2044681 | 272858 |
| Lønnskostnader | 22 605 049 | 5 5 1 1 8 8 2 |
| Giennomsnittlig antall årsverk: | 27 | 13 |
| Godtgjørelser (i kroner) | Daglig leder | Styret |
|---|---|---|
| Lønn og bonus | 1636375 | - |
| Andre godtgjørelser | 12 3 8 4 | ۰ |
| 1648759 | ۰ |
Utover lønn og andre ytelser spesifisert ovenfor, har daglig leder ordinære pensjonsrettigheter som følger av selskapets kollektive pensjonsordning.
Selskapet er pliktig til å ha tjenestepensjonsordning etter lov om obligatorisk tjenestepensjon. Selskapets pensjonsordning tilfredsstiller kravene i denne lov.
Kostnadsførte honorar til revisor i regnskapsåret 2017 utgjør (eksl mva):
| Sum kostnadsført i regnskapsåret | 55 000 |
|---|---|
| Andre tienester utenfor revisionen | 23 500 |
| Skatterådgivning | 7500 |
| Revisjon og revisjonsrelaterte tjenester | 24 000 |
| FoU | Lisenser | Rettigheter | Sum 2017 | Sum 2016 | |
|---|---|---|---|---|---|
| Anskaffelseskost 01.01 | 24 831 856 | 590 500 | - | 25 422 356 | 12 422 356 |
| Tilgang | 13700000 | a. | 1744 402 | 15 444 402 | 13 000 000 |
| Avgang | ۰ | $\frac{1}{2}$ | ۰ | ||
| Anskaffelseskost 31.12 | 38 531 856 | 590 500 | 1744 402 | 40 866 758 | 25 422 356 |
| Akkumulerte avskrivninger 01.01. | $\ddot{}$ | 383 600 | ٠ | 383 600 | 265 496 |
| Årets avskrivninger | ۰ | 118 104 | $\overline{1}$ | 118 104 | 118 104 |
| Akkumulerte avskrivninger 31.12. | Ŧ | 501704 | 501 704 | 383 600 | |
| Balanseført verdi 31.12 | 38 531 856 | 88796 | 1744 402 | 40 365 055 | 25 038 756 |
| Økonomisk levetid | Inntil 5 år | Inntil 5 år | |||
| Avskrivningsplan | Lineær | Lineær | Ingen |
I 2017 er utgifter til utvikling av Kahoot! Platform balanseført i den grad det kan identifiseres en fremtidig økonomisk fordel knyttet til utvikling av en identifiserbar immaterielle eiendel (The Kahoot! Platform) og utgiftene kan måles pålitelig. I motsatt fall kostnadsføres slike utgifter løpende. Balanseført utvikling avskrives lineært over økonomisk levetid.
Utgifter til forskning kostnadsføres løpende.
Kahoot lanserte på slutten av 2017 den første betalingsversjonen av Kahoot (Kahoot! Plus) Avskrivning av aktivert FoU vil starte 01.01.2018.
Kahoot! AS Arsregnskap 2017
| 2017 | 2016 | |
|---|---|---|
| Betalbar skatt fremkommer slik: | ||
| Ordinært resultat før skattekostnad | $-355584286$ | $-21581249$ |
| Permanente forskjeller | 5991 | $-163338$ |
| Endring midlertidige forskjeller | 5862 | 5862 |
| Grunnlag betalbar skatt | $-35572433$ | $-21738725$ |
| Betalbar skatt på årets resultat | ||
| Årets skattekostnad fremkommer slik: | ||
| Betalbar skatt på årets resultat | ||
| Årets endring utsatt skatt | $-7867738$ | $-5120878$ |
| Årets totale skattekostnad | -7867738 | -5 120 878 |
| Spesifikasjon av grunnlag for utsatt skatt: | ||
| Varige driftsmidler | $-23445$ | $-17583$ |
| Regnskapsmessige avsetning | ||
| Underskudd til framføring | -67 081 779 | -31 509 346 |
Sum utsatt skatt (+) / utsatt skattefordel (-)
-7 566 463 $-15434201$
Kahoot! AS Årsregnskap 2017
Noter
| Note 5 Mellomværende med selskap i samme konsern m.v. | 31.12.2017 | 31.12.2016 | |
|---|---|---|---|
| Foretak i samme konsern | 64 473 677 | 37 320 728 | |
| Fordring i samme konsern er i hovedsak i GBP. | |||
| Note 6 Kundefordringer | 31.12.2017 | 31.12.2016 | |
| Avsatt for å møte eventuelle tap på kundefordringer | |||
| Note 7 Kontanter, bankinnskudd og lignende | 31.12.2017 | 31.12.2016 | |
| Bundne midler til dekning av skyldig skattetrekk | 1 3 3 4 2 8 8 | 358738 | |
| Note 8 Aksjer i datterselskap | |||
| Aksjer i datterselskap verdsettes etter kostmetoden. | |||
| Datterselskap: Kahoot! EDU Ltd | |||
| Formelle opplysninger Anskaffelsestidspunkt Forretningskontor Aksjekapital, 1 aksje a GBP 1 Eierandel Andel av stemmeberettiget kapital Balanseført verdi Egenkapital ifølge siste årsregnska Resultat ifølge siste årsregnskap |
2014 London, England 100 % 100 % -1846 TGBP -4 526 TGBP |
12 NOK | |
| Kahoot! AS har i tillegg ytet et lån på totalt NOK 52.552.657 til det engelske datterselskapet. |
|||
| Datterselskap: Kahoot! EDU Inc | |||
| Formelle opplysninger Anskaffelsestidspunkt Forretningskontor Aksjekapital, 10.000 aksjer pålydende 0.00 Eierandel Andel av stemmeberettiget kapital Balanseført verdi Egenkapital ifølge siste årsregnska Resultat ifølge siste årsregnskap |
2015 Austin, TX, US 99 % 99 % -1382 TUSD |
0 NOK -739 TUSD |
Kahoot! AS har i tillegg ytet et lån på totalt NOK 11.921.020 til det amerikanske datterselskapet.
Noter
| Eierstruktur: | Antall aksjer | Eierandel |
|---|---|---|
| Northzone VII LP | 715 555 | 16.8% |
| Creandum III LP | 505 555 | 11.9% |
| Microsoft Global Finance (Microsoft Venture) | 320 000 | 7.5% |
| AS Real-Forvaltning* | 270 070 | 6.3% |
| Vers vik Invest AS | 267729 | 6.3% |
| KAM Holding AS | 267 285 | 6.3% |
| Andre | 1918916 | 45.0% |
| Totalt | 4 265 110 | 100.0% |
* Eies av styrets leder Eilert Hanoa
Alle aksjer har lik stemmerett.
Det er totalt 225.000 frittstående tegningsretter. Disse er tegnet av Accelerator Investment LLC (Disney). Tegningsrettene er på NOK 100 og må utøves før 31.12.2018.
| Aksjekapital | Overkursfond | Udekket tap | Sum | |
|---|---|---|---|---|
| Egenkapital 31.12.2016 | 333611 | 115 423 269 | $-21818568$ | 93 938 312 |
| Årets endring i egenkapital: | ||||
| Kapitalutvidelse | 92 900 | 84 361 994 | 84 454 894 | |
| Ars resultat | $-27716548$ | $-27716548$ | ||
| Egenkapital 31.12.2017 | 426 511 | 199 785 263 | -49 535 115 | 150 676 659 |
Deloitte AS Dyre Halses gate lA N0-7042 Trondheim Norway
Tel: +47 73 87 69 00 www.deloitte.no
Til generalforsamlingen i Kahoot! AS
Vi har revidert Kahoot! AS' årsregnskap som viser et underskudd på kr 27 716 548. Årsregnskapet består av balanse per 31. desember 2017, resultatregnskap for regnskapsåret avsluttet per denne datoen og noter til årsregnskapet, herunder et sammendrag av viktige regnskapsprinsipper.
Etter vår mening er det medfølgende årsregnskapet avgitt i samsvar med lov og forskrifter og gir et rettvisende bilde av selskapets finansielle stilling per 31. desember 2017, og av dets resultater for regnskapsåret avsluttet per denne datoen i samsvar med regnskapslovens regler og god regnskapsskikk i Norge.
Vi har gjennomført revisjonen i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder de internasjonale revisjonsstandardene International Standards on Auditing (ISA-ene). Våre oppgaver og plikter i henhold til disse standardene er beskrevet i Revisors oppgaver og plikter ved revisjon av årsregnskapet. Vi er uavhengige av selskapet slik det kreves i lov og forskrift, og har overholdt våre øvrige etiske forpliktelser i samsvar med disse kravene. Etter vår oppfatning er innhentet revisjonsbevis tilstrekkelig og hensiktsmessig som grunnlag for vår konklusjon.
Ledelsen er ansvarlig for øvrig informasjon. Øvrig informasjon består av årsberetningen, men inkluderer ikke årsregnskapet og revisjonsberetningen.
Vår uttalelse om revisjonen av årsregnskapet dekker ikke øvrig informasjon, og vi attesterer ikke den øvrige informasjonen.
I forbindelse med revisjonen av årsregnskapet er det vår oppgave å lese øvrig informasjon med det formål å vurdere hvorvidt det foreligger vesentlig inkonsistens mellom øvrig informasjon og årsregnskapet, kunnskap vi har opparbeidet oss under revisjonen, eller hvorvidt den tilsynelatende inneholder vesentlig feilinformasjon.
Dersom vi konkluderer med at den øvrige informasjonen inneholder vesentlig feilinformasjon er vi pålagt å rapportere det. Vi har ingenting å rapportere i så henseende.
Styret og daglig leder (ledelsen) er ansvarlig for å utarbeide årsregnskapet i samsvar med lov og forskrifter, herunder for at det gir et rettvisende bilde i samsvar med regnskapslovens regler og god regnskapsskikk i Norge. Ledelsen er også ansvarlig for slik intern kontroll som den finner nødvendig for
Deloitte AS and Deloitte Advokatfirma AS are the Norwegian affiliates of Deloitte NWE LLP, a member firm of Deloitte Touche Tohmatsu Limited ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients. Please see www.deloitte.no for a more detailed description of DTIL and its member firms.
Registrert i Foretaksregisteret Medlemmer av Den norske Revisorforening Organisasjonsnummer: 980 211 282
å kunne utarbeide et årsregnskap som ikke inneholder vesentlig feilinformasjon, verken som følge av misligheter eller utilsiktede feil.
Ved utarbeidelsen av årsregnskapet må ledelsen ta standpunkt til selskapets evne til fortsatt drift og opplyse om forhold av betydning for fortsatt drift. Forutsetningen om fortsatt drift skal legges til grunn for årsregnskapet så lenge det ikke er sannsynlig at virksomheten vil bli avviklet.
Vårt mål med revisjonen er å oppnå betryggende sikkerhet for at årsregnskapet som helhet ikke inneholder vesentlig feilinformasjon, verken som følge av misligheter eller utilsiktede feil, og å avgi en revisjonsberetning som inneholder vår konklusjon. Betryggende sikkerhet er en høy grad av sikkerhet, men ingen garanti for at en revisjon utført i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder ISA-ene, alltid vil avdekke vesentlig feilinformasjon som eksisterer. Feilinformasjon kan oppstå som følge av misligheter eller utilsiktede feil. Feilinformasjon blir vurdert som vesentlig dersom den enkeltvis eller samlet med rimelighet kan forventes å påvirke økonomiske beslutninger som brukerne foretar basert på årsregnskapet.
Som del av en revisjon i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder ISA-ene, utøver vi profesjonelt skjønn og utviser profesjonell skepsis gjennom hele revisjonen. I tillegg:
Vi kommuniserer med dem som har overordnet ansvar for styring og kontroll blant annet om det planlagte omfanget av revisjonen og til hvilken tid revisjonsarbeidet skal utføres. Vi utveksler også informasjon om forhold av betydning som vi har avdekket i løpet av revisjonen, herunder om eventuelle svakheter av betydning i den interne kontrollen.
side 3 Uavhengig revisors beretning - Kahoot! AS
Basert på vår revisjon av årsregnskapet som beskrevet ovenfor, mener vi at opplysningene i årsberetningen om årsregnskapet, forutsetningen om fortsatt drift og forslaget til dekning av tap er konsistente med årsregnskapet og i samsvar med lov og forskrifter.
Basert på vår revisjon av årsregnskapet som beskrevet ovenfor, og kontrollhandlinger vi har funnet nødvendig i henhold til internasjonal standard for attestasjonsoppdrag (ISAE) 3000 «Attestasjonsoppdrag som ikke er revisjon eller forenklet revisorkontroll av historisk finansiell informasjon», mener vi at ledelsen har oppfylt sin plikt til å sørge for ordentlig og oversiktlig registrering og dokumentasjon av selskapets regnskapsopplysninger i samsvar med lov og god bokføringsskikk i Norge.
Trondheim 21. juni 2018 Deloitte AS
Ho~ vk3/q;
Morten Alsos statsautorisert revisor
| Six months ended 30 June | |||
|---|---|---|---|
| (In TNOK) | 2019 | 2018 | |
| (consolidated) | (consolidated) | ||
| Sales revenue | 37,142 | 7,059 | |
| Changes in deferred revenue | (15,023) | (3,045) | |
| Other operating income | 0 | 0 | |
| Total revenue | 22,119 | 4,014 | |
| Cost of goods | 2,490 | 206 | |
| Payroll expenses | 29,290 | 31,577 | |
| Depreciation/amortisation on fixed and intangible assets | 4,115 | 59 | |
Other operating expenses |
26,093 | 16,385 | |
| Total operating expenses | 61,989 | 48,227 | |
| Operating profit | (39,870) | (44,213) | |
| Net financial income and expenses | 566 | (1,747) | |
| Operating result before tax | (39,304) | (45,596) |
| As at 30 June 2019 | |||
|---|---|---|---|
| (In TNOK) | 2018 | ||
| (consolidated) | (consolidated) | ||
| Assets | |||
| Fixed assets | |||
| Intangible assets | |||
| Activated R&D | 27,042 | 38,632 | |
| Licences | 1,744 | 1,774 | |
| Deferred tax income | 30,124 | 15,434 | |
| Total intangible assets | 58,910 | 55,840 | |
| Fixed assets | |||
| Tangible assets, inventory, office equipment etc. | 1,905 | 449 | |
| Total fixed assets | 1,904 | 448 | |
| Financial fixed assets | |||
| Loan to Poio | 1,000 | 0 | |
| Loan to subsidiaries | 90,431 | 72,752 | |
| Total financial fixed assets. | 1,000 | 0 | |
| Total fixed assets | 61,815 | 56,289 | |
| Current assets | |||
| Receivables | |||
| Account receivables | 7,137 | 1,683 | |
| Other receivables | 6,590 | 3,936 | |
| Total receivables | 13,727 | 5,619 | |
| Bank deposits, cash and other | 213,151 | 131,888 | |
| Total current assets | 226,878 | 137,507 | |
| Total assets | 288,693 | 193,796 | |
| Equity and liabilities | |||
| Equity | |||
| Deposited equity | |||
| Share capital | 11,634 | 10,558 | |
| Share premium | 466,363 | 319,806 | |
| Total paid-in capital | 477,997 | 330,364 | |
| Retained earnings | |||
| Uncovered losses | (233,491) | (155,590) | |
| Total retained earnings | (223,491) | (155,590) |
| As at 30 June 2019 | |||
|---|---|---|---|
| (In TNOK) | 2018 | ||
| (consolidated) | (consolidated) | ||
| Total equity | 254,505 | 174,775 | |
| Liabilities | |||
| Short term liabilities | |||
| Accounts payable | 3,806 | 2,391 | |
| Public duties payable | 2,040 | 7,781 | |
| Other short term liabilities | 28,342 | 8,849 | |
| Total short-term liabilities | 34,187 | 19,021 | |
| Total liabilities | 34,187 | 19,021 | |
| Total equity and debt | 288,693 | 193,796 |
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.