Company Type
Limited Corporation (APS)
Established
2001
Size
Medium
Employees
183
Revenue
1,266 MDKK
Gross profit
266 MDKK
Operating Profit (EBIT)
133 MDKK
Profit for the Year
112 MDKK
Equity
238 MDKK

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Rank Profit for the Year

Rank in industry
2/619
"Top 10%"
Rank in Denmark
1,074/301,175
"Top 10%"

Top management Top 3

Board Top 3

John Schappert 5Chairman of board
Lars Cordt 24Vice chairman
Mark Carges 5Boardmember

Legal owners Top 3

100%Steelseries Holdings Aps

Rights certificate

Selskabet tegnes af et bestyrelsesmedlem i forening med en direktør, eller af to bestyrelsesmedlemmer i forening, eller af den samlede bestyrelse.

Company information based on CVR

NameSteelseries Aps
CVR25923170
AddressDirch Passers Allé 27, 5, 2000 Frederiksberg
IndustryWholesale of computers, computer peripheral equipment and software [465100]
Established21-02-2001 (19 yr)
Company TypeLimited Corporation (APS)
Number of employees183 (Fin.Stmt)
Advertising protectionYes
AuditorPricewaterhousecoopers Statsautoriseret Revisionspartnerselskab since 15-09-2011
Financial statement period01-01 to 31-12
Bank connectionDanske Bank
Company capital160,000 DKK
157,500 DKK (16-06-2016 - 14-07-2016)
155,000 DKK (04-09-2015 - 15-06-2016)
150,000 DKK (28-08-2015 - 03-09-2015)
137,474 DKK (27-03-2015 - 27-08-2015)
134,059 DKK (23-02-2015 - 26-03-2015)
Articles of assoc. last30-03-2020

Purpose

Selskabets hovedformål er at producere og forhandle produkter til private og erhvervsdrivende.

Financial Statement

 201920182017
Currency/unit000' DKK000' DKK000' DKK
Revenue
1,265,923
+24%
1,020,805
+40%
730,558
+4%
Gross Profit
265,751
+26%
210,160
+64%
128,219
+289%
Profit for the Year
111,657
+44%
77,345
+228%
23,547
-
Equity
238,444
+5%
226,414
+1%
224,661
+10%
Total Assets
785,747
+48%
530,473
+52%
348,401
-15%

Mangement review

Væsentligste aktiviteter
SteelSeries ApS beskæftiger sig med design, markedsføring og salg af premium gaming tilbehør som headsets, keyboards, kontrollere og mus.


SteelSeries er ledende indenfor sit felt. SteelSeries opererer globalt og har kontorer i København, Chicago, Taipei og Beijing.

SteelSeries markedsfører både produkter under eget navn og produkter i fællesskab med ledende eSports teams og softwarespiludviklere.

Omsætningen genereres primært gennem fem kanaler, direkte salg til retail, etail, strategisk distribution, salg til pc-producenter og direkte salg til slutbrugere via egen webshop.

Den 30. september 2019 blev SteelSeries overtaget af Axcel, et nordisk private equity selskab, der fokuserer på mellemstore nordiske virksomheder og har en bred vifte af både nordiske og internationale investorer.

SteelSeries opretholdte i 2019 et stærkt vækstmoment og øgede fortjenesten i forhold til 2018. Virksomheden har investeret strategisk i markedsføring og talenter for at skabe en platform, der er klar til endnu mere vækst som et førende globalt brand inden for gamingudstyr.

I løbet af 2019 udvidede SteelSeries deres mest prisvindende Arctis gaming headset-portefølje med Arctis 9X til konsoller (trådløs) og en line-up af de mere entry-level Arctis 1 til PC og konsoller (kablet og trådløs) - Arctis 1 Wireless er det første trådløse multi-platform headset. Sortimentet af mus blev opdateret med Sensei Ten. En fuld opdatering af sortimentet af mus er planlagt til 2020.
SteelSeries relancerede sin keyboards-portefølje med de succesrige lanceringer af Apex 7 og Apex Pro - det første tastatur med justerbare mekaniske kontakter.
Markedsoverblik
SteelSeries' salg steg med 29 % i 2019, og væksten overgik dermed væsentligt marked. Amerika og EMEA bidrog med størstedelen af væksten med +30 %. Det direkte salgsled www.steelseries.com voksede mere end 40%. Ifølge Newzoo nåede markedet for gaming (headset, mus og tastaturer) USD 4,1 mia. i 2019 (+ 2,1% årlig vækst). Denne vækst er mindre end væksten i tidligere år, hvilket hovedsagelig er drevet af en kraftig vækst i 2018, blandt andet drevet af succesen fra Battle Royal spil så som Fortnite. I 2020 forventes de mange nye spillere, der købte low-end enheder i løbet af 2018 (Battle Royal), sandsynligvis at ville erstatte eller købe nye high-end enheder. Mange forbrugere venter også på den næste generation af spilkonsoller.
Udvikling i året
Selskabets resultatopgørelse for 2019 udviser et overskud på DKK 111.657.021, og selskabets balance pr. 31. december 2019 udviser en egenkapital på DKK 238.443.709.
Nettoomsætningen udgjorde DKK 1.266 mio. i 2019 i modsætning til DKK 984 mio. året før.


Sidste års forventninger var en vækst i salget og i EBITDA, hvilket er opnået i 2019.
Drift og finansiel risiko
Aktiviteter i udlandet medfører, at resultat, pengestrømme og egenkapital påvirkes af kurs og renteudviklingen for en række valutaer, herunder især USD og EUR.


Selskabet forsøger så vidt muligt at sikre sig mod kursudsving ved at købe og sælge i samme valuta, og den resterende andel sikres ved køb af USD til fast kurs, som fastlægges i starten af regnskabsåret. Strategien for valutakurssikring evalueres årligt.

Selskabet forsikrer en betydelig del af tilgodehavender fra salg for at imødegå tab på grund af manglende betalingsevne. På trods heraf og en effektiv debitorstyring er kreditgivning dog forbundet med en iboende forretningsmæssig risiko.
Ejerskab og kapitalstruktur
SteelSeries ApS er indirekte ejet af den private kapitalfond Axcel sammen med stifter Jacob Wolff-Petersen og med investorerne PKA og AlpInvest via AX V INV5 Holding III og AX V INV5 Holding II. Axcel kontrollerer et flertal af stemmerettighederne.


SteelSeries ApS lånekapital består af bankgæld stillet af Danske Bank A/S, Nykredit Bank A/S og Nordea Danmark fillial af Nordea Bank Abp, Finland.


Den nuværende kapitalstruktur er vurderet passende i relation til den nødvendige finansielle fleksibilitet i SteelSeries ApS og dets datterselskaber.

Ved ejerskab af den danske kapitalfond Axcel, er koncernen påkrævet at overholde de retningslinjer der er fra Dansk Venture kapital og kapitalfonde (DVCA, www.dvca.dk) for ansvarligt ejerskab og god selskabsledelse. SteelSeries ApS intentioner er at overholde alle relevante retningslinjer.
Ikke-finansielle forhold
Organiseringen af ledelsen er baseret på forskellige forhold, herunder selskabsloven, årsregnskabsloven og selskabets vedtægter. Koncernen har baseret selskabsledelsen på et todelt system hvor, at bestyrelsen samt direktionen har to selvstændige roller.


Direktionen varetager den operationelle ledelse af selskabet, hvor bestyrelsen bestemmer selskabets overordnede strategi og varetager opgaven som sparringspartner for direktionen. Direktionen varetager ligeledes den løbende monitorering af selskabets finansielle udvikling samt udviklingen af virksomhedsstyringen. Dette for at sikre koncernen internt såvel som eksternt er styret i overensstemmelse med gældende lovgivning for at beskytte alle aktionærernes interesser.



Risikostyring betragtes som en væsentlig og naturlig del for realiseringen af koncernens mål og strategi. De daglige aktiviteter, implementeringen af den etablerede strategi og den kontinuerlige udnyttelse af forretningsmuligheder, som indebærer iboende risici, og virksomhedens håndtering af disse risici ses derfor, som en naturlig og integreret del af det daglige arbejde og en måde at sikre stabil og pålidelig vækst.

Bestyrelsen er udpeget af Axcel og dets medinvestorer. Bestyrelsen består af fem medlemmer. Bestyrelsesmøder afholdes minimum fire gange om året. Ydermere holder formandskabet møder med direktionen på løbende basis.




Andre bestyrelsesposter for bestyrelsen er:



Bestyrelse / Board of Directors
"Navn:
Name" John Schappert Lars Cordt Christian Bamberger Bro
"Position:
Position" CEO - Shiver Entertainment "Partner – Axcel Management A/S
CEO – AX IV HoldCo P/S " Partner – Axcel Management A/S
"Bestyrelsesformand:
Chairman of the Board:" "SteelSeries ApS and related group companies
Pipeworks Studios" "AX V GUBI Holding III ApS
AX V INV5 Holding III ApS
AX MITA INVEST ApS
AX V ESB Holding III ApS
AX V Nissens III ApS " "AX V Phase One Holding I, II, III ApS
SuperOffice Group AS and related group companies
Loopia Group AB
Loopia Holding I, II, lll AB"
"Næstformand for bestyrelsen:
Vice Chairman of the Board:" "AX V Nissens ApS and related
group companies
SteelSeries ApS and related group companies"
"Bestyrelsesmedlem i:
Board member in:" Pipeworks Studios "GUBI Group ApS and related group companies
AX IV HoldCo P/S
Mountain Top Group ApS and related group companies" "SteelSeries ApS and related group companies
Axcel Management Holding ApS
Phase One Group ApS and related group companies
Loopia AB"


Bestyrelse / Board of Directors
"Navn:
Name" Jacob Wolff-Petersen Mark Carges
"Position:
Position"
"Bestyrelsesformand:
Chairman of the Board:" AIAIAI ApS
"Næstformand for bestyrelsen:
Vice Chairman of the Board:"
"Bestyrelsesmedlem i:
Board member in:" SteelSeries ApS and related group companies "SteelSeries ApS and related group companies
Splunk
Veeva Systems
Phase One Group ApS and related group companies
Magnet Systems Inc
Rally Software Development"
"Andre ledelsesmæssige erhverv
Other management positions:" "Advisor - Ocado Technology
Senior Advisor - Generation Investment Management"

Målsætninger og forventninger for det kommende år
SteelSeries forretningsgrundlag er stærkere end nogensinde. Med den dokumenterede rentable forretningsmodel, er selskabet klar til en højere vækst på toplinjen uden at miste fokus på den stramme styring af investeringer og udgifter. Ydermere forbliver software et nøgleområde og for at styrke vores kompetencer samt accelerere vores software vision har SteelSeries købt A-Volute i 2020.


I 2020 forventer selskabet et positivt resultat med både vækst i omsætning og EBITDA. Planen for 2020 er drevet af en fortsat udvidelse af Arctis-serien inden for headsets, nye produkter inden for mus samt fuldende den opdaterede Apex-serie af tastaturer. Derudover vil SteelSeries investere i at øge kendskabet til varemærket og dermed bidrage til, at øge markedsandele på alle betydende markeder.
Der vil være et fortsat fokus på at øge indtjeningen.
Lovpligtig redegørelse for samfundsansvar
Andel af det underrepræsenterede køn
Usikkerhed ved indregning og måling
Der er ikke forekommet usikkerhed ved indregning og måling i årsrapporten.
Usædvanlige forhold
Selskabets aktiver, passiver og finansielle stilling pr. 31. december 2019 samt resultatet af selskabets aktiviteter for 2019 er ikke påvirket af usædvanlige forhold.
Begivenheder efter balancedagen
Første kvartal 2020 har fortsat det stærke momentum fra fjerde kvartal 2019. Koncernen ser frem til at gennemføre en ambitiøs plan for året, der vil drive SteelSeries til næste niveau.

Ledelsen forventer ikke, at selskabet vil blive væsentligt påvirket af udbruddet af Covid-19. Ledelsen følger dog udviklingen tæt, men det er for tidligt at sige om og i så fald hvad effekten af Covid19 vil have på omsætning og indtjening i 2020.


SteelSeries ApS har i marts 2020 indgået aftale om køb af det franske selskab A-Volute S.A.S. Selskabet udvikler software baserede teknologier indenfor lyd som avanceret digital signal processering og virtualiseret surround lyd. Opkøbet skal ses, som en del af koncernens langsigtede plan om fortsat at kunne levere de bedst ydende produkter, software og services til gaming industrien.


Der er ikke sket andre begivenheder, som væsentligt påvirker vurderingen af årsrapporten, efter balancedagen., Key activities
SteelSeries ApS is involved in the design, marketing, and sale of premium gaming accessories like headsets, keyboards, controllers and mice.

SteelSeries is a leader in this field. SteelSeries operates globally and has offices in Copenhagen, Chicago, Taipei and Beijing.

SteelSeries markets products under its own brand, as well as products in collaboration with leading eSports teams and game developers.

Revenue is primarily generated via fem sources: direct sales to retail, etail, strategic distribution, sales to computer manufacturers and direct sales to end users through its own shop.

On September 30th 2019, SteelSeries was acquired by Axcel, a Nordic private equity firm focusing on mid-market companies and has a broad base of both Nordic and international investors.


In 2019 SteelSeries maintained strong growth momentum and increased profit, compared to 2018. The company invested strategically in marketing and talents to create a platform poised for profitable growth as a leading global gaming peripherals brand.

During 2019 SteelSeries broadened its most awarded Arctis gaming headset portfolio with Arctis 9X for Console (wireless) and a line-up of entry-level Arctis 1 for PC and Console (wired and wireless) – Arctis 1 Wireless is the first multi-platform wireless headset. The mice line-up was updated with Sensei Ten. A full refresh of mice lineup is planned for 2020.
SteelSeries relaunched its keyboards portfolio with the successful launches of Apex 7 and Apex Pro – the first keyboard with adjustable mechanical switches.
Market overview
SteelSeries’ sales increased by 29 % in 2019, significantly outpacing the market. America and EMEA contributed with majority of the increase with +30% growth. The Direct channel www.steelseries.com grew more than 40 %. According to Newzoo, the global gaming peripheral market (headsets, mice and keyboards) reached USD 4.1 billion in 2019 (+2.1 % year-on-year growth). This growth is slower than growth in previous years, which primarily was due to a high growth in 2018 due to Battle Royal games such as Fortnite. Looking forward to 2020, many of the new gamers who bought low-end peripherals during the meteoric rise of Battle Royale in 2018 will likely replace or purchase higher-end peripherals in 2020 and going forward. Many consumers are also waiting for next-generation gaming consoles.
Development in the year
The income statement of the Company for 2019 shows a profit of DKK 111,657,021, and at 31 December 2019 the balance sheet of the Company shows equity of DKK 238,443,709.
The annual net sales totaled DKK 1,266 million in 2019 as opposed to DKK 984 million the previous year.

Previous year the company expected a growth in sales and EBITDA, which was achieved in 2019.
Operating and financial risks
Due to operations abroad earnings, cash flows and equity are affected by exchange rate and interest rates of various currencies, especially the USD and EUR.

The company is as far as possible mitigating currency exposure through selling and purchasing in the same currency and then buying the remaining USD needed at a fixed rate set at the beginning of a financial year. The hedging strategy is evaluated yearly.

The company ensures a significant part of trade receivables in order to counter losses due to inability to pay. Despite this, and the efficient management of credit, sales on credit still involves an inherent business risk.
Ownership and Capital Structure
SteelSeries ApS is indirectly owned by the private equity fund Axcel together with the founder Jacob Wolff-Petersen and the co-investors PKA and AlpInvest via AX V INV5 Holding III and AX V INV5 Holding II. Axcel controls the majority of the voting rights.

SteelSeries ApS’ loan capital consists of bank debt, provided by Danske Bank A/S, Nykredit Bank A/S and Nordea Danmark, affiliated branch of Nordea Bank Abp, Finland.

The current capital structure is deemed appropriate in relation to the need for financial flexibility in SteelSeries ApS and its subsidiaries.

Being owned by the Danish private equity firm Axcel, the Group is subject to the guidelines of the Danish Venture Capital and Private Equity Association (DVCA, ww.dvca.dk) for responsible ownership and corporate governance. SteelSeries ApS intends to comply with all relevant guidelines.
Non-financial matters
The organization of Management is, among other things, based on the Danish Companies Act, the Danish Financial Statements Act and the company’s article of association. The Group has based its corporate governance efforts on a two-tier system where the Board of Directors and the Executive Management have two distinct roles.

The Executive Management undertakes the operational management of the company, whereas the Board of Directors determines the overall company strategy and acts as a sparring partner to the Executive Management of the company. In addition, management is continuously monitoring the financial development as well as the development in the field of corporate governance to ensure that the Group, internally as well as externally, is managed in a way that is in accordance with applicable laws in order to protect the interests of all stakeholders.

Risk management is considered an essential and natural part of the realization of the Group’s objectives and strategy. The daily activities, the implementation of the established strategy and the continuous use of business opportunities involve inherent risks, and the company’s handling of these risks is therefore seen as a natural and integrated part of the daily work and a way to ensure stable and reliable growth.

The Board of Directors are appointed by Axcel and the co-investors. The Board of Directors consists of five members. Board meetings are held minimum four times a year. Additionally, the Chairman Committee meets with Executive Management on an ongoing basis.




Other board positions of the members of the Board of Directores are:


Targets and expectations for the year ahead
SteelSeries business fundamentals are stronger than ever. With its proven profitable model, acceleration in both growth and profitability, the company is poised for significant top line growth, without losing its disciplined approach to investments and spending. Furthermore, software remains a key focus area and to strengthen the capabilities and accelerate the software vision SteelSeries acquired A-Volute in 2020.

In 2020, the company expects to have positive earnings with growth in both revenue and EBITDA. The plan for 2020 is driven by continuous extension of the Arctis line of headsets, exciting new products within mice and to complete the updated Apex lineup of keyboards. Additionally, SteelSeries will invest to increase the brand awareness and thereby support the increase in market share on all important markets. There will be a constant focus on the earnings.
Statutory statement of corporate social responsibility
Share of the underrepresented gender
Uncertainty relating to recognition and measurement
Recognition and measurement in the Annual Report have not been subject to any uncertainty.
Unusual events
The financial position at 31 December 2019 of the Company and the results of the activities of the Company for the financial year for 2019 have not been affected by any unusual events.
Subsequent events
First quarter of 2020 has continued the strong momentum from fourth quarter 2019. The Group is excited to carry out an ambitious plan for the year that will propel SteelSeries to the next level.

Management does not expect the Company to be significantly impacted by the Covid-19 outbreak. However, Management is closely following developments, but it is too early to say whether and if so, what effect Covid-19 will have on revenue and earnings in 2020.

SteelSeries ApS has in March 2020 signed a purchase agreement with the French entity A-Volute S.A.S. The company develops software-based technologies with sound as advanced digital signal processing and virtual surround sound. The acquisition is a part of the groups long-term growth plan, to continuously to be able to deliver the best performing products, software and services to the gaming industry.

No other events have materially affected the assessment of the annual report after the balance.
15-05-2020

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