Hello and welcome to the Media and Games Invest annual general meeting 2022. Throughout the call, all participants will be on listen-only mode. There will be an opportunity to ask questions. If you have any questions, please press 01 on your telephone keypad. I will now hand the word over to Thomas Jakobsson, Company Secretary. Please go ahead.
Thank you very much and welcome to the annual general meeting of Media and Games Invest. My name is Thomas Jakobsson, I am the Company Secretary of the Company, and I have with me the Chairman of the Company, Mr. Remco Westermann.
Yes, good morning.
Hi, good morning, Remco.
Good morning. Please continue, Thomas.
Okay. So. We will quickly go through agenda points one through four. Which are the formalities that we need to go. Agenda point two: appointment of Chairman of the Meeting. As I said, Mr. Remco Westermann is with us. He is the Chairman of the Company and therefore shall preside as Chairman of the Meeting in accordance with Article 36 of the Company's Articles of Association. We have a total of 21 proxies present at the meeting representing 75,721,387 ordinary shares out of a total ordinary shares. Therefore, an ordinary resolution which requires the approval of more than 50% of the shares present at the meeting to pass should require 694 votes in favor. An extraordinary resolution requires the approval of at least 75% of the shares present at the meeting, which is 56.791,000% of the total issued shares. Which is 81.81.217,173. Votes in favor to pass.
That.
Articles of Association. The meeting has been duly called in terms of Article 31 of the Company's Articles of Association. Next slide, please. The agenda has issued prior to the meeting whereby agenda items 12 and 16 were withdrawn by the Board of Directors. It is anticipated that these items.
Age.
Next slide, please. I think we can go to the next slide. The meeting has been unanimously approved. I will now hand over to the Chairman, Mr. Remco Westermann, for his presentation to the meeting.
Yeah, thank you very much, Thomas. Also, good morning from my side again. I would like to. Of Media and Games Invest. Today is a very special AGM because it lays the foundation for our relocation to Sweden with, as you saw, several agenda points relating to that. As a result of that, the AGM is also unusually late in the year, which resulted from formal public. We further worked on strengthening the company. We have a short presentation which I will lead you through. MGI, in a nutshell, yeah, we are a leading European ad software platform with first year with EUR 252 million of revenues, EUR 71 million of EBITDA, an 80% revenue growth that was 38% organic revenue growth, which we're really proud of. We have been really able to increase the organic revenue growth over the last. Company has over 800 employees.
55% of those are tech product-related. Over 400 large software clients, which are clients with over $100 million of revenues per year. 94% of the over 94% of customers over the 100,000 per year. We had a 172% net dollar expansion rate, which shows how strong the existing customer base is growing. Coming to the next slide. Geographically, though we are based in Europe, 23% are in Europe and 12% are the rest of the world. We have a strong global reach reaching 1.7 billion connected devices, 411 billion ad impressions, 30 million daily active users. Strong first-party content. That's actually how we started as a gaming company. We have over 5,000 owned games, over 20,000 connected mobile apps, and over 800 million owned gamer audiences. People that the company has built. I'm coming to the next slide. What happened in 2021?
This is only a very small selection of it. Let's say a lot of it was really geared to getting more organic growth. The 38% organic growth was mentioned before, and that's based on a form with first-party games content. That was also what happened in the year. I said we started as a gaming company, then we started to add the media part to strengthen the gaming part. The synergy between games, media, and data is extremely strong and results in a flywheel that helps us to grow even faster than we did before. We launched Verve as a unified brand for the media part because with the acquisitions, we did several acquisitions. It makes sense, of course. It's more efficient to have a single brand. On the gaming side, yeah, working on and Trove was launched on Nintendo Switch, which was also doing very well.
That's a bit on what happened. Let's say more on the commercial side. If you go to the, let's say, the more formal corporate side, we transmigrated, or how to say, sorry, which was really the preparation for the relocation. We did a bond issue of EUR 160 million, direct share issue of SEK 900 million. Also on the capital side, going well. We did five acquisitions: Smarto, KingsIsle, Liquid, Mesh the One, and Beam Ray, which strengthened further our portfolio. Also the non-organic growth was a good foundation laid for that in that year. Yeah, we launched over 350 casual games, which are also fueling the flywheel. As I said, this is just a small selection, but there is a lot happening in the company. Coming to the next slide. ESG also very important. As the company is growing, there are also, of course, more requirements to that.
Just a few highlights here on the environmental energy, which is in the current days even becoming more important to get that usage down. That is what we are focusing on. Also happy to say that for 2020, we reached carbon neutrality in 2021, which is, of course, by reducing the output part. The less you set off, the better, of course, because that means that you save more. We also include our gamers into these topics. We have virtual trees that we plant in the tree in the games, or can be planted in the trees. With a perfect tree, then a real. You will see later in the agenda also that now with the board, we go into an equal 50-50. Also in the team, we, of course, strive for that. Not always easy in a company with a lot of tech people, tech employees.
Yeah, and then implementing, for example, new group benefits, which is more modern and which is also fitting very well in the current society and the way people look at working. On the governance side, today, a very important day, as I said already before. The relocation to Sweden is a big point there, which we will also after the AGM, Sweden Deloitte is proposed or will be proposed by the nomination committee. A few more things, of course, expansion of the board. That is what is today on the agenda, audit and remuneration committees, which will be the following agenda. The nomination committee. I will no longer be the Chairman of the company after today, after the votings, but will remain, of course, as CEO with a lot of joy of further building this company. Coming to the next slide. Little side, you see also the nice quarter-by-quarter growth.
We have a seasonality pattern in it, which we also saw that our Q1 this year was lower than Q4 last year, but it is moving up quarter-by-quarter. Also for the remaining part of the year, we expect further increase in 22% EBIT margin, EUR 65 million operating cash flow, and 77% cash conversion. Really good numbers in 2021. Really happy with it, but of course, striving for more. Going to the next page. Yeah, a bit 10 years in October this year, actually, that I'm doing this, that we're working on this, and that my team is working on this. And we've really been able to grow the company substantially. Yeah, very happy, of course, with the CAGR of 77% in the last years. Coming to the next slide. Bit of overall points, bit of summarizing.
Also the last slide of my presentation because we wanted to keep it short here because it's mainly about approving the different agenda points. Yeah, 2021 was another year with strong revenue and EBITDA growth. Pivot from gaming towards gaming and media and subsequently towards becoming an integrated ad software platform with first-party games content was further pursued, resulting in a strong flywheel. With the strong growth of the company, also government improvements are needed, including the relocation to Sweden and strengthening the Board of Directors. For 2022 and beyond, we remained positive and about, sorry, we remained positive about the outlook of the company, even though there are, and that's what everybody's seeing, yeah, inflation, Ukraine war, energy prices present very good Q2 numbers and also remain very positive about the outlook of the company. We are looking forward to further profitable growth.
And then we would like to thank, I do it already here, our equity investors, our bond investors, and our partners and our employees.
I'm now going to hand over to the company's auditor, Ms. Roberta West-Falson from RSM, for the presentation of the annual report and auditors' report for the group.
Thank you, Thomas. Good morning. Our audit report on the audit of Media and Games Invest. In our audit report, we highlight the key audit matters. The key audit matters are mainly the areas where we are significant for the audit. Of course, these would not be the only ones that we would have audited, but obviously, they will be areas where we would deem appropriate to highlight. The first, as we have seen, obviously, during the year, there were a number of acquisitions. From our end, we look into the detail of these business combinations and ensure that these have been properly accounted for, which from the company's end, obviously, they engage specialists like EY who would look into the transaction and ensure that the assets and liabilities are in line with the standards. Obviously, any resulting goodwill, obviously, will be accounted for as well.
In our audit report, we highlight the detailed procedures that we have carried out. With regards to the second audit matter, there is the impairment review of goodwill and other intangible assets. Here as well, every year, the company is required to make an annual assessment. Here again, the company engages assessment, and then obviously, from the management, and they will extend the procedures that would have been carried out from Deloitte. From our end, we also reassess and rely on these experts together with management to ensure that the methodology adopted makes sense and is reasonable. A number of new issues and also a redemption of bonds. We look into the compliance aspect, and here again, whether these have been accounted for appropriately. Matters of the group. We are required to report on the group.
We are obviously the leading team, so we communicate with the component auditors as well. Continuing on the group, we move to the next slide. The consolidated financial statements of Media and Games Invest SE as set out on pages 137-215 as set for the year ended 31 December 2021, give a true and fair view of the financials for the year ended 31 December 2021. We are also required to review the director's report and to assess if there are any material misstatements. We have not identified any material misstatements and any inconsistencies with the financial statements. This year, the company has decided to prepare the corporate governance with the requirements of the Swedish governance code. Here again, we have not identified any apparent misstatements. The report, which is attached with the consolidated financial statements on pages 216-223. Practically, that is from my end.
Obviously, we can now move forward to approve the financial statements. I pass it on to you, Thomas.
Yeah, next slide, please. Thank you very much for that. We have not received any such questions at this point. We will continue with the resolutions that have been proposed to the meeting. Next slide. A number of ordinary and extraordinary resolutions have been proposed. They are detailed in the notice and agenda to the meeting. We will now start going through them one by one. The first resolution is to consider the auditor's report and to approve the audited financial statements for the financial year ended 31 December 2021. This resolution has been unanimously approved. The proposed resolution is to not declare any dividend as recommended by the Board of Directors on the basis of the audited financial statements for the financial year ended as set forth in the director's report. This resolution has been unanimously approved.
Next, this resolution is to confirm 2022 until the earlier of the company's registration as a Swedish company or the company's next annual general meeting in 2023, and to authorize the Board of Directors to fix their remuneration. This resolution has been unanimously approved. Agenda point 12 has been withdrawn as explained in a prior press release to the meeting. Agenda point 13, resolution on the number of members of the Board of Directors. The proposal is that the Board of Directors shall consist of six directors and is unanimously approved. Agenda point 14 is the election of Board of Directors and the Chairman of the company. Over to you, Remco, to say a few words.
The members of the board that are proposed here. They were already communicated also in the non-compressed release and on the website, of course. It's good to quickly introduce them. Tobias Weitzel, already in the board since 2018. Experience. The plan and one of the proposals is also to make him Chairman of the Board. Long time in the board, very, how to say it, valuable member of the board. I will continue on the board. I think I don't need further introduction. I'm going from left to right here. On the board already for a while, running the company, the only executive on the board. Going to the next person here, that's Elizabeth Para, also on the board since 2018. Experienced in financial markets. Also, the new members that are proposed, Franka Rubedel, who's very experienced in financing and accounting, also a professor actually in that field.
Experienced board member and has also been heading a lot of board, sorry, a lot of audit committees, a member of audit committee, have her on board as a financial expert. Amongst others, she has worked for Thyssen and Kjersda. We have Marianne Helford, a U.S. citizen, also an experienced board member, and a very experienced person in the media field to get expertise on the board. On that, she has worked as a manager as well as a consultant in the field, amongst others for 20th Century Fox, but also for Albert Salon, for example. We have Johan Roslund, based in Sweden, Swedish national, passionate gamer and experienced with gaming companies. Also, and that's very cool also, I think, he has done a lot with young shareholders.
He has been heading the Young Shareholder Association for Sweden, for example, which is also important, of course, to have the relation to individual investors. I would like to thank Antonius Frommer, who will no longer be on the board. He was on the board and will, after this election, no longer be there. For other challenges that he has and that he wants to go along with. I would like to thank him very much for being. To you, Thomas. Thank you very much.
Okay, thank you. The proposed resolution is that the six persons that were presented are elected for a period until the end of the first, and that Mr. Tobias Weitzel is elected as Chairman of the Board of Directors for a period, again, until the end of the first annual general meeting after the resolution. The resolution had 164 votes against and 75,716,423 votes in favor. Next item, the remuneration to the Board of Directors, as set out in the notice and agenda to the meeting, and this resolution has unanimously been approved. Next, withdrawn as per the press release issued prior to the meeting. We move on to the extraordinary resolutions. There are three.
The first resolution is from Media and Games Invest SE to MGI-Media and Games Invest SE, that the current memorandum and Articles of Association be replaced by the interim memorandum, and to authorize the Company Secretary and/or any one director of the company to register a copy of the interim M&A with the Motor Business Registry. The meeting has unanimously voted that the resolution was passed by not less than 75% in nominal value of the shares represented and entitled to vote at the meeting. It was not passed by at least 51% in nominal value of all the shares entitled to vote at the meeting. Next, agenda point 18.
The resolution reads that the company is to approve the company's transfer of its registered office and headquarters and subsidiary legislation, that the transfer proposal and transfer report are approved, and that the interim Memorandum and Articles of Association (M&A) be replaced by the new statutes upon the company's registration as a Swedish company, and that the board of the company is entitled to do it. Again, the meeting has unanimously voted in favor of the resolution, but although the resolution was passed by not less than 75% of the shares present, it has not been passed by at least 51%. The resolution has not been approved. Last point on the agenda is the extraordinary resolution to authorize the Board of Directors to issue shares, options, warrants, and convertibles in the notice and agenda to the meeting, so I will not read it out here.
The meeting voted with 436,215 votes against and 172 votes in favor. However, although it was passed by members holding not less than 75% in nominal value of the shares present at the meeting, it was not passed by at least 51% in the notice and has not been approved. Now, a comment to the last three resolutions. In accordance with the Articles of Association of the company, the company can call a new meeting with resubmit these resolutions for consideration of that meeting. I believe that that is already planned, and the voting requirements at that meeting would then be in company, they would be slightly different from this meeting's requirements. Remco, I do not know if you want to say something about this before we close the meeting.
No. Procedure that we have this joint meeting where we will bring those agenda points. They were basically the shareholders were in favor of them, but we did not have enough shareholders participating in this meeting. There is a normal procedure to get them into an Extraordinary General Meeting (EGM) EGM, which we will also call for today. The support. Yeah, looking forward to the future. I would especially thank also you, Thomas, for guiding us through this meeting.
Thank you very much. There being no further business of the meeting, the meeting is therefore now.