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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Super Group SGHC Limited | NYSE:SGHC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.02 | 0.67% | 3.01 | 3.01 | 2.9784 | 3.00 | 298,248 | 21:00:04 |
Super Group (SGHC) Limited (NYSE: SGHC) (“SGHC” or “Super Group”), the parent company of Betway, a leading online sports betting and gaming business, and Spin, the multi-brand online casino, today announced second quarter 2022 financial results for its operating subsidiary, SGHC Limited.
Neal Menashe, CEO of Super Group, commented: “The current macro environment may provide near term headwinds but Super Group’s balance sheet remains strong and our business remains fundamentally sound.” Mr. Menashe continued, “By investing in our global business, we continue to focus on organic and strategic growth opportunities in pursuit of long-term sustainable profits.”
Alinda van Wyk, CFO of Super Group stated, “Super Group is a profitable and debt free company with a continuing track record of consistent cash generation. Despite some current challenges, we have increased monthly active users, while focusing on financial discipline to maintain profitability and we continue to invest in the future growth of Super Group.”
Financial Highlights
Net Gaming Revenue by Geographical Region for the Three Months Ended June 30:
2022
2022
2022
€ '000s
€ '000s
€ '000s
Betway
Spin
Total
Africa and Middle East62,914
660
63,574
Asia-Pacific50,756
26,632
77,388
Europe28,516
1,993
30,509
North America32,616
109,513
142,129
South/Latin America3,893
3,323
7,216
178,695
142,121
320,816
% % % Africa and Middle East35%
0%
20%
Asia-Pacific28%
19%
24%
Europe16%
1%
10%
North America19%
78%
44%
South/Latin America2%
2%
2%
2021
2021
2021
€ '000s
€ '000s
€ '000s
Betway
Spin
Total
Africa and Middle East52,940
1,350
54,290
Asia-Pacific57,047
22,741
79,788
Europe35,013
3,870
38,883
North America36,692
136,346
173,038
South/Latin America4,014
5,186
9,200
185,706
169,493
355,199
%
%
%
Africa and Middle East29%
1%
15%
Asia-Pacific31%
13%
22%
Europe19%
2%
11%
North America19%
81%
49%
South/Latin America2%
3%
3%
Net Gaming Revenue by Geographical Region for the Six Months Ended June 30:
2022
2022
2022
€ '000s
€ '000s
€ '000s
Betway
Spin
Total
Africa and Middle East126,700
1,996
128,696
Asia-Pacific105,410
50,620
156,030
Europe58,708
4,520
63,228
North America67,679
225,498
293,177
South/Latin America7,178
6,986
14,164
365,675
289,620
655,295
%
%
%
Africa and Middle East35%
1%
20%
Asia-Pacific29%
17%
24%
Europe16%
2%
10%
North America18%
78%
44%
South/Latin America2%
2%
2%
2021
2021
2021
€ '000s
€ '000s
€ '000s
Betway
Spin
Total
Africa and Middle East87,521
3,269
90,790
Asia-Pacific111,469
45,436
156,905
Europe70,014
12,018
82,032
North America67,246
255,347
322,593
South/Latin America6,250
8,440
14,690
342,500
324,510667,010
%
%
%
Africa and Middle East26%
1%
14%
Asia-Pacific33%
14%
24%
Europe20%
4%
12%
North America19%
78%
48%
South/Latin America2%
3%
2%
Net Gaming Revenue by Product for the Three Months Ended June 30:
Betway
Spin
Total
2022
2022
2022
€ '000s
€ '000s
€ '000s
Online casino162,139
142,174
204,313
Sports betting1110,740
(53)
110,687
Brand licensing25,766
-
5,766
Other350
-
50
Total Group revenue178,695
142,121
320,816
Betway
Spin
Total
2021
2021
2021
€ '000s
€ '000s
€ '000s
Online casino163,202
168,921
232,123
Sports betting1104,626
572
105,198
Brand licensing217,482
-
17,482
Other3396
-
396
Total Group revenue185,706
169,493
355,199
Net Gaming Revenue by Product for the Six Months Ended June 30:
Betway
Spin
Total
2022
2022
2022
€ '000s
€ '000s
€ '000s
Online casino1119,595
289,220
408,815
Sports betting1219,777
400
220,177
Brand licensing225,656
-
25,656
Other3647
-
647
Total Group revenue365,675
289,620
655,295
Betway
Spin
Total
2021
2021
2021
€ '000s
€ '000s
€ '000s
Online casino1123,630
322,290
445,920
Sports betting1184,235
939
185,174
Brand licensing234,635
136
34,771
Other3-
1,145
1,145
Total Group revenue342,500
324,510
667,010
1Sports betting and online casino revenues are not within the scope of IFRS 15 'Revenue from Contracts with Customers' and are treated as derivatives under IFRS 9 'Financial Instruments'. 2 Brand licensing revenues are within the scope of IFRS 15 'Revenue from Contracts with Customers'. 3 Other relates to rebates received from external processors.Reorganization Timeline
Over the last three years, the business conducted a restructuring by combining existing, stand-alone companies into the newly formed Super Group.
SGHC Limited was formed on July 6, 2020.
The following transactions took place during 2021 and 2022 as part of the reorganization:
Non-GAAP Financial Information
This press release includes non-GAAP financial information not presented in accordance with the International Financial Reporting Standards (“IFRS”).
EBITDA and Adjusted EBITDA are non-GAAP company-specific performance measures that Super Group uses to supplement the Company’s results presented in accordance with IFRS. EBITDA is defined as profit before depreciation, amortization, financial income, financial expense and income tax expense/credit. Adjusted EBITDA is defined as EBITDA less gain on derivative contracts and gain on bargain purchase plus transaction costs, share listing expense, fair value adjustments on warrant liabilities and earnout liabilities and associated foreign exchange movements, and the expense for a once off award of Restricted Stock Units.
Super Group believes that these non-GAAP measures are useful in evaluating the Company’s operating performance as they are similar to measures reported by the Company’s public competitors and are regularly used by securities analysts, institutional investors and other interested parties in analyzing operating performance and prospects.
Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with IFRS. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses that are required by IFRS to be recorded in Super Group’s financial statements. In order to compensate for these limitations, management presents non-GAAP financial measures together with IFRS results. Non-GAAP measures should be considered in addition to results and guidance prepared in accordance with IFRS, but should not be considered a substitute for, or superior to, IFRS results.
Reconciliation tables of the most comparable IFRS financial measure to the non-GAAP financial measures used in this press release are included below. Super Group urges investors to review the reconciliation and not to rely on any single financial measure to evaluate its business. In addition, other companies, including companies in our industry, may calculate similarly named non-GAAP measures differently than we do, which limits their usefulness in comparing our financial results with theirs.
Reconciliation of Profit to Adjusted EBITDA for: Three Months Ended June 30, Six Months Ended June 30,2022
2021
2022
2021
€ '000s
€ '000s
€ '000s
€ '000s
Profit for the period298,561
63,912
135,337
102,487
Income tax expense5,623
3,091
14,582
6,011
Finance income(352)
(350)
(665)
(688)
Finance expense314
2,876
663
5,755
Depreciation and amortization expense15,175
21,873
31,169
41,981
EBITDA319,321
91,402
181,086
155,546
Transaction fees207
-
21,611
-
Gain on derivative contracts-
-
(1,712)
-
Share based payment expense-
-
126,252
-
Foreign exchange loss on revaluation of warrants and earnouts24,029
-
24,029
-
Change in fair value of warrant liability(63,988)
-
(34,614)
-
Change in fair value of earnout liability(219,321)
-
(194,936)
-
RSU expense3,376
-
3,376
-
Gain on bargain purchase-
(614)
-
(10,661)
Adjusted EBITDA63,624
90,788
125,092
144,885
Webcast Details
The Company will host a webcast at 8:30 a.m. ET today to discuss the second quarter 2022 financial results. For ease of year-over-year comparison and analysis the Company may discuss pro-forma consolidated results, including Adjusted EBITDA, which pro-forma results are included in the Q2 2022 Earnings Review presentation posted on Investor Relations section of SGHC.com.
Participants may access the live webcast and supplemental earnings presentation on the events & presentations page of the Super Group Investor Relations website at: https://investors.sghc.com/events-and-presentations/default.aspx.
About Super Group (SGHC) Limited
Super Group (SGHC) Limited is the holding company for leading global online sports betting and gaming businesses: Betway, a premier online sports betting brand, and Spin, a multi-brand online casino offering. The group is licensed in multiple jurisdictions, with leading positions in key markets throughout Europe, the Americas and Africa. The group’s sports betting and online gaming offerings are underpinned by its scale and leading technology, enabling fast and effective entry into new markets. Its proprietary marketing and data analytics engine empowers it to responsibly provide a unique and personalized customer experience. For more information, visit www.sghc.com.
Forward-Looking Statements
Certain statements made in this press release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995.
These forward-looking statements include, but are not limited to, expectations and timing related to market entries and expansion, projections of market opportunity, growth and profitability expected growth of Super Group’s customer base, expansion into new markets.
These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “pipeline,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the ability to implement business plans, forecasts and other expectations, and identify and realize additional opportunities; (ii) the ability to maintain the listing of Super Group’s securities on a national securities exchange; (iii) changes in the competitive and regulated industries in which Super Group operates; (iv) variations in operating performance across competitors; (v) changes in laws and regulations affecting Super Group’s business; (vi) Super Group’s inability to meet or exceed its financial projections; (vii) changes in general economic conditions, including as a result of the COVID-19 pandemic; (viii) changes in domestic and foreign business, market, financial, political and legal conditions; (ix) future global, regional or local economic and market conditions affecting the sports betting and gaming industry; (x) changes in existing laws and regulations, or their interpretation or enforcement, or the regulatory climate with respect to the sports betting and gaming industry; (xi) the ability of Super Group’s customers to deposit funds in order to participate in Super Group’s gaming products; (xii) compliance with regulatory requirements in a particular regulated jurisdiction, or Super Group’s ability to successfully obtain a license or permit applied for in a particular regulated jurisdiction, or maintain, renew or expand existing licenses; (xiii) the technological solutions Super Group has in place to block customers in certain jurisdictions, including jurisdictions where Super Group’s business is illegal, or which are sanctioned by countries in which Super Group operates from accessing its offerings; (xiv) Super Group’s ability to restrict and manage betting limits at the individual customer level based on individual customer profiles and risk level to the enterprise; (xv) the ability by Super Group’s key executives, certain employees or other individuals related to the business, including significant shareholders, to obtain the necessary licenses or comply with individual regulatory obligations in certain jurisdictions; (xvi) protection or enforcement of Super Group’s intellectual property rights, the confidentiality of its trade secrets and confidential information, or the costs involved in protecting or enforcing Super Group’s intellectual property rights and confidential information; (xvii) compliance with applicable data protection and privacy laws in Super Group’s collection, storage and use, including sharing and international transfers, of personal data; (xviii) failures, errors, defects or disruptions in Super Group’s information technology and other systems and platforms; (xix) Super Group’s ability to develop new products, services, and solutions, bring them to market in a timely manner, and make enhancements to its platform; (xx) Super Group’s ability to maintain and grow its market share, including its ability to enter new markets and acquire and retain paying customers; (xxi) the success, including win or hold rates, of existing and future online betting and gaming products; (xxii) competition within the broader entertainment industry; (xxiii) Super Group’s reliance on strategic relationships with land based casinos, sports teams, event planners, local licensing partners and advertisers; (xxiv) events or media coverage relating to, or the popularity of, online betting and gaming industry; (xxv) trading, liability management and pricing risk related to Super Group’s participation in the sports betting and gaming industry; (xxvi) accessibility to the services of banks, credit card issuers and payment processing services providers due to the nature of Super Group’s business; (xxvii) the regulatory approvals related to proposed acquisitions and the integration of the acquired businesses; and (xxviii) other risks and uncertainties indicated from time to time for Super Group including those under the heading “Risk Factors” in our Annual Report on Form 20-F filed with the SEC on April 20, 2022, and in Super Group’s other filings with the SEC. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in other documents filed or that may be filed by Super Group from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Super Group assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Super Group does not give any assurance that it will achieve its expectations.
Super Group (SGHC) Limited Consolidated Statements of Profit or Loss and Other Comprehensive Incomefor the periods ended June 30, 2022 and June 30, 2021 Three Months Ended June 30, Six Months Ended June 30,2022
2021
2022
2021
€ '000s
€ '000s
€ '000s
€ '000s
Revenue320,816
355,199
655,295
667,010
Direct and Marketing Expenses(225,700)
(233,703)
(466,417)
(448,062)
General and Administration Expenses(37,754)
(35,442)
(72,455)
(79,060)
Other Operating Income2,886
4,734
5,293
4,997
Transaction fees(207)
-
(21,611)
-
Depreciation and Amortization Expense(15,175)
(21,873)
(31,169)
(41,981)
Profit from Operations44,866
68,915
68,936
102,904
Finance Income352
350
665
688
Finance Expense(314)
(2,876)
(663)
(5,755)
Gain on derivative contracts-
-
1,712
-
Fx on revaluation of warrants and earnouts(24,029)
-
(24,029)
-
Share based payment expense-
-
(126,252)
-
Change in fair value of warrant liability63,988
-
34,614
-
Change in fair value of earnout liability219,321
-
194,936
-
Gain on bargain purchase-
614
-
10,661
Profit Before Taxation304,184
67,003
149,919
108,498
Income Tax Expense(5,623)
(3,091)
(14,582)
(6,011)
Profit for the period298,561
63,912
135,337
102,487
Profit for the period attributable to owners of the parent298,561
63,912
135,337
102,487
Other comprehensive (loss)/income Items that may be reclassified subsequently to profit or loss Foreign currency translation(3,492)
(697)
(2,375)
(171)
Other comprehensive (loss)/income for the period(3,492)
(697)
(2,375)
(171)
Total comprehensive loss for the period attributable to owners of the parent295,069
63,215
132,962
102,316
Weighted average shares outstanding, basic490,197,468
460,476,661
489,266,292
462,979,116
Earnings per share, basic0.60
0.14
0.27
0.22
Super Group (SGHC) Limited Consolidated Statements of Financial Positionas at June 30, 2022 and December 31, 20212022
2021
June
December
€ '000s
€ '000s
ASSETS Non-current assets Goodwill24,982
25,023
Intangible assets159,715
172,954
Property, plant and equipment12,926
12,498
Right-of-use assets13,142
14,541
Deferred tax assets30,859
24,108
Regulatory deposits9,132
8,594
Loans receivable NC11,179
25,516
Financial asset1,687
1,686
263,622
284,920
Current assets Trade and other receivables156,618
169,252
Income tax receivables33,923
35,806
Restricted cash109,365
60,296
Cash and cash equivalents220,020
293,798
519,926
559,152
TOTAL ASSETS783,548
844,072
LIABILITIES Non-current liabilities Lease liabilities NC9,939
10,896
Interest-bearing loans and borrowings NC-
764
Deferred tax liability8,666
9,248
18,605
20,908
Current liabilities Warrant Liability17,418
-
Earnout Liability73,798
-
Lease liabilities4,918
5,353
Deferred consideration-
13,200
Interest-bearing loans and borrowings_C1,233
3,008
Trade and other payables124,678
147,353
Customer liabilities49,498
51,959
Provisions48,162
47,715
Income tax payables42,134
40,524
361,839
309,112
TOTAL LIABILITIES380,444
330,020
EQUITY Issued capital273,435
269,338
Earnout reserve(249,955)
-
Foreign exchange reserve(4,469)
(2,094)
Accumulated profit384,093
246,808
403,104
514,052
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY783,548
844,072
SGHC LimitedConsolidated Statements of Cash Flowsfor the Six months ended June 30, 2022 and June 30, 20212022
2021
€ '000s
€ '000s
Cash flows from operating activities Profit for the period135,337
102,487
Add back: Income tax expense14,582
6,011
Profit on disposal of assets-
(3,093)
Change in fair value of warrant liability(34,614)
-
Change in fair value of earnout liability(194,936)
-
Fx on revaluation of warrants and earnouts24,029
-
Share based payment expense126,252
-
Depreciation of property, plant and equipment2,704
1,398
RSU expense3,376
-
Gain on bargain purchase-
(10,661)
Amortization of right-of-use assets2,379
1,223
Amortization of intangible assets26,087
39,360
Increase in provisions257
1,895
Finance income(665)
(688)
Finance expense473
5,755
Unrealized foreign currency gain(11,857)
(526)
Changes in working capital: Decrease in trade and other receivables12,825
29,210
Decrease in trade and other payables(46,028)
(26,733)
Increase in customer liabilities(2,461)
3,335
Change in restricted cash(7,621)
(9,087)
Cash from operating activities50,119
139,886
Dividends tax paid(5,569)
-
Corporation tax rebates received1,846
-
Corporation tax paid(13,781)
(9,746)
Net cash flows from operating activities32,615
130,140
Cash flows from investing activities Cash received in interest519
464
Acquisition/disposals of intangible assets(12,762)
-
Acquisition of property, plant and equipment(2,740)
(1,334)
Acquisition of businesses, net of cash acquired-
5,151
Cash used in financial assets-
(848)
Restricted cash guarantee(41,448)
-
Receipts from loans receivable18,485
-
Issuance of loans receivable(3,749)
(25)
Receipt of repayment of loans and borrowings-
34,449
Cash used in regulatory deposits(538)
(5,650)
Net cash flows from/(used in) from investing activities(42,233)
32,207
Cash flows from/(used in) financing activities Shares repurchased(222,345)
(10,731)
Proceeds from shares issued net of transaction costs(1,487)
-
Cash paid for deferred consideration(13,200)
(2,089)
Proceeds from shares issued172,119
3,570
Repayment of interest-bearing loans and borrowings(4,761)
(16,815)
Repayment of lease liabilities - interest(468)
(205)
Repayment of lease liabilities - principal(2,573)
(2,566)
Net cash flows used in financing activities(72,715)
(28,836)
(Decrease)/increase in cash and cash equivalents(82,333)
133,511
Cash and cash equivalents at beginning of the period293,798
138,540
Effects of exchange rate fluctuations on cash held8,555
(225)
Cash and cash equivalents at end of the period220,020
271,826
View source version on businesswire.com: https://www.businesswire.com/news/home/20220810005769/en/
Investors: investors@sghc.com Media: media@sghc.com
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