2020
ANNUAL REPORT
C A T A P U L T S P O R T S . C O M
C A T A P U L T | F I F A L P S R F I
1
0.1 EXECUTIVESUMMARY 2 0 2 0 A N N U A L R E P O R T
1.0
I M P O R T A N T
N O T I C E
This document may contain forward looking statements
including plans and objectives. Do not place undue
reliance on them as actual results may differ, and may
do so materially. They reflect Catapult’s views as at the
time made, are not guarantees of future performance
and are subject to uncertainties and risks, such as those
described in the Business Risk section of the Directors’
Report in this document. Subject to law, Catapult
assumes no obligation to update, review or revise any
information in this document.
While Catapult’s results are reported under IFRS, this
document may also include non-IFRS information
(such as EBITDA, contribution margin, free cash flow,
annual recurring revenue (ARR), annualised contract
value (ACV), lifetime duration (LTD), and churn). These
measures are provided to assist in understanding
Catapult’s financial performance. They have not been
independently audited or reviewed, and should not be
considered an indication of, or an alternative to, IFRS
measures.
The information in this document is for general
information purposes only, and does not purport to
be complete. It should be read in conjunction with
Catapult’s other market announcements. Readers
should make their own assessment and take professional
independent advice prior to taking any action based on
the information.
Due to rounding, numbers presented throughout this
document may not add up precisely to the totals
provided and percentages may not precisely reflect the
presented figures.
C A T A P U L T S P O R T S . C O M
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2 0 2 0 A N N U A L R E P O R T
2.0
C O N T E N T S
→ F Y 2 0 K E Y A C H I E V E M E N T S
4
→ C H A I R M A N A N D C E O L E T T E R S
6
→ S T R A T E G Y A N D R E V I E W O F O P E R A T I O N S
1 0
→ R E P O R T O F T H E D I R E C T O R S A N D
F I N A N C I A L R E P O R T
1 9
C A T A P U L T S P O R T S . C O M
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2 0 2 0 A N N U A L R E P O R T
3.0
F Y 2 0 K E Y
A C H I E V E M E N T S
→ D E L I V E R E D $ 9 M O F
P O S I T I V E F R E E C A S H
F L O W , A Y E A R E A R L I E R
T H A N E X P E C T E D
→
F I F T H C O N S E C U T I V E
H A L F O F C O N S I S T E N T
E B I T D A G R O W T H , U P
$ 9 . 2 M T O $ 1 3 . 3 M
→
2 6 C U S T O M E R -
F A C I N G S O L U T I O N S /
U P G R A D E S
→ M A N A G E M E N T O F
C O V I D - 1 9 C R I S I S
C A T A P U L T S P O R T S . C O M
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2 0 2 0 A N N U A L R E P O R T
3.1
O P E R A T I O N A L
H I G H L I G H T S
S A L E S
T E C H N O L O G Y
C O R P O R A T E
→ Major marquee
→
Delivered 26
→
US appointments
team signings
customer-led
including CEO, COO
→
Another successful
innovative solutions
and SVP of Product
year with league-
→
Vector take up rate
→ Moving to USD
wide deals
of 17.4% across all
reporting currency
→
Growth in multi-
customers
→
New Independent
solution customer
up 39%
→
→
COVID-19 solutions
Board Member with
$9m invested in
R&D to drive future
growth
the appointment of
Michelle Guthrie
3.2
F I N A N C I A L
H I G H L I G H T S
R E C U R R I N G R E V E N U E
A R R
A C V
A C V C H U R N ( % )
S U B S C R I P T I O N R E V E N U E
L I F E T I M E D U R AT I O N ( Y E A R S )
R E V E N U E
E F F I C I E N C Y A N D S C A L A B I L I T Y
C O N T R I B U T I O N M A R G I N ( % )
O P E R AT I N G L E V E R A G E
E B I T D A
F R E E C A S H F L O W
G R O W T H I N V E S T M E N T
R & D A S A % O F R E V E N U E
F Y 2 0
( A U D $ M )
F Y 1 9
( A U D $ M )
%
C H A N G E
7 2 . 6
6 2 . 5
6 . 7 %
7 7. 6
6 . 5
1 0 0 . 7
4 8 . 6
1 3 . 3
9 . 0
9%
6 6 . 2
5 5 . 6
6 . 3 %
6 4 . 0
1 0 %
1 2 %
6 %
2 1 %
6 . 7
( 3 % )
9 5 . 4
4 0 . 3
6 %
2 1 %
4 .1
2 2 5 %
( 1 7.1 )
1 5 3 %
11%
(18%)
C A T A P U L T S P O R T S . C O M
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2 0 2 0 A N N U A L R E P O R T
4.1
C H A I R M A N A N D
C E O L E T T E R S
Dear Shareholders,
We are proud of the significant progress Catapult
has made this financial year. On behalf of your Board
of Directors, it is our pleasure to share with you the
Catapult Group International Ltd Annual Report for the
financial year ended 30 June 2020 (FY20).
Our significant progress as a global software business
included the delivery of strong financial outcomes in a
year of unforeseen challenges and uncertainty due to
impacts of the COVID-19 global pandemic.
Catapult’s SaaS business model, loyal customer base,
innovation focus and effective management response
held the Company in good stead during the global
lockdown of professional sports through late FY20.
Catapult is experiencing the scalability typical of a
successful subscription software business, with expense
growth falling and revenue growth supported by strong
growth in subscription revenue.
D R . A D I R
S H I F F M A N
E X E C U T I V E
C H A I R M A N
The combination of continued growth and operating
leverage means we have passed an important scalability
inflection point. Catapult’s positive and high growth
EBITDA result and delivery of positive free cash flow, a
year earlier than expected, further de-risked the business
in FY20.
C A T A P U L T ’ S S A A S B U S I N E S S M O D E L , L O Y A L
C U S T O M E R B A S E , I N N O V A T I O N F O C U S A N D
E F F E C T I V E M A N A G E M E N T R E S P O N S E H E L D
T H E C O M P A N Y I N G O O D S T E A D D U R I N G T H E
G L O B A L L O C K D O W N O F P R O F E S S I O N A L
S P O R T S T H R O U G H L A T E F Y 2 0 .
C A T A P U L T S P O R T S . C O M
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2 0 2 0 A N N U A L R E P O R T
Noting more information on our FY20 achievements
is provided in the CEO letter and pages following,
Catapult’s major FY20 financial and operating highlights
included:
• EBITDA of $13.3 million, up 225%
• Positive free cash flow of $9.0 million, up $26.1
million
• $27.5 million cash balance at 30 June 2020 ($39.8
million at 14 August 2020)
• Subscription revenue of $77.6 million, up 21%
• Revenue $100.7 million, up 6%; and
•
39% growth in customers with more than one
Catapult solution.
Early in the financial year the Board was delighted to
welcome Will Lopes as Catapult’s CEO. As the former
Chief Revenue Officer of Amazon subsidiary Audible, Will
brings world-class technology and growth experience
from one of the world’s most successful technology
businesses. With the North American and European
markets comprising the majority of Catapult’s revenue
Will is based out of Catapult’s Boston office.
With Will as CEO, the Board is confident that we have
a leader with global experience, huge ambition, and the
proven ability to help us create the most impactful and
successful technology Company in world sport.
The appointment of Will and his subsequent recruitment
of high calibre leaders including Hayden Stockdale
(CFO), Chris Cooper (COO) and Yana Bulva (SVP
Product) enhances Catapult’s capacity to scale globally.
O U T L O O K
We are excited and focused on maximising the huge
growth potential of Catapult. Having delivered our first
full year of positive free cash flow in FY20 the Company
remains committed to maintaining positive free cash
flow in FY21. Catapult also expects revenue to return
to growth rates consistent with the Company’s history,
although this is in part dependent on the duration and
nature of COVID-19.
We continue to invest in innovation and R&D investment
is expected to return to more historical levels compared
with the low base reported in FY20. This will bring
Catapult more into line with the R&D investment profiles
of high growth global technology businesses.
The delays and temporary closures of many sports over
recent months have shifted the Company’s sales cycle,
and consequently a significant proportion of sales that
would otherwise have been made in 4Q20 are now
expected to be made in 1H21. We believe the long-term
underlying revenue growth rate of the Company has not
been impacted by COVID-19. It is too early to comment
on the short-term (FY21).
There is further de-risking potential for Catapult’s
business should professional sport continue to adjust
effectively to the operational requirements of a
COVID-19 affected world.
I am extremely thankful for the continued commitment
of the Board, the Executive team and our employees
around the world in what has been a challenging and
rewarding year.
Finally, the Board is enormously grateful to athletes,
teams and shareholders for their continued support in
the past year. Catapult’s continued growth would not be
possible without your support and loyalty. Thank you.
Board capability and independence was improved during
FY20 following the appointment of Michelle Guthrie as
an independent non-executive director and the return of
Jim Orlando to a non-executive director role.
Regards
As a high-growth software Company, with a growing
global customer base and market leadership we were
delighted to be included as an original constituent in the
new S&P/ASX All Technology Index. We view Catapult’s
inclusion as a positive sign of our increasing relevance for
a growing range of investors globally.
Dr Adir Shiffman
Executive Chairman
C A T A P U L T S P O R T S . C O M
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2 0 2 0 A N N U A L R E P O R T
4.2
C H A I R M A N A N D
C E O L E T T E R S
Dear Shareholders,
Catapult’s progress through FY20 highlights why I
was so excited to join Catapult in November 2019.
It demonstrates that the fundamentals of a strong
recurring subscription business coupled with a low churn
customer base creates amazing operating leverage.
This operating leverage allowed us to achieve positive
cash flow a year ahead of plan under the extremely
challenging and stressful circumstances presented by
COVID-19.
Our progress in FY20 excites me even more about our
prospects as we continue to innovate on behalf of our
customers.
C U S T O M E R F O C U S A N D I N N O VAT I O N
D R I V I N G S U B S C R I P T I O N R E V E N U E G R O W T H
Despite COVID-19 impacts slowing our growth late in the
year, we were able to grow subscription revenue 21% and
deliver 26 new solutions to our customers.
All solution verticals contributed to subscription revenue
growth with Performance & Health +29%, Tactics &
Coaching +10%, Management +26% and Media and
Engagement +27%.
Catapult continued to win marquee customer signings,
be successful with League Wide Deals (LWD), grow
multi-solution customers, secure deal renewals and
extensions, and report low churn in FY20.
W I L L L O P E S
C H I E F
E X E C U T I V E
O F F I C E R
Catapult’s global customer base expanded to 3,246 with
marquee signings and renewals including Real Madrid,
Chicago Bears, Stanford University and the England and
Wales Cricket Board. Prominent LWDs were the signing
of Dimayor (top two tiers of Colombian Football with 36
teams) and Major League Rugby.
Customers with more than one solution grew 39% YoY,
and significantly contributed to continued low customer
churn with ACV churn for FY20 at 6.7% compared to
6.3% in FY19.
Catapult invested $9 million in R&D in FY20 to drive
future growth and build on its industry leadership
position. 96% of this investment was focused on Pro
segment innovation. The new 26 customer-facing
solutions included COVID-19 innovations and upgrades
for Pro segment customers across soccer, baseball, rugby
and US college football.
O U R P R O G R E S S I N F Y 2 0 E X C I T E S M E E V E N M O R E
A B O U T O U R P R O S P E C T S A S W E C O N T I N U E T O
I N N O V A T E O N B E H A L F O F O U R C U S T O M E R S .
C A T A P U L T S P O R T S . C O M
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2 0 2 0 A N N U A L R E P O R T
Catapult’s new COVID-19 innovations are now used
by over 2,000 athletes and customer utilisation of our
solutions is now higher than a year ago.
Catapult continues to increase its focus on its key US
market with US customers now contributing 65% of
revenue. In addition to myself being US-based I have
made some key appointments which will help Catapult
scale globally and accelerate growth. I was delighted
to welcome Chris Cooper (COO) and Yana Bulva
(SVP, Product) to senior US based roles at Catapult.
The executive team was also strengthened by my
appointment of Hayden Stockdale as Catapult’s CFO.
S T R O N G F I N A N C I A L R E S U LT S
Catapult was pleased to deliver EBITDA of $13.3 million
in FY20, an improvement of $9.2 million, driven by
continued strong subscription revenue growth of 21%
(total revenue growth 6%) and a decline in operating
expenses.
Catapult has now delivered five consecutive half-years of
consistent EBITDA growth driven by its continued focus
on efficient implementation of a SaaS business model
resulting in higher operating leverage and profitable
growth.
The Company committed to deliver positive free cash
flow into FY21 and it is pleased to achieve this goal a
year earlier than planned, in spite of COVID-19.
Positive free cash flow of $9 million further de-risks the
Company. This achievement includes $9 million of R&D
investment for future growth.
This positive cash flow inflection point means we are
becoming a great SaaS business that is well positioned
to scale while delivering great service to our customers
and value to our shareholders.
Combined with our conscious focus on driving
subscription sales, capital sales (-27.6%) were most
affected and total FY20 revenue was estimated to be
$14.5 million lower.
I was pleased we managed the prosumer customer
segment more efficiently and to plan. It delivered
strong EBITDA improvement with a loss of $0.7 million
compared with a loss of $6.1 million in FY19. The
improvement is attributable to the restructuring of this
business delivering operating cost containment and lower
marketing spend. Prosumer revenue declined 7.7% with
sales impacted by COVID-19 lockdowns in key markets.
Catapult’s ability to execute during such a challenging
period is a great sign of our product strength, our
employees’ dedication to our customers, and the
experience of our executive team. I am proud of what
we’ve accomplished at Catapult since my arrival.
O U T L O O K
Further to the Chairman’s commentary about the
outlook FY21 will be a shorter financial year comprising
nine months as a result of Catapult changing to a 31
March year end. The change of year end and switch to a
USD reporting currency will better reflect the Company’s
underlying successful operating and earnings profile
driven by its growth in the northern hemisphere market.
Finally, thank you to the Board for their support and
thank you to our customers.
What attracted me to Catapult is its global technology
leadership and the huge opportunity to keep innovating
and redefining the performance of elite teams and
athletes globally. Catapult is a business with strong
financial fundamentals with the potential to become the
‘Salesforce’ of the sports performance technology world.
Catapult is in a strong financial position. At 30 June
2020 its cash position was $27.5 million ($39.8 million at
14 August 2020). This includes $7.3 million drawn from a
debt facility in March 2020 at the beginning of COVID-19
lockdown restrictions.
Regards,
These strong financial results were achieved despite the
impacts from COVID-19. Our major 4Q (4th quarter)
selling season was disrupted by COVID-19, pushing sales
into the first half of next financial year.
Will Lopes
CEO
C A T A P U L T S P O R T S . C O M
9
FY20
REVIEW OF OPERATIONS
C A T A P U L T S P O R T S . C O M
C A T A P U L T | F I F A L P S R F I
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1 0
0.1 EXECUTIVESUMMARY 2 0 2 0 A N N U A L R E P O R T
5.1
C A T A P U L T ’ S C U S T O M E R S O L U T I O N -
B A S E D S T R A T E G Y
P L A T F O R M
S E G M E N T S
M A N A G E M E N T
P E R F O R M A N C E &
H E A LT H
TA C T I C S &
C O A C H I N G
M E D I A &
P R O F E S S I O N A L
E N G A G E M E N T
S E R V I C E S
O P P O R T U N I T Y
S T R O N G
P O S I T I O N
S T R O N G
P O S I T I O N
O P P O R T U N I T Y
O P P O R T U N I T Y
P R O
A M S
W E A R A B L E S
V I D E O
L I C E N S I N G
O P P O R T U N I T Y
O P P O R T U N I T Y
O P P O R T U N I T Y
O P P O R T U N I T Y
O P P O R T U N I T Y
P R O S U M E R
W E A R A B L E S
Catapult's vision is to empower every athlete and team on earth with technology to perform at their best. In helping
our customers Catapult aims to offer the most comprehensive set of solutions for teams and athletes to improve
performance.
Catapult sees huge opportunity to create additional value for customers in the solution categories where the
Company already has a strong position, for example Performance & Health and Tactics & Coaching, and in solution
categories where the Company is developing new capabilities.
The Company’s customer facing solution-based strategy is illustrated above.
This image highlights some of Catapult's unique suite of software and solutions
C A T A P U L T S P O R T S . C O M
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2 0 2 0 A N N U A L R E P O R T
5.2
G L O B A L S C A L E A N D G R O W I N G
C U S T O M E R B A S E
The implementation of this strategy includes a focus on
growing the number of customers with more than one
Catapult solution. Pleasingly this cohort of customers
grew by 39% in FY20 and this growth significantly
contributed to continued low customer churn with ACV
churn for FY20 at 6.7% compared to 6.3% in FY19.
In addition to delivering low churn and growing multi-
solution customers, Catapult’s customer focus enabled
Catapult to win marquee customer signings, be
successful with League Wide Deals (LWD), and secure
deal renewals and extensions in FY20.
Catapult’s global customer base expanded to 3,246 with
marquee signings and renewals including Real Madrid,
Chicago Bears, Stanford University and the England and
Wales Cricket Board. Prominent LWDs were the signing
of Dimayor (top two tiers of Colombian Football with 36
teams) and Major League Rugby.
This success and expansion of the customer base was
achieved in spite of COVID-19 impacts.
Catapult continues to increase its focus on its key
US market with US customers now contributing 65%
of Catapult’s revenue. Senior appointments in FY20
included a US based CEO, COO and SVP of Product.
The Americas comprising the USA is Catapult’s highest
value geographic segment providing 47% of Catapult’s
customer base and 70% of Catapult’s revenue.
The charts following provide a more detailed analysis
of the customer numbers and revenue contributions by
region.
4 7 %
C A T A P U L T S P O R T S . C O M
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2 0 2 0 A N N U A L R E P O R T
5.3
I N V E S T M E N T I N G R O W T H A N D 2 6 N E W
C U S T O M E R F A C I N G S O L U T I O N S
As part of its commitment to creating the platform of solutions for athletes and teams Catapult invested $9
million in R&D in FY20 to drive future growth and build on its industry leadership position. 96% of this investment
was focused on Pro segment innovation. In the last year Catapult delivered 26 customer-facing solutions including
COVID-19 innovations and upgrades for Pro segment customers across soccer, baseball, rugby and US college
football.
5.4
R E S P O N D I N G T O
C O V I D - 1 9 C H A L L E N G E S
Catapult’s SaaS business model, loyal customer base, innovation focus and effective management response held the
Company in good stead during the global lockdown of professional sports through late FY20.
Our major 4Q (4th quarter) selling season was disrupted by COVID-19, pushing sales into 1H FY21. Combined with
our conscious focus on driving subscription sales, capital sales (-27.6%) were most affected and total FY20 revenue
was estimated to be $14.5 million lower. Cash collections were strong through the second half of FY20.
Despite COVID-19, subscriptions revenue grew strongly in 4Q within our core verticals:
• Performance & Health (wearables) up 25% and Tactics & Coaching (video solutions) up 11% on 4Q FY19.
• Catapult’s new COVID-19 innovations are now used by over 2,000 athletes and customer utilisation of our
solutions is now higher than a year ago.
• Management swiftly imposed cost measures in late March 2020. As the impact on the business wasn’t as severe
as management had prepared for, Catapult has begun lifting cost measures.
C A T A P U L T S P O R T S . C O M
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5.5
S T R O N G F I N A N C I A L
R E S U L T S A N D M E T R I C S
F Y 2 0
( A U D $ M )
F Y 1 9
( A U D $ M )
%
C H A N G E
A R R
A C V
7 2 . 6
6 2 . 5
6 6 . 2
5 5 . 6
A C V C H U R N ( % )
6 . 7 %
6 . 3 %
R E C U R R I N G R E V E N U E
S U B S C R I P T I O N R E V E N U E
L I F E T I M E D U R AT I O N ( Y E A R S )
R E V E N U E
E F F I C I E N C Y A N D S C A L A B I L I T Y
C O N T R I B U T I O N M A R G I N ( % )
O P E R AT I N G L E V E R A G E
E B I T D A
F R E E C A S H F L O W
G R O W T H I N V E S T M E N T
R & D A S A % O F R E V E N U E
7 7. 6
6 . 5
1 0 0 . 7
4 8 . 6
1 3 . 3
9 . 0
9%
1 0 %
1 2 %
6 %
2 1 %
6 4 . 0
6 . 7
( 3 % )
9 5 . 4
4 0 . 3
6 %
2 1 %
4 .1
2 2 5 %
( 1 7.1 )
1 5 3 %
11%
(18%)
Catapult delivered $13.3 million of EBITDA in FY20, an improvement of $9.2 million, driven by continued strong
subscription revenue growth of 21% (total revenue growth 6%) and a decline in operating expenses.
The Company committed to deliver positive free cash flow into FY21 and it is pleased to achieve this goal a year
earlier than planned, in spite of COVID-19.
The driver of these strong results is Catapult’s continued focus on efficient implementation of a SaaS business
model resulting in higher operating leverage and profitable growth. The Company has now delivered five consecutive
half-years of consistent EBITDA growth.
Catapult achieved strong growth in subscription revenue across all solution categories with contributed with
Performance & Health +29%, Tactics & Coaching +10%, Management +26% and Media and Engagement +27%.
The graphs following highlight the positive multi-year trends which have emerged from the efficient implementation
of a SaaS business model.
C A T A P U L T S P O R T S . C O M
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5.6
R E V E N U E G R O W T H D R I V E N
B Y S U B S C R I P T I O N R E V E N U E
→ Subscription revenue +21%.
→ Our major Q4 selling season was disrupted by
COVID-19, likely, pushing sales into H1 FY21.
Capital sales (-27.6%) were most affected.
→ Our pre-COVID-19 internal estimate for FY20
revenue was approximately $14.5m higher than
our reported result.
→ Delivered five consecutive halves of consistent
EBITDA growth.
F Y 1 7
F Y 1 8
F Y 1 9
F Y 2 0
5.7
E B I T D A G R O W T H
M O M E N T U M
F Y 1 7
F Y 1 8
F Y 1 9
F Y 2 0
C A T A P U L T S P O R T S . C O M
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5.8
O P E R A T I N G E X P E N S E C O N T I N U E S
T O D E C L I N E W I T H S C A L E
Operating expenses as a percentage of revenue is
trending lower. This is an important measure of scale
and efficiency highlighted by a consistently higher
rate of revenue growth relative to expense growth.
Cost of Goods Sold grew less than revenue due to the
skew towards higher margin subscription business
and variable costs were lower from scale efficiencies,
reduced investment in Consumer, and savings from
COVID-19 measures. Growth in fixed labour expenses
was planned and supports future business and revenue
growth.
Contribution Margin is a common SaaS metric
calculated as the percentage of revenue retained after
all variable costs, and measures the operating leverage
of the Company to revenue growth. Sustained
revenue growth and scale efficiencies across variable
costs have driven the improvement in Catapult’s
contribution margin.
Contributing to the strong results was a $5.4 million
EBITDA improvement from the Prosumer division.
Prosumer delivered an EBITDA loss of $0.7 million
compared with a loss of $6.1 million in FY19. The
improvement is attributable to the restructuring of
this business delivering operating cost containment
and lower marketing spend. Prosumer revenue
declined 7.7% with sales impacted by COVID-19
lockdowns in key markets.
S T R O N G F I N A N C I A L P O S I T I O N
Catapult is in a strong financial position. At 30 June
2020 its cash position was $27.5 million ($39.8 million
at 14 August 2020). This includes $7.3 million drawn
from a debt facility in March 2020 at the beginning of
COVID-19 lockdown restrictions.
C A T A P U L T S P O R T S . C O M
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5.9
2 0 1 9 / 2 0 C H A M P I O N S
U S E C A T A P U L T
K A N SAS C I T Y C H I E F S
LO U I S I A N A S TAT E
R E A L M A D R I D
FC P O R TO
R OYA L A N TW E R P FC
N F L
U N I V E R I S T Y
L A L I G A
P R I M E I R A L I G A
C R O K Y C U P
N C A A F O O T B A L L
B E E R S C H OT W I L R I J K
D I N A M O Z AG R E B
S Y D N E Y R O O S T E R S
R I C H M O N D T I G E R S
P R O X I M U S L E A G U E
P R V A L I G A
N R L
A F L
C A N T E R B U RY
C R U SA D E R S
S U P E R R U G B Y
R E D S TA R B E LG R A D E
F K VOJ VO D I N A
K AWASA K I F R O N TA L E
F K SA R A J E VO
L E G I A WA R SAW
S E R B I A N S U P E R L I G A
S E R B I A N C U P
J . L E A G U E Y B C
N A T I O N A L C U P
E K S T R A K L A S A
S TA L M I E L E C
I L I G A
S L AV I A P R AG U E
F O R T U N A L I G A
F K PA R D U B I C E
F N L
F E R E N C VA R O S
N E M Z E T I
M T K B U DA P E S T
N E M Z E T I
B A J N O K S A G I
B A J N O K S A G I I
FC S H A K H TA R D O N E T S K
FC DY N A M O K Y I V
F K S U D U VA
F K Q A R A BAG
U K R A I N I A N
U K R A I N I A N C U P
N A T I O N A L L E A G U E
A Z E R B A I J A N I
P R E M I E R L E A G U E
P R E M I E R L E A G U E
S Y D N E Y FC
A - L E A G U E
P E R T H W I L D C AT S
S UWO N SA M S U N G
K AS H IWA R E YS O L
N I P P O N T V TO K YO
N B L
K O R E A N F A C U P
J - 2 L E A G U E
V E R DY B E L E Z A
N A D E S H I K O
L E A G U E D I V 1
K FA
E A F F E - 1
C H A M P I O N S H I P
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M A J O R S I G N I N G S
R E A L M A D R I D C F
M A J O R L E A G U E
R U G B Y
( L E A G U E - W I D E )
C A R O L I N A
P A N T H E R S
U N I V E R S I T Y
O F N O R T H C A R O L I N A
U N I V E R S I T Y
O F S O U T H
C A R O L I N A
E N G L A N D A N D
W A L E S C R I C K E T
B O A R D
C H I C A G O B E A R S
F C R I G A
A N A H E I M D U C K S
U N I V E R S I T Y O F
M I S S I S S I P P I
U N I V E R S I T Y
O F I O W A
S T A N F O R D
U N I V E R S I T Y
F C B A S E L
D I M A Y O R
( L E A G U E - W I D E )
Z H E J I A N G
G R E E N T O W N F C
S K S L A V I A
P R A G U E
L A W N T E N N I S
A S S O C I A T I O N
U N I V E R S I T Y O F
N E V A D A L A S
V E G A S
5.11
M U L T I - S O L U T I O N
C U S T O M E R S
Catapult saw growth in customers with two or more
solutions increase by 39%, and growth in total custom-
ers of over 20% since June 2019.
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REPORT OF THE DIRECTORS
AND FINANCIAL REPORT
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O F P R O F I T O R L O S S A N D
T H E M E M B E R S O F C A T A P U L T G R O U P
O T H E R C O M P R E H E N S I V E I N C O M E
I N T E R N A T I O N A L L T D
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D I R E C T O R S ’
R E P O R T
The Directors of Catapult Group International Ltd (‘Catapult’ or ‘The Company’) present their Report together
with the financial statements of the consolidated entity, being Catapult Group International Ltd and its controlled
entities (‘the Group’) for the year ended 30 June 2020 (‘FY20’).
D I R E C T O R D E T A I L S
The following persons were Directors of Catapult Group International Ltd during or since the end of the financial year.
D R A D I R S H I F F M A N
M R S H A U N H O L T H O U S E
MBBS, Medicine
Executive Chairman
Appointed 4 September 2013
Member of Nomination and Remuneration
Committee
Dr Adir Shiffman, Executive Chairman of Catapult,
has extensive CEO and board experience in the
technology sector.
Adir has founded and sold more than half a dozen
technology startups, many of which were high growth
SaaS (software as a service) businesses. His expertise
includes strategic planning, international expansion,
mergers and acquisitions, and strategic partnerships.
Adir currently sits on several boards. He is regularly
featured in the media in Australia, the US and Europe.
Adir graduated from Monash University with a
Bachelor of Medicine and a Bachelor of Surgery. Prior
to becoming involved in the technology sector, he
practised as a doctor.
Other current Directorships:
None
Previous Directorships (last 3 years):
iBuyNew Group Limited (ASX:IBN)
B.E. (Hon), Mechanical Engineering, GAICD
Founder, Non-Executive Director (previously CEO until
30 April 2017)
Shaun co-founded Catapult in 2006 and served as
CEO up until 30 April 2017. During that time, he played
a central role in developing Catapult’s wearable
technology and is the author of many of its patents.
Under his leadership Catapult launched and expanded
sales into more than 15 countries - including establishing
subsidiaries in the US and UK and becoming the
dominant elite wearable company globally.
Shaun was responsible for raising early capital, listing
on the ASX, acquiring GPSports, XOS and Kodaplay
(Playertek) and developing Catapult’s strategy to grow
from a wearable only company to building out the
technology stack for elite sport and leveraging this into
consumer team sports.
Prior to Catapult, Shaun had extensive experience in
new technology transitioning into commercial products,
including biotechnology, MEMS, fuel cells, and scientific
instrumentation.
Shaun holds a Bachelor of Engineering (Hons) from the
University of Melbourne and is a graduate member of
the Australian Institute of Company Directors. He is the
author of numerous patents and patent applications in
athlete tracking, analytics and other technologies. He
also works as a professional director as well as providing
advisory services for technology start-ups.
Other current Directorships:
None
Previous Directorships (last 3 years):
None
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D I R E C T O R S ’
R E P O R T
M R I G O R V A N D E G R I E N D T
B.E. Electrical Engineering
Founder, Non-Executive Director
Member of Audit and Risk Committee
Mr Igor van de Griendt has served as Chief Operating
Officer, Chief Technology Officer (CTO) and as an
Executive Director before moving into a Non-Executive
Director role in July 2019.
In his capacity as CTO, he was responsible for providing
strategic direction and leadership in the development
of Catapult’s products, both in the analytical and cloud
space, as well as with respect to Catapult’s various
wearable product offerings. Igor also provided guidance
and operational support to Catapult’s R&D, software
and cloud development teams during that time.
Prior to co-founding Catapult, Igor was a Project
Manager for the CRC for MicroTechnology which, in
collaboration with the Australian Institute of Sport,
developed several sensor platforms and technologies
ultimately leading to the founding
of Catapult.
Prior to joining the CRC for MicroTechnology, Igor ran
his own consulting business that provided engineering
services for more than 13 years to technology companies
such as Redflex Communications Systems (now part
of Exelis, NYSE:XLS), Ceramic Fuel Cells (ASX:CFU),
Ericsson Australia, Siemens, NEC Australia and Telstra.
Igor holds a Bachelor of Electrical Engineering from
Darling Downs Institute of Advanced Education (now
University of Southern Queensland). Igor is also the
author of numerous patents and patent applications in
athlete tracking, and other sensor technologies.
Other current Directorships:
None
Previous Directorships (last 3 years):
None
M R B R E N T S C R I M S H A W
Independent Non-Executive Director
Appointed 24 November 2014
Chair of Nomination and Remuneration Committee
Mr Brent Scrimshaw has over 25 years of experience in
consumer innovation, executive business leadership and
brand management within the global sports industry.
Brent had an 18-year career at Nike Inc, where he
held senior leadership roles in Australia, Europe and
the United States, including Vice President and Chief
Executive of Nike Western Europe; Chief Marketing
Officer and Vice President of Category Businesses
for Nike Europe, Middle East and Africa; and General
Manager of Nike’s East Coast United States operations
in New York.
As one of Nike Inc’s 30 most senior leaders worldwide,
Brent also served on Nike’s Global Corporate Leadership
Team, where he helped lead the creation of Nike’s overall
brand and global operating strategy, as well as playing
a senior role as a key member of the Global Commercial
Operations Executive Team, responsible for sales and
distribution strategies worldwide.
Brent is also a Non-Executive Director at Rhinomed
Ltd, an ASX listed medical technology company focused
on enhancing human efficiency through innovative
respiratory technologies and also a Non-Executive
Director at ASX listed Kathmandu Holdings Ltd, a
specialty outdoor clothing and equipment retailer with
over 160 stores in AUS, NZ and the UK.
Brent was formerly a Director of Fox Head Inc,
the world’s largest manufacturer and marketer of
performance Moto-X and actions sports lifestyle
products, and Founder and CEO of Unscriptd Ltd which
was acquired by New York media company The Players
Tribune in Dec 2018.
Other current Directorships:
Rhinomed Ltd (ASX:RNO)
Kathmandu Ltd (ASX:KAT)
Previous Directorships (last 3 years):
Unscriptd Ltd
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D I R E C T O R S ’
R E P O R T
M R J A M E S O R L A N D O
M S M I C H E L L E G U T H R I E
BSc, MBA, GAICD
Independent Non-Executive Director
Appointed 24 October 2016
Chair of Audit and Risk Committee
Member of Nomination and
Remuneration Committee
Mr James Orlando has held senior finance positions
driving growth and shareholder value in the United
States, Asia and Australia. Most recently he was the
CFO of Veda Group Ltd (VED.ASX), leading the company
through its successful IPO in December 2013.
Before joining Veda, James was the CFO of AAPT
where he focused on improving the company’s earnings
as well as divesting its non-core consumer business.
He also served as the CFO of PowerTEL Ltd, an ASX-
listed telecommunications service provider which was
sold to Telecom New Zealand in 2007. James also held
various international treasury positions at AT&T and
Lucent Technologies in the US and Hong Kong including
running Lucent’s international project and export finance
organisation.
Other current Directorships:
360 Capital Digital Infrastructure Fund
Previous Directorships (last 3 years):
None
BA/Law (Hons)
Independent Non-Executive Director
Appointed 1 December 2019
Member of the Audit and Risk Committee
Over the last 25 years Michelle has held senior
management roles at leading media and technology
companies in Australia, the UK and Asia, including
BSkyB, Star TV and Google. She has extensive
experience and expertise in media management,
and content development, with deep knowledge of
traditional broadcasting, the digital media landscape
and the transformation necessary to embrace the digital
consumer.
From 2003 to 2007, Michelle was based in Hong Kong as
Chief Executive Officer of STAR TV, responsible for pay
TV platforms and content development in India, China,
Indonesia and across Asia. She then spent several years
as an equity adviser and investor for Providence Equity
covering Asia Pacific from Hong Kong, before moving to
Singapore for a senior role at Google Asia Pacific.
In her role at Google as Managing Director for Agencies,
Michelle developed business partnerships with key global
advertising agencies.
From 2016 to 2018, Michelle was the Managing Director
of the Australian Broadcasting Corporation where she
led the transformation of the organisation, increasing
the efficiency and effectiveness of work across the ABC
as well as investing in investigative journalism, regional
journalism and innovative Australian content.
Michelle holds a Bachelor of Arts and Law (Honours)
from the University of Sydney, Australia and serves on
the board of Starhub, a leading telco, in Singapore.
Other current Directorships:
Hoppr Ltd
StarHub Ltd
Previous Directorships (last 3 years):
Australian Broadcasting Corporation (ABC)
Auckland Airport
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D I R E C T O R S ’
R E P O R T
C O M P A N Y S E C R E T A R Y
Markus Ziemer is a lawyer and was previously employed
in legal and commercial roles including as General
Manager Corporate Services at Pacific Hydro Pty Ltd.,
Ashton Mining Ltd., and Senior Counsel Newcrest Mining
Ltd., He received his undergraduate LLB and BA degrees
from the University of Melbourne and an MBA from
Melbourne Business School. Markus was appointed
Company Secretary of Catapult Group International Ltd
on 28 September 2017, and resigned effective 12 August
2020.
Jonathan Garland commenced as Company Secretary
on 12 August 2020. Jonathan’s career includes extensive
ASX-listed general counsel and Company secretarial
experience, as well as a wide-ranging international
corporate legal background. Jonathan graduated with
honours degrees in both Law and Commerce from the
University of Melbourne.
P R I N C I P A L A C T I V I T I E S
During the year, the principal activities of the entities
within the Group were:
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→
→
→
the development and sale of performance and
health technology solutions, including wearable
tracking and analytics, to elite sporting teams,
leagues and associations;
the development and sale of tactical and
coaching technology solutions, including digital
video and analytics, to elite sporting teams,
leagues and associations;
the development and sale of performance and
health technology solutions, including wearable
tracking and analytics, to prosumer athletes,
sporting teams and associations; and
the development and sale of an athlete
management platform and analytics to elite
sporting teams, leagues and associations.
The Group’s wearable and video solutions are provided
to elite clients on both a subscription and upfront sales
basis, with subscription sales forming the majority of
all sales to elite clients. Catapult is the global leader in
wearable tracking technology and analytics solutions for
the sports performance market with more than 3,200
teams. Catapult is also a market leader in providing
innovative digital and video analytic software solutions
to elite sports teams in the United States.
With major offices in Australia, the United States and
the United Kingdom and over 330 staff in 24 countries,
Catapult is a global technology success story that is
committed to advancing the way data is used in elite
sports.
R E V I E W O F O P E R A T I O N S & F I N A N C I A L
R E S U L T S
Total revenue grew by 6% to $100,732,503
•
• EBITDA increased by 225% to $13,277,214
•
The Group delivered net free cash flow of $9,018,328;
an improvement of 153% on the year ended 30 June
2019 (‘FY19’)
The Group has recorded a decreased loss of
$7,673,672, compared to a net loss of $12,580,990 in
FY19
Loss per share for the year was ($0.04) (2019:
($0.07)) and no dividend will be paid or declared
• Net assets decreased to $118,117,688 compared to
•
•
the previous years’ position of $120,683,169
• Surpassed the key milestone of over 1,000 North
American teams during FY20
• Despite COVID-19, subscription revenue grew
strongly in 4Q FY20 with Performance & Health up
25% and Tactics & Coaching up 11% on 4Q FY19
• Our major 4Q selling season was disrupted by
•
COVID-19, pushing sales into 1HFY21. Capital sales
were mostly impacted with capital revenue down
28% on FY19
The overall impact of COVID-19 was not as severe as
expected, and cost measures that were imposed at
the start of the pandemic were lifted in July
• COVID-19 innovations developed by Catapult are
now being used by over 2,000 athletes globally
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D I R E C T O R S ’
R E P O R T
S I G N I F I C A N T C H A N G E S I N T H E S T A T E O F
A F F A I R S
The following significant changes occurred during FY20:
• Will Lopes was appointed Chief Executive Officer on
11 November 2019
• Hayden Stockdale was appointed Chief Financial
Officer on 27 January 2020
• Calvin Ng resigned from the Board on 30 November
2019
• Michelle Guthrie was appointed to the Board as an
Independent Non-Executive Director on 1 December
2019
Furthermore, Catapult has broadened its suite of
athlete analytics solutions through organic growth and
through acquisitions, resulting in a substantially larger
addressable market opportunity across a wider range of
customers in both elite and prosumer sporting leagues.
Catapult expects to benefit in these and other segments
with increasing sales and brand loyalty.
B U S I N E S S R I S K
In executing its growth plans, Catapult is subject to the
market, operational and acquisition risks including those
outlined below:
• Catapult was included as an original constituent of
C O V I D - 1 9 R I S K S
the new S&P/ASX All Technology Index
E V E N T S A R I S I N G S I N C E T H E E N D O F T H E
R E P O R T I N G P E R I O D
• Chris Cooper was appointed Chief Operating Officer
on 16 July 2020
• Catapult announced that with effect from the
2021 financial year its year end was changing to 31
March and its presentation currency was changing
to United States dollar in order to better reflect
the Company’s underlying successful operating and
earnings profile driven by its northern hemisphere
market
Aside from the above, the Directors are not aware of any
matter or circumstance that has arisen since the end of
the financial year that, in their opinion, has significantly
affected, or may significantly affect in future years,
Catapult’s operations, the results of those operations or
the state of Catapult’s affairs.
The COVID-19 crisis is causing significant disruption in
sports. As Catapult announced on 27 March 2020, the
Company acted decisively to ensure the safety of all
employees and customers, while minimally impacting
the business. Catapult also implemented operating cost
mitigation measures. As announced on 13 July 2020,
pleasingly Catapult commenced lifting its COVID-19
cost mitigation measures as the negative impact to
Catapult’s business was less than anticipated. Despite
this, COVID-19 remains a risk for the Company. A
resurgence of COVID-19 may cause the closure or
disruption of sporting events, reduce customer demand,
adversely affect supply chain management, cause people
movement disruptions and financial market volatility
(including currency markets) and otherwise adversely
affect the business. COVID-19 may affect the ability of
Catapult’s customers or suppliers to comply with their
obligations under their agreements and influence renewal
or subsequent contracting decisions. Catapult continues
to assess the impact of COVID-19 on the business and ways
to mitigate any risks to the Company.
L I K E LY D E V E L O P M E N T S , B U S I N E S S
S T R A T E G I E S A N D P R O S P E C T S
E C O N O M I C R I S K
Based on the expected demand for athlete analytics
globally and the continued growth in the Group’s sales
and marketing platform across key regions, we are
optimistic about the long-term growth opportunity.
Catapult may be affected by general economic
conditions. Changes in the broader economic and
financial climate may adversely affect the conduct of
Catapult’s operations.
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D I R E C T O R S ’
R E P O R T
In particular, sustained economic downturns in key
geographies or sectors (in particular sports business
and consumer sectors), where Catapult is focused, may
adversely affect its financial performance. Changes
in economic factors affecting general business cycles,
global health risks such as the pandemic which
commenced during the reporting period, inflation,
legislation, monetary and regulatory policies, as well as
changes to accounting standards, may also affect the
performance of Catapult.
Further, if Catapult’s third-party hosting provider
ceased to offer its services to Catapult and Catapult
was unable to obtain a replacement provider quickly,
this could lead to disruption of service to the Catapult
website and cloud infrastructure. This could lead to a
loss of revenue while Catapult is unable to provide its
services, as well as adversely affecting its reputation.
This could have a material adverse effect on Catapult’s
financial position and performance.
C Y B E R S E C U R I T Y
I N D U S T R Y A N D C O M P E T I T I O N R I S K
Catapult’s performance could be adversely affected
if existing or new competitors reduce Catapult’s
market share, or its ability to expand into new market
segments. Catapult’s existing or new competitors
may have substantially greater resources and access
to more markets than Catapult. Competitors may
succeed in developing new technologies or alternative
products which are more innovative, easier to use or
more cost effective than those that have been or may be
developed by Catapult. This may place pricing pressure
on Catapult’s product offering and may impact on
Catapult’s ability to retain existing clients, as well as
Catapult’s ability to attract new clients. If Catapult
cannot compete successfully, Catapult’s business,
operating results and financial position could be
adversely impacted.
Catapult provides its services through cloud based
and other online platforms. Hacking or exploitation of
any vulnerability on those platforms could lead to loss,
theft or corruption of data. This could render Catapult’s
services unavailable for a period while data is restored.
It could also lead to unauthorised disclosure of users’
data with associated reputational damage, claims by
users, regulatory scrutiny and fines. Although Catapult
employs strategies and protections to improve the
quality of its global cyber security review, including
ongoing external cyber threat assessments to minimise
security breaches and to protect data, these strategies
and protections might not be entirely successful. In that
event, disruption to Catapult’s services could adversely
impact on Catapult’s revenue, profitability and growth
prospects. The loss of client data could have severe
impacts to clientservice, reputation, and the ability for
clients to use the products
T E C H N O L O G Y A N D H O S T I N G P L A T F O R M S
M A N U F A C T U R I N G A N D P R O D U C T
Q U A L I T Y R I S K S
Catapult relies on third-party hosting providers to
maintain continuous operation of its technology
platforms, servers and hosting services and the cloud-
based environment in which Catapult provides its
products. There is a risk that these systems may be
adversely affected by various factors such as damage,
faulting or aging equipment, power surges or failures,
computer viruses, or misuse by staff or contractors.
Other factors such as hacking, denial of service attacks,
or natural disasters may also adversely affect these
systems and cause them to become unavailable.
Catapult currently uses third party manufacturers
to produce components of its products. There is no
guarantee that these manufacturers will be able to
meet the cost, quality and volume requirements that are
required to be met for Catapult to remain competitive.
Catapult’s products must also satisfy certain regulatory
and compliance requirements which may include
inspection by regulatory authorities. Failure by Catapult
or its suppliers to continuously comply with applicable
requirements could result in enforcement action being
taken against Catapult.
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D I R E C T O R S ’
R E P O R T
As a manufacturer, importer and supplier of products,
product liability risk, faulty products and associated
recall and warranty obligations are key risks of the
Catapult business. While Catapult has product liability
insurance, not all claims will be covered by this and the
fallout from product liability issues may be far greater
than what an insurance policy is able to cover.
F O R E I G N E X C H A N G E
Foreign exchange rates are particularly important
to Catapult’s business given the significant amount
of revenue which Catapult derives outside Australia.
Catapult’s financial statements are prepared and
presented in Australian dollars. Adverse movements
in foreign currency markets could affect Catapult’s
profitability and financial position.
D E V E L O P M E N T A N D C O M M E R C I A L I S A T I O N
O F I N T E L L E C T U A L P R O P E R T Y
Catapult relies on its ability to develop and
commercialise its intellectual property. A failure to
protect, develop and commercialise its intellectual
property successfully could lead to a loss of
opportunities and adversely impact the operating results
and financial position of Catapult. Furthermore, any
third party developing superior technology or technology
with greater commercial appeal in the fields in which
Catapult operates may harm the prospects of Catapult.
Catapult’s success depends, in part, on its ability to
obtain, maintain and protect its intellectual property,
including its patents. Actions taken by Catapult to
protect its intellectual property may not be adequate,
complete or enforceable and may not prevent
the misappropriation of its intellectual property
and proprietary information or deter independent
development of similar technologies by others.
The granting of a patent does not guarantee that
Catapult’s intellectual property is protected and
that others will not develop similar technologies that
circumvent such patents. There can be no assurance that
any patents Catapult owns, controls or licences, whether
now or in the future, will give Catapult commercially
significant protection of its intellectual property.
Monitoring unauthorised use of Catapult’s intellectual
property rights is difficult and can be costly. Catapult
may not be able to detect unauthorised use of its
intellectual property rights. Changes in laws in Australia
and other jurisdictions in which Catapult operates may
adversely affect Catapult’s intellectual property rights.
Other parties may develop and patent substantially
similar or substitute products, processes, or technologies
to those used by Catapult, and other parties may
allege that Catapult’s products incorporate intellectual
property rights derived from third parties without their
permission. Whilst Catapult is not the subject of any
claim that its products infringe the intellectual property
rights of a third party, allegations of this kind may be
received in the future and, if successful, injunctions may
be granted against Catapult which could materially
affect the operation of Catapult and Catapult’s ability
to earn revenue, and cause disruption to Catapult’s
services. The defence and prosecution of intellectual
property rights lawsuits, proceedings, and related legal
and administrative proceedings are costly and time-
consuming, and their outcome is uncertain. In addition to
its patent and licensing activities, Catapult also relies on
protecting its trade secrets. Actions taken by Catapult
to protect its trade secrets may not be adequate and
this could erode its competitive advantage in respect of
such trade secrets. Further, others may independently
develop similar technologies.
F U R T H E R P R O D U C T D E V E L O P M E N T R I S K
Catapult has developed its athlete video and tracking
technology and software products and continues to
invest in further systems and product development.
Catapult cannot be certain that further development of
its video and athlete tracking technology and software
products will be successful, that development milestones
will be achieved, or that Catapult’s intellectual property
will be developed into further products that are
commercially exploitable. There are many risks inherent
in the development of technologies and related products,
particularly where the products are in the early stages
of development. Projects can be delayed or fail to
demonstrate any benefit or may cease to be viable for
a range of reasons, including scientific and commercial
reasons.
C A T A P U L T S P O R T S . C O M
2 7
2 0 2 0 A N N U A L R E P O R T
7.0
D I R E C T O R S ’
R E P O R T
B R A N D A N D R E P U T A T I O N D A M A G E
L I T I G A T I O N
The brand and reputation of Catapult and its individual
products are important in retaining and increasing the
number of clients that utilise Catapult’s technology and
products and could prevent Catapult from successfully
implementing its business strategy. Any reputational
damage or negative publicity surrounding Catapult,
or its products could adversely impact on Catapult’s
business and its future growth and profitability.
P R O D U C T L I A B I L I T Y
Catapult’s business exposes it to potential product
liability claims related to the manufacturing, marketing
and sale of its products. Catapult maintains product
liability insurance. However, to the extent that a claim
is brought against Catapult that is not covered or fully
covered by insurance, such claim could have a material
adverse effect on the business, financial position and
results of Catapult. Claims, regardless of their merit or
potential outcome, may adversely impact Catapult’s
business and its future growth and profitability.
Catapult may in the ordinary course of business be
involved in disputes. These disputes could give rise to
litigation which may be costly and may adversely affect
the operational and financial results of Catapult.
D I V I D E N D S
In respect of the current year, no dividend has been paid
by Catapult Group International Ltd.
D I R E C T O R ’ S M E E T I N G S
The number of Directors’ meetings (including meetings
of Committees of Directors) held during the year, and
the number of meetings attended by each Director, is as
follows:
D I R E C T O R ' S
N A M E
B O A R D M E E T I N G S
A U D I T A N D R I S K
C O M M I T T E E
N O M I N A T I O N A N D
R E M U N E R A T I O N
C O M M I T T E E
Adir Shiffman
Shaun Holthouse
Igor van de Griendt
Calvin Ng
Brent Scrimshaw
James Orlando
Michelle Guthrie
A
9
9
9
4
9
9
5
B
9
9
9
4
9
9
5
A
-
-
5
1
-
5
4
B
-
-
5
1
-
5
4
A
3
-
-
-
3
3
-
B
3
-
-
-
3
3
-
Where:
column A is the number of meetings the Director was entitled to attend; and
column B is the number of meetings the Director attended.
C A T A P U L T S P O R T S . C O M
2 8
2 0 2 0 A N N U A L R E P O R T
7.0
D I R E C T O R S ’
R E P O R T
U N I S S U E D S H A R E S U N D E R O P T I O N A N D R I G H T S
Unissued ordinary shares of Catapult Group International Ltd under option at the date of this report are as
follows:
D A T E O P T I O N S
G R A N T E D
14 April 2016
14 April 2016
14 April 2016
14 April 2016
E X P I R Y D A T E
14 April 2021
1 January 2021
1 January 2021
14 April 2021
22 September 2016
22 September 2020
22 September 2016
30 July 2021
22 September 2016
1 February 2022
30 November 2016
1 November 2017
19 December 2017
19 December 2017
19 December 2017
19 December 2017
19 December 2017
19 December 2017
23 January 2019
20 August 2019
1 November 2019
11 November 2019
27 November 2019
28 January 2020
1 November 2021
30 October 2022
30 September 2020
31 December 2020
31 December 2020
29 March 2021
30 July 2022
18 December 2022
30 June 2023
31 August 2024
31 August 2024
31 August 2024
24 March 2022
31 August 2024
E X E R C I S E P R I C E O F
O P T I O N S
N U M B E R U N D E R
O P T I O N S
$2.20
$2.31
$1.55
$1.68
$2.50
$2.50
$2.50
$3.00
$1.72
$2.08
$2.08
$2.08
$2.50
$2.13
$1.83
$1.42
$1.26
$1.50
$1.50
$0.78
$1.50
388,756
50,000
300,000
90,000
33,333
15,234
67,281
197,875
90,000
229,000
100,000
164,700
50,000
54,000
565,000
2,189,451
2,759,691
17,452
557,105
611,112
78,071
8 , 6 0 8 , 0 6 1
During the financial year ending 30 June 2020 the Company issued 4,801,639 options as part of the Employee
Share Plan. The options were issued at an average exercise price of $1.2294 and an average fair value of $0.5948.
Unissued ordinary shares of Catapult Group International Ltd under rights at the date of this report are as
follows:
C A T A P U L T S P O R T S . C O M
2 9
2 0 2 0 A N N U A L R E P O R T
7.0
D I R E C T O R S ’
R E P O R T
D A T E R I G H T S G R A N T E D
E X P I R Y D A T E
E X E R C I S E P R I C E
O F R I G H T S
N U M B E R
U N D E R R I G H T S
23 January 2019
20 August 2019
20 August 2019
1 November 2019
11 November 2019
27 November 2019
28 January 2020
21 April 2020
21 April 2020
31 August 2021
20 August 2021
31 August 2022
31 August 2022
31 August 2022
31 March 2021
31 August 2022
20 October 2021
31 August 2022
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
25,555
49,605
331,679
7,143
234,984
154,412
42,277
1,852,102
414,548
3 , 1 1 2 , 3 0 5
All options and rights expire on their expiry date.
All options and rights are issued in accordance with the CSESP, as approved by shareholders.
S H A R E S I S S U E D D U R I N G O R S I N C E T H E E N D O F T H E Y E A R A S A R E S U L T O F
E X E R C I S E
During the 12 months to 30 June 2020 the Company allocated 1,690,957 treasury shares as part of options and
rights exercised under the Employee Share Plan. The options and rights were exercised at an average exercise price
of $0.64 and $0.00 respectively.
C A T A P U L T S P O R T S . C O M
3 0
2 0 2 0 A N N U A L R E P O R T
8.0
R E M U N E R A T I O N R E P O R T
( A U D I T E D )
The Directors of Catapult Group International Ltd present the Remuneration Report for
Non-Executive Directors, Executive Directors, and other Key Management Personnel (‘KMP’), prepared in
accordance with the Corporations Act 2001 and the Corporations Regulations 2001.
O V E R V I E W
The Board’s Nomination and Remuneration Committee, which operates in accordance with its charter as approved
by the Board, is responsible for determining and reviewing compensation arrangements for the Directors’ and the
Executive Team.
Catapult's current remuneration policy, adopted in 2018, emphasises the Board’s desire to align executive
remuneration and shareholder interests and includes the following components:
•
long term incentive equity grant terms to include a total shareholder return hurdle, with a nil award where
compounding annual growth rate is below 12.5% per annum;
benchmarking of executive remuneration performed by an independent remuneration consultant to ensure
market competitiveness;
transition to equity based STI awards with deferrals to create increased shareholder alignment, motivate
retention and preserve cash (this transition completed in FY20);
incentives focused on key metrics of revenue, EBITDA and free cash flow as Catapult continues to drive for
growth and sustained financial performance over time; and
executive remuneration comprised of a market competitive mix of remuneration consisting of fixed and ‘at
risk’ components. The ‘at risk’ components consist of short-term incentives (STI) and long-term incentives
(LTI) under a clearly defined framework.
•
•
•
•
Catapult’s current target mix of remuneration is as follows:
R E M U N E R A T I O N
S T R A T E G Y M I X
CEO
Other executive KMP
Other executives
Other employees
F A R
33%
50%
70%
80%
S T I
L T I
Up to 33%¹
Up to 25%¹
Up to 30%¹
Up to 20%¹
Up to 34%
Up to 25%
0%²
0%²
T A R
100%
100%
100%
100%
¹STI may be awarded part in cash and part in equity with deferral
²CSESP participation may be considered
The terms and participation in both STI and LTI are decided on an annual basis.
The criteria for earning short and long-term incentives are reviewed by the Nomination and Remuneration
Committee annually, consistent with the remuneration policy and as part of the review of executive remuneration.
The Committee’s recommendation is put to the full Board for approval.
Catapult’s current remuneration strategy relating specifically to Key Management Personnel can be further
illustrated as set out in the following diagram.
C A T A P U L T S P O R T S . C O M
3 1
2 0 2 0 A N N U A L R E P O R T
8.0
R E M U N E R A T I O N R E P O R T
( A U D I T E D )
C A T A P U L T E X E C U T I V E K M P R E M U N E R A T I O N O B J E C T I V E S
Shareholder value creation
through equity components
An appropriate balance
of ‘fixed’ and ‘at risk’
components
Creation of award
differentiation to drive
performance culture and
behaviours
Attract, motivate and retain
executive talent required at
stage of development
Total Annual Remuneration (TAR) or Total Target Remuneration
(TTR) is set by reference to relevant market benchmarks
F I X E D
A T R I S K
F I X E D A N N U A L
S H O R T - T E R M
L O N G - T E R M
R E M U N E R A T I O N ( F A R )
I N C E N T I V E S ( S T I )
I N C E N T I V E S ( L T I )
Fixed remuneration is set based
on relevant market relativities
reflecting responsibilities,
performance, qualifications,
experience and geographic location
STI performance criteria are set by
reference to Company, Business Unit
and Individual performance targets
appropriate to the specific position
and set each performance year
Targets are linked to Catapult
company objectives such as TSR
CAGR or other specified metrics
as determined by the Board each
performance year
Base salary plus any allowances
(includes superannuation for
Australian Executives)
Remuneration to be delivered as:
Awarded predominantly in equity
(performance rights) on completion
of the relevant performance period,
with deferral. Cash STI to be
considered for some individual roles
Awarded as equity and vest
(or not) at the end of the
performance period
T O T A L A N N U A L R E M U N E R A T I O N ( T A R ) O R T O T A L T A R G E T R E M U N E R A T I O N ( T T R )
TAR or TTR is intended to be positioned in the 3rd quartile compared to relevant market-based comparisons.
4th quartile TAR or TTR may be derived if demonstrable out performance is achieved by Catapult Group
These remuneration objectives and the structure of Executive and KMP remuneration are reviewed annually by
the Board. Variations from these objectives are considered on a case by case basis to ensure Catapult retains
flexibility in the various international markets in which it operates.
Following the appointment of a new CEO and CFO, and the evolution of our strategy and operating plans, we
are currently undertaking a review of all incentive plans globally. The objectives of the review are to ensure such
plans drive a sense of collective ownership in the Company's short, medium and long-term success at all levels
in the organisation, emphasised through greater use of equity as opposed to cash. We will also review and seek
to update plans such that they remain aligned with shareholder interests, are reflective of a modern technology
company at Catapult's stage of evolution, and are consistent with competitive market practice. We anticipate
completing the review in FY21 and the Committee will then review and consider any proposals for changes to the
plan before tabling it to the full Board for approval.
C A T A P U L T S P O R T S . C O M
3 2
2 0 2 0 A N N U A L R E P O R T
8.0
R E M U N E R A T I O N R E P O R T
( A U D I T E D )
S H O R T T E R M I N C E N T I V E ( S T I ) – F Y 2 0
The FY20 criteria for STI awards was reviewed by the Nomination and Remuneration Committee and adopted
by the Board. STI awards continue to be measured against business critical, financial, enterprise-wide Company
objectives. Performance gates are set annually to determine the threshold standard to be met for eligibility. The
performance gates emphasise and drive executive performance alignment with shareholder interests. In setting
the KPIs, metrics and performance gates, the Board has applied measurable and controllable objectives which
align with strategic objectives and enhance shareholder value.
The measures target areas the Board believes mark the greatest value-add.
For FY20, the Key Performance Indicators (‘KPIs’) for the Executive team included a free cash flow hurdle with a
range of target outcomes between $0 and $5 million, an ARR hurdle with a range of target outcomes between
$70.2 million and $75.3 million, as well as revenue and EBITDA hurdles which were not met. These hurdles were
adjusted following the Covid-19 crisis.
Some key financial performance measures are highlighted in the following table.
I T E M
EPS (dollars)
Dividends (cents per share)
Revenue ($’000)
Underlying EBITDA* ($’000)
Statutory EBITDA ($’000)
Net loss ($’000)
Share price ($)
2 0 2 0
2 0 1 9
2 0 1 8
2 0 1 7
2 0 1 6
(0.04)
-
100,733
14,110
13,277
(7,674)
1.125
(0.07)
-
95,375
5,461
4,081
(12,581)
1.095
(0.10)
-
76,793
955
(1,945)
(17,360)
1.225
(0.09)
-
60,783
2,858
(3,713)
(13,581)
2.330
(0.05)
-
17,368
(4,400)
(6,789)
(5,871)
3.080
*Underlying EBITDA is statutory EBITDA, adding back employee share plan costs and severance costs. In previous
years acquisition and integration costs have also been added back to underlying EBITDA.
The Board determined that the best alignment with company strategy was to build revenue through growth
in sales and market share. The Executive team was accordingly set financial targets relating to revenue and
underlying EBITDA.
As outlined in previous Remuneration Reports, an important change to Catapult's remuneration policy was the
transition to equity based STI. This transition is now complete, with FY20 being the final year in which Executives
could elect to receive any portion of their STI in cash. It should also be noted that the majority of executives
elected to receive 100% of any earned STIP as equity, one year ahead of the required deadline to do so. The STI
Program for Executives in FY20 is therefore predominantly equity-based, with the exception of one final transition
arrangement which was 50% cash and 50% equity. STI for employees below Executive level are currently cash-
based, but this is being reassessed as part of the global review mentioned previously.
C A T A P U L T S P O R T S . C O M
3 3
R E M U N E R A T I O N R E P O R T ( A U D I T E D C O N T I N U E D )
STI criteria
Participants
STI $ Value
and Weightings
Revised terms adopted effective 1 July 2018
KMP and other employees as determined by the Board
Based on remuneration strategy intention
towards financial outcomes and/or be subject to a financial
performance gate or cap. KPIs consist of a mix of financial,
customer, talent and businesses unit objectives.
Performance Criteria
For disclosed executives (KMP) STI awards will be weighted
Performance Period
1 July to 30 June
STI Payment Date
On or before 30 September each year
STI Deferral
STI deferral will apply to the CEO, designated executive KMP and
selected others in FY20, with grants vesting in August 2021. In
subsequent years the deferral period will be at least one (one)
year after vesting and be contingent on future service only.
Deferred STI will be awarded as RSU, performance rights or
similar. The Board will determine the percentage of any STI to be
awarded as cash, as an exception to standard deferred equity
awards.
that date.
STI $ value ‘trade-
The number of equity units (RSU, performance rights or similar)
off’
will be determined as at 1 July in the year after the completion of
the performance period based on the 5 day VWAP applicable on
Service restriction
Any STI deferral provided will be forfeited if the participant leaves
before the vesting date. The Board has the discretion to waive this
restriction, in exceptional circumstances.
Clawback
STI to executive KMP will be subject to a Clawback and Malus
policy that may apply from time to time.
Date of Offer – STI &
On or before 30 September once the STI $ value has been
Equity
determined and the number of equity units for STI deferral is
calculated.
In accordance with the above policy, the following STI awards were made in relation to the performance
of Executive Directors and KMP during FY20:
James Orlando was not eligible for an STI award per his employment contract and
appointment as Interim CFO
Amounts for Will Lopes and Hayden Stockdale are pro-rata based on length of service during
(i)
(ii)
FY20
2 0 2 0 A N N U A L R E P O R T
8.0
R E M U N E R A T I O N R E P O R T
( A U D I T E D )
S T I C R I T E R I A
R E V I S E D T E R M S A D O P T E D E F F E C T I V E 1 J U L Y 2 0 1 8
Participants
KMP and other employees as determined by the Board
STI $ Value
Based on remuneration strategy intention
Performance Criteria and
Weightings
For disclosed executives (KMP) STI awards will be weighted towards financial outcomes and/
or be subject to a financial performance gate or cap. KPIs consist of a mix of financial, custom-
er, talent and businesses unit objectives.
Performance Period
1 July to 30 June
STI Payment Date
On or before 30 September each year
STI Deferral
STI deferral will apply to the CEO, designated executive KMP and selected others in FY20, with
grants vesting in August 2021. In subsequent years the deferral period will be at least one (one)
year after vesting and be contingent on future service only. Deferred STI will be awarded as
RSU, performance rights or similar. The Board will determine the percentage of any STI to be
awarded as cash, as an exception to standard deferred equity awards.
STI $ value ‘trade-off’
The number of equity units (RSU, performance rights or similar) will be determined as at 1 July
in the year after the completion of the performance period based on the 5 day VWAP applica-
ble on that date.
Service restriction
Any STI deferral provided will be forfeited if the participant leaves before the vesting date. The
Board has the discretion to waive this restriction, in exceptional circumstances.
Clawback
STI to executive KMP will be subject to a Clawback and Malus policy that may apply from time
to time.
Date of Offer – STI &
Equity
On or before 30 September once the STI $ value has been determined and the number of equi-
ty units for STI deferral is calculated.
C A T A P U L T S P O R T S . C O M
3 4
R E M U N E R A T I O N R E P O R T ( A U D I T E D C O N T I N U E D )
Revised terms adopted effective 1 July 2018
KMP and other employees as determined by the Board
Based on remuneration strategy intention
Performance Criteria
For disclosed executives (KMP) STI awards will be weighted
STI criteria
Participants
STI $ Value
and Weightings
Performance Period
STI Payment Date
2 0 2 0 A N N U A L R E P O R T
STI Deferral
towards financial outcomes and/or be subject to a financial
performance gate or cap. KPIs consist of a mix of financial,
customer, talent and businesses unit objectives.
1 July to 30 June
On or before 30 September each year
STI deferral will apply to the CEO, designated executive KMP and
selected others in FY20, with grants vesting in August 2021. In
subsequent years the deferral period will be at least one (one)
year after vesting and be contingent on future service only.
Deferred STI will be awarded as RSU, performance rights or
similar. The Board will determine the percentage of any STI to be
awarded as cash, as an exception to standard deferred equity
awards.
The number of equity units (RSU, performance rights or similar)
will be determined as at 1 July in the year after the completion of
the performance period based on the 5 day VWAP applicable on
that date.
Any STI deferral provided will be forfeited if the participant leaves
before the vesting date. The Board has the discretion to waive this
restriction, in exceptional circumstances.
STI to executive KMP will be subject to a Clawback and Malus
Clawback
In accordance with the above policy, the following STI awards were made in relation to the performance of
policy that may apply from time to time.
Executive Directors and KMP during FY20:
On or before 30 September once the STI $ value has been
Date of Offer – STI &
determined and the number of equity units for STI deferral is
Equity
calculated.
R E M U N E R A T I O N R E P O R T
STI $ value ‘trade-
off’
8.0
( A U D I T E D )
Service restriction
E A R N E D
D U R I N G
Y E A R
( $ )
In accordance with the above policy, the following STI awards were made in relation to the performance
of Executive Directors and KMP during FY20:
P E R C E N T A G E
V E S T E D
D U R I N G T H E
Y E A R
P E R C E N T A G E
U N D E T E R M I N E D
A T 3 0 J U N E
T O T A L
A T R I S K
A M O U N T
( $ )
E X E C U T I V E D I R E C T O R S
P E R F O R M A N C E
C R I T E R I A
Adir Shiffman
200,000
156,800
James Orlando (i)
0
0
O T H E R K E Y M A N A G E M E N T P E R S O N N E L
Will Lopes (ii)
305,568
239,565
Hayden Stockdale (ii)
84,153
65,976
Matt Bairos
286,580
224,679
78.4%
0%
78.4%
78.4%
78.4%
0%
0%
0%
0%
0%
As above
N/A
As above
As above
As above
(i)
(ii)
James Orlando was not eligible for an STI award per his employment contract and
appointment as Interim CFO
Amounts for Will Lopes and Hayden Stockdale are pro-rata based on length of service during
FY20
L O N G T E R M I N C E N T I V E ( L T I )
The following table sets out the revised criteria for LTI awards, reviewed by the Nomination and Remuneration
Committee and adopted by the Board. Current LTI awards are comprised of premium-priced share options, as
outlined below, with a hurdle rate to be achieved of a minimum compounding annual growth rate (CAGR) of 12.5%
in Total Shareholder Return (TSR). If that hurdle is met at the relevant vesting date, 50% of the options become
exercisable. The proportion of options vesting increases to 100% if a 17.5% TSR CAGR is achieved, with a pro rata
entitlement between 12.5% and 17.5% TSR CAGR.
L T I T E R M S F Y 2 0
A P P L I C A B L E F R O M 1 J U L Y 2 0 1 9
Participants
KMP and other employees as determined by the Board
LTI $ Value
Based on remuneration strategy intention, as approved by the Board
Equity type
Options
Exercise Price
15% above the VWAP as at 1 July
C A T A P U L T S P O R T S . C O M
3 5
2 0 2 0 A N N U A L R E P O R T
8.0
R E M U N E R A T I O N R E P O R T
( A U D I T E D )
L O N G T E R M I N C E N T I V E ( L T I ) - C O N T I N U E D
Number
The number of Options will be determined by dividing the LTI $ value (in accordance with the
remuneration strategy) by the Option value determined using the ‘Contract Life’ value of the option
at the date of pricing of the Option
Issue Price
None
Performance
Criteria
TSR absolute
Hurdle Rates
TSR CAGR <12.5% p.a. (0% vesting); 12.5% p.a. to 17.5% p.a. (50% to 100% pro-rata)
Service and
Performance Period
From FY20 a 3-year term applies for service and TSR measurement
Last Exercise Date
5 years after grant
Dilution
Total dilutive impact and Prospectus relief calculation to be determined once final allocations
approved
Clawback
Unexercised LTI will be subject to any Clawback Policy that may apply from time to time
Minimum
Shareholding
No minimum shareholding guidelines or policies are in place
Change of Control
100% of unvested options will vest on a Change of Control
R E M U N E R A T I O N R E P O R T ( A U D I T E D C O N T I N U E D )
The relative proportions of remuneration, earned by Executive Directors and KMP during FY20, that are linked to
performance and those that are fixed are as follows:
The relative proportions of remuneration, earned by Executive Directors and KMP during FY20, that are
linked to performance and those that are fixed are as follows:
N A M E
F I X E D R E M U N E R A T I O N
A T R I S K - S T I
A T R I S K - O P T I O N S
D I R E C T O R S
Adir Shiffman
James Orlando (i)
O T H E R K E Y M A N A G E M E N T P E R S O N N E L
Will Lopes (ii)
Hayden Stockdale (ii)
Matt Bairos
65%
25%
51%
66%
61%
35%
N/A
37%
28%
29%
N/A
75%
12%
6%
10%
(i)
(ii)
James Orlando was not eligible for an STI award per his employment contract and
appointment as Interim CFO
Amounts for Will Lopes and Hayden Stockdale are pro-rata based on length of service during
FY20
Long term incentives are provided exclusively by way of options, and the percentages disclosed reflect the
Long term incentives are provided exclusively by way of options, and the percentages disclosed reflect
valuation of remuneration consisting of options, based on the value of options expensed during the year.
the valuation of remuneration consisting of options, based on the value of options expensed during the
year.
C A T A P U L T S P O R T S . C O M
3 6
2 0 2 0 A N N U A L R E P O R T
8.0
R E M U N E R A T I O N R E P O R T
( A U D I T E D )
S E R V I C E A G R E E M E N T S
Remuneration and other terms of employment for the Executive Directors and other Key Management Personnel
are formalised in a Service Agreement. The major provisions of agreements with persons occupying such roles as
at 30 June 2020 and which relates to remuneration are set out below:
B A S E S A L A R Y
( $ A U D )
T E R M O F
A G R E E M E N T
N O T I C E
P E R I O D
A N N U A L D I R E C T O R ' S
F E E S N O T I N C L U D E D
I N B A S E S A L A R Y
Adir Shiffman
$300,000
Permanent
Will Lopes
$616,147
Permanent
Hayden Stockdale
$400,000
Permanent
1 month
6 months
6 months
Matt Bairos
$480,022
Permanent
12 months
-
-
-
-
D E T A I L S O F R E M U N E R A T I O N
Details of the nature and amount of each element of the remuneration of each KMP of Catapult Group
International Ltd shown in the table below:
S H O R T - T E R M E M P L O Y E E
B E N E F I T S
P O S T -
E M P L O Y M E N T
B E N E F I T S
L O N G - T E R M
B E N E F I T S
S H A R E - B A S E D
P A Y M E N T S
Y E A R
C A S H
S A L A R Y
A N D F E E S
B O N U S
O T H E R ( I )
P E N S I O N
L O N G
S E R V I C E L E A V E
O P T I O N S A N D
P E R F O R M A N C E
R I G H T S
T O T A L
P E R F O R M A N C E
B A S E D
P E R C E N T A G E O F
R E M U N E R A T I O N
285,000
156,800
300,000
129,000
-
-
-
-
(6,721)
-
-
-
29,563
-
-
-
79,335
(56,199)
-
-
-
-
-
-
-
-
-
-
-
-
149,177
191,892
374,456
160,721
97,697
268,827
90,176
86,758
43,397
79,918
41,871
-
EXECUTIV E DI REC TORS
Adir Shiffman
Executive Chairman
Shaun Holthouse (ii)
James Orlando (iii)
NO N-EXECUTIVE DIREC TORS
Igor van de Griendt (iv)
Brent Scrimshaw
Calvin Ng (v)
Michelle Guthrie (vi)
2020
2019
2020
2019
2020
2019
2020
2019
2020
2019
2020
2019
2020
2019
C A T A P U L T S P O R T S . C O M
-
-
13,675
18,508
28,166
15,269
12,286
20,531
8,567
8,242
4,123
7,592
3,978
-
-
-
-
-
(77)
-
-
(44,960)
-
-
-
-
-
-
(57,306)
29,978
(57,306)
29,978
1,121,209
41,258
(57,306)
29,978
(57,306)
29,978
(57,306)
142,736
-
-
384,494
458,978
105,546
269,941
1,517,033
217,248
52,678
297,512
41,437
124,978
(9,786)
230,246
45,849
-
40.8%
28.1%
0.0%
11.0%
n/a
n/a
n/a
26.7%
n/a
n/a
n/a
n/a
n/a
n/a
3 7
REMUNERATION REPORT (AUDITED CONTINUED) (i) Other remuneration includes annual leave and company benefits such as health insurance (ii) Shaun Holthouse reverted to a Non-Executive Director role following the appointment of Will Lopes on 11 November 2019 (iii) James Orlando reverted to a Non-Executive Director role following the appointment of Hayden Stockdale on 27 January 2020. As disclosed to the ASX on 30 May 2019, Mr Orlando was granted 611,112 options as part of his remuneration as Interim CFO (which was calculated as $165,000 divided by the indicative option value determined at the time), however the Company determined that these options should more appropriately be cancelled and put to the shareholders for approval at the AGM on 27 November 2019. These options were subsequently approved, and the charge in the financial statements reflects the final value of the options at the shareholder approval date ($1.37 per option), not the value at the date of the initial grant ($0.33 per option) (iv) Igor van de Griendt became a Non-Executive Director on 1 July 2019 (v) Calvin Ng resigned from the Board as a Non-Executive Director with effect 27 November 2019 (vi) Michelle Guthrie was appointed to the Board as an Independent Non-Executive Director on 1 December 2019
2 0 2 0 A N N U A L R E P O R T
8.0
R E M U N E R A T I O N R E P O R T
( A U D I T E D )
R E M U N E R A T I O N R E P O R T ( A U D I T E D C O N T I N U E D )
S H O R T - T E R M E M P L O Y E E
B E N E F I T S
P O S T -
E M P L O Y M E N T
B E N E F I T S
L O N G - T E R M
B E N E F I T S
S H A R E - B A S E D
P A Y M E N T S
Y E A R
C A S H
S A L A R Y
A N D F E E S
B O N U S
O T H E R ( I )
P E N S I O N
L O N G
S E R V I C E L E A V E
O P T I O N S A N D
P E R F O R M A N C E
R I G H T S
T O T A L
P E R F O R M A N C E
B A S E D
P E R C E N T A G E O F
R E M U N E R A T I O N
OT H E R K E Y M A N AG E M E N T P E R S O N N E L
Joe Powell
Chief Executive Officer
Will Lopes (vii)
Chief Executive Officer
Mark Hall
Chief Financial Officer
Hayden Stockdale (viii)
Chief Financial Officer
Barry McNeill
Chief Operating Officer
Matt Bairos
Chief Commercial Officer
2020 Total
2019 Total
2020
2019
2020
2019
2020
2019
2020
2019
2020
2019
2020
2019
2020
2019
132,675
529,735
-
-
324,614
239,565
-
-
245,145
156,783
-
196,141
371,993
-
-
-
-
-
49,808
468,327
224,679
423,344
-
(73,034)
52,100
12,958
-
-
(14,987)
-
-
31,297
20,733
17,372
65,976
15,374
5,251
20,726
-
-
-
14,173
9,148
-
2,563
10,417
32,277
15,377
(1,093)
600
-
-
-
-
-
-
-
-
-
-
2,360,314
687,020
(30,690)
2,658,333
287,706
29,583
120,032
130,835
(1,170)
(44,360)
(519,307)
(455,509)
(4,510)
79,185
-
-
(81,875)
13,030
-
(16,422)
92,773
73,106
339,758
464,272
598,651
656,322
-
-
162,456
260,311
-
182,281
556,288
819,122
795,851
3,599,778
650,052
3,712,149
n/a
0.0%
36.5%
n/a
n/a
0.0%
25.3%
n/a
n/a
9.0%
27.4%
0.0%
19.1%
7.8%
(vii)
(viii)
(ix)
Will Lopes appointed Chief Executive Officer on 11 November 2019
Hayden Stockdale appointed Chief Financial Officer on 27 January 2020
During the previous reporting period Adir Shiffman, Shaun Holthouse, Igor van de Griendt, Brent Scrimshaw and Calvin Ng each voluntarily relinquished
100,000 options issued in accordance with shareholder resolutions passed at the 2016 AGM, and part of the accounting charge for these options has been
reversed in the current reporting period
S H A R E - B A S E D R E M U N E R A T I O N
R E M U N E R A T I O N R E P O R T ( A U D I T E D C O N T I N U E D )
All options refer to options over ordinary shares of the Company, which are exercisable on a
one-for-one basis under the terms of the agreements. All options remain subject to review and approval by the
Nomination and Remuneration Committee and Board.
O P T I O N S
R O L E
O P E N I N G
B A L A N C E
G R A N T E D
D U R I N G
T H E Y E A R
V E S T E D
D U R I N G
T H E Y E A R
E X E R C I S E D
D U R I N G
T H E Y E A R
L A P S E D /
F O R F E I T E D
D U R I N G T H E
Y E A R
C L O S I N G
B A L A N C E
Joe Powell
Former CEO
337,500
Mark Hall
Former CFO
150,000
Barry McNeill
Former COO
1,261,805
-
-
-
-
-
-
Matt Bairos
CCO
838,180
672,902
166,000
James Orlando (i)
Former Interim
CFO
611,112
611,112
611,112
Will Lopes
CEO
Hayden Stockdale
CFO
-
-
557,105
78,071
-
-
-
337,500
-
60,000
960,000
-
-
-
-
-
-
90,000
301,805
137,000
1,374,082
611,112
611,112
-
-
557,105
78,071
(i)
James Orlando reverted to a Non-Executive Director role following the appointment of Hayden Stockdale on 27 January 2020. As disclosed to ASX on 30
May 2019, Mr Orlando was granted 611,112 options as part of his remuneration as Interim CFO (which was calculated as $165,000 divided by the indicative
option value determined at the time), however the Company determined that these options should more appropriately be cancelled and put to the
shareholders for approval at the AGM on 27 November 2019. These options were subsequently approved.
C A T A P U L T S P O R T S . C O M
3 8
2 0 2 0 A N N U A L R E P O R T
8.0
R E M U N E R A T I O N R E P O R T
( A U D I T E D )
S H A R E - B A S E D R E M U N E R A T I O N - C O N T I N U E D
P E R F O R M A N C E
R I G H T S
R O L E
O P E N I N G
B A L A N C E
G R A N T E D
D U R I N G
T H E Y E A R
V E S T E D
D U R I N G
T H E Y E A R
E X E R C I S E D
D U R I N G
T H E Y E A R
L A P S E D /
F O R F E I T E D
D U R I N G T H E
Y E A R
C L O S I N G
B A L A N C E
Joe Powell
Former CEO
80,645
Calvin Ng
Former NED
100,000
Barry McNeill
Former COO
Matt Bairos
CCO
James Orlando
Former
Interim CFO
Will Lopes
Hayden Stockdale
CEO
CFO
25,555
47,130
-
-
-
-
-
-
-
-
-
-
80,645
100,000
-
-
-
-
-
25,555
289,960
143,851
124,528
19,323
193,239
154,412
154,412
412,861
113,720
-
-
-
-
-
-
-
-
154,412
412,861
113,720
O P T I O N S V E S T I N G S C H E D U L E
O P T I O N S
R O L E
B A L A N C E
H E L D A T
3 0 J U N E
2 0 2 0
V E S T I N G
D A T E
E X P I R Y
D A T E
Mark Hall
Former CFO
90,000
31-Oct-18
30-Oct-22
Barry McNeill
Former COO
Matt Bairos
CCO
100,000
12-Apr-19
14-Apr-21
201,805
31-Aug-20
30-Jun-23
100,000
30-Jun-17
30-Sep-20
70,000
30-Jun-18
30-Sep-20
59,000
30-Jun-19
30-Sep-20
100,000
30-Jun-20
31-Dec-20
372,180
31-Aug-20
30-Jun-23
672,902
31-Aug-22
31-Aug-24
V A L U E P E R
O P T I O N /
R I G H T A T
G R A N T
D A T E
T O T A L
V A L U E O F
O P T I O N /
R I G H T A T
G R A N T
D A T E
E X E R C I S E
P R I C E P E R
O P T I O N
$ 0.75
$ 0.99
$ 0.22
$ 0.77
$ 0.83
$ 0.88
$ 0.93
$ 0.22
$ 0.42
67,500
98,800
43,428
76,820
57,771
51,985
93,320
81,880
285,714
$ 1.72
$ 2.20
$ 1.42
$ 2.08
$ 2.08
$ 2.08
$ 2.08
$ 1.42
$ 1.26
James Orlando
(i)
Former Interim
CFO
Will Lopes
Hayden
Stockdale
CEO
CFO
611,112
25-Mar-20
24-Mar-22
$ 1.37
838,201
$ 0.78
557,105
31-Aug-22
31-Aug-24
$ 0.76
420,614
78,071
31-Aug-22
31-Aug-24
$ 1.08
84,317
$ 1.50
$ 1.50
R E M U N E R A T I O N R E P O R T ( A U D I T E D C O N T I N U E D )
(i)
James Orlando reverted to a Non-Executive Director role following the appointment of Hayden Stockdale on 27 January 2020. As disclosed to ASX on 30
May 2019, Mr Orlando was granted 611,112 options as part of his remuneration as Interim CFO (which was calculated as $165,000 divided by the indicative
option value determined at the time), however the Company determined that these options should more appropriately be cancelled and put to the
shareholders for approval at the AGM on 27 November 2019. These options were subsequently approved.
C A T A P U L T S P O R T S . C O M
3 9
2 0 2 0 A N N U A L R E P O R T
8.0
R E M U N E R A T I O N R E P O R T
( A U D I T E D )
P E R F O R M A N C E R I G H T S V E S T I N G S C H E D U L E
P E R F O R M A N C E
R I G H T S
R O L E
B A L A N C E
H E L D A T
3 0 J U N E
2 0 2 0
V E S T I N G
D A T E
E X P I R Y
D A T E
V A L U E P E R
O P T I O N /
R I G H T A T
G R A N T
D A T E
TO T A L
V A L U E O F
O P T I O N /
R I G H T A T
G R A N T
D A T E
E X E R C I S E
P R I C E P E R
O P T I O N
Barry McNeill
Former COO
25,555
31-Aug-20
31-Aug-21
$ 1.24
31,688
Matt Bairos
CCO
James Orlando
Former Interim
CFO
Will Lopes
CEO
Hayden Stockdale
CFO
130,582
31-Aug-21
31-Aug-22
$ 1.20
156,046
62,657
31-Aug-21
31-Aug-22
$ 0.96
60,151
154,412
31-Mar-20
31-Mar-21
$ 2.10
324,265
234,984
31-Aug-21
31-Aug-22
$ 1.66
390,073
177,877
31-Aug-21
31-Aug-22
$ 0.96
170,762
42,277
31-Aug-21
31-Aug-22
71,443
31-Aug-21
31-Aug-22
$ 2.07
$ 0.96
87,513
68,585
-
-
-
-
-
-
O T H E R N O T A B L E A C T I V I T Y D U R I N G F Y 2 0
In response to the Covid-19 global pandemic and the associated economic downturn related to a shutdown of
sport around the world, the Executive team, with the support of the Board, implemented a range of temporary
measures to control costs, preserve cash and maintain a strong balance sheet. These measures included material
reductions in the use of contractors, a hiring freeze, salary reductions across the global organization, changes to
working schedules, and in some cases, furlough. In recognition of our employees' commitment and contribution,
and in an effort to retain talent and stabilize the organisation through an exceptionally challenging period, the
Board approved a grant of 1.9m service rights to our employees. This grant, equivalent to approximately 1% of
the total ownership in our business, is further evidence of our commitment to aligning employee and shareholder
interests. As with other equity allocations, it is subject to service conditions and employees who leave Catapult
before the vesting date forfeit their eligibility for this award.
C A T A P U L T S P O R T S . C O M
4 0
2 0 2 0 A N N U A L R E P O R T
8.0
R E M U N E R A T I O N R E P O R T
( A U D I T E D )
D E T A I L S O F S H A R E H O L D I N G S
The movement during the year in the number of ordinary shares held directly, indirectly or beneficially, by each
KMP, including their related parties, is as follows:
N A M E
H E L D A T 1
J U L Y 2 0 1 9
R E C E I V E D
O N E X E R C I S E
O F O P T I O N S /
R I G H T S
P U R C H A S E D
O R S O L D
D U R I N G Y E A R
N E T
C H A N G E
O T H E R *
H E L D A T 3 0
J U N E 2 0 2 0
Adir Shiffman
7,292,100
Shaun Holthouse
21,275,000
Igor van de Griendt
20,508,000
James Orlando (a)
Brent Scrimshaw (b)
Calvin Ng (c)
Michelle Guthrie
80,000
15,150
621,100
-
-
-
-
-
-
100,000
-
(750,000)
(2,500,000)
-
-
-
-
-
-
-
-
-
-
-
-
6,542,100
18,775,000
20,508,000
80.000
15,150
721,100
-
(a) James Orlando holds a relevant interest in 80,000 shares by way of his relationship with Kimberly Ann Foltz.
(b) Brent Scrimshaw holds a relevant interest in 15,150 shares held by B&A Scrimshaw Superannuation Fund which is controlled by Mr Scrimshaw.
(c) Calvin Ng holds a relevant interest in another 2,000 shares held by Aura Funds Management 1 Pty Ltd Ltd by virtue of him being the sole
shareholder in Ng Capital Management Pty Ltd which is a 24% shareholder in Aura Group Holdings Pte Ltd, which is the ultimate shareholder of
entities owning a 100% shareholding in Aura Funds Management Pty Ltd.
Refer to note 29 in the financial statements for details regarding related party transactions and transactions with
key management personnel, summarised as follows:
Calvin Ng is a director of Aura Group Pty Ltd (a subsidiary of Aura Group Services Ltd). During the year Catapult
rented office space from Aura Group Services Ltd in Singapore for a total cost of $2,700 (2019: $27,716) and had
no amount payable as at 30 June 2020 (2019: $3,618).
E N D O F A U D I T E D R E N U M E R A T I O N R E P O R T
C A T A P U L T S P O R T S . C O M
4 1
2 0 2 0 A N N U A L R E P O R T
9.0
D I R E C T O R S ’
R E P O R T
E N V I R O N M E N T A L L E G I S L A T I O N
Catapult Group International Ltd operations are not subject to any particular or significant environmental
regulation under a law of the Commonwealth or of a State or Territory in Australia.
I N D E M N I T I E S G I V E N & I N S U R A N C E P R E M I U M S P A I D T O A U D I T O R S & O F F I C E R S
During the year, Catapult Group International Ltd paid a premium to insure officers of the Group. The officers of the
Group covered by the insurance policy include all Directors. The liabilities insured are legal costs that may be incurred
in defending civil or criminal proceedings that may be brought against the officers in their capacity as officers of the
Group, and any other payments arising from liabilities incurred by the officers in connection with such proceedings,
other than where such liabilities arise out of conduct involving a wilful breach of duty by the officers or the improper
use by the officers of their position or of information to gain advantage for themselves or someone else to cause
detriment to the Group. Details of the amount of the premium paid in respect of insurance policies are not disclosed
as such disclosure is prohibited under the terms of the contract. The Group has not otherwise, during or since the
end of the financial year, except to the extent permitted by law, indemnified or agreed to indemnify any current or
former officer or auditor of the Group against a liability incurred as such by an officer or auditor.
N O N - A U D I T S E R V I C E S
During the year, Grant Thornton, the Company’s auditors, performed certain other services in addition to their
statutory audit duties. The Board has considered the non-audit services provided during the year by the auditor
and is satisfied that the provision of those non-audit services during the year is compatible with, and did not
compromise, the auditor independence requirements of the Corporations Act 2001 for the reason the non-audit
services do not undermine the general principles relating to auditor independence as set out in APES 110 Code of
Ethics for Professional Accountants, as they did not involve reviewing or auditing the auditor’s own work, acting
in a management or decision-making capacity for the Company, acting as an advocate for the Company or jointly
sharing risks and rewards. Details of the amounts paid to the auditors of the Company, Grant Thornton, and its
related practices for audit and non-audit services provided during the year are set out in Note 25 to the Financial
Statements. A copy of the Auditor’s Independence Declaration as required under s307C of the Corporations Act
2001 is included on page 31 of this financial report and forms part of this Directors’ Report.
P R O C E E D I N G S O N B E H A L F O F T H E C O M P A N Y
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings
on behalf of the Company, or to intervene in any proceedings to which the Company is a party, to taking
responsibility on behalf of the Company for all or part of those proceedings.
R O U N D I N G O F A M O U N T S
The Company is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument
2016/191 relating to the ‘rounding off’ of amounts in the Directors’ Report and, in accordance with that
instrument, amounts in the Directors’ Report have been rounded off to the nearest thousand dollars, or in certain
cases, to the nearest dollar. Signed in accordance with a resolution of the Directors.
Dr Adir Shiffman, Executive Chairman (19 August 2020)
C A T A P U L T S P O R T S . C O M
4 2
2 0 2 0 A N N U A L R E P O R T
10.0 A U D I T O R S ’ I N D E P E N D E N C E
D E C L A R A T I O N
C A T A P U L T S P O R T S . C O M
4 3
Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389 ‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited. Liability limited by a scheme approved under Professional Standards Legislation. www.grantthornton.com.au Collins Square, Tower 5 727 Collins Street Melbourne VIC 3008 Correspondence to: GPO Box 4736 Melbourne VIC 3001 T +61 3 8320 2222 F +61 3 8320 2200 E info.vic@au.gt.com W www.grantthornton.com.au Auditor’s Independence Declaration To the Directors of Catapult Group International Limited In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the audit of Catapult Group International Limited for the year ended 30 June 2020, I declare that, to the best of my knowledge and belief, there have been: a no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and b no contraventions of any applicable code of professional conduct in relation to the audit. Grant Thornton Audit Pty Ltd Chartered Accountants B A Mackenzie Partner – Audit & Assurance Melbourne, 19 August 2020 2 0 2 0 A N N U A L R E P O R T
11.0 C O N S O L I D A T E D S T A T E M E N T O F P R O F I T A N D
L O S S A N D O T H E R C O M P R E H E N S I V E I N C O M E
Catapult Group International Ltd
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the year ended 30 June 2020
Revenue
Other income
Cost of goods sold
Employee benefits expense
Employee share option compensation expense
Capital raising and listing expenses
Travel, marketing and promotion
Occupancy
Professional fees
Other expenses
Operating profit before depreciation and amortisation
Depreciation and amortisation
Operating loss
Finance costs
Finance income
Other financial items
Loss before income tax benefit/(expense)
Income tax benefit/(expense)
Loss after income tax expense for the year attributable to the owners of
Catapult Group International Ltd
Earnings per share
Basic and diluted earnings per share (cents per
share)
Loss for the year from continuing operations
Note
2020
$'000
2019
$'000
7
8
19
19
22
22
23
24
100,733
95,375
1,319
313
(26,461)
(42,959)
(2,149)
(225)
(5,375)
(1,103)
(2,351)
(8,152)
13,277
(21,495)
(8,218)
(493)
67
416
(8,228)
554
(25,784)
(43,086)
(1,184)
(196)
(9,192)
(2,935)
(2,602)
(6,628)
4,081
(17,043)
(12,962)
(35)
290
211
(12,496)
(85)
(7,674)
(12,581)
26
(4.0)
(7,674)
(6.6)
(12,581)
This statement should be read in conjunction with the notes to the financial statements.
C A T A P U L T S P O R T S . C O M
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2 0 2 0 A N N U A L R E P O R T
11.0 C O N S O L I D A T E D S T A T E M E N T O F P R O F I T A N D
L O S S A N D O T H E R C O M P R E H E N S I V E I N C O M E
Catapult Group International Ltd
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the year ended 30 June 2020
Note
2020
$'000
2019
$'000
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Foreign currency translation differences for foreign operations, net of tax
Other comprehensive income for the year, net of tax
Total comprehensive loss for the year attributable to the owners of Catapult
Group International Ltd
2,076
2,076
4,703
4,703
(5,598)
(7,878)
This statement should be read in conjunction with the notes to the financial statements.
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12.0 C O N S O L I D A T E D S T A T E M E N T
O F F I N A N C I A L P O S I T I O N
Catapult Group International Ltd
Consolidated Statement of Financial Position
As at 30 June 2020
Assets
Current assets
Cash and cash equivalents
Trade and other receivables
Contract assets
Inventories
Total current assets
Non-current assets
Receivables
Property, plant and equipment
Goodwill
Intangible assets
Deferred tax assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Trade and other payables
Contract liabilities
Other liabilities
Employee benefits
Borrowings
Other financial liabilities
Total current liabilities
Non-current liabilities
Contract liabilities
Other liabilities
Employee benefits
Deferred tax liabilities
Borrowings
Other financial liabilities
Total non-current liabilities
Total liabilities
Net assets
Equity
Share capital
Share option reserve
Foreign currency translation reserve
Accumulated losses
Total equity
Note
2020
$'000
2019
$'000
9
10
10
11
10
12
13
14
15
16
17
17
19
18
21
17
17
19
15
18
21
20
27,522
33,263
105
7,319
68,209
488
12,247
60,754
34,403
10,533
118,425
186,634
6,949
31,898
1,929
7,721
7,434
1,993
57,924
2,435
-
60
4,470
-
3,627
10,592
68,516
118,118
166,705
6,695
7,304
(62,586)
118,118
11,747
38,056
402
6,101
56,306
599
8,934
59,554
40,826
10,433
120,346
176,652
8,834
29,634
1,804
7,557
108
-
47,937
1,775
562
41
5,466
188
-
8,032
55,969
120,683
165,002
5,365
5,228
(54,912)
120,683
This statement should be read in conjunction with the notes to the financial statements.
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13.0 C O N S O L I D A T E D S T A T E M E N T
O F C A S H F L O W S
Catapult Group International Ltd
Consolidated Statement of Cash Flows
For the year ended 30 June 2020
Cash flows from operating activities
Cash receipts from customers
Cash paid to suppliers and employees
Cash generated from operations
Interest received
Government grants and other income
Income taxes paid
2020
12 months
$'000
2019
12 months
$'000
Note
108,853
(87,796)
96,009
(98,494)
21,057
(2,485)
67
1,431
(327)
385
2
(98)
Net cash flows from operating activities
28
22,228
(2,196)
Cash flows from investing activities
Payments for property, plant and equipment
Purchase of intangible assets
Deferred consideration paid
Net cash flows used in investing activities
Cash flows from financing activities
Loans paid
Loans received
Repayments of leasing liabilities
Interest paid
Proceeds from share options
Net cash flows from financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the financial period
Effect of exchange rate fluctuations on cash held
Cash and cash equivalents at the end of the financial period
This statement should be read in conjunction with the notes to the financial statements.
(3,656)
(9,517)
(37)
(3,875)
(10,988)
(25)
(13,210)
(14,888)
(184)
8,027
(1,655)
(417)
883
6,654
15,670
11,747
105
27,522
(3,537)
188
-
(22)
33
(3,338)
(20,422)
31,715
454
11,747
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14.0 C O N S O L I D A T E D S T A T E M E N T
O F C H A N G E S I N E Q U I T Y
Catapult Group International Ltd
Consolidated Statement of Changes in Equity
For the year ended 30 June 2020
Share Capital
$’000
Share
Option
Reserve
$’000
Foreign
Currency
Translation
Reserve
$’000
Accumulated
Losses Total Equity
$’000
$’000
Balance at 1 July 2018
Adoption of AASB15
Restated total equity at the beginning of the
financial year
164,324
-
4,847
-
525
-
(42,625)
294
127,071
294
164,324
4,847
525
(42,331)
127,365
Comprehensive income for the year:
Loss after income tax expense
for the year
Other comprehensive income for
the year, net of tax
Total comprehensive
income/(loss) for the year
Transactions with owners in their capacity
as owners
Share-based payments
Total transactions with owners
Balance at 30 June 2019
-
-
-
-
-
-
-
(12,581)
(12,581)
4,703
-
4,703
4,703
(12,581)
(7,878)
678
678
165,002
518
518
5,365
-
-
5,228
-
-
(54,912)
1,196
1,196
120,683
Share
Capital
$'000
Share Option
Reserve
$'000
Foreign
Currency
Translati
on
Reserve
$'000
Accumulated
Losses
$'000
Total Equity
$'000
Balance at 1 July 2019
165,002
5,365
5,228
(54,912)
120,683
Comprehensive income for the year:
Loss after income tax benefit for
the year
Other comprehensive income for
the year, net of tax
Total comprehensive loss for
the year
-
-
-
-
-
-
Transactions with owners in their capacity
as owners
Share-based payments
Total transactions with owners
Balance at 30 June 2020
1,703
1,703
166,705
1,330
1,330
6,695
-
(7,674)
(7,674)
2,076
2,076
-
-
7,304
-
2,076
(7,674)
(5,598)
-
-
(62,586)
3,033
3,033
118,118
This statement should be read in conjunction with the notes to the financial statements.
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F I N A N C I A L S T A T E M E N T S
N O T E 1 . N A T U R E O F O P E R A T I O N S
Catapult Group International Ltd and its controlled entities (the ‘Group’) principal activities are the development
and supply of innovative technologies that improve the performance of athletes and sports teams. These
technologies include wearable tracking devices, athlete monitoring system and software and video analytics
solutions.
N O T E 2 . G E N E R A L I N F O R M A T I O N A N D B A S I S O F P R E P A R A T I O N
The consolidated general-purpose financial statements of the Group have been prepared in accordance with
the requirements of the Corporations Act 2001, Australian Accounting Standards and other authoritative
pronouncements of the Australian Accounting Standards Board. Compliance with Australian Accounting Standards
results in full compliance with the International Financial Reporting Standards (‘IFRS’) as issued by the International
Accounting Standards Board (IASB). Catapult Group International Ltd is a for-profit entity for the purpose of
preparing the financial statements.
Catapult Group International Ltd is the Group’s Ultimate Parent Company. Catapult Group International Ltd is
a Public Company incorporated and domiciled in Australia and listed on the Australian Securities Exchange. The
address of its registered office and its principal place of business is 75 High Street, Prahran, Victoria, Australia.
The consolidated financial statements for the year ended 30 June 2020 were approved by the Board of Directors
and authorised for issue on 19 August 2020.
N O T E 3 . N E W S T A N D A R D S A D O P T E D A S A T 1 J U L Y 2 0 1 9
AASB 16 ‘Leases’
AASB 16 ‘Leases’ replaces AASB 117 ‘Leases’. The new Standard has been applied using the modified retrospective
approach, with the cumulative effect of adopting AASB 16 being recognised in equity as an adjustment to the
opening balance of retained earnings for the current period. Following the adoption of AASB 16, there have been no
adjustments made to opening retained earnings at 1 July 2019.
The Group has elected not to include initial direct costs in the measurement of the right-of-use asset for operating
leases in existence at the date of initial application of AASB 16, being 1 July 2019. At this date, the Group has also
elected to measure the right-of-use assets at an amount equal to the lease liability adjusted for any prepaid or
accrued lease payments that existed at the date of transition.
Instead of performing an impairment review on the right-of-use assets at the date of initial application, the Group
has relied on its historic assessment as to whether leases were onerous immediately before the date of initial
application of AASB 16.
Following the adoption of AASB 16, for leases previously accounted for as operating leases with a remaining lease
term of less than 12 months and for leases of low-value assets, the Group has applied the optional exemptions to not
recognise right-of-use assets but to account for the lease expense on a straight-line basis over the remaining lease
term.
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Catapult Group International Ltd
Notes to the financial statements
For the year ended 30 June 2020
2 0 2 0 A N N U A L R E P O R T
Note 3. Changes in Accounting Policies
Note 3. New standards adopted as at 1 July 2019
AASB 16 ‘Leases’
AASB 16 ‘Leases’ replaces AASB 117 ‘Leases’. The new Standard has been applied using the modified retrospective
approach, with the cumulative effect of adopting AASB 16 being recognised in equity as an adjustment to the opening
balance of retained earnings for the current period. Following the adoption of AASB 16, there have been no adjustments
made to opening retained earnings at 1 July 2019.
15.0 N O T E S T O T H E
F I N A N C I A L S T A T E M E N T S
The Group has elected not to include initial direct costs in the measurement of the right-of-use asset for operating leases in
existence at the date of initial application of AASB 16, being 1 July 2019. At this date, the Group has also elected to
measure the right-of-use assets at an amount equal to the lease liability adjusted for any prepaid or accrued lease payments
that existed at the date of transition.
Instead of performing an impairment review on the right-of-use assets at the date of initial application, the Group has relied
For those leases previously classified as finance leases, the right-of-use asset and lease liability are measured at the
on its historic assessment as to whether leases were onerous immediately before the date of initial application of AASB 16.
date of initial application at the same amounts as under AASB 117 immediately before the date of initial application.
Following the adoption of AASB 16, for leases previously accounted for as operating leases with a remaining lease term of
less than 12 months and for leases of low-value assets, the Group has applied the optional exemptions to not recognise
Following the adoption of AASB 16, the weighted average incremental borrowing rate applied to lease liabilities
right-of-use assets but to account for the lease expense on a straight-line basis over the remaining lease term.
recognised was 5.5%.
For those leases previously classified as finance leases, the right-of-use asset and lease liability are measured at the date of
The Group has benefited from the use of hindsight for determining lease term when considering options to extend
initial application at the same amounts as under AASB 117 immediately before the date of initial application.
and terminate leases.
Following the adoption of AASB 16, the weighted average incremental borrowing rate applied to lease liabilities recognised
was 5.5%.
The adoption of AASB 16 has resulted in the following impacts to the financial statements for the year ended 30
June 2020:
The Group has benefited from the use of hindsight for determining lease term when considering options to extend and
terminate leases.
Income Statement
• A decrease in occupancy costs of $1.9m;
The adoption of AASB 16 has resulted in the following impacts to the financial statements for the year ended 30 June 2020:
• An increase in depreciation charge of $1.7m; and
Income Statement
• An increase in interest paid of $0.3m.
• A decrease in occupancy costs of $1.9m;
• An increase in depreciation charge of $1.7m; and
Statement of Financial Position
• An increase in interest paid of $0.3m.
• An increase in property, plant and equipment of $4.7m;
Statement of Financial Position
• An increase in current liabilities of $1.6m; and
• An increase in property, plant and equipment of $4.7m;
• An increase in non-current liabilities of $3.1m
• An increase in current liabilities of $1.6m; and
• An increase in non-current liabilities of $3.1m
Statement of Cashflows
• An increase in net cashflows from operating activities of $2.0m; and
Statement of Cashflows
• An increase in net cashflows from operating activities of $2.0m; and
• A decrease in net cashflows from financing activities of $2.0m.
• A decrease in net cashflows from financing activities of $2.0m.
The following is a reconciliation of total operating lease commitments at 30 June 2019
to the lease liabilities recognised on 1 July 2019
Total operating lease commitments disclosed at 30 June 2019
Leases with remaining lease term of less than 12 months
Operating lease liabilities before discounting
Discounted using incremental borrowing rate
Operating lease liabilities
Total lease liabilities recognised under AASB 16 at 1 July 2019
$’000
6,596
(139)
6,457
(424)
6,033
6,033
N O T E 4 . S I G N I F I C A N T A C C O U N T I N G P O L I C I E S
4.1 Overall considerations
The consolidated financial statements have been prepared using the significant accounting policies and
measurement bases summarised below.
4.2 Basis of consolidation
The Group financial statements consolidate those of the Parent Company and all of its subsidiaries as of 30 June
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2020. The Parent controls a subsidiary if it is exposed, or has rights, to variable returns from its involvement with
the subsidiary and could affect those returns through its power over the subsidiary. All subsidiaries have a reporting
date of 30 June with the exception of Kodaplay Limited (based in Ireland), which has a reporting date of 31 March,
and Catapult Sports Technology Beijing Co Ltd (based in China) which has a reporting date of 31 December.
All transactions and balances between Group companies are eliminated on consolidation, including unrealised
gains and losses on transactions between Group companies. Where unrealised losses on intra-group asset sales are
reversed on consolidation, the underlying asset is also tested for impairment from a group perspective. Amounts
reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with
the accounting policies adopted by the Group.
Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year is recognised
from the effective date of acquisition, or up to the effective date of disposal, as applicable.
Non-controlling interests, presented as part of equity, represent the portion of a subsidiary’s profit or loss and
net assets that is not held by the Group. The Group attributes total comprehensive income or loss of subsidiaries
between the owners of the parent and the non-controlling interests based on their respective ownership interests.
4.3 Business combination
The Group applies the acquisition method in accounting for business combinations. The consideration transferred
by the Group to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of assets
transferred, liabilities incurred, and the equity interests issued by the Group, which includes the fair value of any
asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as incurred.
The Group recognises identifiable assets acquired and liabilities assumed in a business combination regardless of
whether they have been previously recognised in the acquiree’s financial statements prior to the acquisition. Assets
acquired and liabilities assumed are generally measured at their acquisition-date fair values.
Goodwill is stated after separate recognition of identifiable intangible assets. It is calculated as the excess of the
sum of (a) fair value of consideration transferred, (b) the recognised amount of any non-controlling interest in the
acquiree, and (c) acquisition-date fair value of any existing equity interest in the acquiree, over the acquisition-date
fair values of identifiable net assets. If the fair values of identifiable net assets exceed the sum calculated above, the
excess amount (i.e. gain on a bargain purchase) is recognised in profit or loss immediately.
4.4 Foreign currency translation
Functional and presentation currency
The consolidated financial statements are presented in Australian dollars (‘AUD’), which is also the functional
currency of the Parent Company.
Foreign currency transactions and balances
Foreign currency transactions are translated into the functional currency of the respective Group entity, using the
exchange rates prevailing at the dates of the transactions (spot exchange rate). Foreign exchange gains and losses
resulting from the settlement of such transactions and from the re-measurement of monetary items at year end
exchange rates are recognised in profit or loss.
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F I N A N C I A L S T A T E M E N T S
Non-monetary items are not re-translated at year-end and are measured at historical cost (translated using the
exchange rates at the date of the transaction), except for non-monetary items measured at fair value which are
translated using the exchange rates at the date when fair value was determined.
Foreign operations
In the Group’s financial statements, all assets, liabilities and transactions of Group entities with a functional
currency other than the AUD are translated into AUD upon consolidation. The functional currency of the entities in
the Group has remained unchanged during the reporting period.
On consolidation, assets and liabilities have been translated into AUD at the closing rate at the reporting date.
Income and expenses have been translated into AUD at the average rate over the reporting period. Exchange
differences are charged or credited to other comprehensive income and recognised in the currency translation
reserve in equity. On disposal of a foreign operation the cumulative translation differences recognised in equity are
reclassified to profit or loss and recognised as part of the gain or loss on disposal.
4.5 Revenue
Revenue arises from the sale of goods and the rendering of services. It is measured by reference to the fair value of
consideration the Group is entitled to, excluding sales taxes, rebates, and trade discounts.
The Group enters into sales transactions involving an outright sale to the client, on a subscription basis or for the
rendering of services. The Group applies the revenue recognition criteria set out below to each separately identifiable
component of the sales transaction in order to reflect the substance of the transaction.
To determine whether to recognise revenue, the Group follows a five-step process:
1. Identifying the contract with a customer
2. Identifying the performance obligations
3. Determining the transaction price
4. Allocating the transaction price to the performance obligations
5. Recognising revenue when/as performance obligation(s) are satisfied
When the Group enters into transactions involving its products and services, the total transaction price for a
contract is allocated amongst the various performance obligations. Revenue is recognised either at a point in time
or over time, when the Group satisfied performance obligations by transferring the promised goods or services to
customers.
Capital
Capital Revenue is the sale of good to third parties and is recognised at a point in time when the Group has
transferred to the buyer the significant risks and rewards of ownership, and control of the goods. The timing of the
transfer of risks and rewards/control varies depending on the individual terms of the sales agreement. For sales of
wearable units and sale of hardware in the video analytics business the transfer usually occurs on dispatch of the
goods from Catapult’s premises.
Subscription and Services
Subscription revenue comprises the recurring monthly billing from wearables subscription sales, rendering of services
and content licensing. Unbilled revenue at the year end is recognised in the Consolidated Statement of Financial
Position as accrued revenue and included within trade and other receivables & contract assets. Unearned revenue
at the year end is recognised in the Consolidated Statement of Financial Position as deferred revenue and included
within contract liabilities.
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F I N A N C I A L S T A T E M E N T S
Revenue is recognised as performance obligations under customer contracts are met. Performance obligations
consist of the provisioning of the software/cloud/SaaS subscription and related maintenance and support services
over the term of the contract.
(i) Wearables Subscription sale
The Group generates revenues from subscription sales typically whenever the goods have been dispatched from
Catapult's premises and the software has been activated for the customer. The revenue from the subscription
agreement is recognised on a monthly basis in equal amounts for each month of the subscription agreement.
In determining that the wearable subscription agreement constitutes an operating lease under AASB 16 the
Group considers the nature and term of the agreement and the useful life of the goods being provided under the
subscription agreement.
(ii) Rendering of Services
The Group is involved in providing software, support and maintenances services. The Group recognises revenue from
such activities on a monthly basis in equal amounts for each month of the subscription agreement.
(iii) Content Licensing
The Group is involved in the provision of licensed video content to customers. Where video content is purchased
on a one-off basis, associated revenue is recognised upon delivery of the licensed content. Where video content is
purchased via a term contract with content available for consumption during the contract term, associated revenue
is recognised on a monthly basis in equal amounts for each month of the content licensing agreement.
(iv) Multiple Element contracts
The Group may enter into a contract or multiple contracts with customers that may include multiple performance
obligations. Where multiple contracts are entered into, the Group determines whether it is required to be measured
with another pre-existing contract by determining whether the performance obligations promised are being sold at
their stand-alone selling price (SASP). Where pricing is equal to SASPO, the contract is treated as a stand-alone
contract. Where pricing is not equal to SASP, the contract is combined with the pre-existing contract with the
customer as a multiple-performance obligation (multi-PO) arrangement.
Where a multi-PO arrangement is entered into, each performance obligation is allocated a proportional amount of
revenue based on the transaction price of the contract and the relative SASP of each performance obligation.
(v) Interest and dividend income
Interest income and expenses are reported on an accrual basis using the effective interest method. Dividends, other
than those from investments in associates, are recognised at the time the right to receive payment is established.
Other Revenue
Other revenue is additional revenue related to the sale of hardware, consisting of media, shipping, training
and installation income. Revenue is recognised either at a point in time or over time, when the Group satisfies
performance obligations by transferring the promised goods or services to customers.
4.6 Operating expenses
Operating expenses are recognised in profit or loss upon utilisation of the service or at the date of their origin.
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F I N A N C I A L S T A T E M E N T S
4.7 Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are
capitalised during the period of time that is necessary to complete and prepare the asset for its intended use or sale.
Other borrowing costs are expensed in the period in which they are incurred and reported in finance costs (see Note
22).
4.8 Goodwill
Goodwill represents the future economic benefits arising from a business combination that are not individually
identified and separately recognised. See Note 4.3 for information on how goodwill is initially determined. Goodwill
is carried at cost less accumulated impairment losses. Refer to Note 13.1 for a description of impairment testing
procedures.
4.9 Other intangible assets
Acquired intangible assets
Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and install the
specific software. Brand names and customer lists acquired in a business combination that qualify for separate
recognition are recognised as intangible assets at their fair values (see Note 4.3).
Internally developed software & hardware IP
Expenditure on the research phase of projects to develop new customised software and hardware for athlete
tracking and analytic analysis is recognised as an expense as incurred.
Costs that are directly attributable to a project’s development phase are recognised as intangible assets, provided
they meet the following recognition requirements:
•
•
•
•
•
the development costs can be measured reliably;
the project is technically and commercially feasible;
the Group intends to and has sufficient resources to complete the project;
the Group has the ability to use or sell the software/hardware; and
the software/hardware will generate probable future economic benefits.
Development costs not meeting these criteria for capitalisation are expensed as incurred.
Directly attributable costs include employee costs and costs incurred on software & hardware development.
Subsequent measurement
All intangible assets, including capitalised internally developed software and hardware, are accounted for using the
cost model whereby capitalised costs are amortised on a straight-line basis over their estimated useful lives, as
these assets are considered finite. Residual values and useful lives are reviewed at each reporting date. In addition,
they are subject to impairment testing as described in Note 4.12.
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The following useful lives are applied:
•
•
•
•
•
•
•
software (licenses and internally developed): 4–5 years, except with regard to identified projects with 2 years
brand names: annually assessed by management for impairment
customer lists: 7–10 years
hardware: 3 years
distributor relationships: 10 years
distributor contracts: 10 years
goodwill: annually assessed by management for impairment
Amortisation has been included within depreciation, amortisation and impairment of non-financial assets.
Subsequent expenditures on the maintenance of computer software and brand names are expensed as incurred.
When an intangible asset is disposed of, the gain or loss on disposal is determined as the difference between the
proceeds and the carrying amount of the asset which is recognised in profit or loss within other income or other
expenses.
4.10 Property, plant and equipment
Plant and office equipment and fixtures and fittings are initially recognised at acquisition cost or manufacturing
cost, including any costs directly attributable to bringing the assets to the location and condition necessary for it
to be capable of operating in the manner intended by the Group’s management. Plant and office equipment as
well as fixtures and fittings are subsequently measured using the cost model, cost less subsequent precaution and
impairment losses.
Depreciation is recognised on a diminishing-value basis to write down the cost less estimated residual value of Plant
and office equipment and fixtures and fittings. The following useful lives are applied:
plant and office equipment 2-20 years
fixture and fittings life of lease
property improvements - life of lease
•
•
•
• Right of use assets - life of lease
Depreciation is recognised on a straight-line basis to write down the cost less estimated residual value of
subscription, service and demonstration wearable units over their useful life of 4 years.
In the case of leasehold property, expected useful lives are determined by reference to comparable owned assets or
over the term of the lease, if shorter.
Material residual value estimates and estimates of useful life are updated as required, but at least annually.
Gains or losses arising on the disposal of property, plant and equipment are determined as the difference between
the disposal proceeds and the carrying amount of the assets and are recognised in profit or loss within other income
or other expenses.
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4.11 Leased assets
Operating leases
Where the Group is a lessee, payments on operating lease agreements are recognised as an expense on a straight-
line basis over the lease term if they do not meet the criteria to be recognised under AASB16 Leases.
The Group has elected not to recognise a lease liability for short-term leases (leases with an expected term of 12
months or less) or for leases of low value assets. Payments made under such leases are expensed on a straight-line
basis. In addition, certain variable lease payments are not permitted to be recognised as lease liabilities and are
expensed as incurred (see Note 21). Associated costs, such as maintenance and insurance, are expensed as incurred.
4.12 Impairment testing of goodwill, intangible assets, property, plant and equipment and right of use assets
For impairment assessment purposes, assets are grouped at the lowest levels for which there are largely
independent cash inflows (cash-generating units). As a result, some assets are tested individually for impairment
and some are tested at cash-generating unit level. Goodwill is allocated to those cash-generating units that are
expected to benefit from synergies of the related business combination and represent the lowest level within the
Group at which management monitors goodwill.
Cash-generating units to which goodwill has been allocated (determined by the Group’s management as equivalent
to its operating segments) are tested for impairment at least annually. All other individual assets or cash-generating
units are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may
not be recoverable.
An impairment loss is recognised for the amount by which the asset’s or cash-generating unit’s carrying amount
exceeds its recoverable amount, which is the higher of fair value less costs to sell and value-in-use. To determine the
value-in-use, management estimates expected future cash flows from each cash-generating unit and determines
a suitable interest rate in order to calculate the present value of those cash flows. The data used for impairment
testing procedures are directly linked to the Group’s latest approved budget, adjusted as necessary to exclude the
effects of future reorganisations and asset enhancements. Discount factors are determined individually for each
cash-generating unit and reflect management’s assessment of respective risk profiles, such as market and asset-
specific risks factors.
Impairment losses for cash-generating units reduce first the carrying amount of any goodwill allocated to that
cash-generating unit. Any remaining impairment loss is charged pro rata to the other assets in the cash-generating
unit. With the exception of goodwill, all assets are subsequently reassessed for indications that an impairment loss
previously recognised may no longer exist. An impairment charge is reversed if the cash-generating unit’s recoverable
amount exceeds its carrying amount.
4.13 Financial instruments
Recognition, initial measurement and de-recognition
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual
provisions of the financial instrument, and are measured initially at fair value adjusted by transactions costs,
except for those carried at fair value through profit or loss, which are measured initially at fair value. Subsequent
measurement of financial assets and financial liabilities are described below.
Financial assets are de-recognised when the contractual rights to the cash flows from the financial asset expire, or
when the financial asset and all substantial risks and rewards are transferred. A financial liability is de-recognised
when it is extinguished, discharged, cancelled or expires.
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Classification and Subsequent Measurement of Financial Assets
For the purpose of subsequent measurement, financial assets other than those designated and effective as hedging
instruments are classified into the following categories upon initial recognition:
• Amortised cost;
•
•
All financial assets except for those at FVTPL are subject to review for impairment at least at each reporting date
to identify whether there is any objective evidence that a financial asset or a group of financial assets is impaired.
Different criteria to determine impairment are applied for each category of financial assets, which are described
below.
Financial assets at Fair Value Through Profit or Loss (‘FVTPL’);
Financial assets reported through Other Comprehensive Income (‘FVOCI’);
All income and expenses relating to financial assets that are recognised in profit or loss are presented within finance
costs, finance income or other financial items, except for impairment of trade receivables which is presented within
other expenses.
Amortised cost
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted
in an active market. After initial recognition, these are measured at amortised cost using the effective interest
method, less provision for impairment. Discounting is omitted where the effect of discounting is immaterial. The
Group’s cash and cash equivalents, trade and most other receivables fall into this category of financial instruments.
Individually significant receivables are considered for impairment when they are past due or when other objective
evidence is received that a specific counterparty will default. Receivables that are not considered to be individually
impaired are reviewed for impairment in groups, which are determined by reference to the industry and region of
a counterparty and other shared credit risk characteristics. The impairment loss estimate is then based on recent
historical counterparty default rates for each identified group.
Classification and subsequent measurement of Financial Liabilities
The Group’s financial liabilities include borrowings, trade and other payables and derivative financial instruments.
Financial liabilities are measured subsequently at amortised cost using the effective interest method, except for
financial liabilities held for trading or designated at FVTPL, that are carried subsequently at fair value with gains
or losses recognised in profit or loss. All derivative financial instruments that are not designated and effective as
hedging instruments are accounted for at FVTPL.
Derivative financial instruments and hedge accounting
Derivative financial instruments are accounted for at FVTPL except for derivatives designated as hedging
instruments in cash flow hedge relationships, which requires a specific accounting treatment.
4.14 Inventories
Inventories are stated at the lower of cost and net realisable value. Cost includes all expenses directly attributable to
the manufacturing process as well as suitable portions of related production overheads, based on normal operating
capacity. Costs of ordinarily interchangeable items are assigned using the first in, first out cost formula. Net
realisable value is the estimated selling price in the ordinary course of business less any applicable selling expenses.
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4.15 Income taxes
Tax expense recognised in profit or loss comprises the sum of deferred tax and current tax not recognised in other
comprehensive income or directly in equity.
Current income tax assets and/or liabilities comprise those obligations to, or claims from, the Australian Taxation
Office (‘ATO’) and other fiscal authorities relating to the current or prior reporting periods that are unpaid at the
reporting date. Current tax is payable on taxable profit, which differs from profit or loss in the financial statements.
Calculation of current tax is based on tax rates and tax laws that have been enacted or substantively enacted by the
end of the reporting period.
Deferred income taxes are calculated using the liability method on temporary differences between the carrying
amounts of assets and liabilities and their tax bases. However, deferred tax is not provided on the initial recognition
of goodwill or on the initial recognition of an asset or liability unless the related transaction is a business
combination or affects tax or accounting profit. Deferred tax on temporary differences associated with investments
in subsidiaries and joint ventures is not provided if reversal of these temporary differences can be controlled by the
Group and it is probable that reversal will not occur in the foreseeable future.
Deferred tax assets and liabilities are calculated, without discounting, at tax rates that are expected to apply to their
respective period of realisation, provided they are enacted or substantively enacted by the end of the reporting period.
Deferred tax assets are recognised to the extent that it is probable that they will be able to be utilised against future
taxable income, based on the Group’s forecast of future operating results which is adjusted for significant non-
taxable income and expenses and specific limits to the use of any unused tax loss or credit. Deferred tax liabilities
are always provided for in full.
Deferred tax assets and liabilities are offset only when the Group has a right and intention to set off current tax
assets and liabilities from the same taxation authority.
Changes in deferred tax assets or liabilities are recognised as a component of tax income or expense in profit or loss,
except where they relate to items that are recognised in other comprehensive income (such as the revaluation of
land) or directly in equity, in which case the related deferred tax is also recognised in other comprehensive income or
equity, respectively.
Catapult Group International Ltd and its wholly owned Australian controlled entities have implemented the tax
consolidation legislation. As a consequence, these entities are taxed as a single entity and the deferred tax assets
and liabilities of these entities are set off in the consolidated financial statements.
Interpretation 23 requires the assessment of whether the effect of uncertainty over income tax treatments should
be included in the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and
tax rates. The interpretation outlines the requirements to determine whether any entity considers uncertain tax
treatments separately, the assumptions an entity makes about the examination of tax treatments by taxation
authorities, how an entity determines taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and
tax rates and how an entity considers changes in facts and circumstances.
The Group has adopted Interpretation 23 from 1 July 2019, based on an assessment of whether it is “probable” that
a taxation authority will accept and uncertain tax treatment. There has been no financial reporting impact from the
adoption of Interpretation 23 in this reporting period.
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4.16 Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits, together with other short-term, highly
liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant
risk of changes in value.
4.17 Equity, reserves and dividend payments
Share capital represents the fair value of shares that have been issued. Any transaction costs associated with the
issuing of shares are deducted from share capital, net of any related income tax benefits.
Other components of equity include the following:
Foreign currency translation reserve – comprises foreign currency translation differences arising on the translation
of financial statements of the Group’s foreign entities into AUD (see Note 4.4)
Share option reserve – comprises the grant date fair value of options issued but not exercised.
Retained earnings include all current and prior period retained profits.
Dividend distributions payable to equity shareholders are included in other liabilities when the dividends have been
approved in a general meeting prior to the reporting date.
All transactions with owners of the parent are recorded separately within equity.
4.18 Post-employment benefits and short-term employee benefits
Post-employment Benefit Plans
The Group provides post-employment benefits through defined contribution plans.
Short-term Employee Benefits
Short-term employee benefits are benefits, other than termination benefits, that are expected to be settled wholly
within twelve (12) months after the end of the period in which the employees render the related service. Examples of
such benefits include wages and salaries, non-monetary benefits and accumulating sick leave. Short-term employee
benefits are measured at the undiscounted amounts expected to be paid when the liabilities are settled.
4.19 Share-based employee remuneration
The Group operates equity-settled share-based remuneration plans for its employees. None of the Group’s plans
feature any options for employees to require a cash settlement.
All goods and services received in exchange for the grant of any share-based payment are measured at their fair
values. Where employees are rewarded using share-based payments, the fair values of employees’ services are
determined indirectly by reference to the fair value of the equity instruments granted. This fair value is appraised at
the grant date and excludes the impact of non-market vesting conditions (for example performance conditions).
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All share-based remuneration is ultimately recognized as an expense in profit or loss with a corresponding credit to
share option reserve. If vesting periods or other vesting conditions apply, the expense is allocated over the vesting
period, based on the best available estimate of the number of share options expected to vest.
Non-market vesting conditions are included in assumptions about the number of options that are expected to
become exercisable. Estimates are subsequently revised if there is any indication that the number of share options
expected to vest differs from previous estimates. Any cumulative adjustment prior to vesting is recognized in
the current period. No adjustment is made to any expense recognized in prior periods if share options ultimately
exercised are different to that estimated on vesting.
Upon exercise of share options, the proceeds received net of any directly attributable transaction costs are allocated
to share capital.
4.20 Provisions, contingent liabilities and contingent assets
Provisions for product warranties, legal disputes, onerous contracts or other claims are recognised when the Group
has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic
resources will be required from the Group and amounts can be estimated reliably. Timing or amount of the outflow
may still be uncertain.
Restructuring provisions are recognised only if a detailed formal plan for the restructuring has been developed and
implemented, or management has at least announced the plan’s main features to those affected by it. Provisions are
not recognised for future operating losses.
Provisions are measured at the estimated expenditure required to settle the present obligation, based on the
most reliable evidence available at the reporting date, including the risks and uncertainties associated with the
present obligation. Where there are a number of similar obligations, the likelihood that an outflow will be required
in settlement is determined by considering the class of obligations as a whole. Provisions are discounted to their
present values, where the time value of money is material.
Any reimbursement that the Group can be virtually certain to collect from a third party with respect to the
obligation is recognised as a separate asset. However, this asset may not exceed the amount of the related
provision.
No liability is recognised if an outflow of economic resources as a result of present obligation is not probable. Such
situations are disclosed as contingent liabilities, unless the outflow of resources is remote in which case no liability is
recognised.
4.21 Goods and Services Tax, Sales taxes and Value Added Tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred
is not recoverable from the appropriate tax authority in the relevant tax jurisdiction. In these circumstances the GST
is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and
payables in the statement of financial position are shown inclusive of GST.
Cash flows are presented in the statement of cash flows on a gross basis, except for the GST components of
investing and financing activities, which are disclosed as operating cash flows.
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4.22 Significant management judgement in applying accounting policies
When preparing the financial statements, management undertakes a number of judgements, estimates and
assumptions about the recognition and measurement of assets, liabilities, income and expenses.
Significant management judgement
The following are significant management judgements in applying the accounting policies of the Group that have the
most significant effect on the financial statements.
Recognition of subscription revenue and rental units
Determining when to recognise revenues from subscription agreements requires an understanding of the customer’s
use and the useful life of the products, historical experience and knowledge of the market. The Group provides GPS
tracking units for team sports under both an up-front sales model and a subscription model. Under the subscription
model, the customer has the right to use the GPS tracking units for the period of the subscription, however they
must return the unit to the Group at the end of the subscription period. Management have considered various
factors under AASB 16 Leases as to whether a component of the subscription agreements represents a finance or
operating lease. These include:
•
The GPS tracking units for the majority of subscription contracts have a subscription period no more than 75%
of the useful life of the units.
• Risk in the fair wear and tear of GPS tracking units remains with the Group.
As a result, this component of the subscription agreements has been considered an operating lease with the Group
as lessor. As such, those GPS tracking units provided under subscription agreements have been capitalised as ‘rental
units’ under property, plant and equipment and are amortised over their estimated useful life.
All revenue under subscription sales is therefore recognised on a straight-line basis over the term of the subscription
period, reflecting management’s best estimate of the delivery of services and provision of the rental units over the
term of the agreements.
Recognition of deferred tax assets
The extent to which deferred tax assets can be recognised is based on an assessment of the probability of the
Group’s future taxable income against which the deferred tax assets can be utilised, as described in note 16. In
addition, significant judgement is required in assessing the impact of any legal or economic limits or uncertainties in
various tax jurisdictions.
Estimation uncertainty
Information about estimates and assumptions that have the most significant effect on recognition and
measurement of assets, liabilities, income and expenses is provided below. Actual results may be substantially
different.
Impairment
In assessing impairment, management estimates the recoverable amount of each asset or cash-generating unit
based on expected future cash flows and uses an interest rate to discount them. Estimation uncertainty relates to
assumptions about future operating results and the determination of a suitable discount rate (see Note 4.12).
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Useful lives of depreciable assets
Management reviews its estimate of the useful lives of depreciable assets at each reporting date, based on the
expected utility of the assets. Uncertainties in these estimates relate to technical obsolescence that may change the
utility of certain software and IT equipment.
Inventories
Management estimates the net realisable values of inventories, taking into account the most reliable evidence
available at each reporting date. The future realisation of these inventories may be affected by future technology or
other market-driven changes that may reduce future selling prices.
Business combinations
Management uses valuation techniques in determining the fair values of the various elements of a business
combination (see Note 4.3). Particularly, the fair value of contingent consideration is dependent on the outcome of
many variables that affect future profitability.
4.23 Going Concern
The financial statements have been prepared on the basis that the consolidated entity is a going concern, which
assumes continuity of normal business activities and the realisation of assets and the settlement of liabilities in the
ordinary course of business
The consolidated group incurred a loss after tax of $7,673,672 and had net cashflows from operating activities of
$22,228,129.
Notwithstanding this, the directors are of the view that the going concern principle is appropriate due to the
following factors:
•
•
•
•
•
The consolidated entity has continued to secure sale arrangements with many leading sporting organisations
across the world for which revenue and cash inflows will be recognised in future periods;
The business delivered positive free cashflow of $9.0m in FY20, a year ahead of its commitment to be free cash
flow positive in FY21;
The business had cash on hand of $27.5m at 30 June 2020 (2019: $11.7m), and $20.2m excluding the debt
facility;
In the early stages of COVID-19, Catapult management adopted a conservative approach by instituting cost
control measures and managing working capital. This ensured that the business maintained a strong cash
position, while minimising disruption to the business. Subsequent to 30 June 2020 Catapult commenced lifting
these cost measures as the negative impact of COVID-19 was less than anticipated; and
The business has substantially delivered on its new product investment program launched in FY20 which will
deliver growth and improved profitability in the future.
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Catapult Group International Ltd
Notes to the financial statements
For the year ended 30 June 2020
N O T E 5 . I N T E R E S T S I N S U B S I D I A R I E S
Set out below details of the subsidiaries held directly by the Group:
Note 5. Interests in subsidiaries
Set out below details of the subsidiaries held directly by the Group:
Parent Entity
Parent Entity
Catapult Group International Ltd (i),(iii)
Catapult Group International Ltd (i),(iii)
Name of the Subsidiary
Catapult Sports Pty Ltd (i),(ii),(iii)
Catapult Gameday Pty Ltd
Catapult International Pty Ltd
GPSports Systems Pty Ltd (iii)
Catapult Innovations Pty Ltd
Catapult Group US Inc. (iii)
Catapult Sports LLC (iii)
XOS Technologies Inc
Collegiate Images LLC
Catapult Sports Limited (iii)
Catapult Sports Godo Kaisha
Catapult Sports Europe Limited
Kodaplay Ltd (iii)
Catapult Sports SAS
Catapult Sports Technology Beijing Co Ltd
Principal Place of Business /
Principal Activity
Australia - design and sale of
wearable products and software
Australia - trading entity for
relationships with Media sector
Australia - holding company
Australia - design and sale of
wearable products and software
Australia - non trading entity
United States of America - holding
company
United States of America - North
American sales operations
United States of America - Video
Analytics
United States of America - Content
Licensing
United Kingdom - European sales
operations
Japan - Asia sales operations
Ireland - holding company
Ireland - manufacturing and selling
for Catapult sub-elite and consumer
products
Argentina - South American sales
operations
China - Asia sales operations
Group Ownership Interest
2019
%
2020
%
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
(i) Catapult Group International Ltd (the Company) and Catapult Sports Pty Ltd (the “Closed Group”) entered into a Deed of
Cross Guarantee on 26 June 2017. The effect of the deed is that the Company has guaranteed to each creditor to pay any
deficiency in the event of the winding up of any of the controlled entities in the “Closed Group”. All entities in the “Closed
Group” have also given a similar guarantee in the event that the Company is wound up – refer to Note 34.
(ii) Pursuant to ASIC Corporations (Wholly owned Companies) Instrument 2016/785 Order 98/1418 (as amended) relief has
been granted to Catapult Sports Pty Ltd from the Corporations Act 2001 requirements for preparation, audit and lodgement
of financial reports and directors reports.
(iii) These entities have provided guarantees to Western Alliance Bank in respect of credit facilities of USD 5,000,000
granted to XOS Technologies Inc and Collegiate Images LLC.
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Catapult Group International Ltd
Notes to the financial statements
For the year ended 30 June 2020
N O T E 6 . S E G M E N T R E P O R T I N G
Note 6. Segment Reporting
For the year ended 30 June 2020
For the year ended 30 June 2020
Management identifies its operating segments based on the Group’s business units which represent the main
Management identifies its operating segments based on the Group’s business units which represent the main products and
products and services provided by the Group. The Group’s three main operating segments are:
services provided by the Group. The Group’s three main operating segments are:
• Wearables: design, development and supply of wearable technology and analytic software to athletes and
· Wearables: design, development and supply of wearable technology and analytic software to athletes and sports teams
• Video Analytics: develops and provides innovative digital and video analytic software solutions to elite sports
· Video Analytics: develops and provides innovative digital and video analytic software solutions to elite sports teams
sports teams
teams
• New Products: development of the prosumer product and entry into the prosumer market
· New Products: development of the prosumer product and entry into the prosumer market
These operating segments are monitored and strategic decisions are made on the basis of adjusted segment
operating results.
These operating segments are monitored and strategic decisions are made on the basis of adjusted segment operating
results.
The revenues and profit generated by each of the Group’s operating segments and segment assets are summarised
The revenues and profit generated by each of the Group’s operating segments and segment assets are summarised as
as follows:
follows:
12 months to 30 June 2020
Revenue - external customers
Segment EBITDA
Segment Operating profit/(loss)
Segment Assets
Segment Liabilities
12 months to 30 June 2019
Revenue - external customers
Segment EBITDA
Segment Operating profit/(loss)
Catapult Group International Ltd
Segment Assets
Notes to the financial statements
Segment Liabilities
For the year ended 30 June 2020
Note 6. Segment Reporting (continued)
Wearables
$'000
Video
Analytics
$'000
New
Products
$'000
48,170
14,546
6,559
58,546
30,766
47,737
15,143
3,360
118,158
35,672
4,826
(742)
(1,899)
9,930
2,078
Wearables
$'000
Video
Analytics
$'000
New
Products
$'000
45,257
12,436
6,070
56,235
27,332
44,845
12,545
3,443
110,408
26,989
5,273
(6,118)
(7,513)
10,009
1,648
Total
$'000
100,733
28,947
8,020
186,634
68,516
Total
$'000
95,375
18,863
2,000
176,652
55,969
The Group's segment operating profit reconciles to the Group's loss before tax as presented in its financial statements as
follows:
Total reporting segment operating EBITDA
Depreciation and amortisation for the segments
Segment finance expenses
Segment finance income
Other segment financial income
Total reporting segment operating profit
Corporate Costs
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Other income
Employee benefits expense
Employee share option compensation expense
Capital raising and listing expenses
Travel, marketing and promotion
Occupancy
Professional fees
Other expenses
Total corporate costs
Finance expenses
Finance income
Other financial (expenses)/income
Group loss before tax
2020
12 months
$'000
28,947
(21,495)
(30)
39
559
8,020
2019
12 months
$'000
18,863
(17,043)
(20)
26
174
2,000
1,319
(8,207)
(1,833)
(225)
(411)
(489)
(2,511)
(3,313)
(15,670)
(463)
28
(143)
(8,228)
-
(7,396)
(1,116)
(196)
(534)
(887)
(2,571)
(2,091)
(14,791)
(14)
264
45
(12,496)
6 4
Catapult Group International Ltd
Notes to the financial statements
For the year ended 30 June 2020
2 0 2 0 A N N U A L R E P O R T
Note 6. Segment Reporting (continued)
The Group's segment operating profit reconciles to the Group's loss before tax as presented in its financial statements as
follows:
F I N A N C I A L S T A T E M E N T S
15.0 N O T E S T O T H E
Total reporting segment operating EBITDA
Depreciation and amortisation for the segments
Segment finance expenses
Segment finance income
Other segment financial income
Total reporting segment operating profit
Corporate Costs
Other income
Employee benefits expense
Employee share option compensation expense
Capital raising and listing expenses
Travel, marketing and promotion
Occupancy
Professional fees
Other expenses
Total corporate costs
Finance expenses
Finance income
Catapult Group International Ltd
Other financial (expenses)/income
Notes to the financial statements
Group loss before tax
For the year ended 30 June 2020
Catapult Group International Ltd
Notes to the financial statements
Note 6. Segment Reporting (continued)
For the year ended 30 June 2020
Revenue by Geography
Note 6. Segment Reporting (continued)
2020
12 months
$'000
28,947
(21,495)
(30)
39
559
8,020
2019
12 months
$'000
18,863
(17,043)
(20)
26
174
2,000
1,319
(8,207)
(1,833)
(225)
(411)
(489)
(2,511)
(3,313)
(15,670)
(463)
28
(143)
(8,228)
-
(7,396)
(1,116)
(196)
(534)
(887)
(2,571)
(2,091)
(14,791)
(14)
264
45
(12,496)
The Group’s revenues from external customers (excludes government grants) and are divided into the following geographical
Revenue by Geography
areas:
The Group’s revenues from external customers (excludes government grants) and are divided into the following geographical
areas:
Revenue - external customers
Australia
APAC
Revenue - external customers
EMEA
Australia
Americas
APAC
Total
EMEA
Americas
Total
Wearables
2020
$'000
Wearables
2020
4,585
$'000
5,621
16,286
4,585
21,678
5,621
48,170
16,286
21,678
48,170
Wearables
2019
$'000
Wearables
2019
4,823
$'000
4,846
16,576
4,823
19,012
4,846
45,257
16,576
19,012
45,257
Video
Analytics
2020
Video
$'000
Analytics
2020
6
$'000
43
179
6
47,509
43
47,737
179
47,509
Video
47,737
Analytics
2019
Video
$'000
Analytics
2019
2
$'000
5
25
2
44,813
5
44,845
25
44,813
44,845
New
Products
2020
New
$'000
Products
2020
467
$'000
100
2,632
467
1,627
100
4,826
2,632
1,627
New
4,826
Products
2019
New
$'000
Products
2019
615
$'000
122
2,956
615
1,580
122
5,273
2,956
1,580
5,273
Total
2020
$'000
Total
2020
5,058
$'000
5,764
19,097
5,058
70,814
5,764
100,733
19,097
70,814
100,733
Total
2019
$'000
Total
2019
5,440
$'000
4,973
19,557
5,440
65,405
4,973
95,375
19,557
65,405
95,375
Revenue - external customers
Australia
APAC
Revenue - external customers
EMEA
Australia
Americas
APAC
Total
EMEA
Americas
All revenue is generated from external customers and there are no inter segment revenues.
Total
Revenues from external customers in the Group’s domicile, Australia, as well as its major markets, Europe and the Middle
All revenue is generated from external customers and there are no inter segment revenues.
East (EMEA), Asia-Pacific (APAC) and the Americas, have been identified on the basis of the customer’s geographical
location.
Revenues from external customers in the Group’s domicile, Australia, as well as its major markets, Europe and the Middle
East (EMEA), Asia-Pacific (APAC) and the Americas, have been identified on the basis of the customer’s geographical
location.
C A T A P U L T S P O R T S . C O M
6 5
2 0 2 0 A N N U A L R E P O R T
15.0 N O T E S T O T H E
F I N A N C I A L S T A T E M E N T S
Catapult Group International Ltd
Notes to the financial statements
Catapult Group International Ltd
For the year ended 30 June 2020
Notes to the financial statements
For the year ended 30 June 2020
N O T E 7 . R E V E N U E
Note 7. Revenue
Catapult Group International Ltd
Note 7. Revenue
Revenue has been generated from the following types of sales transactions:
Notes to the financial statements
Revenue has been generated from the following types of sales transactions:
For the year ended 30 June 2020
Revenue has been generated from the following types of sales transactions:
Note 7. Revenue
Capital revenue
Capital revenue
Subscription and service
Revenue has been generated from the following types of sales transactions:
Subscription and service
Other revenue
Other revenue
Revenue
Revenue
Capital revenue
Note 8. Other income
Subscription and service
Note 8. Other income
N O T E 8 . O T H E R I N C O M E
Other revenue
Other income has been generated from the following sources:
Revenue
Other income has been generated from the following sources:
Other income has been generated from the following sources:
2020
2020
$'000
$'000
21,877
21,877
77,566
77,566
1,290
1,290
100,733
2020
100,733
$'000
21,877
77,566
1,290
100,733
2020
2020
$'000
$'000
678
678
641
641
1,319
2020
1,319
$'000
2019
2019
$'000
$'000
30,197
30,197
64,005
64,005
1,173
1,173
95,375
2019
95,375
$'000
30,197
64,005
1,173
95,375
2019
2019
$'000
$'000
311
311
2
2
313
2019
313
$'000
678
641
1,319
Note 8. Other income
Government grants and assistance*
Other income has been generated from the following sources:
Government grants and assistance*
Other income
Other income
Other Income
Other Income
*Government grants represents the JobKeeper and cash flow boost payments received from the Federal Government in response to the
ongoing novel coronavirus (COVID-19) pandemic. Government grants are recognised in the financial statements at their fair values when
*Government grants represents the JobKeeper and cash flow boost payments received from the Federal Government in response to the
there is a reasonable assurance that the Consolidated Entity will comply with the requirements and that the grant will be received.
ongoing novel coronavirus (COVID-19) pandemic. Government grants are recognised in the financial statements at their fair values when
Government grants and assistance*
there is a reasonable assurance that the Consolidated Entity will comply with the requirements and that the grant will be received.
Other income
Note 9. Current assets - Cash and cash equivalents
Other Income
Note 9. Current assets - Cash and cash equivalents
Cash and cash equivalents include the following components:
*Government grants represents the JobKeeper and cash flow boost payments received from the Federal Government in response to the
Cash and cash equivalents include the following components:
ongoing novel coronavirus (COVID-19) pandemic. Government grants are recognised in the financial statements at their fair values when
N O T E 9 . C U R R E N T A S S E T S - C A S H A N D C A S H E Q U I V A L E N T S
there is a reasonable assurance that the Consolidated Entity will comply with the requirements and that the grant will be received.
Cash at bank and in hand
Cash at bank and in hand
2019
Note 9. Current assets - Cash and cash equivalents
2019
$'000
Cash and cash equivalents include the following components:
$'000
5,449
AUD
Cash at bank and in hand
Cash and cash equivalents include the following components:
5,449
AUD
821
EUR
EUR
821
1,033
GBP
Cash at bank and in hand
1,033
GBP
4,172
USD
2019
4,172
USD
272
JPY
$'000
272
JPY
-
CNY
5,449
AUD
CNY
-
-
ARS
821
EUR
ARS
-
11,747
Total cash and cash equivalent
1,033
GBP
11,747
Total cash and cash equivalent
4,172
USD
The amount of cash and cash equivalents inaccessible to the Group as at 30 June 2020 amounts to $538,892 (2019:
272
JPY
$647,875) relating to Letter of Credit for rental leases held by the Group.
The amount of cash and cash equivalents inaccessible to the Group as at 30 June 2020 amounts to $538,892 (2019:
-
CNY
$647,875) relating to Letter of Credit for rental leases held by the Group.
ARS
-
11,747
Total cash and cash equivalent
2020
2020
$'000
$'000
2,144
2,144
3,164
3,164
2,090
2,090
18,666
2020
18,666
297
$'000
297
1,034
2,144
1,034
127
3,164
127
27,522
2,090
27,522
18,666
297
1,034
127
27,522
311
2
313
The amount of cash and cash equivalents inaccessible to the Group as at 30 June 2020 amounts to $538,892 (2019:
$647,875) relating to Letter of Credit for rental leases held by the Group.
C A T A P U L T S P O R T S . C O M
6 6
2 0 2 0 A N N U A L R E P O R T
15.0 N O T E S T O T H E
F I N A N C I A L S T A T E M E N T S
Catapult Group International Ltd
Notes to the financial statements
For the year ended 30 June 2020
N O T E 1 0 . C U R R E N T A S S E T S - T R A D E A N D O T H E R R E C E I V A B L E S & C O N T R A C T A S S E T S
Catapult Group International Ltd
Notes to the financial statements
Note 10. Current assets - Trade and other receivables & contract assets
For the year ended 30 June 2020
Trade and other receivables & contract assets consist of the following:
Trade and other receivables & contract assets consist of the following:
Note 10. Current assets - Trade and other receivables & contract assets
Trade and other receivables & contract assets consist of the following:
Trade receivables, gross
Accrued revenue
Allowance for credit losses
Trade receivables, gross
Trade receivables
Accrued revenue
Taxes receivable
Allowance for credit losses
Other receivables
Trade receivables
Prepayments
Taxes receivable
Non-financial assets
Other receivables
Trade and other receivables
Prepayments
Contract assets
Non-financial assets
Current trade and other receivables
Trade and other receivables
Other long-term financial assets
Contract assets
Total trade and other receivables
Current trade and other receivables
Other long-term financial assets
The net carrying value of trade receivables is considered a reasonable approximation of fair value.
Total trade and other receivables
2020
$'000
2019
$'000
2020
28,585
$'000
2,777
(1,984)
28,585
29,378
2,777
350
(1,984)
1,218
29,378
2,317
350
3,885
1,218
33,263
2,317
105
3,885
33,368
33,263
488
105
33,856
33,368
488
33,856
2019
29,924
$'000
5,109
(747)
29,924
34,286
5,109
371
(747)
1,266
34,286
2,133
371
3,770
1,266
38,056
2,133
402
3,770
38,458
38,056
599
402
39,057
38,458
599
39,057
All of the Group's trade and other receivables have been reviewed for indicators of impairment. Trade receivables are written-
The net carrying value of trade receivables is considered a reasonable approximation of fair value.
off when there is no reasonable expectation of recovery. Impairment losses on trade receivables are presented as net
impairment losses within operating profit. Subsequent recoveries of amounts previously written-off are credited against the
All of the Group's trade and other receivables have been reviewed for indicators of impairment. Trade receivables are written-
same line item. During the year ended 30 June 2020, an amount of $680,504 (2019: $328,281) was found to be impaired and
off when there is no reasonable expectation of recovery. Impairment losses on trade receivables are presented as net
subsequently these bad debts were written off.
impairment losses within operating profit. Subsequent recoveries of amounts previously written-off are credited against the
same line item. During the year ended 30 June 2020, an amount of $680,504 (2019: $328,281) was found to be impaired and
Note 11. Current assets - Inventories
subsequently these bad debts were written off.
Note 11. Current assets - Inventories
N O T E 1 1 . C U R R E N T A S S E T S - I N V E N T O R I E S
2019
$'000
1,257
Raw materials and consumables
2019
4
Work in progress
$'000
4,840
Finished goods
1,257
Raw materials and consumables
6,101
Total inventories
4
Work in progress
4,840
Finished goods
In 2020, total cost of $16,880,445 associated with inventories was included in the Consolidated Statement of Profit and Loss
6,101
Total inventories
and Other Comprehensive Income as an expense (2019: $17,190,177). At 30 June 2020 the provision for obsolete stock was
$1,416,233 (2019: 982,795).
In 2020, total cost of $16,880,445 associated with inventories was included in the Consolidated Statement of Profit and Loss
and Other Comprehensive Income as an expense (2019: $17,190,177). At 30 June 2020 the provision for obsolete stock was
$1,416,233 (2019: 982,795).
2020
$'000
1,320
2020
1
$'000
5,998
1,320
7,319
1
5,998
7,319
C A T A P U L T S P O R T S . C O M
6 7
2 0 2 0 A N N U A L R E P O R T
15.0 N O T E S T O T H E
F I N A N C I A L S T A T E M E N T S
Catapult Group International Ltd
Notes to the financial statements
N O T E 1 2 . N O N - C U R R E N T A S S E T S - P R O P E R T Y , P L A N T A N D E Q U I P M E N T
Catapult Group International Ltd
For the year ended 30 June 2020
Notes to the financial statements
For the year ended 30 June 2020
Details of the Group's property, plant and equipment and their carrying amount are as follows:
Note 12. Non-current assets - Property, plant and equipment
Note 12. Non-current assets - Property, plant and equipment
Details of the Group's property, plant and equipment and their carrying amount are as follows:
Details of the Group's property, plant and equipment and their carrying amount are as follows:
Gross carrying amount
Balance 1 July 2019
Gross carrying amount
Additions
Balance 1 July 2019
Disposals
Additions
Transfer
Disposals
Net exchange difference
Transfer
Net exchange difference
Balance 30 June 2020
Balance 30 June 2020
Depreciation and impairment
Balance 1 July 2019
Depreciation and impairment
Depreciation
Balance 1 July 2019
Disposals
Depreciation
Net exchange difference
Disposals
Balance 30 June 2020
Net exchange difference
Carrying amount 30 June
Balance 30 June 2020
2020
Carrying amount 30 June
2020
Rental &
Demo
Rental &
Units
Demo
$'000
Units
$'000
9,129
2,877
9,129
(1,862)
2,877
(1,862)
27
27
10,171
10,171
Plant &
Office
Plant &
Equipment
Office
$'000
Equipment
$'000
6,058
726
6,058
(18)
726
117
(18)
132
117
132
7,015
7,015
Furniture &
Fittings
Furniture &
$'000
Fittings
$'000
297
3
297
-
3
(117)
-
-
(117)
-
183
183
Leasehold
Improve-
Leasehold
ments
Improve-
$'000
ments
$'000
2,122
52
2,122
-
52
-
51
51
2,225
2,225
(4,348)
(1,808)
(4,348)
509
(1,808)
10
509
(5,637)
10
(5,637)
4,534
4,534
(3,273)
(1,506)
(3,273)
2
(1,506)
(32)
2
(4,809)
(32)
(4,809)
2,206
2,206
(8)
(2)
(8)
-
(2)
(1)
-
(11)
(1)
(11)
172
172
(1,043)
(488)
(1,043)
-
(488)
(4)
-
(1,535)
(4)
(1,535)
690
690
Leased
Assets
Leased
$'000
Assets
$'000
-
6,335
-
-
6,335
-
-
-
6,335
6,335
-
(1,729)
-
-
(1,729)
39
-
(1,690)
39
(1,690)
4,645
4,645
Rental &
Demo Units
Rental &
$'000
Demo Units
$'000
7,556
2,087
7,556
(516)
2,087
-
(516)
2
-
2
9,129
9,129
Plant &
Office
Plant &
Equipment
Office
$'000
Equipment
$'000
4,136
1,792
4,136
(31)
1,792
(16)
(31)
177
(16)
177
6,058
6,058
Furniture &
Fittings
Furniture &
$'000
Fittings
$'000
278
-
278
-
-
-
-
19
-
19
297
297
Leasehold
Improve-
Leasehold
ments
Improve-
$'000
ments
$'000
2,072
-
2,072
-
-
-
-
50
-
50
2,122
2,122
Gross carrying amount
Balance 1 July 2018
Gross carrying amount
Additions
Balance 1 July 2018
Disposals
Additions
Transfer
Disposals
Net exchange difference
Transfer
Net exchange difference
Balance 30 June 2019
Balance 30 June 2019
Depreciation and impairment
Balance 1 July 2018
Depreciation and impairment
Depreciation
Balance 1 July 2018
Disposals
Depreciation
Transfer
Disposals
Net exchange difference
Transfer
Net exchange difference
Balance 30 June 2019
Carrying amount 30 June 2019
Balance 30 June 2019
Carrying amount 30 June 2019
All depreciation and amortisation charges are included within depreciation and amortisation expense.
All depreciation and amortisation charges are included within depreciation and amortisation expense.
During the year the Group wrote off rental and demo units with a net book value of $1,352,750 (2019: $177,818) pertaining to
the return of devices that had been upgraded to a new device in line with Catapult's subscription agreements. These devices
During the year the Group wrote off rental and demo units with a net book value of $1,352,750 (2019: $177,818) pertaining to
were transferred from Rental & Demo Units back into inventory upon return, and after review were deemed to be obsolete
the return of devices that had been upgraded to a new device in line with Catapult's subscription agreements. These devices
and subsequently written-off.
were transferred from Rental & Demo Units back into inventory upon return, and after review were deemed to be obsolete
and subsequently written-off.
During FY19 the Group also conducted a review of the loan unit register and disposed of old rental units on the register that
were no longer reconciled to existing subscription contracts. These units had a net book value of $60,150 (2020: Nil)
During FY19 the Group also conducted a review of the loan unit register and disposed of old rental units on the register that
C A T A P U L T S P O R T S . C O M
were no longer reconciled to existing subscription contracts. These units had a net book value of $60,150 (2020: Nil)
There were no material contractual commitments to acquire property, plant and equipment at 30 June 2020 (2019: Nil).
There were no material contractual commitments to acquire property, plant and equipment at 30 June 2020 (2019: Nil).
(2,706)
(1,920)
(2,706)
278
(1,920)
-
278
-
-
-
(4,348)
4,781
(4,348)
4,781
(529)
(510)
(529)
-
(510)
-
-
(4)
-
(4)
(1,043)
1,079
(1,043)
1,079
(2,120)
(1,149)
(2,120)
6
(1,149)
5
6
(15)
5
(15)
(3,273)
2,785
(3,273)
2,785
(5,359)
(3,583)
(5,359)
284
(3,583)
5
284
(19)
5
(19)
(8,672)
8,934
(8,672)
8,934
(4)
(4)
(4)
-
(4)
-
-
-
-
-
(8)
289
(8)
289
6 8
Total
$'000
Total
$'000
17,606
9,993
17,606
(1,880)
9,993
(1,880)
210
210
25,929
25,929
(8,672)
(5,533)
(8,672)
511
(5,533)
12
511
(13,682)
12
(13,682)
12,247
12,247
Total
$'000
Total
$'000
14,042
3,879
14,042
(547)
3,879
(16)
(547)
248
(16)
248
17,606
17,606
2 0 2 0 A N N U A L R E P O R T
15.0 N O T E S T O T H E
F I N A N C I A L S T A T E M E N T S
All depreciation and amortisation charges are included within depreciation and amortisation expense.
During the year the Group wrote off rental and demo units with a net book value of $1,352,750 (2019: $177,818)
pertaining to the return of devices that had been upgraded to a new device in line with Catapult's subscription
agreements. These devices were transferred from Rental & Demo Units back into inventory upon return, and after
review were deemed to be obsolete and subsequently written-off.
During FY19 the Group also conducted a review of the loan unit register and disposed of old rental units on the
register that were no longer reconciled to existing subscription contracts. These units had a net book value of
$60,150 (2020: Nil)
There were no material contractual commitments to acquire property, plant and equipment at 30 June 2020 (2019:
Nil).
The net book value of assets held under Finance Leases at 30 June 2020 was $85,053 (2019: 269,440) and are
Catapult Group International Ltd
Catapult Group International Ltd
included in Office Equipment.
Notes to the financial statements
Notes to the financial statements
For the year ended 30 June 2020
For the year ended 30 June 2020
On a review of plant and equipment and office equipment the Group has considered the categories to be one asset
The net book value of assets held under Finance Leases at 30 June 2020 was $85,053 (2019: 269,440) and are included in
The net book value of assets held under Finance Leases at 30 June 2020 was $85,053 (2019: 269,440) and are included in
class and combined them in FY20.
Office Equipment.
Office Equipment.
On a review of plant and equipment and office equipment the Group has considered the categories to be one asset class and
On a review of plant and equipment and office equipment the Group has considered the categories to be one asset class and
N O T E 1 3 . N O N - C U R R E N T A S S E T S - G O O D W I L L
combined them in FY20.
combined them in FY20.
Note 13. Non-current assets - Goodwill
Note 13. Non-current assets - Goodwill
The movements in the net carrying amount of goodwill are as follows:
The movements in the net carrying amount of goodwill are as follows:
The movements in the net carrying amount of goodwill are as follows:
Balance at 1 July 2019
Balance at 1 July 2019
Foreign exchange effect on goodwill
Foreign exchange effect on goodwill
Balance at 30 June 2020
Balance at 30 June 2020
13.1 Impairment Testing
13.1 Impairment Testing
2020
2020
$'000
$'000
59,554
59,554
1,200
1,200
60,754
60,754
2019
2019
$'000
$'000
56,730
56,730
2,824
2,824
59,554
59,554
For the purpose of annual impairment testing goodwill is allocated to the cash-generating units which are expected to benefit
For the purpose of annual impairment testing goodwill is allocated to the cash-generating units which are expected to benefit
from the synergies of the business combinations in which goodwill arises.
from the synergies of the business combinations in which goodwill arises.
Elite Wearables
Elite Wearables
Sub-Elite Wearables
Sub-Elite Wearables
Video Analytics
Video Analytics
Goodwill allocation at 30 June 2020
Goodwill allocation at 30 June 2020
2020
2020
$'000
$'000
2,354
2,354
4,258
4,258
54,142
54,142
60,754
60,754
2019
2019
$'000
$'000
2,354
2,354
4,216
4,216
52,984
52,984
59,554
59,554
The recoverable amounts of the cash-generating units were determined based on value-in-use calculations, covering the
The recoverable amounts of the cash-generating units were determined based on value-in-use calculations, covering the
detailed five-year forecast, followed by a terminal growth rate of expected cash flows for the units. Growth rates are
detailed five-year forecast, followed by a terminal growth rate of expected cash flows for the units. Growth rates are
determined by management. The present value of the expected cash flows of each segment is determined by applying a
determined by management. The present value of the expected cash flows of each segment is determined by applying a
suitable discount rate.
suitable discount rate.
In measuring value in use cash flow projections are based on:
In measuring value in use cash flow projections are based on:
(a) reasonable and supportable assumptions that represent management’s best estimate of the range of economic
(a) reasonable and supportable assumptions that represent management’s best estimate of the range of economic
C A T A P U L T S P O R T S . C O M
conditions that will exist over the remaining useful life of the asset;
conditions that will exist over the remaining useful life of the asset;
6 9
(b) most recent financial budgets/forecasts approved by management, but exclude any estimated future cash inflows or
(b) most recent financial budgets/forecasts approved by management, but exclude any estimated future cash inflows or
outflows expected to arise from future restructurings or from improving or enhancing the asset’s performance; and
outflows expected to arise from future restructurings or from improving or enhancing the asset’s performance; and
(c) estimates cash flow projections beyond the period covered by the most recent budgets/forecasts by extrapolating the
(c) estimates cash flow projections beyond the period covered by the most recent budgets/forecasts by extrapolating the
projections based on the budgets/forecasts using a steady or declining growth rate for subsequent years.
projections based on the budgets/forecasts using a steady or declining growth rate for subsequent years.
Elite Wearables
Elite Wearables
Sub-Elite Wearables
Sub-Elite Wearables
Video Analytics
Video Analytics
Impact of possible changes in key assumptions
Impact of possible changes in key assumptions
Terminal
Terminal
Growth Rate
Growth Rate
2020
2020
2.9%
2.9%
2.9%
2.9%
2.9%
2.9%
Discount
Discount
Rates
Rates
2020
2020
10.7%
10.7%
10.7%
10.7%
10.7%
10.7%
2019
2019
2.9%
2.9%
-
-
2.9%
2.9%
2019
2019
10.5%
10.5%
10.0%
10.0%
10.8%
10.8%
The Directors and management have considered and assessed reasonably possible changes for other key assumptions and
The Directors and management have considered and assessed reasonably possible changes for other key assumptions and
have not identified any instances that could cause the carrying amount of the CGUs above to exceed its recoverable
have not identified any instances that could cause the carrying amount of the CGUs above to exceed its recoverable
amount.
amount.
Catapult Group International Ltd
Notes to the financial statements
For the year ended 30 June 2020
Office Equipment.
combined them in FY20.
The net book value of assets held under Finance Leases at 30 June 2020 was $85,053 (2019: 269,440) and are included in
On a review of plant and equipment and office equipment the Group has considered the categories to be one asset class and
Note 13. Non-current assets - Goodwill
The movements in the net carrying amount of goodwill are as follows:
Balance at 1 July 2019
Foreign exchange effect on goodwill
Balance at 30 June 2020
13.1 Impairment Testing
2 0 2 0 A N N U A L R E P O R T
2020
$'000
59,554
1,200
60,754
2019
$'000
56,730
2,824
59,554
For the purpose of annual impairment testing goodwill is allocated to the cash-generating units which are expected to benefit
from the synergies of the business combinations in which goodwill arises.
Elite Wearables
Sub-Elite Wearables
Video Analytics
Goodwill allocation at 30 June 2020
15.0 N O T E S T O T H E
F I N A N C I A L S T A T E M E N T S
2020
$'000
2,354
4,258
54,142
60,754
2019
$'000
2,354
4,216
52,984
59,554
The recoverable amounts of the cash-generating units were determined based on value-in-use calculations, covering the
detailed five-year forecast, followed by a terminal growth rate of expected cash flows for the units. Growth rates are
determined by management. The present value of the expected cash flows of each segment is determined by applying a
suitable discount rate.
In measuring value in use cash flow projections are based on:
(a) reasonable and supportable assumptions that represent management’s best estimate of the range of economic
conditions that will exist over the remaining useful life of the asset;
(b) most recent financial budgets/forecasts approved by management, but exclude any estimated future cash inflows or
outflows expected to arise from future restructurings or from improving or enhancing the asset’s performance; and
(c) estimates cash flow projections beyond the period covered by the most recent budgets/forecasts by extrapolating the
projections based on the budgets/forecasts using a steady or declining growth rate for subsequent years.
Elite Wearables
Sub-Elite Wearables
Video Analytics
Impact of possible changes in key assumptions
Terminal
Growth Rate
2020
2.9%
2.9%
2.9%
Discount
Rates
2020
10.7%
10.7%
10.7%
2019
2.9%
-
2.9%
2019
10.5%
10.0%
10.8%
Catapult Group International Ltd
Catapult Group International Ltd
The Directors and management have considered and assessed reasonably possible changes for other key assumptions and
Notes to the financial statements
Notes to the financial statements
have not identified any instances that could cause the carrying amount of the CGUs above to exceed its recoverable
For the year ended 30 June 2020
For the year ended 30 June 2020
amount.
Brand names
Brand names
The carrying value of brand names associated with each cash generating unit of the Group are outlined below:
The carrying value of brand names associated with each cash generating unit of the Group are outlined below:
Elite Wearables
Elite Wearables
Video Analytics
Video Analytics
Brand names at 30 June 2020
Brand names at 30 June 2020
13.2 Growth Rates
13.2 Growth Rates
2020
2020
$'000
$'000
250
250
5,243
5,243
5,493
5,493
2019
2019
$'000
$'000
250
250
5,130
5,130
5,380
5,380
Five years of cash flows were included in the discounted cash flow model. The cash flow projections included specific
Five years of cash flows were included in the discounted cash flow model. The cash flow projections included specific
estimates for five years and a terminal growth rate thereafter. The terminal growth rate was determined based on
estimates for five years and a terminal growth rate thereafter. The terminal growth rate was determined based on
management’s estimate of the long-term compound annual EBITDA growth rate, consistent with the assumptions that a market
management’s estimate of the long-term compound annual EBITDA growth rate, consistent with the assumptions that a market
participant would make.
participant would make.
– Revenue growth was projected taking into account the average growth levels experienced over the past five years and the
– Revenue growth was projected taking into account the average growth levels experienced over the past five years and the
estimated sales volume and price growth for the next five years. It was assumed that the sales price would increase in line
estimated sales volume and price growth for the next five years. It was assumed that the sales price would increase in line
with forecast inflation over the next five years.
with forecast inflation over the next five years.
– Continued investment in core product development to underpin revenue growth particularly in video and tactical products.
– Continued investment in core product development to underpin revenue growth particularly in video and tactical products.
The growth rates reflect a conservative management estimate, as publicly published growth rates for this industry segment
The growth rates reflect a conservative management estimate, as publicly published growth rates for this industry segment
are not readily available.
are not readily available.
13.3 Discount Rates
13.3 Discount Rates
The discount rate reflects appropriate adjustments relating to market risk and specific risk factors of the business unit.
The discount rate reflects appropriate adjustments relating to market risk and specific risk factors of the business unit.
The discount rate was a post-tax measure estimated based on the historical industry average weighted-average cost of capital.
The discount rate was a post-tax measure estimated based on the historical industry average weighted-average cost of capital.
C A T A P U L T S P O R T S . C O M
7 0
2 0 2 0 A N N U A L R E P O R T
15.0 N O T E S T O T H E
F I N A N C I A L S T A T E M E N T S
Catapult Group International Ltd
Catapult Group International Ltd
Notes to the financial statements
Notes to the financial statements
For the year ended 30 June 2020
For the year ended 30 June 2020
N O T E 1 4 . N O N - C U R R E N T A S S E T S - I N T A N G I B L E A S S E T S
Note 14. Non-current assets - Intangible assets
Note 14. Non-current assets - Intangible assets
Acquired
Acquired
Software
Software
Licences
Licences
$'000
$'000
Hardware
Hardware
IP
IP
$'000
$'000
Distributor
Distributor
Relationshi
Relationshi
-ps
-ps
$'000
$'000
Brand
Brand
Name
Name
$'000
$'000
Distributor
Distributor
Contracts
Contracts
$'000
$'000
Customer
Customer
Relationshi
Relationshi
-ps
-ps
$'000
$'000
Internally
Internally
Developed
Developed
Software
Software
$'000
$'000
Gross carrying
Gross carrying
amount balance at
amount balance at
1 July 2019
1 July 2019
Additions
Additions
Net exchange
Net exchange
difference
difference
Balance at 30
Balance at 30
June 2020
June 2020
1,087
1,087
47
47
2
2
9,689
9,689
1,538
1,538
83
83
5,380
5,380
-
-
113
113
1,136
1,136
11,310
11,310
5,493
5,493
(539)
(539)
Amortisation and impairment
Amortisation and impairment
Balance at 1 July
Balance at 1 July
2019
2019
Amortisation and
Amortisation and
impairment
impairment
Net exchange
Net exchange
difference
difference
Balance at 30
Balance at 30
June 2020
June 2020
Carrying amount
Carrying amount
30 June 2020
30 June 2020
(174)
(174)
(715)
(715)
421
421
(2)
(2)
(3,389)
(3,389)
(2,140)
(2,140)
(17)
(17)
(5,546)
(5,546)
-
-
-
-
-
-
-
-
5,764
5,764
5,493
5,493
425
425
-
-
-
-
425
425
(213)
(213)
(42)
(42)
-
-
(255)
(255)
170
170
Total
Total
$'000
$'000
74,370
74,370
8,851
8,851
943
943
21,392
21,392
-
-
36,301
36,301
7,266
7,266
457
457
288
288
96
96
-
-
-
-
96
96
21,849
21,849
43,855
43,855
84,164
84,164
(96)
(96)
(8,844)
(8,844)
(20,463)
(20,463)
(33,544)
(33,544)
-
-
-
-
(3,178)
(3,178)
(10,428)
(10,428)
(15,962)
(15,962)
(115)
(115)
(121)
(121)
(255)
(255)
(96)
(96)
(12,137)
(12,137)
(31,012)
(31,012)
(49,761)
(49,761)
-
-
9,712
9,712
12,843
12,843
34,403
34,403
Acquired
Acquired
Software
Software
Licences
Licences
$'000
$'000
Hardware
Hardware
IP
IP
$'000
$'000
Distributor
Distributor
Relationshi
Relationshi
-ps
-ps
$'000
$'000
Brand
Brand
Name
Name
$'000
$'000
Distributor
Distributor
Contracts
Contracts
$'000
$'000
Customer
Customer
Relationshi
Relationshi
-ps
-ps
$'000
$'000
Internally
Internally
Developed
Developed
Software
Software
$'000
$'000
Gross carrying
Gross carrying
amount balance at
amount balance at
1 July 2018
1 July 2018
Additions
Additions
Transfer
Transfer
Net exchange
Net exchange
difference
difference
Balance at 30
Balance at 30
June 2019
June 2019
485
485
586
586
16
16
-
-
7,046
7,046
2,443
2,443
-
-
200
200
5,117
5,117
-
-
-
-
263
263
1,087
1,087
9,689
9,689
5,380
5,380
425
425
-
-
-
-
-
-
425
425
96
96
-
-
-
-
-
-
96
96
20,324
20,324
-
-
-
-
27,400
27,400
7,544
7,544
-
-
1,068
1,068
1,357
1,357
21,392
21,392
36,301
36,301
74,370
74,370
Total
Total
$'000
$'000
60,893
60,893
10,573
10,573
16
16
2,888
2,888
Balance at 1 July
Balance at 1 July
2018
2018
Amortisation and
Amortisation and
impairment
impairment
Transfer
Transfer
Net exchange
Net exchange
difference
difference
Balance at 30
Balance at 30
June 2019
June 2019
Carrying amount
Carrying amount
30 June 2019
30 June 2019
(92)
(92)
(2,015)
(2,015)
(195)
(195)
(252)
(252)
-
-
(1,468)
(1,468)
-
-
94
94
(539)
(539)
(3,389)
(3,389)
-
-
-
-
-
-
-
-
-
-
548
548
6,300
6,300
5,380
5,380
(168)
(168)
(96)
(96)
(5,395)
(5,395)
(11,030)
(11,030)
(18,796)
(18,796)
(45)
(45)
-
-
-
-
(213)
(213)
212
212
-
-
-
-
-
-
(2,990)
(2,990)
-
-
(8,762)
(8,762)
247
247
(13,460)
(13,460)
(5)
(5)
(459)
(459)
(918)
(918)
(1,283)
(1,283)
(96)
(96)
(8,844)
(8,844)
(20,463)
(20,463)
(33,544)
(33,544)
-
-
12,548
12,548
15,838
15,838
40,826
40,826
In addition, other operating research costs of $63,348 (2019: $219,862) were recognised as other expenses.
In addition, other operating research costs of $63,348 (2019: $219,862) were recognised as other expenses.
C A T A P U L T S P O R T S . C O M
7 1
2 0 2 0 A N N U A L R E P O R T
15.0 N O T E S T O T H E
F I N A N C I A L S T A T E M E N T S
N O T E 1 5 . N O N - C U R R E N T A S S E T S - D E F E R R E D T A X A S S E T S
Catapult Group International Ltd
Notes to the financial statements
For the year ended 30 June 2020
Deferred taxes arising from temporary differences and unused tax losses can be summarised as attributable to the
following:
Note 15. Non-current assets - Deferred tax assets
Deferred taxes arising from temporary differences and unused tax losses can be summarised as attributable to the following:
Deferred Tax
Liabilities/(Assets)
1 July 2019
$'000
Recognised
directly in
equity
$'000
Recognised
in
Business
Combination
$'000
Recognised
in
Profit & Loss
$'000
Exchange
Differences
$'000
30 June 2020
$'000
Deferred Tax Assets
Provision for annual leave
Provision for long service leave
Other employee obligations
Professional fees and doubtful
debts
Other provisions
Tax losses
Section 40-880 Expenditure
Adoption of AASB 16
Deferred Tax Liabilities
Other intangible assets
Capitalised R&D
Foreign exchange
Deferred Tax Movement
253
30
368
216
(13)
8,670
909
-
10,433
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(9)
12
(26)
154
287
-
(490)
72
-
-
-
-
-
-
100
-
-
100
(4,209)
-
-
(1,244)
(13) -
(5,466) -
-
-
Recognised
directly in
equity
$'000
-
-
-
-
-
Recognised
in
Business
Combination
$'000
-
-
16
967
13
-
980 16
116
980
Recognised
in
Profit & Loss
$'000
Exchange
Differences
$'000
30 June 2019
$'000
244
42
342
370
274
8,770
419
72
10,533
(4,209)
(261)
-
(4,470)
-
Deferred Tax
Liabilities/(Assets)
1 July 2018
$'000
Deferred Tax Assets
Provision for annual leave
Provision for long service leave
Other employee obligations
Professional fees and doubtful
debts
Other provisions
Tax losses
Section 40-880 Expenditure
Adoption of AASB 15
Deferred Tax Liabilities
Other intangible assets
Capitalised R&D
Foreign exchange
Deferred Tax Movement
259
16
519
110
236
7,637
1,395
-
10,172
(2,981)
(2,127)
(29)
(5,137)
-
-
-
-
-
-
-
-
(126)
(126)
-
-
-
-
(126)
-
-
-
-
-
-
-
-
-
-
-
-
-
(6)
14
(151)
106
(123)
646
(486)
-
(1,066)
883
16
(167)
(167)
-
-
-
-
-
387
-
387
(161)
-
-
(161)
226
253
30
368
216
113
8,670
909
(126)
10,433
(4,209)
(1,244)
(13)
(5,466)
-
The amounts recognised in other comprehensive income relate to exchange differences on translating foreign operations.
See Note 24 for the amount of income tax relating to these components of other comprehensive income.
C A T A P U L T S P O R T S . C O M
The Group has accumulated tax losses across multiple jurisdictions of $94,527,000 (rounded to the nearest $’000) (FY19:
95,431,000). The amount of tax losses and other tax credits recognised in the statement of financial position is $31,930,000
(rounded to the nearest $’000) (FY19: 31,930,000).
7 2
Catapult Group International Ltd
Notes to the financial statements
For the year ended 30 June 2020
Note 15. Non-current assets - Deferred tax assets
Deferred taxes arising from temporary differences and unused tax losses can be summarised as attributable to the following:
Recognised
Recognised
Recognised
directly in
in
Business
in
Exchange
Deferred Tax
Liabilities/(Assets)
1 July 2019
equity
Combination
Profit & Loss
Differences
30 June 2020
$'000
$'000
$'000
$'000
$'000
$'000
Deferred Tax Assets
Provision for annual leave
Provision for long service leave
Other employee obligations
Professional fees and doubtful
debts
Other provisions
Tax losses
Section 40-880 Expenditure
Adoption of AASB 16
Deferred Tax Liabilities
Other intangible assets
Capitalised R&D
Foreign exchange
253
30
368
216
(13)
8,670
909
-
10,433
(4,209)
(1,244)
Deferred Tax Movement
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(9)
12
(26)
154
287
-
(490)
72
-
-
967
13
980
in
-
-
-
-
-
-
-
100
-
16
-
116
244
42
342
370
274
8,770
419
72
(4,209)
(261)
-
-
100
10,533
(13) -
(5,466) -
980 16
(4,470)
Recognised
Recognised
Recognised
directly in
in
Business
Exchange
Deferred Tax
Liabilities/(Assets)
1 July 2018
equity
Combination
Profit & Loss
Differences
30 June 2019
$'000
$'000
$'000
$'000
$'000
$'000
Deferred Tax Assets
Provision for annual leave
Provision for long service leave
2 0 2 0 A N N U A L R E P O R T
Other employee obligations
Professional fees and doubtful
debts
Other provisions
Tax losses
Section 40-880 Expenditure
Adoption of AASB 15
259
16
519
110
236
7,637
1,395
-
10,172
-
-
-
-
-
-
-
(126)
(126)
-
-
-
-
-
-
-
-
15.0 N O T E S T O T H E
Deferred Tax Liabilities
Other intangible assets
Capitalised R&D
Foreign exchange
-
F I N A N C I A L S T A T E M E N T S
-
-
-
-
(2,981)
(2,127)
(29)
(5,137)
-
-
-
-
-
(126)
Deferred Tax Movement
(6)
14
(151)
106
(123)
646
(486)
-
(1,066)
883
16
(167)
(167)
-
-
-
-
-
387
-
387
(161)
-
-
(161)
226
253
30
368
216
113
8,670
909
(126)
10,433
(4,209)
(1,244)
(13)
(5,466)
-
The amounts recognised in other comprehensive income relate to exchange differences on translating foreign operations.
See Note 24 for the amount of income tax relating to these components of other comprehensive income.
The Group has accumulated tax losses across multiple jurisdictions of $94,527,000 (rounded to the nearest $’000) (FY19:
95,431,000). The amount of tax losses and other tax credits recognised in the statement of financial position is $31,930,000
(rounded to the nearest $’000) (FY19: 31,930,000).
Catapult Group International Ltd
Notes to the financial statements
For the year ended 30 June 2020
N O T E 1 6 . C U R R E N T L I A B I L I T I E S - T R A D E A N D O T H E R P A Y A B L E S
Note 16. Current liabilities - Trade and other payables
Trade and other payables consist of the following:
Trade and other payables consist of the following:
Current
Trade payables and other payables
2020
$'000
2019
$'000
6,949
8,834
All amounts are short-term. The carrying values of trade payables and other payables are considered a reasonable
All amounts are short-term. The carrying values of trade payables and other payables are considered a reasonable
approximation of fair value.
approximation of fair value.
Note 17. Current liabilities - Contract liabilities and other liabilities
Contract liabilities and other liabilities consist of the following:
Contract liabilities
Advances received for future service work
Deferred gain (lease incentive)
Other
Other liabilities - current
Deferred gain (lease incentive)
Other liabilities - non - current
Contract liabilities
Contract liabilities – non - current
2020
$'000
2019
$'000
31,898
29,634
2020
$'000
398
-
1,531
1,929
-
-
2,435
2,435
2019
$'000
403
356
1,045
1,804
562
562
1,775
1,775
The deferred gain relates to the lease incentives associated with the Chicago and Prahran premises commencing May 2016
and August 2017 respectively. The excess of proceeds received over fair value was deferred and is being amortised over the
lease term of each lease. In 2019, deferred gain of $73,000 was recognised in profit or loss relating to this transaction. As part
of the adoption of AASB 16 Leases during FY20, lease incentives have been recognised as part of the cost of Right of Use
assets.
All amounts recognised relating to contract liabilities are assessed for current versus non-current classification and are applied
to revenue as recognised in relation to the timing of the client contract. The Group expects to recognise $31,897,945 (FY19:
$29,633,977) of contract liabilities during the next 12 months following 30 June 2020, with the balance falling into FY22 and
FY23.
C A T A P U L T S P O R T S . C O M
7 3
2 0 2 0 A N N U A L R E P O R T
Catapult Group International Ltd
Notes to the financial statements
For the year ended 30 June 2020
Note 16. Current liabilities - Trade and other payables
Trade and other payables consist of the following:
15.0 N O T E S T O T H E
F I N A N C I A L S T A T E M E N T S
Current
Trade payables and other payables
2020
$'000
2019
$'000
6,949
8,834
All amounts are short-term. The carrying values of trade payables and other payables are considered a reasonable
approximation of fair value.
N O T E 1 7 . C U R R E N T L I A B I L I T I E S - C O N T R A C T L I A B I L I T I E S A N D O T H E R L I A B I L I T I E S
Note 17. Current liabilities - Contract liabilities and other liabilities
Contract liabilities and other liabilities consist of the following:
Contract liabilities and other liabilities consist of the following:
Contract liabilities
Advances received for future service work
Deferred gain (lease incentive)
Other
Other liabilities - current
Deferred gain (lease incentive)
Other liabilities - non - current
Contract liabilities
Contract liabilities – non - current
2020
$'000
2019
$'000
31,898
29,634
2020
$'000
398
-
1,531
1,929
-
-
2,435
2,435
2019
$'000
403
356
1,045
1,804
562
562
1,775
1,775
The deferred gain relates to the lease incentives associated with the Chicago and Prahran premises commencing May 2016
and August 2017 respectively. The excess of proceeds received over fair value was deferred and is being amortised over the
lease term of each lease. In 2019, deferred gain of $73,000 was recognised in profit or loss relating to this transaction. As part
of the adoption of AASB 16 Leases during FY20, lease incentives have been recognised as part of the cost of Right of Use
assets.
All amounts recognised relating to contract liabilities are assessed for current versus non-current classification and are applied
to revenue as recognised in relation to the timing of the client contract. The Group expects to recognise $31,897,945 (FY19:
$29,633,977) of contract liabilities during the next 12 months following 30 June 2020, with the balance falling into FY22 and
FY23.
Catapult Group International Ltd
Notes to the financial statements
N O T E 1 8 . F I N A N C I A L A S S E T S A N D L I A B I L I T I E S
For the year ended 30 June 2020
Note 18. Financial assets and liabilities
18.1 Categories of financial assets and liabilities
Note 4.13 provides a description of each category of financial assets and financial liabilities and the related
18.1 Categories of financial assets and liabilities
Note 4.13 provides a description of each category of financial assets and financial liabilities and the related accounting
accounting policies. The carrying amounts of financial assets and financial liabilities in each category are as follows:
policies. The carrying amounts of financial assets and financial liabilities in each category are as follows:
Notes
30 June 2020
Financial assets
Other long-term financial assets
Trade and other receivables
Cash and cash equivalents
10
10
9
C A T A P U L T S P O R T S . C O M
30 June 2020
Financial liabilities
Trade and other payables
Borrowings
Other financial liabilities
Non-current other financial liabilities
30 June 2019
Financial Assets
Other long-term financial assets
Trade and other receivables
Cash and cash equivalents
10
10
9
Notes
16
18.2
18.2
18.2
Notes
Notes
16
18.2
18.2
30 June 2019
Financial Liabilities
Trade and other payables
Borrowings
Non-current borrowings
Contingent consideration on business
combination
Loans and
receivables
$'000
(carried at
amortised
cost)
Other assets
$'000
(carried at
amortised
cost)
Total
$'000
(carried at
amortised
cost)
488
29,378
-
29,866
-
-
27,522
27,522
488
29,378
27,522
57,388
Other
Liabilities
$'000
(carried at
amortised
cost)
Other
Liabilities at
FVTPL
$'000
(carried at
amortised
cost)
Total
$'000
(carried at
amortised
cost)
7 4
receivables
Other assets
6,949
7,434
1,993
3,627
20,003
Loans and
$'000
(carried at
amortised
cost)
599
34,286
-
34,885
-
-
-
-
-
$'000
(carried at
amortised
cost)
-
-
11,747
11,747
Other
6,949
7,434
1,993
3,627
20,003
Total
$'000
599
34,286
11,747
46,632
Other
Liabilities at
Liabilities
$'000
(carried at
amortised
cost)
FVTPL
$'000
(carried at
amortised
cost)
Total
$'000
(carried at
amortised
cost)
8,834
108
188
-
9,130
-
-
-
413
413
8,834
108
188
413
9,543
Catapult Group International Ltd
Notes to the financial statements
For the year ended 30 June 2020
Note 18. Financial assets and liabilities
2 0 2 0 A N N U A L R E P O R T
18.1 Categories of financial assets and liabilities
Note 4.13 provides a description of each category of financial assets and financial liabilities and the related accounting
policies. The carrying amounts of financial assets and financial liabilities in each category are as follows:
15.0 N O T E S T O T H E
F I N A N C I A L S T A T E M E N T S
Notes
30 June 2020
Financial assets
Other long-term financial assets
Trade and other receivables
Cash and cash equivalents
10
10
9
30 June 2020
Financial liabilities
Trade and other payables
Borrowings
Other financial liabilities
Non-current other financial liabilities
Notes
16
18.2
18.2
18.2
Notes
30 June 2019
Financial Assets
Other long-term financial assets
Trade and other receivables
Cash and cash equivalents
10
10
9
Notes
30 June 2019
Financial Liabilities
Trade and other payables
Borrowings
Non-current borrowings
Contingent consideration on business
combination
16
18.2
18.2
Loans and
receivables
$'000
(carried at
amortised
cost)
Other assets
$'000
(carried at
amortised
cost)
Total
$'000
(carried at
amortised
cost)
488
29,378
-
29,866
-
-
27,522
27,522
488
29,378
27,522
57,388
Other
Liabilities
$'000
(carried at
amortised
cost)
Other
Liabilities at
FVTPL
$'000
(carried at
amortised
cost)
6,949
7,434
1,993
3,627
20,003
-
-
-
-
-
Loans and
receivables
$'000
(carried at
amortised
cost)
Other assets
$'000
(carried at
amortised
cost)
Total
$'000
(carried at
amortised
cost)
6,949
7,434
1,993
3,627
20,003
Total
$'000
599
34,286
-
34,885
-
-
11,747
11,747
599
34,286
11,747
46,632
Other
Liabilities
$'000
(carried at
amortised
cost)
Other
Liabilities at
FVTPL
$'000
(carried at
amortised
cost)
8,834
108
188
-
9,130
-
-
-
413
413
Total
$'000
(carried at
amortised
cost)
8,834
108
188
413
9,543
The carrying amount of the following financial assets and liabilities is considered a reasonable approximation of fair
value.
•
•
•
•
trade and other receivables
other long-term financial assets
cash and cash equivalents
trade and other payables
18.2 Borrowings & other financial liabilities
Borrowings include the following financial liabilities:
C A T A P U L T S P O R T S . C O M
7 5
2 0 2 0 A N N U A L R E P O R T
Catapult Group International Ltd
Notes to the financial statements
For the year ended 30 June 2020
Note 18. Financial assets and liabilities (continued)
The carrying amount of the following financial assets and liabilities is considered a reasonable approximation of fair value.
15.0 N O T E S T O T H E
• trade and other receivables
• other long-term financial assets
• cash and cash equivalents
• trade and other payables
F I N A N C I A L S T A T E M E N T S
18.2 Borrowings & other financial liabilities
Borrowings include the following financial liabilities:
Financial Liabilities
At amortised cost:
Finance loans
Current
2019
$’000
Non-Current
2020
$’000
2019
$’000
-
108
108
3,627
-
3,627
-
188
188
2020
$’000
9,300
127
9,427
Borrowings & other financial liabilities at amortised cost
Bank borrowings are secured by all property of XOS Technologies Inc. and Collegiate Images LLC, while finance loans are
secured against the computer equipment purchased. The Group's US Subsidiary, XOS Technologies Inc, entered into a
secured loan facility with Western Alliance Bank in April 2017. At 30 June 2020, the total facility is for AUD $8.7 million (USD
$6.0 million). Of this amount, AUD $7.3 million (USD $5.0 million) was drawn down at 30 June 2020. (note - the AUD:USD
exchange rate applied to reported amounts in AUD is 0.686).Current interest rates on the bank borrowing are variable and
average 5.00% (2019: 5.50%) while the Finance loans are fixed at 5.50%. The carrying amount of the other bank borrowings
and finance loans are considered to be a reasonable approximation of the fair value. In FY20 the Group adopted AASB16
Leases which, at the 30 June 2020 had the effect of increasing current other financial liabilities by $1,993,000 (rounded $'000)
and non-current other financial liabilities by $3,627,000 (rounded $'000).
Catapult Group International Ltd
Notes to the financial statements
For the year ended 30 June 2020
N O T E 1 9 . C U R R E N T L I A B I L I T I E S - E M P L O Y E E R E M U N E R A T I O N
Note 19. Current liabilities - Employee remuneration
19.1 Employee benefits expense
19.1 Employee benefits expense
Expenses recognised for employee benefits are analysed below:
Expenses recognised for employee benefits are analysed below:
Wages and salaries
Social security costs
Share-based payments
Superannuation - Defined Contribution Plans
Employee benefit expenses
2020
$'000
37,916
3,289
2,149
1,754
45,108
2019
$'000
39,306
2,268
1,184
1,512
44,270
19.2 Share-based employee remuneration
19.2 Share-based employee remuneration
Catapult has continued to utilise its established Employee Share Plan (Employee Plan) to assist in the motivation, retention
and reward of executives and employees. The Employee Plan is designed to align the interests of employees with the interests
Catapult has continued to utilise its established Employee Share Plan (Employee Plan) to assist in the motivation,
of Shareholders by providing an opportunity for eligible employees (including any person who is a full-time or permanent part-
retention and reward of executives and employees. The Employee Plan is designed to align the interests of employees
time employee or officer, or director of Catapult or any related body corporate of Catapult) to receive an equity interest in
with the interests of Shareholders by providing an opportunity for eligible employees (including any person who is
Catapult through the granting of Options, Performance Rights or other Awards.
a full-time or permanent part-time employee or officer, or director of Catapult or any related body corporate of
The Shares held by the Employee Plan Trustee are Restricted Securities such that the Employee Plan Trustee is not able to
Catapult) to receive an equity interest in Catapult through the granting of Options, Performance Rights or other
dispose of them within 24 months of Official Quotation. The key terms of the Employee Plan are set out below:
Awards.
Eligibility
The Shares held by the Employee Plan Trustee are Restricted Securities such that the Employee Plan Trustee is not
able to dispose of them within 24 months of Official Quotation. The key terms of the Employee Plan are set out
Eligibility to participate in the Employee Plan and the number of Options, Performance Rights or other Awards offered to each
individual participant, will be determined by the Board.
below:
Grants
Under the rules of the Employee Plan, Options, Performance Rights and/or other Awards may be offered or granted to
C A T A P U L T S P O R T S . C O M
eligible employees of Catapult or any related body corporate of Catapult from time to time, subject to the discretion of the
Board.
7 6
Terms and conditions
Employee Plan.
above.
The Board has the discretion to set the terms and conditions (including conditions in relation to vesting, disposal restrictions
or forfeiture and any applicable exercise price) on which it will offer or grant Options, Performance Rights or other Awards
under the Employee Plan and may set different terms and conditions which apply to different participants in the Employee
Plan. The Board will determine the procedure for offering or granting Options, Performance Rights and/or other Awards
(including the form, terms and content of any offer, invitation or acceptance procedure) in accordance with the rules of the
Options and Performance Rights and other Awards will vest and become exercisable to the extent that the applicable
performance, service, or other vesting conditions specified at the time of the grant are satisfied (collectively the “Vesting
Conditions”). Vesting Conditions are more fully described in the Remuneration Report contained in the Director’s Report
Shares issued (including Shares issued upon exercise of Options or Performance Rights granted) under the Employee Plan
will rank equally in all respects with the other issued Shares.
Subject to satisfaction of Vesting Conditions, a participant may exercise an Option, Performance Right or other Award by
lodging an exercise notice with Catapult and complying with any requirements under the Employee Plan.
A participant will have a vested and indefeasible entitlement to any dividends declared and distributed by Catapult on any
Shares which, at the books closing date for determining entitlement to those dividends, are standing to the account of the
participant. A participant may exercise any voting rights attaching to Shares registered in the participant’s name.
2 0 2 0 A N N U A L R E P O R T
15.0 N O T E S T O T H E
F I N A N C I A L S T A T E M E N T S
Eligibility
Eligibility to participate in the Employee Plan and the number of Options, Performance Rights or other Awards
offered to each individual participant, will be determined by the Board.
Grants
Under the rules of the Employee Plan, Options, Performance Rights and/or other Awards may be offered or granted
to eligible employees of Catapult or any related body corporate of Catapult from time to time, subject to the
discretion of the Board.
Terms and conditions
The Board has the discretion to set the terms and conditions (including conditions in relation to vesting, disposal
restrictions or forfeiture and any applicable exercise price) on which it will offer or grant Options, Performance
Rights or other Awards under the Employee Plan and may set different terms and conditions which apply to
different participants in the Employee Plan. The Board will determine the procedure for offering or granting
Options, Performance Rights and/or other Awards (including the form, terms and content of any offer, invitation or
acceptance procedure) in accordance with the rules of the Employee Plan.
Options and Performance Rights and other Awards will vest and become exercisable to the extent that the
applicable performance, service, or other vesting conditions specified at the time of the grant are satisfied
(collectively the “Vesting Conditions”). Vesting Conditions are more fully described in the Remuneration Report
contained in the Director’s Report above.
Shares issued (including Shares issued upon exercise of Options or Performance Rights granted) under the Employee
Plan will rank equally in all respects with the other issued Shares.
Subject to satisfaction of Vesting Conditions, a participant may exercise an Option, Performance Right or other
Award by lodging an exercise notice with Catapult and complying with any requirements under the Employee Plan.
A participant will have a vested and indefeasible entitlement to any dividends declared and distributed by Catapult
on any Shares which, at the books closing date for determining entitlement to those dividends, are standing to
the account of the participant. A participant may exercise any voting rights attaching to Shares registered in the
participant’s name.
Catapult may, in its discretion, issue new Shares or cause existing Shares to be acquired or transferred to the
participant, or a combination of both alternatives, to satisfy Catapult’s obligations under the Employee Plan. If
Catapult determines to cause the transfer of Shares to a participant, the Shares may be acquired in such manner as
Catapult considers appropriate, including from a trustee appointed under the Employee Plan.
Pursuant to the Employee Plan, Catapult has appointed the Employee Plan Trustee to acquire and hold Shares on
behalf of participants and for the purposes of the Employee Plan. Catapult may give directions to the Employee
Plan Trustee as contemplated in the trust deed or if in connection with any Award. The Employee Plan Trustee holds
659,396 Shares on behalf of participants and for the purposes of the Employee Plan.
Options, Performance Rights and other Awards which have not been exercised will be forfeited if the applicable
Vesting Conditions and any other conditions to exercise are not met during the prescribed vesting period or if they
are not exercised before the applicable expiry date. In addition, Options, Performance Rights and other Awards will
lapse if the participant deals with the Options, Performance Rights or other Awards in breach of the rules of the
Employee Plan or in the opinion of the Directors, a participant has acted fraudulently or with gross misconduct.
C A T A P U L T S P O R T S . C O M
7 7
2 0 2 0 A N N U A L R E P O R T
15.0 N O T E S T O T H E
F I N A N C I A L S T A T E M E N T S
Options, Performance Rights and other Awards will not be quoted on the ASX. Catapult will apply for official
quotation of any Shares allotted under the Employee Plan, unless the Board resolves otherwise.
The Board may in its absolute discretion determine that a participant is required to pay an exercise price to exercise
the Options, Performance Rights or other Awards offered or granted to that participant.
Grants of Options, Performance Rights or other Awards under the Employee Plan to a Director may be subject to the
approval of Shareholders, to the extent required under the ASX Listing Rules.
Participants in the Employee Plan must not enter into transactions or arrangements, including by way of derivatives
or similar financial products, which limit the economic risk of holding unvested Awards.
Subject to the rules of the Employee Plan, the Board must not offer Options, Performance Rights or other Awards if
the total of the following exceeds 5% of the number of Shares on issue at the time of the offer:
•
•
•
•
the number of Shares which are the subject of the offer of Awards;
the number of Shares which are the subject of any outstanding offers of Awards;
the number of Shares issued during the previous 5 years under the Employee Plan, but not including existing
Shares transferred to a participant after having been acquired for that purpose; and
the number of Shares which would be issued under all outstanding Awards that have been granted but which
have not yet been exercised, terminated or expired, assuming all such Awards were exercised ignoring any
Vesting Conditions, but disregarding any offer made, or Award offered or issued or Share issued by way or as a
result of:
•
an offer that does not meet disclosure to investors because of section 708 or section 1012D of the
Corporations Act;
an offer made pursuant to a disclosure document or product disclosure statement; or
other offers that are excluded from the disclosure requirements under the Corporations Act.
•
•
The Board may impose restrictions on dealing in Shares or Awards which are acquired under the Employee Plan, for
example, by prohibiting them from being sold, transferred, mortgaged, pledged, charged or otherwise disposed of or
encumbered for a period of time.
If the Board determines that for taxation, legal, regulatory or compliance reasons it is not appropriate to issue or
transfer Shares, Catapult may in lieu of and in final satisfaction of Catapult’s obligation to issue or transfer Shares
as required upon the exercise of an Award by a participant, make a cash payment to the participant equivalent to
the fair market value of the Awards
Where there is a change of control of Catapult, including where any person acquires a relevant interest in more than
50% of the Shares, or where the Board concludes that there has been a change in the control of Catapult, the Board
will determine, in its sole and absolute discretion, the manner in which all unvested and vested Awards will be dealt
with.
Where there is a takeover bid made for all of the Shares or a scheme of arrangement, selective capital reduction
or other transaction is initiated which has a similar effect to a full takeover bid for Shares, then participants are
entitled to accept into the takeover offer or participate in the other transaction in respect of all or part of their
Awards notwithstanding any restriction period has not expired. Further, the Board may in its discretion waive
unsatisfied Vesting Conditions in relation to some or all Awards in the event of such a takeover or other transaction.
C A T A P U L T S P O R T S . C O M
7 8
2 0 2 0 A N N U A L R E P O R T
15.0 N O T E S T O T H E
Catapult Group International Ltd
Notes to the financial statements
For the year ended 30 June 2020
F I N A N C I A L S T A T E M E N T S
Note 19. Current liabilities - Employee remuneration (continued)
Where there is a takeover bid made for all of the Shares or a scheme of arrangement, selective capital reduction or other
transaction is initiated which has a similar effect to a full takeover bid for Shares, then participants are entitled to accept into
If, prior to the exercise of an Award, Catapult makes a pro-rata bonus issue to Shareholders, and the Award is not
the takeover offer or participate in the other transaction in respect of all or part of their Awards notwithstanding any restriction
period has not expired. Further, the Board may in its discretion waive unsatisfied Vesting Conditions in relation to some or all
exercised prior to the record date in respect of the bonus issue, the Award will, when exercised, entitle the participant
Awards in the event of such a takeover or other transaction.
to one Share plus the number of bonus shares which would have been issued to the participant if the Award had
been exercised prior to the record date.
If, prior to the exercise of an Award, Catapult makes a pro-rata bonus issue to Shareholders, and the Award is not exercised
prior to the record date in respect of the bonus issue, the Award will, when exercised, entitle the participant to one Share plus
If Catapult undergoes a capital reorganisation, then the terms of the Awards for the participant will be changed to
the number of bonus shares which would have been issued to the participant if the Award had been exercised prior to the
record date.
the extent necessary to comply with the ASX Listing Rules.
If Catapult undergoes a capital reorganisation, then the terms of the Awards for the participant will be changed to the extent
The Employee Plan also contains terms having regard to Australian law for dealing with the administration, variation
necessary to comply with the ASX Listing Rules.
and termination of the Employee Plan. Share options and weighted average exercise prices are as follows for the
reporting periods presented:
The Employee Plan also contains terms having regard to Australian law for dealing with the administration, variation and
termination of the Employee Plan. Share options and weighted average exercise prices are as follows for the reporting periods
presented:
Options Program
Performance Rights
Outstanding at 1 July 2019
Granted
Forfeited
Exercised
Expired
Outstanding at 30 June 2020
Exercisable at 30 June 2020
Outstanding at 1 July 2018
Granted
Forfeited
Exercised
Expired
Outstanding at 30 June 2019
Exercisable at 30 June 2019
Number of
Shares
8,714,371
4,801,639
(3,206,949)
(1,381,000)
(320,000)
8,608,061
2,441,291
Weighted
average
exercise
price ($)
1.7583
1.2291
1.8235
0.6391
3.5781
1.5054
1.7894
Number of
Shares
405,116
3,495,006
(477,860)
(309,957)
-
3,112,305
154,412
Weighted
average
exercise
price ($)
-
-
-
-
-
-
-
Options Program
Performance Rights
Number of
Shares
8,879,091
4,237,426
(3,842,146)
(60,000)
(500,000)
8,714,371
2,931,682
Weighted
average
exercise
price ($)
2.2954
1.3300
2.3299
0.5500
4.8430
1.7583
1.4764
Number of
Shares
100,000
446,245
(60,484)
(80,645)
-
405,116
100,000
Weighted
average
exercise
price ($)
-
-
-
-
-
-
-
C A T A P U L T S P O R T S . C O M
7 9
2 0 2 0 A N N U A L R E P O R T
15.0 N O T E S T O T H E
F I N A N C I A L S T A T E M E N T S
Catapult Group International Ltd
Notes to the financial statements
For the year ended 30 June 2020
Note 19. Current liabilities - Employee remuneration (continued)
19.3 Employee benefits
19.3 Employee benefits
The liabilities recognised for employee benefits consist of the following amounts:
The liabilities recognised for employee benefits consist of the following amounts:
Wages and salaries
Social security costs & payroll taxes
Defined contribution plans
Accrued leave entitlements
Total current employee benefits
Note 19. Current liabilities - Employee remuneration (continued)
2020
$'000
5,080
800
356
1,485
7,721
2019
$'000
4,793
193
1,111
1,460
7,557
Non-current
Accrued leave entitlements
41
The current portion of these liabilities represents the Group’s obligations to its current and former employees that are expected
to be settled during the next 12 months and its accrued annual leave liabilities and current accrued long service leave.
60
Catapult Group International Ltd
Notes to the financial statements
For the year ended 30 June 2020
N O T E 2 0 . E Q U I T Y - S H A R E C A P I T A L
Note 20. Equity - Share capital
The share capital of Catapult Group International Ltd consists only of fully paid ordinary shares; the shares do not
have a par value. All shares are equally eligible to receive dividends and the repayment of capital and represent one
The share capital of Catapult Group International Ltd consists only of fully paid ordinary shares; the shares do not have a par
vote at the shareholders’ meeting of Catapult Group International Ltd.
value. All shares are equally eligible to receive dividends and the repayment of capital and represent one vote at the
shareholders’ meeting of Catapult Group International Ltd.
Shares issued and fully paid
for:
Beginning of the year
Exercise of performance
options and equity options
Total contributed equity at
Treasury Shares
Total contributed equity
Notes
20. (a)
During the financial year the Group awarded:
30 June 2020 30 June 2019 30 June 2020 30 June 2019
$'000
Shares
Shares
$'000
190,895,116
190,895,116
165,002
164,324
190,895,116 190,895,116
165,002
164,324
-
-
190,895,116 190,895,116
(2,350,253)
190,235,820 188,544,863
(659,296)
1,703
166,705
-
166,705
678
165,002
-
165,002
- 3,537,899 options as part of the Employee Share Plan. The options were issued at an average exercise price of $1.26 and
During the financial year the Group awarded:
a fair value of $0.42
- 557,105 options as part of the Employee Share Plan. The options were issued at an average exercise price of $1.50 and a
•
fair value of $0.76
3,537,899 options as part of the Employee Share Plan. The options were issued at an average exercise price of
$1.26 and a fair value of $0.42
557,105 options as part of the Employee Share Plan. The options were issued at an average exercise price of
$1.50 and a fair value of $0.76
17,452 options as part of the Employee Share Plan. The options were issued at an average exercise price of $1.50
and a fair value of $0.62
611,112 options as part of the Employee Share Plan. The options were issued at an average exercise price of $0.78
and a fair value of $1.37
•
- 17,452 options as part of the Employee Share Plan. The options were issued at an average exercise price of $1.50 and a
fair value of $0.62
•
- 611,112 options as part of the Employee Share Plan. The options were issued at an average exercise price of $0.78 and a
fair value of $1.37
•
- 78,071 options as part of the Employee Share Plan. The options were issued at an average exercise price of $1.50 and a
fair value of $1.08
C A T A P U L T S P O R T S . C O M
-741,644 performance rights as part of the Employee Share Plan. The rights were issued at an average exercise price of $0.00
and a fair value of $1.20
8 0
-154,412 performance rights as part of the Employee Share Plan. The rights were issued at an average exercise price of $0.00
and a fair value of $2.10
and a fair value of $0.96
and a fair value of $1.66
and a fair value of $1.66
and a fair value of $2.07
and a fair value of $0.96
-1,899,998 service rights as part of the Employee Share Plan. The rights were issued at an average exercise price of $0.00
-234,984 performance rights as part of the Employee Share Plan. The rights were issued at an average exercise price of $0.00
-7,143 performance rights as part of the Employee Share Plan. The rights were issued at an average exercise price of $0.00
-42,277 performance rights as part of the Employee Share Plan. The rights were issued at an average exercise price of $0.00
-414,548 performance rights as part of the Employee Share Plan. The rights were issued at an average exercise price of $0.00
2 0 2 0 A N N U A L R E P O R T
15.0 N O T E S T O T H E
F I N A N C I A L S T A T E M E N T S
•
•
•
•
•
•
78,071 options as part of the Employee Share Plan. The options were issued at an average exercise price of $1.50
and a fair value of $1.08
741,644 performance rights as part of the Employee Share Plan. The rights were issued at an average exercise
price of $0.00 and a fair value of $1.20
154,412 performance rights as part of the Employee Share Plan. The rights were issued at an average exercise
price of $0.00 and a fair value of $2.10
1,899,998 service rights as part of the Employee Share Plan. The rights were issued at an average exercise price
of $0.00 and a fair value of $0.96
234,984 performance rights as part of the Employee Share Plan. The rights were issued at an average exercise
price of $0.00 and a fair value of $1.66
7,143 performance rights as part of the Employee Share Plan. The rights were issued at an average exercise price
of $0.00 and a fair value of $1.66
42,277 performance rights as part of the Employee Share Plan. The rights were issued at an average exercise
price of $0.00 and a fair value of $2.07
414,548 performance rights as part of the Employee Share Plan. The rights were issued at an average exercise
price of $0.00 and a fair value of $0.96
•
Catapult Group International Ltd
Notes to the financial statements
For the year ended 30 June 2020
•
Note 20. Equity - Share capital (continued)
20(a) Treasury Shares
Treasury shares are shares in Catapult Group International Ltd that are held by the Catapult Sports Employee Share
20(a) Treasury Shares
Treasury shares are shares in Catapult Group International Ltd that are held by the Catapult Sports Employee Share Plan
Plan Trust for the purpose of issuing shares under the Catapult Sports Employee Share Plan in respect of options
Trust for the purpose of issuing shares under the Catapult Sports Employee Share Plan in respect of options and performance
and performance rights issued under that Plan:
rights issued under that Plan:
Opening Balance at 1 July 2019
Transactions during the year
Closing balance at 30 June 2020
2020
Shares
2019
Shares
2,350,253
(1,690,957)
659,296
2,490,898
(140,645)
2,350,253
During the financial year a number of shares were issued under the Employee Share Plan:
The number of shares exercised under the performance right plan was 309,957 at an average exercise price of $0.00 per
share. The amount raised was $Nil.
The number of shares exercised under the option plan was 960,000 at an average exercise price of $0.605 per share.
The amount raised was $580,800.
The number of shares exercised under the option plan was 361,000 at an average exercise price of $0.55 per share.
The amount raised was $198,550.
The number of shares exercised under the option plan was 60,000 at an average exercise price of $1.72 per share.
The amount raised was $103,200.
20. (b) Options and performance rights on issue
The following sets out the weighted average exercise price calculations for all outstanding options (however, excluding the
effect of the performance rights as detailed at Note 20.2):
Outstanding at the beginning of the year
Outstanding at the end of the year
Exercisable at the end of the year
C A T A P U L T S P O R T S . C O M
1.7583
1.5054
1.7894
8 1
Weighted average
exercise price
Treasury shares are shares in Catapult Group International Ltd that are held by the Catapult Sports Employee Share Plan
Trust for the purpose of issuing shares under the Catapult Sports Employee Share Plan in respect of options and performance
Catapult Group International Ltd
Notes to the financial statements
For the year ended 30 June 2020
Note 20. Equity - Share capital (continued)
20(a) Treasury Shares
rights issued under that Plan:
Opening Balance at 1 July 2019
Transactions during the year
Closing balance at 30 June 2020
2020
Shares
2019
Shares
2,350,253
(1,690,957)
659,296
2,490,898
(140,645)
2,350,253
During the financial year a number of shares were issued under the Employee Share Plan:
The number of shares exercised under the performance right plan was 309,957 at an average exercise price of $0.00 per
2 0 2 0 A N N U A L R E P O R T
share. The amount raised was $Nil.
The number of shares exercised under the option plan was 960,000 at an average exercise price of $0.605 per share.
The amount raised was $580,800.
The number of shares exercised under the option plan was 361,000 at an average exercise price of $0.55 per share.
The amount raised was $198,550.
The number of shares exercised under the option plan was 60,000 at an average exercise price of $1.72 per share.
The amount raised was $103,200.
15.0 N O T E S T O T H E
20. (b) Options and performance rights on issue
F I N A N C I A L S T A T E M E N T S
The following sets out the weighted average exercise price calculations for all outstanding options (however, excluding the
effect of the performance rights as detailed at Note 20.2):
Weighted average
exercise price
Outstanding at the beginning of the year
Outstanding at the end of the year
Exercisable at the end of the year
1.7583
1.5054
1.7894
Catapult Group International Ltd
Notes to the financial statements
For the year ended 30 June 2020
N O T E 2 1 . C U R R E N T L I A B I L I T I E S - L E A S E S
Note 21. Current liabilities - Leases
21.1 Finance leases as lessee
The Group has certain computer equipment held under finance lease arrangements. As of 30 June 2020, the net
21.1 Finance leases as lessee
carrying amount of the computer equipment held under finance lease arrangements (included as part of Office
Equipment) is $85,053 (2019: 269,440).
The Group has certain computer equipment held under finance lease arrangements. As of 30 June 2020, the net carrying
amount of the computer equipment held under finance lease arrangements (included as part of Office Equipment) is $85,053
(2019: 269,440).
The Group’s finance lease liabilities, which are secured by the related assets held under finance leases, are classified
as follows:
The Group’s finance lease liabilities, which are secured by the related assets held under finance leases, are classified as
follows:
- AASB 16 lease liabilities (current)
- AASB 16 lease liabilities (non-current)
- Lease liabilities - (current)
- Lease liabilities - (non-current)
2020
$'000
1,993
3,627
127
-
Future minimum finance lease payments at the end of each reporting period under review were as follows:
Minimum lease payments due
30 June 2020
Lease payments
Finance charges
Net present values
30 June 2019
Lease payments
Finance charges
Net present values
Within 1 year
$'000
1-5 years After 5 years
$'000
$'000
2,315
(195)
2,120
108
2
98
3,657
(195)
3,462
188
10
108
194
(29)
165
-
-
-
2019
$'000
-
-
108
188
Total
$'000
6,166
(419)
5,747
296
12
206
Lease payments not recognised as a liability
The Group has elected not to recognise a lease liability for short-term leases (leases with an expected term of 12 months or
less) or for leases of low value assets. Payments made under such leases are expensed on a straight-line basis. In addition,
certain variable lease payments are not permitted to be recognised as lease liabilities and are expensed as incurred.
The expense relating to payments not included in the measurement of a lease liability is as follows:
$’000
Short-term leases: 337
C A T A P U L T S P O R T S . C O M
8 2
2 0 2 0 A N N U A L R E P O R T
15.0 N O T E S T O T H E
Catapult Group International Ltd
Notes to the financial statements
For the year ended 30 June 2020
F I N A N C I A L S T A T E M E N T S
Note 21. Current liabilities – Leases (continued)
21.2 Operating leases as lessor
Catapult Group International Ltd
21.2 Operating leases as lessor
Notes to the financial statements
The Group leases out wearable athlete tracking units and laptops on a subscription basis to its clients. The future
The Group leases out wearable athlete tracking units and laptops on a subscription basis to its clients. The future minimum
Catapult Group International Ltd
For the year ended 30 June 2020
minimum revenues are as follows:
revenues are as follows:
Notes to the financial statements
For the year ended 30 June 2020
Minimum lease payments due
Note 21. Current liabilities – Leases (continued)
Minimum lease payments due
Note 21. Current liabilities – Leases (continued)
21.2 Operating leases as lessor
$'000
23,881
Within 1 year
$'000
1-5 years After 5 years
$'000
25,156 21,875
17,951
Total
$'000
21.2 Operating leases as lessor
The Group leases out wearable athlete tracking units and laptops on a subscription basis to its clients. The future minimum
revenues are as follows:
30 June 2020
- 47,031
The Group leases out wearable athlete tracking units and laptops on a subscription basis to its clients. The future minimum
30 June 2019
41,832
-
revenues are as follows:
Minimum lease payments due
Lease revenues during the period amounted to $33,716,671 (2019: $27,638,813) representing the minimum subscription
payments for these lease units.
Minimum lease payments due
1-5 years After 5 years
Total
$'000
$'000
Lease revenues during the period amounted to $33,716,671 (2019: $27,638,813) representing the minimum
Subscription agreements are in place with a number of clients across a broad range of expiry dates, based on the
1-5 years After 5 years
Total
subscription payments for these lease units.
commencement of this kind of arrangement in 2012, and contracts typically of 36 months with standard wording incorporating
$'000
$'000
- 47,031
30 June 2020
rolling renewals of these agreements upon expiry of the initial term. The athlete tracking units and their associated equipment
41,832
-
30 June 2019
Subscription agreements are in place with a number of clients across a broad range of expiry dates, based on the
are included as The Group’s Rental and Demo Units and are depreciated over their useful life of 4 years (see Note 12).
- 47,031
30 June 2020
commencement of this kind of arrangement in 2012, and contracts typically of 36 months with standard wording
41,832
-
30 June 2019
Lease revenues during the period amounted to $33,716,671 (2019: $27,638,813) representing the minimum subscription
incorporating rolling renewals of these agreements upon expiry of the initial term. The athlete tracking units and
payments for these lease units.
Note 22. Finance costs and finance income
Lease revenues during the period amounted to $33,716,671 (2019: $27,638,813) representing the minimum subscription
their associated equipment are included as The Group’s Rental and Demo Units and are depreciated over their useful
payments for these lease units.
Subscription agreements are in place with a number of clients across a broad range of expiry dates, based on the
life of 4 years (see Note 12).
Finance costs for the reporting periods consist of the following:
commencement of this kind of arrangement in 2012, and contracts typically of 36 months with standard wording incorporating
2019
Subscription agreements are in place with a number of clients across a broad range of expiry dates, based on the
rolling renewals of these agreements upon expiry of the initial term. The athlete tracking units and their associated equipment
$'000
commencement of this kind of arrangement in 2012, and contracts typically of 36 months with standard wording incorporating
are included as The Group’s Rental and Demo Units and are depreciated over their useful life of 4 years (see Note 12).
N O T E 2 2 . F I N A N C E C O S T S A N D F I N A N C E I N C O M E
rolling renewals of these agreements upon expiry of the initial term. The athlete tracking units and their associated equipment
Interest expenses for borrowings and other financial liabilities at amortised cost:
are included as The Group’s Rental and Demo Units and are depreciated over their useful life of 4 years (see Note 12).
Interest expense
Note 22. Finance costs and finance income
Finance costs for the reporting periods consist of the following:
Within 1 year
$'000
Within 1 year
$'000
$'000
25,156 21,875
23,881
17,951
25,156 21,875
17,951
2020
$'000
23,881
$'000
493
35
Note 22. Finance costs and finance income
Finance costs for the reporting periods consist of the following:
Finance costs for the reporting periods consist of the following:
Finance income for the reporting periods consists of the following:
Interest income from cash and cash equivalents
Interest expenses for borrowings and other financial liabilities at amortised cost:
Interest expense
Interest expenses for borrowings and other financial liabilities at amortised cost:
Interest expense
Note 23. Other financial items
Other financial items consist of the following:
Finance income for the reporting periods consists of the following:
Interest income from cash and cash equivalents
Finance income for the reporting periods consists of the following:
Interest income from cash and cash equivalents
Other financial items consist of the following:
Gain/(loss) on exchange differences on payables and receivables
Note 23. Other financial items
N O T E 2 3 . O T H E R F I N A N C I A L I T E M S
Note 23. Other financial items
Other financial items consist of the following:
Other financial items consist of the following:
Other financial items consist of the following:
Other financial items consist of the following:
Gain/(loss) on exchange differences on payables and receivables
Other financial items consist of the following:
Gain/(loss) on exchange differences on payables and receivables
2020
$'000
2020
$'000
2020
$'000
67
493
493
2020
$'000
2020
$'000
2020
$'000
67
67
416
2020
$'000
2020
$'000
416
416
2019
$'000
2019
$'000
2019
$'000
290
35
35
2019
$'000
2019
$'000
2019
$'000
290
290
211
2019
$'000
2019
$'000
211
211
C A T A P U L T S P O R T S . C O M
8 3
2 0 2 0 A N N U A L R E P O R T
15.0 N O T E S T O T H E
F I N A N C I A L S T A T E M E N T S
Catapult Group International Ltd
Notes to the financial statements
For the year ended 30 June 2020
N O T E 2 4 . C U R R E N T L I A B I L I T I E S - I N C O M E T A X
Note 24. Current liabilities - income tax
The major components of tax expense and the reconciliation of the expected tax expense based on the domestic
The major components of tax expense and the reconciliation of the expected tax expense based on the domestic effective tax
effective tax rate of Catapult Group International Ltd at 30% (2019: 30%) are:
rate of Catapult Group International Ltd at 30% (2019: 30%) are:
Numerical reconciliation of income tax benefit and tax at the statutory rate
Loss before income tax
Expected tax expense at the domestic rate for parent at 30%
Overseas tax rate differential
Change in tax rate in foreign jurisdictions
Tax losses not recognised
Prior year tax losses utilised in the current period
Adjustments for prior periods
Net R&D tax offset
Other non-deductible expenses
Actual tax (benefit)/expense
Adjustments for prior periods
Current tax
Deferred tax
Income tax (benefit)/expense
2020
$'000
2019
$'000
(8,228)
(2,468)
(482)
1
494
(1,337)
201
-
3,037
(554)
201
382
(1,137)
(554)
(12,496)
(3,749)
491
-
2,034
(370)
(287)
(447)
2,413
85
(287)
235
137
85
Accounting policy for income tax
The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the applicable
income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary
differences, unused tax losses and the adjustment recognised for prior periods, where applicable.
- Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when
the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except
for:
- When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a
transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor
taxable profits; or
- When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the
timing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable
future.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that
future taxable amounts will be available to utilise those temporary differences and losses.
The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred tax
assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the
carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is
probable that there are future taxable profits available to recover the asset.
Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against
current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on
either the same taxable entity or different taxable entities which intend to settle simultaneously.
C A T A P U L T S P O R T S . C O M
8 4
2 0 2 0 A N N U A L R E P O R T
15.0 N O T E S T O T H E
F I N A N C I A L S T A T E M E N T S
Catapult Group International Ltd
Notes to the financial statements
For the year ended 30 June 2020
N O T E 2 5 . A U D I T O R R E M U N E R A T I O N
Note 25. Auditor Remuneration
Catapult Group International Ltd
Notes to the financial statements
For the year ended 30 June 2020
Note 25. Auditor Remuneration
Assurance Services
Audit and review of the Financial Statements
Overseas Grant Thornton Network firms:
Assurance Services
Other services
Audit and review of the Financial Statements
Taxation compliance and general accounting advice
Overseas Grant Thornton Network firms:
Other review services
2020
$
2019
$
214,560
2020
22,812
$
237,372
200,424
2019
21,495
$
221,919
214,560
25,500
22,812
7,504
237,372
33,004
270,376
200,424
-
21,495
8,651
221,919
8,651
230,570
Total auditor remuneration
Other services
-
Taxation compliance and general accounting advice
Note 26. Earnings per share
8,651
Other review services
N O T E 2 6 . E A R N I N G S P E R S H A R E
8,651
Both the basic and diluted earnings per share have been calculated using the loss attributable to shareholders of the Parent
230,570
Total auditor remuneration
Company (Catapult Group International Ltd) as the numerator (i.e. no adjustments to profit were necessary in 2018 or 2019).
11,720,366 options and performance rights have not been included in calculating diluted EPS because their effect is anti-
Both the basic and diluted earnings per share have been calculated using the loss attributable to shareholders of the
Note 26. Earnings per share
dilutive
Parent Company (Catapult Group International Ltd) as the numerator (i.e. no adjustments to profit were necessary
Both the basic and diluted earnings per share have been calculated using the loss attributable to shareholders of the Parent
in 2018 or 2019). 11,720,366 options and performance rights have not been included in calculating diluted EPS
The reconciliation of the weighted average number of shares for the purpose of diluted earnings per share to the weighted
Company (Catapult Group International Ltd) as the numerator (i.e. no adjustments to profit were necessary in 2018 or 2019).
average number of ordinary shares used in the calculation of basic earnings per share are as follows:
because their effect is anti-dilutive
11,720,366 options and performance rights have not been included in calculating diluted EPS because their effect is anti-
dilutive
2019
The reconciliation of the weighted average number of shares for the purpose of diluted earnings per share to the
Shares ‘000 Shares ‘000
weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows:
The reconciliation of the weighted average number of shares for the purpose of diluted earnings per share to the weighted
average number of ordinary shares used in the calculation of basic earnings per share are as follows:
Weighted average number of shares used in basic and diluted earnings per share
188,439
25,500
7,504
33,004
270,376
189,757
2020
2019
Shares ‘000 Shares ‘000
2020
189,757
188,439
Weighted average number of shares used in basic and diluted earnings per share
Catapult Group International Ltd
Notes to the financial statements
For the year ended 30 June 2020
N O T E 2 7 . E Q U I T Y - D I V I D E N D S
Note 27. Equity - Dividends
Nil paid in the period.
Nil paid in the period.
27.1 Dividends paid and proposed
27.1 Dividends paid and proposed
Nil.
Nil.
27.2 Franking credits
27.2 Franking credits
The amount of the franking credits available for subsequent reporting periods are:
Balance of franking account at the beginning of the year
Balance of franking account adjusted for deferred debits arising from past R&D tax offsets
received and expected R&D tax offset to be received for the current year
2020
$'000
2019
$'000
(3,841)
(3,841)
(3,841)
(3,841)
Note 28. Reconciliation of loss after income tax to net cash generated from/(used in) operating activities
C A T A P U L T S P O R T S . C O M
Loss after income tax expense for the year
Adjustments for:
Depreciation and amortisation
Share-based payments
Foreign exchange differences
Net interest and dividends received included in investing and financing
Impairment losses on obsolete stock, receivables and other items
Gain on deferred consideration
Change in operating assets and liabilities:
Decrease/(increase) in trade and other receivables
(Increase) in inventories
(Increase)/decrease in current tax assets
(Decrease) in trade and other payables
Increase/(decrease) in provision for income tax
(Decrease)/increase in deferred tax liabilities
Increase/(decrease) in employee benefits
Increase in other provisions
Net cash generated from/(used in) operating activities
Note 29. Related party transactions
2020
$'000
2019
$'000
8 5
(7,674)
(12,581)
21,495
2,149
(209)
417
2,689
(311)
5,201
(1,218)
(100)
(1,885)
60
(996)
183
2,427
22,228
17,043
1,184
(233)
(255)
-
-
(7,933)
(2,282)
89
(2,365)
(220)
68
(1,253)
6,542
(2,196)
2020
$
2019
$
2,700
27,716
The Group’s related parties include its associates and joint venture, key management, post-employment benefit plans for the
Group’s employees and others as described below.
Transactions with key management
Calvin Ng is a director of Aura Group Pty Ltd (a subsidiary of Aura Group Services Ltd). During the year Catapult rented office
space from Aura Group Services Ltd in Singapore for a total cost of $2,700 (2019: $27,716) and had no amount payable as
at 30 June 2020 (2019: $3,618).
Catapult Group International Ltd
Notes to the financial statements
For the year ended 30 June 2020
2 0 2 0 A N N U A L R E P O R T
Catapult Group International Ltd
Note 27. Equity - Dividends
Notes to the financial statements
For the year ended 30 June 2020
Nil paid in the period.
Note 27. Equity - Dividends
27.1 Dividends paid and proposed
Nil paid in the period.
Nil.
15.0 N O T E S T O T H E
27.1 Dividends paid and proposed
27.2 Franking credits
F I N A N C I A L S T A T E M E N T S
Nil.
2020
$'000
2019
$'000
27.2 Franking credits
The amount of the franking credits available for subsequent reporting periods are:
Balance of franking account at the beginning of the year
Balance of franking account adjusted for deferred debits arising from past R&D tax offsets
received and expected R&D tax offset to be received for the current year
N O T E 2 8 . R E C O N C I L I A T I O N O F L O S S A F T E R I N C O M E T A X T O N E T C A S H G E N E R A T E D
The amount of the franking credits available for subsequent reporting periods are:
F R O M / ( U S E D I N ) O P E R A T I N G A C T I V I T I E S
Balance of franking account at the beginning of the year
Note 28. Reconciliation of loss after income tax to net cash generated from/(used in) operating activities
Balance of franking account adjusted for deferred debits arising from past R&D tax offsets
received and expected R&D tax offset to be received for the current year
2020
(3,841)
$'000
(3,841)
2019
(3,841)
$'000
(3,841)
(3,841)
(3,841)
(3,841)
2020
$'000
(3,841)
2019
$'000
Note 28. Reconciliation of loss after income tax to net cash generated from/(used in) operating activities
Loss after income tax expense for the year
Adjustments for:
Depreciation and amortisation
Loss after income tax expense for the year
Share-based payments
Foreign exchange differences
Adjustments for:
Net interest and dividends received included in investing and financing
Depreciation and amortisation
Impairment losses on obsolete stock, receivables and other items
Share-based payments
Gain on deferred consideration
Foreign exchange differences
Net interest and dividends received included in investing and financing
Change in operating assets and liabilities:
Impairment losses on obsolete stock, receivables and other items
Decrease/(increase) in trade and other receivables
Gain on deferred consideration
(Increase) in inventories
(Increase)/decrease in current tax assets
Change in operating assets and liabilities:
(Decrease) in trade and other payables
Decrease/(increase) in trade and other receivables
Increase/(decrease) in provision for income tax
(Increase) in inventories
(Decrease)/increase in deferred tax liabilities
(Increase)/decrease in current tax assets
Increase/(decrease) in employee benefits
(Decrease) in trade and other payables
Increase in other provisions
Increase/(decrease) in provision for income tax
(Decrease)/increase in deferred tax liabilities
Increase/(decrease) in employee benefits
Increase in other provisions
(12,581)
2019
$'000
17,043
(12,581)
1,184
(233)
(255)
17,043
-
1,184
-
(233)
(255)
-
(7,933)
-
(2,282)
89
(2,365)
(7,933)
(220)
(2,282)
68
89
(1,253)
(2,365)
6,542
(220)
(2,196)
68
(1,253)
6,542
Note 29. Related party transactions
(2,196)
Net cash generated from/(used in) operating activities
N O T E 2 9 . R E L A T E D P A R T Y T R A N S A C T I O N S
The Group’s related parties include its associates and joint venture, key management, post-employment benefit plans for the
Group’s employees and others as described below.
Note 29. Related party transactions
2019
The Group’s related parties include its associates and joint venture, key management, post-employment benefit
$
plans for the Group’s employees and others as described below.
The Group’s related parties include its associates and joint venture, key management, post-employment benefit plans for the
Group’s employees and others as described below.
Transactions with key management
(7,674)
2020
$'000
21,495
(7,674)
2,149
(209)
417
21,495
2,689
2,149
(311)
(209)
417
2,689
5,201
(311)
(1,218)
(100)
(1,885)
5,201
60
(1,218)
(996)
(100)
183
(1,885)
2,427
60
22,228
(996)
183
2,427
22,228
27,716
2019
$
Calvin Ng is a director of Aura Group Pty Ltd (a subsidiary of Aura Group Services Ltd). During the year Catapult rented office
space from Aura Group Services Ltd in Singapore for a total cost of $2,700 (2019: $27,716) and had no amount payable as
Transactions with key management
27,716
at 30 June 2020 (2019: $3,618).
Net cash generated from/(used in) operating activities
2,700
2020
$
2020
$
2,700
Calvin Ng is a director of Aura Group Pty Ltd (a subsidiary of Aura Group Services Ltd). During the year Catapult rented office
space from Aura Group Services Ltd in Singapore for a total cost of $2,700 (2019: $27,716) and had no amount payable as
at 30 June 2020 (2019: $3,618).
29.1 Transactions with key management personnel
Key management of the Group are the executive members of Catapult Group International’s Board of Directors and
executive team.
Unless otherwise stated, none of the transactions incorporate special terms and conditions and no guarantees were
given or received. Outstanding balances are usually settled in cash.
C A T A P U L T S P O R T S . C O M
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2 0 2 0 A N N U A L R E P O R T
Catapult Group International Ltd
Notes to the financial statements
For the year ended 30 June 2020
Note 29. Related party transactions (continued)
15.0 N O T E S T O T H E
F I N A N C I A L S T A T E M E N T S
29.1 Transactions with key management personnel
Catapult Group International Ltd
Notes to the financial statements
Key management of the Group are the executive members of Catapult Group International’s Board of Directors and executive
For the year ended 30 June 2020
team.
Note 29. Related party transactions (continued)
Unless otherwise stated, none of the transactions incorporate special terms and conditions and no guarantees were given or
received. Outstanding balances are usually settled in cash.
29.1 Transactions with key management personnel
2020
$
3,016,644
120,032
2020
3,136,676
$
(1,170)
(1,170)
464,272
3,016,644
3,599,778
120,032
3,136,676
(1,170)
(1,170)
464,272
3,599,778
2019
$
Key management of the Group are the executive members of Catapult Group International’s Board of Directors and executive
team.
Short term employee benefits:
Unless otherwise stated, none of the transactions incorporate special terms and conditions and no guarantees were given or
Salaries including bonuses and leave accruals
2,975,621
received. Outstanding balances are usually settled in cash.
130,836
Social security costs
2019
3,106,457
Total short-term employee benefits
$
(44,360)
Long service leave
Total other long-term benefits
(44,360)
Short term employee benefits:
650,052
Share based payments
2,975,621
Salaries including bonuses and leave accruals
3,712,149
Total remuneration
130,836
Social security costs
Note 30. Financial instrument risk
3,106,457
Total short-term employee benefits
(44,360)
Long service leave
N O T E 3 0 . F I N A N C I A L I N S T R U M E N T R I S K
30.1 Risk management objectives and polices
(44,360)
Total other long-term benefits
650,052
Share based payments
The Group is exposed to various risks in relation to financial instruments. The Group’s financial assets and liabilities by category
3,712,149
Total remuneration
30.1 Risk management objectives and polices
are summarised in Note 18.1. The main types of risks are market risk, credit risk and liquidity risk.
The Group is exposed to various risks in relation to financial instruments. The Group’s financial assets and liabilities
Note 30. Financial instrument risk
The Group’s risk management is coordinated in close cooperation with the Board of Directors, and focuses on actively securing
by category are summarised in Note 18.1. The main types of risks are market risk, credit risk and liquidity risk.
the Group's short to medium-term cash flows by minimising the exposure to financial markets The Group does not actively
30.1 Risk management objectives and polices
engage in the trading of financial assets for speculative purposes nor does it write options. The most significant financial risks
The Group’s risk management is coordinated in close cooperation with the Board of Directors, and focuses on
to which the Group is exposed are described below.
The Group is exposed to various risks in relation to financial instruments. The Group’s financial assets and liabilities by category
actively securing the Group's short to medium-term cash flows by minimising the exposure to financial markets The
are summarised in Note 18.1. The main types of risks are market risk, credit risk and liquidity risk.
Group does not actively engage in the trading of financial assets for speculative purposes nor does it write options.
30.2 Market risk analysis
The most significant financial risks to which the Group is exposed are described below.
The Group’s risk management is coordinated in close cooperation with the Board of Directors, and focuses on actively securing
The Group is exposed to currency risk resulting from its operating activities.
the Group's short to medium-term cash flows by minimising the exposure to financial markets The Group does not actively
engage in the trading of financial assets for speculative purposes nor does it write options. The most significant financial risks
30.2 Market risk analysis
Foreign Currency Sensitivity
to which the Group is exposed are described below.
The Group is exposed to currency risk resulting from its operating activities.
Exposures to currency exchange rates arise from the Group’s overseas sales and purchases, which are primarily denominated
30.2 Market risk analysis
in US dollars (USD), Pound Sterling (GBP), Euro (EUR) and Japanese Yen (JPY).
Foreign Currency Sensitivity
The Group is exposed to currency risk resulting from its operating activities.
Exposures to currency exchange rates arise from the Group’s overseas sales and purchases, which are primarily
Foreign currency denominated financial assets and liabilities which expose the Group to currency risk are disclosed below. The
amounts shown are those translated into $AUD at the closing rate
denominated in US dollars (USD), Pound Sterling (GBP), Euro (EUR) and Japanese Yen (JPY).
Foreign Currency Sensitivity
USD
Exposures to currency exchange rates arise from the Group’s overseas sales and purchases, which are primarily denominated
Foreign currency denominated financial assets and liabilities which expose the Group to currency risk are disclosed
$'000
in US dollars (USD), Pound Sterling (GBP), Euro (EUR) and Japanese Yen (JPY).
below. The amounts shown are those translated into $AUD at the closing rate
Short term exposure
30 June 2020
Foreign currency denominated financial assets and liabilities which expose the Group to currency risk are disclosed below. The
Financial assets
amounts shown are those translated into $AUD at the closing rate
Financial liabilities
Total exposure
GBP
$'000
EUR
$'000
AED
$'000
JPY
$'000
23,112
(4,418)
18,694
USD
$'000
1,423
(182)
1,241
GBP
$'000
2,602
(575)
2,027
EUR
$'000
-
(3)
(3)
JPY
$'000
-
-
-
AED
$'000
Short term exposure
30 June 2020
Financial assets
Long term exposure
Financial liabilities
30 June 2020
Total exposure
Financial assets
Financial liabilities
Total exposure
Long term exposure
30 June 2020
Financial assets
Financial liabilities
Total exposure
USD
$'000
23,112
(4,418)
18,694
-
-
-
USD
$'000
-
-
-
GBP
$'000
1,423
(182)
1,241
-
-
-
GBP
$'000
-
-
-
EUR
$'000
2,602
(575)
2,027
-
-
-
EUR
$'000
-
-
-
JPY
$'000
-
(3)
(3)
-
-
-
JPY
$'000
-
-
-
AED
$'000
-
-
-
-
-
-
AED
$'000
-
-
-
Other
Currencies
$'000
128
(56)
Other
72
Currencies
$'000
Other
Currencies
$'000
128
(56)
72
-
-
Other
-
Currencies
$'000
-
-
-
C A T A P U L T S P O R T S . C O M
8 7
2 0 2 0 A N N U A L R E P O R T
15.0 N O T E S T O T H E
F I N A N C I A L S T A T E M E N T S
Catapult Group International Ltd
Catapult Group International Ltd
Notes to the financial statements
Notes to the financial statements
For the year ended 30 June 2020
For the year ended 30 June 2020
Note 30. Financial instrument risk (continued)
Note 30. Financial instrument risk (continued)
Short Term Exposure
Short Term Exposure
30 June 2019
30 June 2019
Financial assets
Financial assets
Financial liabilities
Financial liabilities
Total exposure
Total exposure
Long term exposure
Long term exposure
30 June 2019
30 June 2019
Financial assets
Financial assets
Financial liabilities
Financial liabilities
Total exposure
Total exposure
USD
USD
$'000
$'000
27,394
27,394
(2,719)
(2,719)
24,675
24,675
USD
USD
$'000
$'000
-
-
-
-
-
-
GBP
GBP
$'000
$'000
2,860
2,860
(450)
(450)
2,410
2,410
GBP
GBP
$'000
$'000
-
-
-
-
-
-
EUR
EUR
$'000
$'000
4,045
4,045
(109)
(109)
3,936
3,936
EUR
EUR
$'000
$'000
-
-
-
-
-
-
JPY
JPY
$'000
$'000
272
272
(10)
(10)
262
262
JPY
JPY
$'000
$'000
-
-
-
-
-
-
AED
AED
$'000
$'000
Other
Other
Currencies
Currencies
$'000
$'000
-
-
-
-
-
-
-
-
(6)
(6)
(6)
(6)
AED
AED
$'000
$'000
Other
Other
Currencies
Currencies
$'000
$'000
-
-
-
-
-
-
-
-
-
-
-
-
The following table illustrates the sensitivity of profit and equity regarding the Group’s financial assets and financial liabilities
The following table illustrates the sensitivity of profit and equity regarding the Group’s financial assets and financial liabilities
and the various exchange rates ‘all other things are equal’. It assumes a +/- 10% change of the various exchange rate for the
and the various exchange rates ‘all other things are equal’. It assumes a +/- 10% change of the various exchange rate for the
year ended at 30 June 2020 (2019:10%).
year ended at 30 June 2020 (2019:10%).
30.3 Market risk analysis
30.3 Market risk analysis
Foreign currency sensitivity
Foreign currency sensitivity
If the AUD had strengthened by 10% against the respective currencies, then this would have had the following impact:
If the AUD had strengthened by 10% against the respective currencies, then this would have had the following impact:
Foreign currency risk
Foreign currency risk
30 June 2020
30 June 2020
30 June 2019
30 June 2019
USD
USD
$'000
$'000
(2,422)
(2,422)
(2,243)
(2,243)
GBP
GBP
$'000
$'000
(245)
(245)
(219)
(219)
EUR
EUR
$'000
$'000
(436)
(436)
(358)
(358)
JPY
JPY
$'000
$'000
(27)
(27)
4
4
Other
Other
currencies
currencies
$'000
$'000
(112)
(112)
(1)
(1)
If the AUD had weakened by 10% against the respective currencies, then this would have had the following impact:
If the AUD had weakened by 10% against the respective currencies, then this would have had the following impact:
30 June 2020
30 June 2020
30 June 2019
30 June 2019
USD
USD
$'000
$'000
2,961
2,961
2,742
2,742
GBP
GBP
$'000
$'000
299
299
268
268
EUR
EUR
$'000
$'000
533
533
437
437
JPY
JPY
$'000
$'000
33
33
29
29
Other
Other
currencies
currencies
$'000
$'000
137
137
1
1
Total
Total
$'000
$'000
(3,242)
(3,242)
(2,817)
(2,817)
Total
Total
$'000
$'000
3,963
3,963
3,477
3,477
Exposures to foreign exchange rates vary during the year depending on the volume of overseas transactions. Nonetheless, the
Exposures to foreign exchange rates vary during the year depending on the volume of overseas transactions. Nonetheless, the
analysis above is considered to be representative of the Group’s exposure to currency risk.
analysis above is considered to be representative of the Group’s exposure to currency risk.
30.4 Credit risk analysis
30.4 Credit risk analysis
Credit risk is the risk that a counterparty fails to discharge an obligation to the Group. The Group is exposed to this risk for
Credit risk is the risk that a counterparty fails to discharge an obligation to the Group. The Group is exposed to this risk for
receivables to customers. The Group's maximum exposure to credit risk is limited to the carrying amount of the financial assets
receivables to customers. The Group's maximum exposure to credit risk is limited to the carrying amount of the financial assets
recognised at the reporting date, as summarised below:
recognised at the reporting date, as summarised below:
2020
2020
$'000
$'000
2019
2019
$'000
$'000
Classes of financial assets
Classes of financial assets
· cash and cash equivalents
· cash and cash equivalents
· trade receivables
· trade receivables
· other long-term financial assets
· other long-term financial assets
27,522
27,522
29,378
29,378
488
488
57,388
57,388
11,747
11,747
34,286
34,286
599
599
46,632
46,632
C A T A P U L T S P O R T S . C O M
8 8
2 0 2 0 A N N U A L R E P O R T
15.0 N O T E S T O T H E
F I N A N C I A L S T A T E M E N T S
Catapult Group International Ltd
Notes to the financial statements
For the year ended 30 June 2020
Note 30. Financial instrument risk (continued)
The Group continuously monitors defaults of customers and other counterparties, identified either individually or by group, and
incorporates this information into its credit risk controls. Where available at reasonable cost, external credit ratings and/or
reports on customers and other counterparties are obtained and used. The Group’s policy is to deal only with creditworthy
counterparties.
The Group’s management considers that all of the above financial assets that are not impaired or past due for each of the 30
June reporting dates under review are of good credit quality.
At 30 June the Group has certain trade receivables that have not been settled by the contractual due date but are not considered
to be impaired. The amounts at 30 June, analysed by the length of time past due, are:
Not more than (3) months
More than three (3) months but not more than six (6) months
More than six (6) months but not more than one (1) year
More than one (1) year
Total
2020
$'000
25,520
1,295
1,133
636
28,585
2019
$’000
27,066
1,528
633
697
29,924
In respect of trade receivables, the Group is not exposed to any significant credit risk exposure to any single counterparty or
any group of counterparties having similar characteristics. Trade receivables consist of a large number of customers in various
sports and geographical areas. Based on historical information about customer default rates management consider the credit
quality of trade receivables that are not past due or impaired to be good.
The credit risk for cash and cash equivalents is considered negligible, since the counterparties are reputable banks with high
quality external credit ratings.
30.5 Liquidity risk analysis
Liquidity risk is the risk that the Group might be unable to meet its obligations. The Group manages its liquidity needs by
monitoring scheduled debt servicing payments for long-term financial liabilities as well as forecast cash inflows and outflows
due in day-to-day business. Liquidity needs are monitored on a week-to-week basis, as well as on the basis of a rolling 90-day
projection. The Group's US Subsidiary, XOS Technologies Inc, entered into a secured loan facility with Western Alliance Bank
in April 2017. At 30 June 2020, the total facility is for AUD $8.7 million (USD $6.0 million). Of this amount, AUD $7.3 million
(USD $5.0 million) was drawn down at 30 June 2020. (note - the AUD:USD exchange rate applied to reported amounts in AUD
is 0.686).
As at 30 June 2020, the Group's non-derivative financial liabilities have contractual maturities (including interest payments
where applicable) as summarised below:
Within
Current
6 months 6-12 months
$'000
$'000
1-5 years
$'000
Non-current
5+ years
$'000
30 June 2020
US- Dollar loans
Other financial liabilities
Trade and other payables
7,434
1,008
6,949
15,391
-
985
-
985
-
3,462
-
3,462
-
165
-
165
This compares to the maturity of the Group’s non-derivative financial liabilities in the previous reporting periods as follows:
Within
Current
6 months 6-12 months
$'000
$'000
1-5 years
$'000
Non-current
5+ years
$'000
30 June 2019
US- Dollar loans
Trade and other payables
108
8,834
8,942
-
-
-
188
-
188
-
-
-
C A T A P U L T S P O R T S . C O M
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2 0 2 0 A N N U A L R E P O R T
15.0 N O T E S T O T H E
F I N A N C I A L S T A T E M E N T S
N O T E 3 1 . C A P I T A L M A N A G E M E N T P O L I C I E S A N D P R O C E D U R E S
The Group’s objectives when managing capital are to safeguard its ability to continue as a going concern, to provide
returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce
the cost of capital. Consistent with others in the industry, the Group monitors capital on the basis of its gearing
ratio. In order to maintain or adjust its capital structure, the Group considers its issue of new capital, return of
capital to shareholders and dividend policy as well as its plan for acquisition or disposal of assets. The Group was
fully compliant with all bank facility covenants during the financial year.
N O T E 3 2 . C O N T I N G E N T L I A B I L I T I E S
Catapult Group International Ltd
Notes to the financial statements
For the year ended 30 June 2020
There were no contingent liabilities at 30 June 2020.
Note 33. Parent entity information
N O T E 3 3 . P A R E N T E N T I T Y I N F O R M A T I O N
Information relating to Catapult Group International Ltd (‘the Parent Entity’):
Information relating to Catapult Group International Ltd (‘the Parent Entity’):
Statement of financial position
Current assets
Total assets
Current liabilities
Total liabilities
Net assets
Issued capital
Foreign currency reserve
Retained earnings
Share option reserve
Total equity
Statement of profit and loss and other comprehensive income
Loss for the year
Other comprehensive income/(loss)
Total comprehensive income/(loss)
The parent entity has no capital commitments at year end (2019: $Nil).
2020
$'000
2019
$'000
2,487
154,454
559
1,639
152,815
166,705
(3,881)
(16,704)
6,695
152,815
355
153,557
392
2,678
150,879
165,002
(4,038)
(15,450)
5,365
150,879
(1,254)
158
(1,096)
(2,356)
(206)
(2,562)
As outlined in the statement of changes in equity there was an adjustment in the 2019 financial statements relating to the
adoption of AASB 15. This resulted in an adjustment of $126,000 to retained earnings for the parent entity.
The parent entity entered into the following guarantee on the 26 June 2017:
A Deed of Cross Guarantee with the effect that the Group guarantees debts in respect of one of its subsidiaries. Further details
to the Deed Cross Guarantee and the subsidiaries subject to the deed, are disclosed in Note 34.
C A T A P U L T S P O R T S . C O M
9 0
2 0 2 0 A N N U A L R E P O R T
15.0 N O T E S T O T H E
F I N A N C I A L S T A T E M E N T S
Catapult Group International Ltd
Notes to the financial statements
For the year ended 30 June 2020
N O T E 3 4 . D E E D O F C R O S S G U A R A N T E E
Note 34. Deed of cross guarantee
A consolidation income statement and consolidation balance sheet comprising the Company and controlled
A consolidation income statement and consolidation balance sheet comprising the Company and controlled entity which are
a party to the Deed of Gross Guarantee (members of the “Closed Group”), after eliminating all transactions between parties
entity which are a party to the Deed of Gross Guarantee (members of the “Closed Group”), after eliminating all
to the Deed of Gross Guarantee are as follows.
transactions between parties to the Deed of Gross Guarantee are as follows.
Closed
Group
Summarised income statement and statement of comprehensive income and
accumulated losses
Profit/(Loss) before income tax expense
Income tax benefit/(expense)
Profit after income tax
Accumulated losses at the beginning of the financial year
Adoption of AASB15 Revenue
Accumulated losses at the end of the financial year
Statement of Financial position
Current assets
Cash and equivalents
Trade and other receivables
Inventories
Other current assets
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Investments
Deferred tax assets
Other non-current assets
Total non-current assets
Total assets
Current liabilities
Trade and other payables
Employee benefits
Other current liabilities
Total current liabilities
Non-current liabilities
Employee benefits
Other non-current liabilities
Total non-current liabilities
Total Liabilities
Net assets
Shareholders' equity
Issued capital
Share option reserve
Foreign currency reserve
Accumulated losses
Total Shareholders’ equity
2020
$'000
2019
$'000
(7,063)
1,075
(5,988)
(34,929)
-
(40,917)
(5,399)
(38)
(5,437)
(29,786)
294
(34,929)
6,733
14,840
3,436
1,799
26,808
6,409
10,597
12,383
3,717
89,566
122,672
149,480
1,968
3,321
8,352
13,641
60
3,371
3,431
17,072
132,408
166,705
6,695
(75)
(40,917)
132,408
7,048
14,858
2,414
1,904
26,224
5,929
11,005
12,383
3,717
100,521
133,555
159,779
11,517
3,168
7,333
22,018
41
3,088
3,129
25,147
134,632
165,002
5,365
(806)
(34,929)
134,632
The members of the Closed Group comprise Catapult Group International Ltd and Catapult Sports Pty Ltd.
C A T A P U L T S P O R T S . C O M
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2 0 2 0 A N N U A L R E P O R T
15.0 N O T E S T O T H E
F I N A N C I A L S T A T E M E N T S
N O T E 3 5 . E V E N T S A F T E R T H E R E P O R T I N G P E R I O D
Other than those events described on page 10 of the Directors’ Report, no matter or circumstance has arisen since
30 June 2020 that has significantly affected, or may significantly affect the consolidated entity’s operations, the
results of those operations, or the consolidated entity’s state of affairs in future financial years.
C A T A P U L T S P O R T S . C O M
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2 0 2 0 A N N U A L R E P O R T
16.0 D I R E C T O R S ’
D E C L A R A T I O N
Catapult Group International Ltd
Notes to the financial statements
For the year ended 30 June 2020
In the opinion of the Directors of Catapult Group International Ltd:
●
●
●
●
●
the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the
Corporations Regulations 2001 and other mandatory professional reporting requirements;
the attached financial statements and notes comply with International Financial Reporting Standards as issued by the
International Accounting Standards Board as described in note four to the financial statements;
the attached financial statements and notes give a true and fair view of the Group's and Consolidated Entity's financial
position as at 30 June 2020 and of their performance for the financial year ended on that date;
there are reasonable grounds to believe that the Group will be able to pay its debts as and when they become due and
payable; and
at the date of this declaration, there are reasonable grounds to believe that the members of the Extended Closed Group
will be able to meet any obligations or liabilities to which they are, or may become, subject by virtue of the deed of cross
guarantee described in note 34 to the financial statements.
The Directors have been given the declarations required by section 295A of the Corporations Act 2001 from the Chief
Executive Officer and the Chief Financial Officer for the financial year ended 30 June 2020.
Signed in accordance with a resolution of Directors made pursuant to section 295(5)(a) of the Corporations Act 2001.
___________________________
Adir Shiffman
Executive Chairman
19 August 2020
C A T A P U L T S P O R T S . C O M
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2 0 2 0 A N N U A L R E P O R T
17.0 A U D I T O R S ’
R E P O R T
C A T A P U L T S P O R T S . C O M
9 4
Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389 ‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited. Liability limited by a scheme approved under Professional Standards Legislation. www.grantthornton.com.au Collins Square, Tower 5 727 Collins Street Melbourne VIC 3008 Correspondence to: GPO Box 4736 Melbourne VIC 3001 T +61 3 8320 2222 F +61 3 8320 2200 E info.vic@au.gt.com W www.grantthornton.com.au Independent Auditor’s Report To the Members of Catapult Group International Limited Report on the audit of the financial report Opinion We have audited the financial report of Catapult Group International Limited (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 2020, the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies, and the Directors’ declaration. In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including: a giving a true and fair view of the Group’s financial position as at 30 June 2020 and of its performance for the year ended on that date; and b complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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2 Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report of the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report. Key audit matter How our audit addressed the key audit matter Revenue recognition of long-term contracts which contain multiple element arrangements – Notes 4 and 7 There is significant judgement relating to revenue recognition for long term contracts which contain hardware and Software as a Service (“SaaS”) multiple element arrangements. Revenue recognition for multiple element arrangements can be complex and involve management judgement. These judgements include: identification of each element in the arrangements; determination of the appropriate allocation of the amount of revenue to each element in particular as many of the Group’s arrangements involve the delivery of hardware, software licences and other services; and determining when the performance obligation of each element is satisfied and the associated revenue can be recognised. This area is a key audit matter due to the complexity surrounding the long-term contract revenue recognition. Our procedures included, amongst others: considering the appropriateness of management’s assessment of revenue streams in accordance with accounting standard AASB 15 Revenue from Contracts with Customers; documenting our understanding of the various SaaS arrangements used by the Group and evaluating management’s revenue recognition of the elements they contained to assess compliance with AASB 15; sample testing revenue recorded to contracts with customers to assess whether revenue is being recognised in accordance with the Group’s revenue recognition policies; assessing the sales selected in our sample above, where applicable, for the accuracy of revenue to be deferred at year end; analytically reviewing deferred revenue balances at reporting period end for exceptions and anomalies against expectations; substantiating sales transactions around reporting date and agreeing transactions to supporting documents to assess whether revenue is recognised in the correct periods; and assessing the adequacy of disclosures for compliance with the revenue recognition requirements of Australian Accounting Standards (AASBs). Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389 ‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited. Liability limited by a scheme approved under Professional Standards Legislation. www.grantthornton.com.au Collins Square, Tower 5 727 Collins Street Melbourne VIC 3008 Correspondence to: GPO Box 4736 Melbourne VIC 3001 T +61 3 8320 2222 F +61 3 8320 2200 E info.vic@au.gt.com W www.grantthornton.com.au Independent Auditor’s Report To the Members of Catapult Group International Limited Report on the audit of the financial report Opinion We have audited the financial report of Catapult Group International Limited (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 2020, the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies, and the Directors’ declaration. In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including: a giving a true and fair view of the Group’s financial position as at 30 June 2020 and of its performance for the year ended on that date; and b complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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3 Key audit matter How our audit addressed the key audit matter Impairment of Goodwill and Other Intangible Assets – Notes 4, 13 and 14 Given the nature of the industry in which the Group operates, there is a risk that there could be a material impairment to goodwill and intangible asset balances. Determination as to whether an impairment exists relating to an asset or Cash Generating Unit (CGU) involves significant judgement about the future cash flows and plans for these assets and CGUs. These judgements include: determination of appropriate CGUs; identifying the existence of impairment indicators; forecasting future cash flows; and determination of assumptions such as discount and growth rates. This area was determined to be a key audit matter due to the abovementioned judgements involved in preparing a value-in-use model for determining recoverable amount in management’s impairment assessments. Our procedures included, amongst others: assessing management’s identification of each of the Group’s CGUs based on our understanding of the nature of the Group’s business and cash flows; involving an auditors expert to assess the impairment models and evaluated the reasonableness of key assumptions including the discount rate, terminal growth rates and forecast growth assumptions; assessing the reasonableness of the Board approved cash flow projections used in the impairment models as well as the Group’s historical ability to forecast accurately; challenging management’s assumptions and estimates used to determine the recoverable value of its CGUs, including those relating to forecast revenue, costs, and discount rates, and where available, corroborating the key market-related assumptions to external data; and assessing the adequacy of disclosures for compliance in accordance with the Australian Accounting Standards. Information other than the financial report and auditor’s report thereon The Directors are responsible for the other information. The other information comprises the information included in the Group’s annual report for the year ended 30 June 2020, but does not include the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Directors for the financial report The Directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the Directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. In preparing the financial report, the Directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389 ‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited. Liability limited by a scheme approved under Professional Standards Legislation. www.grantthornton.com.au Collins Square, Tower 5 727 Collins Street Melbourne VIC 3008 Correspondence to: GPO Box 4736 Melbourne VIC 3001 T +61 3 8320 2222 F +61 3 8320 2200 E info.vic@au.gt.com W www.grantthornton.com.au Independent Auditor’s Report To the Members of Catapult Group International Limited Report on the audit of the financial report Opinion We have audited the financial report of Catapult Group International Limited (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 2020, the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies, and the Directors’ declaration. In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including: a giving a true and fair view of the Group’s financial position as at 30 June 2020 and of its performance for the year ended on that date; and b complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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4 Auditor’s responsibilities for the audit of the financial report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website at: https://www.auasb.gov.au/auditors_responsibilites/ar1_2020.pdf. This description forms part of our auditor’s report. Report on the remuneration report Opinion on the remuneration report We have audited the Remuneration Report included in the Directors’ report for the year ended 30 June 2020. In our opinion, the Remuneration Report of Catapult Group International Limited, for the year ended 30 June 2020 complies with section 300A of the Corporations Act 2001. Responsibilities The Directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards. Grant Thornton Audit Pty Ltd Chartered Accountants B A Mackenzie Partner – Audit & Assurance Melbourne, 19 August 2020 Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389 ‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited. Liability limited by a scheme approved under Professional Standards Legislation. www.grantthornton.com.au Collins Square, Tower 5 727 Collins Street Melbourne VIC 3008 Correspondence to: GPO Box 4736 Melbourne VIC 3001 T +61 3 8320 2222 F +61 3 8320 2200 E info.vic@au.gt.com W www.grantthornton.com.au Independent Auditor’s Report To the Members of Catapult Group International Limited Report on the audit of the financial report Opinion We have audited the financial report of Catapult Group International Limited (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 2020, the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies, and the Directors’ declaration. In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including: a giving a true and fair view of the Group’s financial position as at 30 June 2020 and of its performance for the year ended on that date; and b complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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19.0 S H A R E H O L D E R
I N F O R M A T I O N
Catapult Group International Ltd
Notes to the financial statements
For the year ended 30 June 2020
SHAREHOLDINGS
(AS AT 11 AUGUST 2020)
Additional information required by the ASX Limited Listing Rules and not disclosed elsewhere in this report is set out below.
1. CORPORATE GOVERNANCE STATEMENT
Catapult’s corporate governance statement for the financial year ended 30 June 2020 will be available at the following URL:
www.catapultsports.com/investor/corporate-governance/
2. SUBSTANTIAL SHAREHOLDERS
As at 11 August 2020, there are four substantial shareholders that the Group is aware of:
Substantial holder
Charlaja Pty Ltd; Charlaja Pty Ltd
< Van De Griendt Family A/C >; Igor Van
De Griendt
Shares Held
20,508,000
Date of last
notice
7 June 2017
Manton Robin Pty Ltd; Manton Robin Pty Ltd
< Shaun Holthouse Family A/C >; Shaun Holthouse
18,775,000
8 June 2017
One Managed Investment Funds Limited 17,867,096 1 October 2019
Quest Asset Partners
15,400,811
27 March 2020
3. NUMBER OF HOLDERS OF EACH CLASS OF EQUITY SECURITY
Equity security class
Ordinary shares
Employee options and performance rights
4. VOTING RIGHTS ATTACHED TO EACH CLASS OF
EQUITY SECURITY
Number of
holders
9,819
306
At a general meeting, every Shareholder present in person or by proxy, body corporate representative, or attorney has one
vote on a show of hands and one vote for each Share held on a poll.
Votes are cast by a show of hands unless a poll is demanded. A poll may be demanded by the chairperson or at least five
Shareholders entitled to vote on the resolution or Shareholders with at least 5% of the votes that may be cast on the
resolution on a poll.
Option and performance rights holders do not have voting rights.
5. DISTRIBUTION SCHEDULE IN EACH CLASS OF EQUITY SECURITIES
Ordinary shares
%
Range (size of holding)
1.084
1 - 1,000
10.094
1,001 -10,000
10.791
10,001 - 100,000
100,001 and over
78.031
9,819 190,895,116 100.00
Total holders
3,608
5,321
838
Number of
Shares
2,069,816
19,267,951
20,599,244
52 148,958,105
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19.0 S H A R E H O L D E R
I N F O R M A T I O N
Catapult Group International Ltd
For the year ended 30 June 2020
Employee options and performance rights
Range (size of holding)
1 - 5,000
5,001 -10,000
10,001 - 100,000
100,001 and over
Total holders
122
54
115
15
306
Number of
Units
376,914
383,404
3,275,719
7,684,329
11,720,366
%
3.22
3.27
27.95
65.56
100.00
6. UNMARKETABLE PARCELS
Number of holders holding less than a marketable parcel of the Group’s main class of securities (in this case, fully paid ordinary
shares) based on the closing market price on 11 August 2020 of $1.74.
Minimum $500 parcel (at 11.08.20 closing price $1.74 per share)
Number of holders
497
7. 20 LARGEST SHAREHOLDERS
As at 11 August 2020
The 20 largest holders of ordinary shares and number of ordinary shares and percentage of capital held by each are follows:
Rank Shareholder
Share held
% held
1. HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
2. CHARLAJA PTY LTD
3. MANTON ROBIN PTY LTD
4. ONE MANAGED INVESTMENT FUNDS
5. BNP PARIBAS NOMINEES PTY LTD < AGENCY LENDING DRP A/C >
6. J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
7. CITICORP NOMINEES PTY LIMITED
8. BBHF PTY LTD
9. BNP PARIBAS NOMS PTY LTD
10. NATIONAL NOMINEES LIMITED
11. 3rd WAVE INVESTIRS PTY LTD
12. ROBERTS PIKE FOUNDATION PTY LTD
13. HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED – A/C 2
14. LEHAMLET PTY LTD < LEHAMLET SUPERANNUATION A/C>
15. SUPER PROPERTIES PTY LTD < THE SHAYNE SMYTH A/C >
16. RADICAL INVESTMENTS LP
17. MR MARK CUBAN
18. BNP PARIBAS NOMINEES PTY LTD
19. SARGON CT PTY LTD