2022 FULL YEAR
FINANCIAL REPORT
FOR THE YEAR ENDED MARCH 31, 2022
VERSUS THE 9-MONTH PERIOD ENDED MARCH 31, 2021
Catapult Group International Ltd
Preliminary Financial Report (Appendix 4E)
for the year ended March 31, 2022
given to ASX under Listing Rule 4.3A
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
APPENDIX 4E
PRELIMINARY FINANCIAL REPORT
RESULTS FOR ANNOUNCEMENT TO THE MARKET
For the 12-month period ended March 31, 2022 against the corresponding 9-month period ended
March 31, 2021
CATAPULT GROUP INTERNATIONAL LTD
ABN 53 164 301 197
Reporting Period:
For the 12-month period ended March 31, 2022
Corresponding Period: For the 9-month period ended March 31, 2021
March 31, 2022
March 31, 2021
Change
Change
US$'000
US$'000
US$'000
%
77,013
(32,091)
50,042
(8,799)
26,971
-23,292
54%
-265%
(31,823)
(6,919)
-24,904
-360%
Revenues from ordinary activities
(Loss) from ordinary activities after tax attributable
to the owners of Catapult Group International Ltd
Comprehensive (Loss) from ordinary activities after
tax attributable to the owners of Catapult Group
International Ltd
Dividend information
Catapult Group International Ltd has not paid, and does not propose to pay, dividends for the year ended March 31,
2022 (2021: nil).
Net tangible asset information
US Cents
Net tangible asset per security*
March 31, 2022 March 31, 2021
3.32
4.10
*The net book value of all Right-of-Use assets have been excluded from the calculation of the NTA per security
As announced to the market on July 24, 2020, Catapult has changed its financial year-end to March 31, (from June
30) and its presentation currency to the United States dollar (‘USD’) from the Australian dollar (‘AUD’), with effect
from July 1, 2020. All references to $ or numbers in this report are denoted or calculated in USD.
Other information required by Listing Rule 4.3A
Other information requiring disclosure to comply with Listing Rule 4.3A is contained in the March 31, 2022 Financial
Statements. Commentary on the results for the period is also contained in the Catapult market release announcing
full year financial results and the presentation to investors and analysts. Information should be read in conjunction
with the March 31, 2022 Financial Statements. This report is based on the Consolidated Financial Statements for
the period ended March 31, 2022, which has been audited by Ernst & Young with the Independent Auditor’s Audit
Report included in the 2022 Consolidated Financial Statements.
FINANCIAL STATEMENTS
FOR THE YEAR ENDED MARCH 31, 2022
VERSUS THE 9-MONTH PERIOD ENDED MARCH 31, 2021
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CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
CONTENTS
➔ D I R E C T O R S ’ R E P O R T
➔ 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
5
3 8
➔ 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
➔ 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
1 9
3 9
➔ 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 I R E C T O R S ’ D E C L A R A T I O N
2 0
9 3
➔ 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
➔ I N D E P E N D E N T A U D I T O R ’ S R E P O R T T O 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
I N T E R N A T I O N A L L T D
3 4
9 4
➔ 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
➔ C O R P O R A T E D I R E C T O R Y
3 6
➔ C O N S O L I D A T E D S T A T E M E N T S O F
C H A N G E S I N E Q U I T Y
3 7
1 0 0
In this Appendix 4E, the terms ‘Catapult’, the ‘Company’, the ‘Group’, ‘our business’, ‘organisation’, ‘we’, ‘us’, ‘our’
and ‘ourselves’ refer to Catapult Group International Ltd and, except where the context otherwise requires, its
subsidiaries. All references to $ or dollars in this Appendix 4E are to US dollars unless otherwise stated.
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CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
DIRECTORS’ REPORT
The Directors of Catapult Group International Ltd (‘Catapult’ or the 'Company’) present their Report together with
the financial statements of the consolidated entity, being the Company and its controlled entities (the ‘Group’) for
the 12-month period ended March 31, 2022 (‘FY22’ or ‘financial year’).
DIRECTOR DETAILS
The following persons were Directors of Catapult Group International Ltd during or since the end of the period year.
DR ADIR SHIFFMAN
MBBS, Medicine
Executive Chairman
Appointed September 4, 2013
Member of Nomination and Remuneration Committee
Member of SaaS Scaling 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.
Directorships of listed companies over the past three
years:
None
MR SHAUN HOLTHOUSE
B.E. (Hon), Mechanical Engineering, GAICD
Founder, Non-Executive Director (previously CEO until
April 30, 2017)
Shaun co-founded Catapult in 2006 and served as
CEO up until April 30, 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.
Directorships of listed companies over the past three
years:
None
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CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
DIRECTORS’ REPORT
MR IGOR VAN DE GRIENDT
B.E. Electrical Engineering
MR JAMES ORLANDO
BSc, MBA, GAICD
Founder, Non-Executive Director
Independent Non-Executive Director
Member of Audit and Risk Committee
Appointed October 24, 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.
Directorships of listed companies over the past three
years:
None
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.
Directorships of listed companies over the past three
years:
None
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CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
DIRECTORS’ REPORT
MS MICHELLE GUTHRIE
BA/Law (Hons)
MR THOMAS F. BOGAN
BSBA
Independent Non-Executive Director
Independent Non-Executive Director
Appointed December 1, 2019
Appointed April 1, 2021
Chair of Nomination and Remuneration Committee
Chair of SaaS Scaling Committee
Tom Bogan currently serves as a director of several
software companies. Until January 2022 Tom served
as Vice Chairman of Workday, a leading provider of
enterprise cloud applications for finance and human
resources with an annual revenue of over $5 billion for
its most recently completed fiscal year.
Tom joined Workday in 2018 following its US$1.5bn
acquisition of Adaptive Insights, where he served as
CEO. He was also a board member of several public
and private software companies including Chairman
of Citrix Systems (Nasdaq: CTXS). He was also
Chairman of Nasdaq-listed Apptio until its
approximate US$2bn acquisition by Vista Equity
Partners in 2019.
Previously, Tom spent more than five years as a
partner at high-profile venture capital fund Greylock
Partners, where he focused on enterprise software
investments. He also served as president and COO at
Rational Software until it was acquired by IBM for
US$2.1bn in 2003, as well as CEO at Avatar
Technologies and Pacific Data.
As Chairman of the SaaS Scaling Committee, Tom
supports the board and management with growth-
oriented SaaS-model innovations.
Directorships of listed companies over the past three
years:
Workday (since February 2022) and Aspen
Technology (since May 2022).
Member of 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.
Directorships of listed companies over the past three
years:
StarHub Ltd (since August 2017), BNK Banking
Corporation Limited (since July 2021), and Chair of
Mighty Kingdom Ltd (since November 2020).
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CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
DIRECTORS’ REPORT
COMPANY SECRETARY
Jonathan Garland commenced as Company Secretary on August 12, 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.
KEY PERFORMANCE METRICS
The Company measures its performance through the achievement of a number of principal SaaS metrics, and is
pleased to report the following movements in all of these metrics:
METRIC
As at Mar 31, 2022
As at Mar 31, 2021
Change %
US$’000
US$’000
ACV(i)
ACV churn(ii)
Lifetime duration (LTD)(iii)
Multi-vertical customers(iv)
63.9
3.4%
5.8
321
53.4
5.5%
5.7
252
19.7%
-37.6%
1.3%
27.4%
The numbers in the table above are non-IFRS and unaudited and have been provided for information purposes only.
The non-IFRS metrics in the table above are defined as follows:
(i)
(ii)
(iii)
(iv)
ACV refers to Annualized Contract Value, being the annualized value of contracted subscription revenue in effect at a particular date.
ACV churn is the reduction in ACV from the loss of customers over a period, expressed as an annualized percentage of opening ACV.
The weighted average length of time a customer has been continuously with the Company, weighted by customers’ current ACVs.
Multi-vertical customers are customers that use a product from more than one of the Group’s verticals.
Non-IFRS metrics are unaudited.
PRINCIPAL ACTIVITIES
Catapult’s vision is to create the platform of solutions for teams and athletes, in order to improve the performance
of athletes and teams globally.
Within this platform Catapult has identified five “verticals” of technology solutions across two customer levels.
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CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
DIRECTORS’ REPORT
During the financial year, the principal activities of the entities within the Group and across the verticals were:
➔
➔
➔
➔
➔
In the Management vertical, AMS or the ‘athlete management system’, which is a cloud-based repository for
wellness information that teams use to better understand athlete welfare, and an administration tool to plan
rostering and the like.
In the Performance & Health vertical, a range of SaaS tracking technologies that use proprietary algorithms
to quantify the load, effort and fatigue levels of athletes enabling them to maximize performance and
minimize injury.
In the Tactics & Coaching vertical, a range of video analysis software that segments game footage, enables
instant video manipulation and replay, scouting of upcoming opponents, and more effective tactical and
coaching practices and outcomes.
In the Professional Services vertical, a range of services that maximize the productivity of customers’ sports
technology, providing them with sports science insights and perspectives to gain a competitive edge.
In the Media & Engagement vertical, a range of services to manage and monetize the video content assets
(i.e., footage) of customers, to drive fan engagement via social media, generate revenue from media licensing,
and facilitate talent scouting of athletes.
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 vast 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 3,400 teams (FY21:
3,200 teams). Catapult is also a market leader in providing innovative digital and video analytic software solutions
to elite sports teams globally.
With major offices in Australia, the United States and the United Kingdom and over 500 staff in 28 countries (FY21:
350 staff in 26 countries), Catapult is a global technology success story that is committed to advancing the way
data is used in elite sports.
REVIEW OF OPERATIONS FOR THE YEAR ENDED MARCH 31, 2022
➔
The Company changed its financial year end to March 31, from June 30, commencing March 31, 2021.
Accordingly, the year ended March 31, 2021 was only a nine-month period. This is the comparator period for
the current 12-month period ended March 31, 2022. Hence any numeric comparison of financial and
operational performance between these two periods is not meaningful.
➔ Subscription revenue for FY22 was 92% of total revenue, as the Company switched from one-time capital
deals to higher quality and higher margin subscription deals.
➔
➔
➔
➔
➔
➔
The Company is well positioned with $26.1 million of cash at bank as at March 31, 2022.
The Company successfully completed the acquisition of SBG Sports Software Limited in the UK for $40-45
million in cash and equity.
The Company announced a $25 million Accelerated Growth investment program to be undertaken over two
years.
The Company successfully completed a $45 million equity raising to fund the SBG acquisition and Accelerated
Growth investment program.
The Company held its first ever Investor Day, announcing a total addressable market of $2.6 billion in
performance technology for Pro teams, and $41 billion for individual Prosumer athletes.
The Company launched its integrated MatchTracker video analysis and Vector wearable technology offering,
to provide teams with an all-in-one video and data analysis platform.
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CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
DIRECTORS’ REPORT
➔
➔
➔
➔
➔
➔
➔
The Company extended its video technologies into basketball, a year earlier than planned; released its first
performance metrics for goalies in ice hockey; and released a new suite of baseball performance analytics.
The Company teamed up with Super League and Sky Sports with a UK first in delivering real time player
statistics direct to the viewer at home on match broadcasts.
The Company launched Catapult One, a performance solution for athletes in the prosumer market.
The German Football Association (DFB-Akademie) signed a multi-year deal with the Company to improve the
analysis infrastructure at all levels of the German National Football Team.
The Australian National Rugby League (NRL) entered an expanded three-year league-wide deal with
Catapult.
The Football Association of Wales (FAW) expanded its use of Catapult's full suite of SaaS video analysis
tools in preparation for the 2022 World Cup in Qatar.
The Company expanded its relationship with Champion Data in an exclusive, three-year deal to supply
performance analysis solutions to the AFL.
➔ VfB Stuttgart contracted Catapult for a multi-year subscription to Vector and the video performance
analysis solutions of MatchTracker and Focus.
➔
➔
The Company entered the NASCAR and eSports markets.
The Company expanded its efforts to encourage and foster women in the industry by launching its SportsHi
Women's Equality Day Scholarship.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
The following significant changes occurred during FY22:
➔
➔
➔
➔
➔
➔
Thomas Bogan was appointed to the Board as an Independent Non-Executive Director effective April 1, 2021.
The Board established a new SaaS Scaling Committee to assist the Company with its next stage of growth.
The Company completed a $35 million underwritten institutional placement on June 24, 2021.
The Company completed a $1.35 million Director placement on June 24, 2021.
The Company completed a $8.5 million Share Purchase Plan on July 20, 2021.
The Company acquired sports software video solutions provider, SBG Sports Software Limited, on July 1,
2021.
➔ Ernst & Young replaced Grant Thornton Audit Pty Ltd as the auditor of the Company on August 20, 2021.
➔
Link Market Services Limited replaced Boardroom Pty Limited as the Company’s registry management
services on February 20, 2022.
EVENTS ARISING SINCE THE END OF THE REPORTING PERIOD
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.
LIKELY DEVELOPMENTS, BUSINESS STRATEGIES AND PROSPECTS
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.
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CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
DIRECTORS’ REPORT
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 technical functionality.
BUSINESS RISK
In executing its growth plans, Catapult is subject to the market, operational and acquisition risks including those
outlined below:
PANDEMIC RISKS
The COVID-19 crisis has caused significant disruption in sports globally. Despite the trend returning to normalcy, a
pandemic, including COVID-19 remains a risk for the Company. A pandemic or resurgence of COVID-19, including
through new variants, 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. A pandemic 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 continues to
consider ways to mitigate any risks to the Company, including monitoring the impact of Government requirements
and health measures on relevant markets, and supporting customers and employees to provide a safe working
environment as well as supporting hybrid and remote working.
ECONOMIC RISK
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.
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, inflation, legislation, monetary
and regulatory policies, the increased level of global uncertainty and volatility associated with the conflict in Ukraine,
the imposition of sanctions and export controls, as well as changes to accounting standards, may also affect the
performance of Catapult. To help mitigate these risks, Catapult continues to monitor key markets, and detailed
financial oversight allows responsive changes to the business following variations to the economic and financial
climate.
INDUSTRY AND COMPETITION RISK
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 mitigates these risks by continually striving for product innovation and development,
pursuing strategic partnerships or acquisitions where appropriate, and monitoring competitor and industry activity
to provide products that customers need.
TECHNOLOGY AND HOSTING PLATFORMS
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. Catapult regularly monitors platform
performance to attenuate this risk.
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CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
DIRECTORS’ REPORT
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’s development of business continuity and crisis
management plans is designed to help mitigate these concerns.
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.
CYBER SECURITY AND DATA BREACHES
Catapult provides its services through cloud-based and other online platforms. Despite investing in, and developing,
our in-house technology capabilities, engaging reputable third-party IT service providers, and educating employees
on data security and awareness, 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.
Catapult’s services frequently involve processing sensitive personal or corporate confidential information. Such
sensitive information could be taken, lost or viewed by unauthorised persons, either maliciously or via administrative
or user error. Such a data breach or other cyber incident could 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 administrative processes and global cyber security review,
including Audit and Risk Committee risk updates, and 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 client service, reputation, and the ability for clients to
use the products.
MANUFACTURING AND PRODUCT QUALITY RISKS
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.
Catapult continues to manage these risks by searching for replacement components, placing component orders well
in advance, placing larger orders to increase stock on hand levels, and allowing the business sufficient time to
respond to shortages and make necessary changes to manufacturers.
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 any issues arising from product liability faults may be significant and beyond
the protection of Catapult’s existing insurance coverage.
FOREIGN EXCHANGE
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 US dollars.
Adverse movements in foreign currency markets, which are regularly monitored by Catapult, could affect Catapult’s
profitability and financial position.
DEVELOPMENT AND COMMERCIALISATION OF INTELLECTUAL PROPERTY
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.
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CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
DIRECTORS’ REPORT
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, including regular trademark searches and
strategic protection of the register, 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.
While Catapult regularly monitors unauthorised use of its intellectual property rights, this can be difficult and 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. Catapult may be subject to a claim that its current
products infringe the intellectual property rights of a third party. Allegations of this kind , if successful, may result in
injunctions being 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.
FURTHER PRODUCT DEVELOPMENT RISK
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, software
products, or online sport learning platform 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. Catapult seeks to alleviate some of these
risks by undertaking customer feedback programs to inform future product development priorities.
BRAND AND REPUTATION DAMAGE
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. Catapult’s policies
and procedures, and the training provided to employees, help to manage these risks.
PRODUCT LIABILITY
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, and regularly reviews the level and scope of such
cover to ensure it is appropriate. 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.
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CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
DIRECTORS’ REPORT
LITIGATION
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. Catapult maintains
financial oversight to enable responsive changes to spending in the event of such a dispute.
Catapult Sports Inc. is the subject of a patent infringement claim filed by Charles Smith Enterprises, LLC (a non-
practising entity) filed before the District Court of Delaware. While the claim involves a current Catapult product, it
is not anticipated that this claim will materially affect the operation of Catapult or cause disruption to Catapult’s
products and services. Catapult Group International Ltd is the subject of a trademark opposition procedure filed
before the United States Trademark Trial and Appeal Board (TTAB) by adidas AG in respect of a pending trademark
application in the United States. It is not anticipated that this trademark opposition will materially affect the
operation of Catapult or cause disruption to Catapult’s products and services.
Given the above circumstances, no provisions have been recognised at March 31, 2022 in respect of either matter.
DIVIDENDS
In respect of the current financial period, no dividend has been paid by Catapult Group International Ltd.
DIRECTORS’ MEETINGS
The number of Directors’ meetings (including meetings of Committees of Directors) held during the financial year,
and the number of meetings attended by each Director, is as follows:
DIRECTOR’S
NAME
BOARD MEETINGS
AUDIT AND RISK
COMMITTEE
NOMINATION AND
REMUNERATION
COMMITTEE
SAAS SCALING
COMMITTEE
A
9
9
9
9
9
9
Adir
Shiffman
Shaun
Holthouse
Igor van de
Griendt
James
Orlando
Michelle
Guthrie
Thomas
Bogan
Where:
B
9
9
9
9
9
9
A
-
-
4
4
4
-
B
-
-
4
4
4
-
A
4
-
-
4
4
-
B
4
-
-
3
4
-
A
2
-
-
-
-
2
B
2
-
-
-
-
2
(i)
(ii)
column A is the number of meetings the Director was entitled to attend; and
column B is the number of meetings the Director attended.
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CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
DIRECTORS’ REPORT
UNISSUED SHARES UNDER OPTION AND RIGHTS
Unissued ordinary shares of the Company under option at the date of this report are as follows:
DATE OPTIONS GRANTED
EXPIRY DATE
EXERCISE PRICE OF
OPTIONS
NUMBER UNDER OPTIONS
July 1, 2017
July 30, 2022
November 1, 2017
October 30, 2022
December 19, 2017
December 18, 2022
January 23, 2019
June 30, 2023
August 20, 2019
August 31, 2024
November 11, 2019
August 31, 2024
November 27, 2019
March 24, 2024
September 14, 2020
May 31, 2025
January 28, 2021
August 31, 2024
March 31, 2022
May 31, 2025
A$2.13
A$1.72
A$1.83
A$1.42
A$1.26
A$1.50
A$0.78
A$1.30
A$1.50
A$1.30
54,000
60,000
462,500
452,000
1,588,468
557,105
611,112
3,820,181
78,071
82,841
7,766,278
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CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
DIRECTORS’ REPORT
During the financial year ended March 31, 2022, the Company issued no options as part of the Employee Share Plan.
Unissued ordinary shares of the Company under rights at the date of this report are as follows:
DATE RIGHTS GRANTED
EXPIRY DATE
EXERCISE PRICE OF
RIGHTS
NUMBER UNDER RIGHTS
August 20, 2019
August 31, 2022
November 1, 2019
August 31, 2022
January 28, 2020
August 31, 2022
April 21, 2020
July 20, 2020
August 31, 2022
July 20, 2022
September 14, 2020
May 31, 2023
July 01, 2021
July 01, 2021
June 30, 2023
June 30, 2025
September 30, 2021
June 30, 2023
September 30, 2021
June 30, 2023
September 30, 2021
September 09, 2023
September 30, 2021
June 30, 2025
December 31, 2021
June 30, 2023
December 31, 2021
June 30, 2025
March 31, 2022
March 31, 2022
May 31, 2023
May 31, 2023
A$0.00
A$0.00
A$0.00
A$0.00
A$0.00
A$0.00
A$0.00
A$0.00
A$0.00
A$0.00
A$0.00
A$0.00
A$0.00
A$0.00
A$0.00
A$0.00
85,996
5,600
33,145
102,145
97,576
663,706
2,701,482
1,229,760
141,877
255,257
77,997
32,675
359,715
92,622
13,251
108,769
6,001,573
All options and rights expire on their expiry date. All options and rights are issued in accordance with the CSESP, as
approved by shareholders.
SHARES ISSUED DURING OR SINCE THE END OF THE YEAR AS A RESULT OF EXERCISE
During the financial year ended March 31, 2022, the Company transferred to employees 1,230,877 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 $1.60 and $0.00, respectively.
REMUNERATION REPORT
The Remuneration Report (audited), which is incorporated by reference into, and forms part of, this Directors’
Report, is presented separately on page 20.
ENVIRONMENTAL LEGISLATION
Catapult’s 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.
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CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
DIRECTORS’ REPORT
INDEMNITIES GIVEN AND INSURANCE PREMIUMS PAID TO AUDITORS AND OFFICERS
The Company indemnifies directors, secretaries and executive officers of the Company and its subsidiaries against
any liability incurred as a result of them being, or acting in their capacity as, an officer of the Company or a
subsidiary, to the maximum extent permitted by law. No payment has been made to indemnify any director,
secretary or executive officer of the Company or its subsidiaries during, or since the end of, the financial year.
The Company also maintains a Directors’ and Officers’ insurance policy which, subject to some exceptions, provides
insurance cover to past, present or future officers of the Company and its subsidiaries, including all Directors of the
Company. The Company paid an insurance premium for the policy during the year. 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.
To the extent permitted by law, the Company has agreed to indemnify Ernst & Young, as part of the terms of its
audit engagement agreement, against claims by third parties arising from the audit (for an unspecified amount). No
payment has been made to indemnify Ernst & Young during, or since the end of, the financial year.
NON-AUDIT SERVICES
During the financial year, Grant Thornton Audit Pty Ltd, the Company’s auditors for the period to August 20, 2021,
and Ernst & Young, the Company’s auditors for the period having been appointed on August 20, 2021 effective for
the entire current financial year, performed certain other services in addition to their statutory audit duties. Both
auditors while they maintained office complied with the Board’s expectations of meeting the auditor independence
requirements of the Corporations Act 2001.
The Board has considered the non-audit services provided during the financial period by the auditors. It 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, and their related practices for audit and non-audit
services provided during the financial period 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 19 of this financial report and forms part of this Directors’ Report.
PROCEEDINGS ON BEHALF OF THE COMPANY
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 take responsibility on
behalf of the Company for all or part of those proceedings.
ROUNDING OF AMOUNTS
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.
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CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
DIRECTORS’ REPORT
Signed in accordance with a resolution of the Directors.
Dr Adir Shiffman
Executive Chairman
May 25, 2022
I MP OR T ANT N OT I CE
This document including the Directors’ Report, Remuneration Report and financial statements, 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 Catapult’s most recent financial report. 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 may not have 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.
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CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
AUDITOR’S INDEPENDENCE DECLARATION
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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Ernst & Young 8 Exhibition Street Melbourne VIC 3000 Australia GPO Box 67 Melbourne VIC 3001 Tel: +61 3 9288 8000 Fax: +61 3 8650 7777 ey.com/au Auditor’s independence declaration to the directors of Catapult Group International Ltd As lead auditor for the audit of the financial report of Catapult Group International Ltd for the financial year ended 31 March 2022, I declare 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; b. No contraventions of any applicable code of professional conduct in relation to the audit; and c. No non-audit services provided that contravene any applicable code of professional conduct in relation to the audit. This declaration is in respect of Catapult Group International Ltd and the entities it controlled during the financial year. Ernst & Young Ashley Butler Partner 25 May 2022
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
REMUNERATION REPORT (AUDITED)
The Directors of the Company 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.
Overview
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 remuneration arrangements for executive management
and Directors.
Catapult's remuneration policy emphasises the Board’s desire to align executive remuneration with shareholder
interests, attract and retain business critical talent, and preserve cash. As disclosed in last year’s Remuneration
Report, in line with the evolution of our strategy and operating plans, the Company introduced new incentive plans
during FY22. The objectives of the incentive plans drive a sense of collective ownership in the Company's short,
medium and long-term success at all levels in the organisation, continuing to use equity as the vehicle to deliver ‘at
risk’ remuneration to executives. The plan outcomes remain aligned with shareholder interests, are reflective of a
modern technology company at Catapult's stage of evolution and consistent with market practice within the key
regions Catapult operates within. As such, FY22 executive remuneration arrangements comprised of the following
components:
•
•
•
a market competitive remuneration mix consisting of fixed and ‘at risk’ components. The ‘at risk’ components
consist of STI(i) and LTI(ii) under a clearly defined framework with a greater emphasis on the ‘at risk’ component
than previous years;
equity-based STI awards that are based on combination of executive and company performance, allocated on
an annual basis using a share price with a 16% premium over a VWAP prior to April 1, granted on July 1 for
vesting over a 12 month period from grant date. With respect to new starters different grant dates are applied
to the annual assessment; and
equity-based LTI awards that are based on a combination of executive and company performance, allocated on
an annual basis using a share price with a 69% premium over a VWAP prior to April 1, granted on July 1 for
vesting over a 36 month period from grant. With respect to new starters different grant dates are applied to
the annual assessment.
(i)STI refers to Short Term Incentive
(ii)LTI refers to Long Term Incentive
Note that the Board retains a wide discretion in relation to equity-based awards, including what aspects of
corporate and personal performance are assessed in a performance year, what performance KPIs, hurdles, and
outcomes are, when and what form rewards are made and vest.
Catapult’s target remuneration mix for FY22 was as follows:
Remuneration Mix
Base Salary
CEO
CFO
36%
38%
STI
28%
19%
LTI
36%
43%
Total Target
Remuneration
100%
100%
The remuneration objectives and structure, including participation and the associated terms and conditions for both
the STI and LTI plans are reviewed annually by the Nomination and Remuneration Committee with
recommendations for change put to the full Board for approval as part of regular reviews of Catapult’s
Remuneration Policy. Variations within the Policy are considered on a case-by-case basis to ensure Catapult retains
flexibility in the various international markets in which it operates.
Director Remuneration
The Company introduced a Director Salary Sacrifice Plan during FY22 to align Director remuneration outcomes with
shareholders. Plan features are disclosed in this report.
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CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
REMUNERATION REPORT (AUDITED)
Catapult’s remuneration strategy relating specifically to executives during FY22 is set out in the following diagram.
Catapult Executive KMP Remuneration Objectives
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
Base Salary and Total Target Remuneration (TTR) (i) is set by reference to relevant market benchmarks
At Risk
Short Term Incentives
Long Term Incentives
(STI)
(LTI)
STI performance outcomes are based on
assessments of performance targets
appropriate to the specific position and set each
performance year.*
LTI performance outcomes are based on
assessments of performance targets
appropriate to the specific position and set each
performance year.*
Fixed
Base Salary
Fixed
remuneration is
set based on
relevant market
relativities
reflecting
responsibilities,
performance,
qualifications,
experience, and
geographic
location
Remuneration to be delivered as:
Base salary
Performance Rights, based on performance at
the end of the relevant performance period with
a further 12 month vesting period.
Performance Rights, based on performance at
the end of the relevant performance period with
a further 36 month vesting period
TTR refers to the total amount of pay that a role will earn for 100% achievement of expected results. It is intended to be
positioned in the 3rd quartile when compared to peer groups comprising of similar companies in terms of industry and financial
performance.
*
Note that the Board retains a wide discretion in relation to equity-based awards, including what aspects of corporate and personal
performance are assessed in a performance year, what performance KPIs, hurdles, and outcomes are, when and what form rewards are made
and vest.
Short Term Incentive (STI) & Long-Term Incentive (LTI) – FY22
For FY22, executive STI awards were based on an assessment of performance during FY21. As FY21’s Company
Scorecard impacted the legacy FY21 STI outcome, the FY22 awards, which under the new plan are granted towards
the beginning of the financial year, were based on FY21 individual performance outcomes. The assessment was
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CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
REMUNERATION REPORT (AUDITED)
made against the business critical, financially focussed, company-focussed objectives set for the executives for FY21.
Performance hurdles are set annually to determine and drive executive performance alignment with long term
shareholder interests. The Board applied measurable and controllable objectives which align with strategic
objectives and enhance shareholder value. To ensure the grants were aligned to shareholder interests, STI grants
were made using a 16% premium upon the allocation share price as at April 1, 2021. LTI grants were made using a
69% premium upon the allocation share price as at April 1, 2021.
The Executive Chairman’s FY22 STI award continued to be based on the annual Company scorecard. The FY22
Company scorecard included an ACV metric with hurdles between $53.8 million and $60.8 million, a contribution
margin metric with hurdles between 39% and 44%, and other metrics aligned with revenue, customer, product and
people priorities. The FY22 scorecard achieved a 68.69% weighted outcome against the target hurdles as noted
above.
Some additional key financial performance measures are highlighted in the following table:
Item
2022
2021
2020
2019
2018
EPS (US Cents)
(0.148)
(0.046)
(0.027)
(0.049)
(0.077)
(12 months)
(9 months)
(12 months)
(12 months)
(12 months)
Dividends (US cents per
share)
-
-
-
-
-
Revenue ($’000)
77,013
50,042
67,678
67,963
59,541
Underlying
EBITDA*($’000)
(5,835)
3,447
9,423
3,908
740
EBITDA (US$’000)
(14,270)
2,208
8,875
2,721
(1,508)
Net loss (US$’000)
(32,187)
(8,841)
(5,161)
(9,175)
(13,460)
Opening Share price (A$)
Closing Share price (A$)
1.890
1.445
1.125
1.890
1.095
1.125
1.225
1.095
2.330
1.225
* Underlying EBITDA is operating profit/(loss), adding back employee share plan costs (excluding Executive share-based remuneration) and
severance costs. Included in the 2022 adjustment is the SBG acquisition consideration treated as share-based payment expense. Underlying
EBITDA is a non-IFRS measure and is unaudited.
** All amounts in the table above are denoted in US Dollars unless otherwise stated.
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CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
REMUNERATION REPORT (AUDITED)
During FY22, the following STI awards were earned during the period:
Name
Adir Shiffman –
Executive Chairman
Will Lopes – Chief
Executive Officer
(CEO)
Hayden Stockdale –
Chief Financial Officer
(CFO)
TOTAL AT RISK
AMOUNT ($)
Percentage achieved
during the period
FY22 STI achieved
FY22 STI forfeited
147,881
68.69%
101,580
46,302
350,000
100.00%
350,000
147,881
100.00%
147,881
-
-
* All amounts for Australian based KMPs translated from Australian Dollars to United States Dollars at an average exchange rate for the period
ended March 31, 2022 of 0.7394.
During FY22, the following LTI awards were earned during the period:
Name
Will Lopes – Chief
Executive Officer
(CEO)
Hayden Stockdale –
Chief Financial Officer
(CFO)
TOTAL AT RISK
AMOUNT ($)
Percentage achieved
during the period
FY22 LTI achieved
FY22 LTI forfeited
450,000
100%
450,000
325,336
100%
325,336
-
-
* All amounts for Australian based KMPs translated from Australian Dollars to United States Dollars at an average exchange rate for the period
ended March 31, 2022 of 0.7394.
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CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
REMUNERATION REPORT (AUDITED)
The FY22 awards were made in accordance with the following STI Plan features:
STI criteria
Description
Participants
STI $ Value
KMP and other employees as determined by the Board.
Individual STI opportunities vary based on remuneration strategy.
Performance Criteria
and Weightings
The KPIs consisted of a mix of financial, customer, product and people related objectives,
with KPIs weighted more towards financial outcomes.
Performance Period
Performance based on July 1, 2020 to March 31, 2021.
STI vehicle
The award was made in the form of Performance Rights for executives and cash for the
Executive Chairman.
Exercise price
Nil
Equity allocation
methodology
Where equity was the vehicle, the number of Performance Rights offered to participants
was determined using a premium share price based on 5-day VWAP as at April 1, 2021 +
12.5% CAGR for the period April 1, 2021 to June 30, 2022 ($2.22 AUD) with the number of
Rights allocated based on individual performance during the previous financial year, in this
case, FY21.
STI Vesting Period
A one-year STI vesting period will apply to the FY22 equity awards, with grants made on
July 1, 2021 and vesting on June 30, 2022. Vesting is contingent on continued employment.
Vesting date
Service restriction
For equity awards, on June 30, 2022, at the end of the vesting period. For cash awards, on
or before June 30, 2022, once the STI outcome has been determined.
Any STI award will be forfeited if the participant terminates their employment before the
vesting date. The Board has the discretion to apply discretion to this restriction, in
exceptional circumstances.
Clawback
STI awards will be subject to a Clawback and Malus policy that may apply from time to
time.
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CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
REMUNERATION REPORT (AUDITED)
Long Term Incentive (LTI) - FY22
The FY22 awards were made in accordance with the following LTI Plan Rules:
LTI criteria
Description
Participants
LTI $ Value
KMP and other employees as determined by the Board.
Individual LTI opportunities vary based on remuneration strategy.
Performance Criteria
and Weightings
The KPIs consisted of a mix of financial, customer, product and people related objectives
with KPIs weighted more towards financial outcomes.
Performance Period
Performance based on July 1, 2020 to March 31, 2021.
LTI vehicle
The award was made in the form of Performance Rights for executives.
Exercise price
Nil
Equity allocation
methodology
The number of Performance Rights offered to participants was determined using a
premium share price based on 5-day VWAP as at April 1, 2021 + 17.5% CAGR for the period
April 1, 2021 to June 30, 2024 ($3.23 AUD) with the number of Rights allocated based on
individual performance during the previous financial year, in this case, FY21.
LTI Vesting Period
A 36 month LTI vesting period will apply to the FY22 equity awards, with grants made on
July 1, 2022 and vesting on June 30, 2024. Vesting is contingent on continued employment.
Vesting date
For equity awards, on June 30, 2024, at the end of the vesting period.
Service restriction
Any LTI award will be forfeited if the participant terminates their employment before the
vesting date. The Board has the discretion to apply discretion to this restriction, in
exceptional circumstances.
Clawback
LTI awards will be subject to a Clawback and Malus policy that may apply from time to
time.
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CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
REMUNERATION REPORT (AUDITED)
Director Fee Sacrifice Plan
The Salary Sacrifice Offer is designed to encourage Directors to build their Shareholdings in the Company. It is not
intended to be used for the purposes of providing Directors with additional remuneration.
Participation in the Salary Sacrifice Offer by a Director in respect of their annual base fees is voluntary. However,
the Board has determined that fees paid to Directors in their role as Chairman of a Board Committee will be
satisfied by the issue of Rights. Therefore, participation in the Salary Sacrifice Offer by a Director for Chairman
Committee fees will be mandatory. The current fee payable for the Chairmen of the SaaS Scaling Committee, Audit
& Risk Committee and the Nomination & Remuneration Committee is $100,000 AUD, $40,000 AUD, and $20,000
AUD, respectively.
The material terms of the Salary Sacrifice Offer are set out below.
Amount sacrificed
4BVoluntary Component
Directors may, at their election, sacrifice up to a maximum of 100% of their
total pre-tax base annual fees (inclusive of superannuation).
There is no minimum amount that a Director must sacrifice in respect of the
voluntary component.
Directors may only sacrifice fees in relation to “prospective” fees.
5BMandatory Component
Directors must sacrifice 100% of their pre-tax Chairman Committee fees
(inclusive of superannuation).
Number of Rights to be granted
The maximum number of Rights that may be acquired by Directors depends
on:
•
the amount chosen to be sacrificed by a Director;
•
the amount of a Director’s remuneration from time to time;
• whether a Director is a Chairman of a Board Committee; and
•
the Share price at the time when Rights are granted.
Calculation of the number of
Rights
The number of Rights to be granted will be calculated by reference to a price
(the Reference Price), determined as follows:
Opting in and out
•
•
for the period September 1, 2021 to June 30, 2022 (the Transition
Year), the volume weighted average price (calculated to four
decimal places) of the Company’s ordinary Shares listed on the ASX
excluding any special crossings trades (the VWAP) over the five
trading days ending on July 1, 2021; and
for each period of July 1 to June 30 after the Transition Year (each
being a Following Year), the VWAP over the five trading days
ending on April 1 (being the month of April occurring prior to the
commencement of that Following Year).
Each Director may opt-in, or opt-out of the Voluntary Component of the
Salary Sacrifice Offer in accordance with the terms of the Salary Sacrifice
Offer (such opt-in period being, the Opt-in Period). The Opt-in Period for
newly appointed Directors may occur at a different time to those for
existing Directors.
The Opt-in Period specified in a Salary Sacrifice Offer must expire no later
than: (i) 60 days after the commencement of the Transition Year or the
UNLEASH POTENTIAL
26
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
REMUNERATION REPORT (AUDITED)
Following Year (as applicable); and (ii) for newly appointed Directors, 90
days after their commencing office.
Timing of grants of Rights
The timing of the grant of Rights is as follows:
•
•
for the Transition Year, following the Company’s 2021 AGM; and
for each Following Year, following the closing of the Opt-in Period
for each Director or, where the grant of Rights to a Director is
subject to receipt of shareholder approval, the date of the
Company’s general meeting which approves the grant of the Rights
to that Director.
Structure of Rights
The structure of the Rights is as follows:
•
•
for the Transition Year, Rights have a 10-month vesting period (i.e.,
will vest at the end of the contribution period) subject to meeting a
defined service condition (the Service Condition);
for each Following Year, Rights have a 12-month vesting period (i.e.,
will vest at the end of the 12-month contribution period) subject to
meeting the Service Condition; and
• Rights convert automatically to restricted or unrestricted Securities
(per the Director’s election) at the vesting date.
Restriction period on Shares
Shares allocated on vesting of Rights will be subject to trading restrictions
on dealing.
Exceptions to trading
restrictions
Retirement and cessation of
employment
Dividends, capital returns and
voting rights
The restriction period will be until the earlier of:
•
•
the restriction period nominated by the Director (which may be up
to 15 years from the grant date for the Rights); or
the date the participant ceases to hold office as a Director.
The Board may exercise its discretion to release all or part of the restricted
Shares on a case-by-case basis in exceptional circumstances (for example,
demonstrated financial or personal hardship or other extenuating
circumstances).
If a Director ceases office, then unvested Rights vest (pro-rated for time up
to the date of cessation of office) and are automatically exercised on the
date of cessation. The remaining unvested Rights immediately lapse on
cessation of office.
Rights do not carry dividend or voting entitlements. However, as Shares
issued or transferred on the vesting of the Rights have been ‘earned’,
participants will be immediately entitled to any dividends and capital returns
paid on the Shares and to exercise voting rights attached to any Shares
allocated.
UNLEASH POTENTIAL
27
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
REMUNERATION REPORT (AUDITED)
The relative proportions of remuneration, earned by Executive Directors and KMP during FY22, that are linked to
performance and those that are fixed are as follows:
Name
Fixed rem
At risk - STI At risk - LTI
Fixed rem
STI
LTI
Salary
Sacrifice
Total
6BDirectors
Adir
Shiffman
69%
31%
N/A
221,822
101,580
-
Other Key Management Personnel
Will
Lopes
Hayden
Stockdale
38%
34%
28%
464,573
409,054
335,986
53%
27%
20%
323,344
162,638
119,848
-
-
-
323,402
1,209,613
605,830
For FY22, short- and long-term incentives were provided exclusively by way of Rights, other than for the Executive
Chairman’s at risk STI component which was provided by way of cash. The percentages disclosed reflect the
valuation of remuneration consisting of Rights, based on the value of Rights expensed during the year.
Service agreements
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
March 31, 2022 and which relate to remuneration are set out below:
Name
Position
Base Salary
Term of
Agreement
Duration of
Agreement
Notice Period
Adir Shiffman
Executive Chairman
221,822
Contract
Will Lopes
Chief Executive Officer
450,000
Permanent
Hayden Stockdale Chief Financial Officer
295,763
Permanent
1 month
6 months
6 months
UNLEASH POTENTIAL
28
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
REMUNERATION REPORT (AUDITED)
Details of remuneration
Details of the nature and amount of each element of the remuneration of each KMP of Catapult Group
International Ltd are shown in the table below:
0BDIRECTOR AND OTHER KEY MANAGEMENT PERSONNEL REMUNERATION
Year
Short term employee benefits
Post-
employment
benefits
Long-
term
benefits
Share-based payments
Total
Performance
based
percentage
of
remuneration
Cash salary and
fees
Bonus
Other
(i)
Pension
Long
service
leave
Options and
Performance
Rights (STI)
Options and
Performance
Rights (LTI)
$
$
$
$
$
$
$
$
323,402
31.41%
228,443
27.10%
1BEXECUTIVE DIRECTORS
Adir
Shiffman
Executive
Chairman
2022
221,822
101,580
2021
166,423
62,020
2BNON-EXECUTIVE DIRECTORS
Shaun
Holthouse
James
Orlando
Igor van
de Griendt
Brent
Scrimshaw
Thomas F
Bogan
Michelle
Guthrie
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
67,295
42,730
78,499
47,756
67,295
42,730
-
26,366
67,779
-
41,807
42,730
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6,645
6,137
7,765
4,537
6,645
4,059
-
2,505
-
-
4,084
4,059
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12,703
-
-
-
-
-
73,940
48,867
98,968
52,293
73,940
46,789
-
28,871
60,344
128,123
-
34,935
-
-
80,825
46,789
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
(i)
(ii)
Other remuneration includes annual leave and company benefits such as health insurance.
All 2022 amounts translated from Australian Dollars to United States Dollars at an average exchange rate for the year ended March 31, 2022
of 0.7394.
(iii) All 2021 amounts translated from Australian Dollars to United States Dollars at an average exchange rate for the year ended March 31, 2021
of 0.7397.
UNLEASH POTENTIAL
29
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
REMUNERATION REPORT (AUDITED)
3BDIRECTOR AND OTHER KEY MANAGEMENT PERSONNEL REMUNERATION (CONTINUED)
Year
Short term employee benefits
Post-
employment
benefits
Long-term
benefits
Share-based payments
Total
Performance
based
percentage of
remuneration
Cash salary
and fees
$
2022
450,000
2021
315,673
2022
295,763
2021
220,182
2022
167,500
2021
240,942
Bonus
Other (i)
Pension
Long service
leave
Options and
Performance
Rights (STI)
Options and
Performance
Rights (LTI)
$
-
-
-
-
-
-
$
$
5,573
9,000
12,743
2,077
$
-
-
$
$
$
409,054
335,986
1,209,613
33.8%
146,738
440,208
917,439
16.0%
10,109
17,080
392
162,638
119,848
605,830
26.8%
19,566
12,035
285
62,020
142,943
457,031
13.6%
16,085
10,400
5,113
8,550
-
-
77,209
77,383
348,577
22.2%
131,142
190,449
576,196
22.8%
2022
1,457,760
101,580
31,767
61,619
392
648,901
641,199
2,943,218
25.5%
2021
1,145,532
62,020
37,422
43,959
285
339,900
773,600
2,402,718
16.7%
Will Lopes
Chief Executive
Officer
Hayden Stockdale
Chief Financial
Officer
Matt Bairos (iv)
Chief Commercial
Officer
2022 Total
2021 Total
(iv) Matt Bairos changed roles on October 1, 2021 and is no longer considered to be a KMP from this date.
UNLEASH POTENTIAL
30
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
REMUNERATION REPORT (AUDITED)
Share-based remuneration
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.
Options
Role
Opening Balance
Granted
during
the year
Vested
during
the
year
Exercised
during
the year
Forfeited during
the year
Lapsed during
the year
Closing Balance
Matt Bairos
Will Lopes
CCO
CEO
Hayden Stockdale
CFO
James Orlando
NED
1,208,616
1,762,462
453,071
611,112
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,208,616
1,762,462
453,071
611,112
Performance Rights
Role
Opening Balance
Granted
during
the year
Vested
during
the
year
Exercised
during
the year
Forfeited during
the year
Lapsed during
the year
Closing Balance
Matt Bairos
Will Lopes
CCO
CEO
341,133
100,200
151,499
(151,499)
(83,628)
655,542
389,400
323,683
(323,683)
(146,349)
Hayden Stockdale
CFO
221,899
226,500
89,156
-
(58,539)
James Orlando
NED
154,412
16,691
154,412
(154,412)
Michelle Lee Guthrie NED
Thomas F Bogan
NED
-
-
45,901
79,825
-
-
-
-
-
-
-
-
-
-
-
-
-
206,206
574,910
389,860
16,691
45,901
79,825
Options vesting schedule
Balance
held at
March
Options
Role
31, 2022 Vesting Date
Expiry Date
Total
Value
of
Option/
Right
at
Grant
Date
AUD
Total
Value of
Option/
Right at
Grant
Date
USD
Exercise
price
per
option
(AUD)
Value per
Option/Right
at Grant
Date (AUD)
Value per
Option/Right
at Grant
Date (USD)
Matt Bairos
CCO
Will Lopes
CEO
Hayden Stockdale CFO
672,902
Aug 31, 2022
Aug 31, 2024
$0.42
$0.29
285,714
193,691
$1.26
535,714 May 31, 2023
May 31, 2025
557,105
Aug 31, 2022
Aug 31, 2024
1,205,357 May 31, 2023
May 31, 2025
$0.75
$0.76
$0.75
$0.55
401,786
294,643
$1.30
$0.52
420,670
288,586
$1.50
$0.55
904,018
662,946
$1.30
78,071
Aug 31, 2022
Aug 31, 2024
$1.08
$0.73
84,153
56,878
$1.50
375,000 May 31, 2023
May 31, 2025
$0.75
$0.55
281,250
206,250
$1.30
James Orlando
NED
611,112 Mar 25, 2020
Mar 24, 2024
$1.37
$0.93
838,201
568,735
$0.78
UNLEASH POTENTIAL
31
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
REMUNERATION REPORT (AUDITED)
Performance rights vesting schedule
Performance Rights
Role
Matt Bairos
Balance
held at
March
31, 2022
Vesting Date
Expiry Date
59,400
June 30, 2022
June 30, 2023
CCO
40,800
June 30, 2024
June 30, 2025
106,006
May 31, 2022
May 31, 2023
206,900
June 30, 2022
June 30, 2023
Will Lopes
CEO
185,510
May 31, 2022
May 31, 2023
Hayden Stockdale
182,500
June 30, 2024
June 30, 2025
33,145
56,011
Aug 31, 2021
Aug 31, 2022
Aug 31, 2021
Aug 31, 2022
CFO
74,204
May 31, 2022
May 31, 2023
90,300
June 30, 2022
June 30, 2023
136,200
June 30, 2024
June 30, 2025
James Orlando
NED
16,691
September 30, 2021
June 30, 2022
Thomas Bogan
NED
79,285
September 30, 2021
June 30, 2022
Michelle Guthrie
NED
45,901
September 30, 2021
June 30, 2022
Details of shareholdings
Value per
Option/Right
at Grant
Date (AUD)
Value per
Option/Right
at Grant
Date (USD)
Total Value of
Option/Right at
Grant Date AUD
Total Value of
Option/Right
at Grant Date
USD
Exercise
price
per
option
(AUD)
$1.99
$1.99
$1.90
$1.99
$1.90
$1.99
$2.07
$0.96
$1.90
$1.99
$1.99
$1.93
$1.93
$1.93
$1.49
$1.49
$1.38
$1.49
$1.38
$1.49
$1.40
$0.60
$1.38
$1.49
$1.49
$1.39
$1.39
$1.39
118,206
81,192
88,506
60,792
201,411
146,288
411,731
308,281
352,469
256,004
363,175
271,925
68,610
53,771
46,283
33,780
140,988
102,402
179,697
134,547
271,038
202,938
32,214
23,200
153,020
110,206
88,589
63,802
-
-
-
-
-
-
-
-
-
-
-
-
-
-
The movement during the year in the number of ordinary shares held directly, indirectly or beneficially, for each of
the board members and KMPs, including their related parties, is as follows:
Name
Held at
April 1, 2021
Received on exercise
of options/ rights
Purchased or sold
during period
Net change
other*
Adir Shiffman
6,042,100
Shaun Holthouse
17,675,000
Igor van de Griendt
20,508,000
-
-
-
James Orlando(a)
80,000
154,412
Michelle Guthrie(b)
Thomas Bogan(b)
Will Lopes
Hayden Stockdale
-
-
-
-
-
-
323,683
-
-
-
-
-
420,660
525,825
97,952
-
-
-
-
-
-
-
-
-
Held at
March 31, 2022
6,042,100
17,675,000
20,508,000
234,412
420,660
525,825
225,731
-
(a)
James Orlando holds a relevant interest in 80,000 shares by way of his relationship with Kimberly Ann Foltz.
(b) Michelle Guthrie and Thomas Bogan both purchased shares as part of the Director Placement during the equity raising conducted in June
2021. See note 20 for further details.
Refer to note 29 in the financial statements for details regarding related party transactions and transactions with
Key Management Personnel.
UNLEASH POTENTIAL
32
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
REMUNERATION REPORT (AUDITED)
Other transactions and balances with KMP and their related parties
(i) Details and terms and conditions of other transactions with KMP and their related parties:
Operating expenses
➔ During the year, the Company worked with SXIQ Digital Pty Ltd and spent $88,139 (A$ 119,934) on order-
to-cash process design and implementation on a group level. Prior to joining Catapult Sports, Mr. Hayden
Stockdale worked as the CFO of SXIQ Digital Pty Ltd.
➔ During the year, the Company spent $45,285 (A$ 62,583) with Workday Group's Adaptive Insights Pty Ltd
to integrate Adaptive Insights' budgeting and forecasting software within its finance division, which delivers
automation and efficiency. Mr. Thomas F. Bogan is a director of Workday Group.
(ii) Amounts recognised at the reporting date in relation to other transactions:
Operating expenses
Professional fee
Amount at March 31, 2022
Amount at March 31, 2021
133,424
Nil
UNLEASH POTENTIAL
33
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
CONSOLIDATED STATEMENT OF PROFIT AND
LOSS AND OTHER COMPREHENSIVE INCOME
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 (loss)/profit before depreciation and
amortisation
Depreciation and amortisation
Loss from operations
Finance costs
Finance income
Other financial items
Loss before income tax expense
Income tax benefit/(expense)
Loss after income tax expense for the year/period
Loss per share
Basic and diluted loss per share (US$ cents per share)
2022
(12 months)
US$'000
77,013
2021
(9 months)
US$'000
50,042
1,761
508
(19,607)
(41,342)
(13,592)
(177)
(5,705)
(874)
(3,742)
(8,005)
(14,270)
(18,581)
(32,851)
(200)
18
(595)
(33,628)
1,441
(32,187)
(13,198)
(25,833)
(1,900)
(138)
(1,203)
(417)
(1,682)
(3,971)
2,208
(10,218)
(8,010)
(256)
27
(389)
(8,628)
(213)
(8,841)
(14.8)
(4.6)
Note
7
8
19
19&35
37
12&14
22
22
23
24
26
Refer to Note 2. General information and Basis of Preparation for explanation of comparative periods presented.
This statement should be read in conjunction with the notes to the financial statements.
UNLEASH POTENTIAL
34
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
CONSOLIDATED STATEMENT OF PROFIT AND
LOSS AND OTHER COMPREHENSIVE INCOME
Loss for the year/period from continuing operations
(32,187)
(8,841)
2022
Note
(12 months)
US$'000
2021
(9
months)
US$'000
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Foreign currency translation differences for foreign operations, net of tax
Other comprehensive income for the period/year, net of tax
Total comprehensive loss for the period/year attributable to the owners
of Catapult Group International Ltd and non-controlling interests
Loss for the year/period is attributable to:
Members of the parent entity
Non-controlling interest
Total comprehensive loss for the year/period is attributable to:
Members of the parent entity
Non-controlling interest
272
272
1,880
1,880
(31,915)
(6,961)
(32,091)
(96)
(32,187)
(8,799)
(42)
(8,841)
(31,823)
(92)
(31,915)
(6,919)
(42)
(6,961)
Refer to Note 2. General information and Basis of Preparation for explanation of comparative periods presented.
This statement should be read in conjunction with the notes to the financial statements.
UNLEASH POTENTIAL
35
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
March
2022
US$'000
March
2021
US$'000
Note
Assets
Current assets
Cash and cash equivalents
Trade and other receivables
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
Other financial liabilities
Total non-current liabilities
Total liabilities
Net assets
Equity
Share capital
Share option reserve
Foreign currency translation reserve
Other reserves
Accumulated losses
Equity attributable to the owners of Catapult Group International
Ltd
Non-controlling interest
Total equity
9
10
11
10
12
13
14
15
16
17
17
19.3
21.1
17
17
19.3
15
21.1
20
26,108
17,901
2,990
46,999
329
15,606
51,806
48,338
10,421
126,500
173,499
9,875
25,385
2,455
7,153
-
2,040
46,908
4,553
1,225
133
10,262
837
17,010
63,918
109,581
175,523
17,709
(2,041)
7,051
(88,527)
109,715
(134)
109,581
22,171
13,329
3,884
39,384
306
9,473
41,994
23,183
7,503
82,459
121,843
6,898
17,822
1,312
6,311
1,587
2,058
35,988
3,091
-
82
3,148
2,609
8,930
44,918
76,925
130,452
5,260
(2,309)
-
(56,436)
76,967
(42)
76,925
Refer to Note 2. General information and Basis of Preparation for explanation of comparative periods presented.
This statement should be read in conjunction with the notes to the financial statements.
UNLEASH POTENTIAL
36
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
Share
Capital
US$'000
Share
Option
Reserve
US$'000
Foreign Currency
Other
Translation
Reserves
Reserves
US$'000 US$'000
Non-
Accumulated
Losses
US$'000
Controlling
Interests
US$'000
Total equity
US$'000
Balance at July 1,
2020
Loss after income tax
benefit for the year
Other comprehensive
loss for the year, net of
tax
Total comprehensive
loss for the year
Transactions with
owners in their
capacity as owners:
Contributions of
equity, net of
transaction costs
Share-based payments
Total transactions
with owners
Balance at March 31,
2021
Balance at April 1,
2021
Loss after income tax
expense for the period
Other comprehensive
income for the period,
net of tax
Total comprehensive
income for the period
Transactions with
owners in their
capacity as owners:
Contributions of
equity, net of
transaction costs
Share-based payments
Treasury shares tax
impact (i)
Deferred consideration
on acquisition (ii)
Hyperinflation reserve
Total transactions
with owners
Balance at March 31,
2022
127,981
4,908
(4,189)
-
-
-
-
-
1,880
127,981
4,908
(2,309)
143
2,328
2,471
-
352
352
-
-
-
130,452
5,260
(2,309)
-
-
-
-
-
-
-
-
(47,637)
-
81,063
(8,799)
(42)
(8,841)
-
-
1,880
(56,436)
(42)
74,102
-
-
-
-
-
-
(56,436)
(42)
143
2,680
2,823
76,925
Share
Capital
US$'000
Share
Option
Reserve
US$'000
Foreign Currency
Other
Translation
Reserves
Reserves
US$'000 US$'000
Accumulated
Losses
US$'000
Non-
Controlling
Interests
US$'000
Total equity
US$'000
130,452
5,260
(2,309)
-
-
-
-
-
268
130,452
5,260
(2,041)
43,824
1,247
-
12,449
-
-
-
-
-
-
45,071
12,449
-
-
-
-
-
-
-
-
-
-
-
-
1,733
5,352
(34)
7,051
(56,436)
(42)
76,925
(32,091)
(96)
(32,187)
-
4
272
(88,527)
(134)
45,010
-
-
-
-
-
-
-
-
-
-
-
-
43,824
13,696
1,733
5,352
(34)
64,571
109,581
175,523
17,709
(2,041)
7,051
(88,527)
(134)
(i) A tax benefit of $1.7 million was recognised in other reserves for income tax benefits relating to contributions to the Employee Share Trust in
excess of the associated cumulative remuneration expense.
(ii) See note 35 for further information on the SBG acquisition.
Refer to Note 2. General information and Basis of Preparation for explanation of comparative periods presented.
This statement should be read in conjunction with the notes to the financial statements.
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37
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
CONSOLIDATED STATEMENT OF CASH FLOWS
Cash flows from operating activities
Cash receipts from customers
Cash paid to suppliers and employees
Cash generated from operations
Interest received
Government grants and other income
Income taxes paid
2022
(12 months)
US$'000
2021
(9 months)
US$'000
Note
84,540
(81,936)
57,724
(44,522)
2,604
13,202
18
253
(202)
27
1,141
(118)
Net cash flows from operating activities
28
2,673
14,252
Cash flows from investing activities
Acquisition of subsidiaries net of cash acquired
Payments for property, plant and equipment
Payments for intangibles
Net cash (used in) investing activities
Cash flows from financing activities
Proceeds from the issue of shares
Transaction costs on issue of shares
Loans paid
Loans received
Repayments of leasing liabilities
Interest paid
Proceeds from share options
Net cash (used in)/from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the financial year/period
Effects of exchange rate changes on cash and cash equivalents
20
(19,303)
(7,026)
(13,526)
(431)
(1,738)
(5,823)
(39,855)
(7,992)
44,781
(1,365)
-
-
(1,852)
(171)
149
143
-
(5,077)
1,728
(1,056)
(236)
731
41,542
(3,767)
4,360
22,171
(423)
2,493
18,888
790
Cash and cash equivalents at the end of the financial year/period
26,108
22,171
Refer to Note 2. General information and Basis of Preparation for explanation of comparative periods presented.
This statement should be read in conjunction with the notes to the financial statements.
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38
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 1. NATURE OF OPERATIONS
Catapult Group International Ltd and its controlled entities (the ‘Group’ or the ‘Company’) principal activities are
the development and supply of innovative technologies that improve the performance of athletes and sports teams.
This includes 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; the development and sale of an athlete management platform
and analytics to elite sporting teams, leagues and associations; and the development and growth of a subscription
online sport learning platform.
NOTE 2. GENERAL INFORMATION AND BASIS OF PREPARATION
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 financial year ended March 31, 2022, were approved by the Board of
Directors and authorised for issue on May 25, 2022.
The Group had a current asset surplus of $0.091M (March 2021: surplus $3.396M). Current liabilities include contract
liabilities of $25.385M (March 2021: $17.822M) expected to release into revenue within 12 months. Current contract
liabilities are expected to be delivered over the next 12 months; therefore, no actual cash outflows are expected
other than those required to pay costs associated with delivering the service.
As announced to the market on July 24, 2020, Catapult has changed its financial year-end to March 31, (from June
30) with effect from July 1, 2020. The comparative period for the consolidated statement of profit and loss and
other comprehensive income, the consolidated statement of cashflows and the consolidated statement of changes
in equity is the 9-month period ended March 31, 2021, and the comparative period for the consolidated statement of
financial position is as at March 31, 2021 and amounts presented in the financial statements are not entirely
comparable. The annual report has been prepared on the going concern basis of accounting which contemplates
continuity of normal business and the realisation of assets and settlement of liabilities in the ordinary course of
business. The accounting policies have been applied consistently throughout the Group for the purposes of
preparation of these annual financial statements.
NOTE 3. CHANGES TO REPORTING ACCOUNTING POLICIES
A number of new accounting standards, amendments to standards and interpretations, have also been issued and
will be applicable in future periods. While these remain subject to ongoing assessment, no significant impacts on the
financial statements of the Group have been identified to date. These standards have not been applied in the
preparation of these Financial Statements.
3.1 New standards, interpretations and amendments adopted by the Group
The accounting policies adopted in the preparation of the Group’s annual consolidated financial statements are
consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the
year ended March 31, 2021, except for the adoption of new standards effective as of April 1, 2021. The Group has not
early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Several
amendments apply for the first time in 2022, but do not have a significant impact on the Group’s annual
consolidated financial statements.
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CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 3. CHANGES TO REPORTING ACCOUNTING POLICIES (CONTINUED)
3.2 Configuration or customisation costs in a cloud computing arrangement
In April 2021, the IFRS Interpretations Committee (‘IFRIC’) published an agenda decision for configuration and
customisation costs incurred related to implementing Software as a Service (‘SaaS’) arrangements. The Group has
assessed the impact of the agenda decision on its current accounting policy, but do not have a significant impact on
the Group’s annual consolidated financial statements.
SaaS arrangements are arrangements in which the Group does not currently control the underlying software used
in the arrangement.
Where costs incurred to configure or customise SaaS arrangements result in the creation of a resource which is
identifiable, and where the company has the power to obtain the future economic benefits flowing from the
underlying resource and to restrict the access of others to those benefits, such costs are recognised as a separate
intangible software asset and amortised over the useful life of the software on a straight-line basis. The
amortisation is reviewed at least at the end of each reporting period and any changes are treated as changes in
accounting estimates.
Where costs incurred to configure or customise do not result in the recognition of an intangible software asset, then
those costs that provide the Group with a distinct service (in addition to the SaaS access) are now recognised as
expenses when the supplier provides the services. When such costs incurred do not provide a distinct service, the
costs are now recognised as expenses over the duration of the SaaS contract. Previously some costs had been
capitalised.
NOTE 4. SIGNIFICANT ACCOUNTING POLICIES
Principles of consolidation
The consolidated financial statements have been prepared using the significant accounting policies and
measurement bases summarised below.
4.1 Overall considerations
Non-controlling interest in the results and equity of subsidiaries are shown separately in the statement of profit or
loss and other comprehensive income, statement of financial position and statement of changes in equity of the
consolidated entity. Losses incurred by the consolidated entity are attributed to the non-controlling interest in full,
even if that results in a deficit balance.
4.2 Basis of consolidation
The Group financial statements consolidate those of the Parent Company and all of its subsidiaries as of March 31,
2022. 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 March 31 and are included in the consolidated financial statements of the Group at this date. Catapult
Sports Technology Beijing Co Ltd (based in China) also reports its local financial statements on December 31.
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 date when the control is obtained, 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.
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CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 4. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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.
Consideration to the seller, subject to their continued employment, is recognised separately as an expense during
the period the service is provided.
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 value of the net assets acquired is in excess of the aggregate
consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all
of the liabilities assumed and reviews the procedures used to measure the amounts to be recognised at the
acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the
aggregate consideration transferred, then the gain is recognised in profit or loss.
4.4 Foreign currency translation
Change in presentation currency
As previously advised to the market on July 24, 2020, and consistent with AASB 121 "The effects of change in foreign
exchange rates", the Group changed its presentation currency to the US dollar with effect from July 1, 2020. The
change in reporting currency was made to transparently represent the economic effects of the underlying
transactions, events and conditions that are relevant to the Group. Prior to July 1, 2020, the Group reported its
annual and half year consolidated statement of profit or loss and other comprehensive income, the consolidated
statement of financial position, the consolidated statement of changes in equity and the consolidated statement of
cashflows in AUD.
The consolidated statement of profit or loss and other comprehensive income and consolidated statement of
cashflows for each year and period have been translated into the presentation currency using the average exchange
rates prevailing during each reporting period. All assets and liabilities have been translated using the exchange rate
prevailing at the reporting dates. Shareholders' equity transactions have been translated using the rates of
exchange in effect as of the dates of the various capital transactions. All resulting exchange differences arising from
the translation are included in other comprehensive income.
The functional currency of the parent entity is in Australian Dollars.
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.
Non-monetary items are not re-translated at period-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.
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41
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 4. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
4.4 Foreign currency translation (continued)
Foreign operations
In the Group’s financial statements, all assets, liabilities, and transactions of Group entities with a functional
currency other than the US dollar are translated into the US dollar 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 the US dollar at the closing rate at the reporting
date. Under this method, the consolidated statement of profit or loss and other comprehensive income and
consolidated statement of cash flows for each year and period have been translated into the presentational
currency using the average exchange rates prevailing during each reporting period (unless this is not a reasonable
approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and
expenses are translated at the dates of the transaction). Exchange differences are charged or credited to other
comprehensive income and recognised in the foreign 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 satisfies performance obligations by transferring the promised goods or services to
customers.
Subscription - Software as a Service
Subscription revenue comprises the recurring monthly recognition of revenue from wearables subscription sales,
rendering of software services and content licensing. Unbilled revenue at the period end is recognised in the
Consolidated Statement of Financial Position as contract assets and included within trade and other receivables.
Unearned revenue at the period end is recognised in the Consolidated Statement of Financial Position as deferred
revenue and included within contract liabilities.
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 provides access to its software under subscription agreements which are referred to as Software as a
Service (SaaS) revenue and is recognized on a straight-line basis over the contract period. To enable its customers
UNLEASH POTENTIAL
42
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 4. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
4.5 Revenue (continued)
to access the software platform offered by the Group, customers are provided with hardware devices. The Group
has determined that Catapult's customers do not have the right to direct the use of Catapult's hardware devices.
Due to the interdependency between the software services and the hardware devices, the Company considers these
revenue transactions to form part of a single performance obligation. These contracts are therefore accounted for
as service contracts. There are no variable consideration terms within the contracts.
These hardware units enable customers to access the software platform offered by the Group. The transaction
involving hardware and accessories do not convey a distinct good or service. The provision of hardware does not
transfer control to the customer as the Group provides a significant service of integrating the software service to
produce a combined output. The provision of the hardware, accessories and software services are referred to as
Software as a Service (SaaS) revenue, which is recognized on a straight-line basis over the contract period.
The Group’s continual assessment of and review relating to the subscription agreements continues to indicate that
the subscription agreements do not contain a lease component.
(ii) Rendering of services
The Group is involved in providing software, support and maintenance 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 SASP, 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. Included in subscription revenue are additional
revenue items related to the media revenue. 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.
Capital goods
Capital revenue is the sale of goods to third parties and is recognized 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 once the software
account has been activated. Included in capital revenue are also additional revenue items related to the sale of
hardware, training and installation revenue. Revenue is recognised at a point in time, when the Group satisfies
performance obligations by transferring the promised goods or services to customers.
Significant financing component
In assessing the transaction price for the sale of its subscription products, the Group considers the existence of a
significant financing component. From time to time, the Group receives payments from customers for 2-3 years in
advance of the performance obligation being satisfied. Subject to assessment of a customer’s geographic and
individual credit risk, analysis of specific contract pricing relative similar customer segments for short term
contracts, and materiality to the overall sales contract, there may be a significant financing component for these
UNLEASH POTENTIAL
43
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 4. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
4.5 Revenue (continued)
contracts considering the length of time between the customer’s payment and the satisfaction of the performance
obligation, as well as the prevailing interest rate in the market. As such, where a significant financing component is
identified, the transaction price is discounted using the interest rate implicit in the contract. For the year ending
March 31, 2022, the Group had no material significant financing component within its subscription product revenues.
Finance 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.
4.6 Operating expenses
Operating expenses are recognised in profit or loss upon utilisation of the service or at the date of their origin.
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. During FY21, the Group undertook a review of the
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44
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 4. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
NOTE 4. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
4.9 Other intangible assets (continued)
4.9 Other intangible assets (continued)
useful lives of its brand name intangible assets and deemed that these assets had a remaining useful life of two
years.
The following useful lives are applied:
• software (licenses and internally developed): 3–9 years, except with regard to identified projects with 2 years
• brand names: 2 - 5 years
• customer lists: 7–10 years
• hardware IP: 3 years
• distributor relationships: 10 years
• distributor contracts: 10 years
• goodwill: annually assessed by management for impairment
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 depreciation and
impairment losses.
In FY21, the Group undertook a review of the useful lives of its property, plant and equipment and decided to change
its depreciation accounting estimate from diminishing value to straight line to better reflect the value-in-use of
these assets. The following useful lives are applied:
• plant and office equipment – 2-20 years
• subscription & demo units – 4 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, demonstration wearable units and plant and office equipment over their useful life. 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.
4.11 Leased assets
Low value 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). Goodwill is allocated to those group of cash-generating unit that
UNLEASH POTENTIAL
45
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 4. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
4.12 Impairment testing of goodwill, intangible assets, property, plant and equipment and right of use assets
(continued)
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 , or at a lower level, to its operating segments) are tested for impairment at least annually. 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 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
discount 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 the group
of cash generating units. Any remaining impairment loss is charged across the other assets in the cash-generating
unit to the extent that the charge does not reduce the value of the assets below their fair value. 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, except trade receivables, are initially recognised at fair value plus, in the case of a financial asset
not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant
financing component or for which the Group has applied the practical expedient are measured at the transaction
price.
Financial liabilities are initially recognised at fair value minus, in the case of a financial liabilities not at fair value
through profit or loss, transaction costs.
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.
Subsequent measurement of financial assets and financial liabilities are described below.
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;
• Financial assets at Fair Value Through Profit or Loss (‘FVTPL’);
• Financial assets reported through Other Comprehensive Income (‘FVOCI’);
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value
through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with
the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original
effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit
enhancements that are integral to the contractual terms.
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46
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 4. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
4.13 Financial instruments (continued)
ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit
risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible
within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant
increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the
remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime
ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss
experience, adjusted for forward-looking factors specific to the debtors and the economic environment. 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 (EIR)
method and are subject to 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.
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.
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.
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
UNLEASH POTENTIAL
47
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 4. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
4.15 Income taxes (continued)
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.
The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to
set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to
income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities
which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the
liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are
expected to be settled or recovered.
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 formed a tax
consolidated group. Therefore, 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.
AASB 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.
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.
The tax effect of share-based payment awards granted is recognised in current income tax expense / (benefit),
except to the extent that the total tax deductions are expected to exceed the cumulative remuneration expense. In
this situation, the excess of the associated current or deferred tax is recognised in equity and forms part of the
treasury shares reserve.
Other components of equity include the following:
Foreign currency translation reserve – comprises foreign currency translation differences arising from the
translation of foreign operations whose functional currency is different from the Group’s presentation currency,
USD (see Note 4.4).
UNLEASH POTENTIAL
48
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 4. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
4.17 Equity, reserves and dividend payments (continued)
Share option reserve – comprises the grant date fair value of options issued but not exercised.
Other reserve – comprises of deferred considerations in relation to SBG acquisition and hyperinflation (see Note
4.24).
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.
Treasury shares
The treasury reserve is used to hold the book value of shares held by the Employee Share Trust for future issue to
participants on exercise of options / restricted stock units. The tax effect of tax deductions for contributions to the
Employee Share Trust in excess of the associated cumulative remuneration expense is recorded directly in equity
and forms part of the treasury shares reserve. Amounts are transferred out of this reserve and into accumulated
losses when the relevant equity rights are converted into shares.
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).
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
UNLEASH POTENTIAL
49
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 4. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
NOTE 4. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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.
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 disclosure
is required.
Restructuring provisions (when applicable) will only be recognised 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.
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.
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
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 and other associated hardware items for team sports under a subscription model. Under this model,
the customer has the right to use the hardware units for the period of the subscription, however they must return
the hardware to the Group at the end of the subscription period, and the Group retains ownership and control of
the hardware throughout the subscription period.
UNLEASH POTENTIAL
50
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 4. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
4.22 Significant management judgement in applying accounting policies (continued)
All revenue under subscription sales is recognised on a straight-line basis over the term of the subscription period,
reflecting management’s best estimate of the delivery of services over the term of the agreements, and all
subscription hardware items are capitalised and recorded on the Company’s fixed asset register and depreciated
over the expected useful life of the assets.
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 15. 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 a weighted average cost of capital to discount them. Estimation
uncertainty relates to assumptions about future operating results and the determination of a suitable discount rate
(see Note 4.12).
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 US$32.2 million and had net cashflows from operating activities
of US$2.7 million.
Notwithstanding this, the Directors are of the view that the going concern principle is appropriate due to the
following factors:
• The business demonstrated its ability to deliver positive free cashflow in FY20 ($6.4 million) and FY21 ($6.3
million); and
• The business had cash on hand of US$26.1 million at March 31, 2022 and has access to a debt facility of $6 million
(which is currently undrawn).
UNLEASH POTENTIAL
51
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 4. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
4.24 Hyperinflation
AASB 129 - Financial Reporting in Hyperinflationary economies, requires that the financial statements of entities
whose functional currency is that of a hyperinflationary economy to be adjusted for the effects of changes in a
suitable general price index and to be expressed in terms of the current unit of measurement at the closing date of
the reporting period. For the purposes of concluding on whether an economy is categorised as high inflation under
AASB 129, the standard details a series of factors to consider, including a cumulative inflation rate over three years
that is close to or exceeds 100%. Inflation has increased significantly since early 2018 and the three-year cumulative
inflation rate has exceeded 100%. Since 2018, Argentina has been considered as a hyperinflationary economy.
In accordance with AASB 129, the financial statements of an entity that reports in the currency of a high inflation
economy must be reported in terms of the unit of measure in effect at the date of the financial statements. All
amounts in the statement of financial position that are not indicated in terms of the current unit of measure at the
date of the financial statements must be restated by applying a general price index. All the components of the
income statement must be indicated in terms of the unit of measurement updated at the date of the financial
statements, applying the change in the general price index that has occurred since the date on which the income and
expenses were originally recognised in financial statements.
The Argentine Securities Commission established that the series of indexes to be used in the AASB 129 application is
the one established by the Argentine Federation of Professional Councils in Economic Sciences.
The Group’s comparative balances and amounts were presented in a stable currency and therefore are not adjusted
for subsequent changes in the price level or exchange rates.
4.25 Comparative figures
When required by Accounting Standards, comparative figures have been adjusted to conform to changes in
presentation for the current financial year.
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52
Group Ownership
Interest
2021
%
2022
%
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 5. INTERESTS IN SUBSIDIARIES
Set out below are details of the subsidiaries held directly by the Group:
Parent Entity
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 (i),(ii)
GPSports Systems Pty Ltd (iii)
Catapult Innovations Pty Ltd
Catapult Group US Inc. (iii)
Catapult Sports LLC (iii)
Catapult Sports Inc (formerly XOS
Technologies, Inc.)
Collegiate Images LLC
Catapult Sports Limited (iii)
Catapult Sports Godo Kaisha
Catapult Sports Europe Limited
Catapult Sports EMEA Ltd (iii) (formerly
Kodaplay Limited)
Catapult Sports SAS
Catapult Sports Technology Beijing Co Ltd
Science for Sport Limited
SBG Sports Software Ltd*
SBG Sports Software UK Ltd*
Catapult Sports GmbH* (formerly SBG
Sports Software GmbH)
SBG Sports Software Inc*
Landmark Technology Services Limited*
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 – UK sales operations
Japan – Asia sales operations
Ireland – holding company
Ireland – manufacturing, design and
sale of wearable products and
software in EMEA
Argentina – South American sales
operations
China – Asia sales operations
United Kingdom – subscription online
sport learning platform
Isle of Man – holding company
United Kingdom – United Kingdom
sales operations
Germany – European sales operations
United States of America – North
American sales operations
United Kingdom – United Kingdom
sales operations
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
75
100
100
100
100
100
* Refer to Note 35 for further information.
** Catapult is in the process of dissolving its US wholly owned subsidiaries, Forbes Recruit Evaluation, Inc. and Forbes Recruit Evaluation, LLC.
UNLEASH POTENTIAL
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
75
0
0
0
0
0
53
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 5. INTERESTS IN SUBSIDIARIES (CONTINUED)
(i) Catapult Group International Limited (the Company) and Catapult Sports Pty Ltd are party to a Deed of Cross
Guarantee dated June 26, 2017. Catapult International Pty Ltd joined the Deed of Cross Guarantee via a Deed of
Assumption dated March 29, 2021. The Company, Catapult Sports Pty Ltd and Catapult International Pty Ltd
together constitute the ‘Closed Group’. 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 and Catapult International 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
6,000,000 granted to Catapult Sports Inc and Collegiate Images LLC.
UNLEASH POTENTIAL
54
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 6. SEGMENT INFORMATION
For the 12-month period ended March 31, 2022
Management identifies its operating segments based on the Group’s business units which represent the main
products and 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 sports
teams.
• Video Analytics: develops and provides innovative digital and video analytic software solutions to elite sports
teams.
• 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 by the Chief Operating Decision Maker. The Group identifies Chief Executive Officer as Chief
Operating Decision Maker. During the year, the group acquired SBG, which has been incorporated within the Video
Analytics segment information below.
The revenues and profit generated by each of the Group’s operating segments and segment assets are summarised
as follows:
12 months to March 31, 2022
Revenue – external customers
Segment EBITDA
Segment operating profit/(loss)
Segment assets
Segment liabilities
9 months to March 31, 2021
Revenue – external customers
Segment EBITDA
Segment operating profit/(loss)
Segment assets
Segment liabilities
Wearables
US$’000
Video
Analytics
US$’000
New
Products
US$’000
Total
US$’000
34,675
9,328
2,895
86,767
32,479
39,654
10,638
(1,504)
77,152
25,475
2,684
(1,340)
(1,464)
9,580
5,964
77,013
18,626
(73)
173,499
63,918
Wearables
US$’000
Video
Analytics
US$’000
New
Products
US$’000
Total
US$’000
24,622
6,999
2,311
45,403
24,877
22,640
6,451
874
69,953
17,532
2,780
(277)
(287)
6,487
2,509
50,042
13,173
2,898
121,843
44,918
UNLEASH POTENTIAL
55
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 6. SEGMENT INFORMATION (CONTINUED)
The Group’s segment operating loss reconciles to the Group’s loss before tax as presented in its financial
statements as follows:
Total reporting segment operating EBITDA
Depreciation and amortisation for the segments
Finance segment costs
Finance segment income
Other financial segment costs
Total reporting segment operating (loss)/profit
Corporate costs
Other income
Employee benefits expense
Employee share option compensation expense
Capital raising and listing expenses
Travel, marketing and promotion
Occupancy
Professional fees
Other expenses
Total corporate costs
Finance segment expenses
Finance segment income
Other financial expenses
Group loss before tax
2022
(12 months)
US$’000
2021
(9 months)
US$’000
18,626
(18,581)
(27)
8
(99)
13,173
(10,218)
(12)
12
(57)
(73)
2,898
1,761
(10,593)
(13,592)
(177)
(1,722)
(285)
(4,831)
(3,457)
509
(5,940)
(1,601)
(138)
(73)
(171)
(1,564)
(1,987)
(32,896)
(10,965)
(173)
10
(496)
(243)
15
(333)
(33,628)
(8,628)
UNLEASH POTENTIAL
56
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 6. SEGMENT INFORMATION (CONTINUED)
Revenue by Geography
The Group’s revenues from external customers (excludes government grants) and are divided into the following
geographical areas:
Revenue – external customers
Australia
APAC
EMEA
United States of America
Rest of Americas
Wearables
2022
US$’000
(12 months)
Video
Analytics
2022
US$’000
(12 months)
New
Products
2022
US$’000
(12 months)
Total
2022
US$’000
(12 months)
3,033
3,617
12,722
12,232
3,071
43
190
4,174
34,462
785
307
72
1,521
708
76
3,383
3,879
18,417
47,402
3,932
Total
34,675
39,654
2,684
77,013
Revenue – external customers
Australia
APAC
EMEA
United States of America
Rest of Americas
Wearables
2021
US$’000
(9 months)
Video
Analytics
2021
US$’000
(9 months)
New
Products
2021
US$’000
(9 months)
Total
2021
US$’000
(9 months)
2,547
2,772
9,514
7,551
2,240
15
46
137
21,812
630
366
57
1,605
678
72
2,928
2,875
11,256
30,041
2,942
Total
24,624
22,640
2,778
50,042
All revenue is generated from external customers and there are no inter segment revenues.
Revenues from external customers in the Group’s domicile, Australia, as well as its major markets, Europe and the
Middle East (EMEA), Asia-Pacific (APAC) and the Americas, have been identified on the basis of the customer’s
geographical location.
NOTE 7. REVENUE
Revenue has been generated from the following types of sales transactions:
Capital revenue (i)
Subscription and service (ii)
Total Revenue
(i) Capital revenue is goods and services transferred at a point of time
(ii) Subscription and service revenue is transferred over time
2022
US$’000
(12 months)
2021
US$’000
(9 months)
8,423
68,590
9,394
40,648
77,013
50,042
UNLEASH POTENTIAL
57
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 7. REVENUE (CONTINUED)
During the year, the Group assessed its classification of revenue and has decided to reclassify certain revenue items,
previously disclosed and presented in prior periods as other revenue, to better reflect the nature of the revenue,
being either capital revenue (point in time recognition) or subscription revenue (recognition over time) which reflects
how the performance obligations are being satisfied. The reclassification in FY22 is $101k to subscription revenue
and $491k to capital revenue, and for FY21 is $159k to subscription revenue and $276k to capital revenue.
NOTE 8. OTHER INCOME
Other income has been generated from the following sources:
Government grants and assistance (i) (ii)
Other income
2022
US$’000
(12 months)
2021
US$’000
(9 months)
1,588
173
312
196
Total Other Income
(i) Government grants represents the payments received from various governments in response to the ongoing COVID-19 pandemic. Government
1,761
508
grants are recognized in the financial statements at their fair values when there is a reasonable assurance that the Consolidated Entity will comply
with the requirements and that the grant will be received.
(ii) During the year-ended March 31, 2022 certain government grants, which the Group had reported as loans in the prior reporting period, were
converted to grant monies.
Government grants are initially recognised at fair value when there is reasonable assurance that the grants will be
received, and the Group will comply with the conditions associated with the grant. Grants of a revenue nature are
recognised in the profit and loss as other income on a systematic basis in the periods in which the related expenses
are recognised.
NOTE 9. CURRENT ASSETS – CASH AND CASH EQUIVALENTS
Cash and cash equivalents include the following components:
AUD
EUR
GBP
USD
USD (Cash-in-transit)
JPY
CNY
ARS
2022
US$’000
2021
US$’000
3,870
3,920
7,043
7,085
1,839
611
1,564
176
1,487
6,171
1,645
11,361
-
171
1,235
101
Total cash and cash equivalents
26,108
22,171
The amount of cash and cash equivalents inaccessible to the Group as at March 31, 2022 amounts to US$377,036
(2021: US$380,548) relating to bank guarantees for rental leases held by the company.
Cash-in-transit represents
payments due on or after April 1, 2022 that are being processed by the Company’s banking providers yet not
remitted as of March 31, 2022.
UNLEASH POTENTIAL
58
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 10. CURRENT ASSETS – TRADE AND OTHER RECEIVABLES & CONTRACT ASSETS
Trade and other receivables consist of the following:
Trade receivables, gross
Allowance for expected credit losses
Trade receivables, net
Contract assets
Total trade receivables and contract assets
Other receivables
Non-current receivables
Total financial assets
Other receivables
Taxes receivable
Prepayments
Total non-financial assets
Short term trade and other receivables
Total trade and other receivables
2022
US$’000
2021
US$’000
13,077
(1,585)
11,492
2,448
13,940
546
329
14,815
448
996
1,971
3,415
17,901
18,230
9,390
(1,753)
7,637
2,648
10,285
364
306
10,955
473
210
1,997
2,680
13,329
13,635
The net carrying value of trade receivables is considered a reasonable approximation of fair value.
Trade receivables that do not contain a significant financing component or for which the Group has applied the
practical expedient are measured at the transaction price. Contract assets are recognised over the period in which
performance obligations are completed and represent the Group's right to consideration to date but not yet
invoiced.
All of the Group’s trade and other receivables that have been classified as financial assets have been reviewed at
every reporting period for expected credit losses. Trade receivables are written-off when there is no reasonable
expectation of recovery but are still subject to enforcement activity. Subsequent recoveries of amounts previously
written-off are credited against the same line item. During the year ended March 31, 2022, an amount of
US$415,694 (2021: US$80,999) was found to be impaired and subsequently these bad debts were written off.
Furthermore, details on Group’s impairment policy are mentioned within Note 30.
Set out below is the movement in the allowance for expected credit losses of trade receivables and contract assets:
As at April 1
Write-off
Provision for expected credit losses
As at March 31
2022
US$’000
2021
US$’000
1,753
(416)
248
1,585
1,362
(81)
472
1,753
UNLEASH POTENTIAL
59
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 11. CURRENT ASSETS – INVENTORIES
Raw materials and consumables (at cost)
Finished goods (at lower of cost and net realizable value)
Total inventories at the lower of cost and net realizable value
2022
2021
US$'000 US$'000
-
2,990
2,990
533
3,351
3,884
In 2022, the total cost of US$11,518,015 associated with inventories was included in the Consolidated Statement of
Profit and Loss and Other Comprehensive Income as an expense (2021: US$7,711,763). At March 31, 2022, the
provision for obsolete stock was US$1,225,429 (2021: US$999,177).
UNLEASH POTENTIAL
60
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 12. NON-CURRENT ASSETS - PROPERTY, PLANT AND EQUIPMENT
Details of the Group's property, plant and equipment and their carrying amounts are as follows:
Subscription
& Demo
Units
US$'000
Plant &
Office
Equipment
US$'000
Furniture &
Fittings
US$'000
Leasehold
Improve-
ments
US$'000
Leased
Assets
US$'000
Total
US$'000
Gross carrying amount
Balance at April 1, 2021
Acquisition through business
combination
Additions
Disposals
Net exchange differences
8,610
-
8,943
-
(113)
5,294
50
1,952
-
(40)
Balance at March 31, 2022
17,440
7,256
Depreciation and impairment
Balance at April 1, 2021
Depreciation
Disposals
Net exchange differences
(4,892)
(1,688)
-
53
(3,834)
(1,143)
-
23
Balance at March 31, 2022
(6,527)
(4,954)
133
-
16
-
(1)
148
(13)
(5)
-
1
(17)
1,650
6,100
21,787
-
69
-
(15)
-
-
-
(42)
50
10,980
-
(211)
1,704
6,058
32,606
(1,271)
(144)
-
13
(2,304)
(1,808)
-
12
(12,314)
(4,788)
-
102
(1,402)
(4,100)
(17,000)
Carrying amount at March 31,
2022
10,913
2,302
131
302
1,958
15,606
Subscription
& Demo
Units
US$'000
Plant &
Office
Equipment
US$'000
Furniture &
Fittings
US$'000
Leasehold
Improve-
ments
US$'000
Leased
Assets
US$'000
Total
US$'000
Gross carrying amount
Balance at July 1, 2020
Additions
Disposals
Net exchange differences
Balance at March 31, 2021
Depreciation and impairment
Balance at July 1, 2020
Depreciation
Disposals
Net exchange differences
6,981
1,227
(187)
589
8,610
(3,869)
(853)
187
(357)
4,814
932
(551)
99
5,294
(3,300)
(1,023)
551
(62)
126
7
(1)
1
133
(8)
(3)
1
(3)
1,527
32
-
91
4,347
1,574
-
179
17,795
3,772
(739)
959
1,650
6,100
21,787
(1,053)
(150)
-
(68)
(1,160)
(1,078)
-
(66)
(9,390)
(3,107)
739
(556)
Balance at March 31, 2021
(4,892)
(3,834)
(13)
(1,271)
(2,304)
(12,314)
Carrying at amount March 31,
2021
3,718
1,460
120
379
3,796
9,473
All depreciation and amortisation charges are included within depreciation and amortisation expense.
During FY22, the Group undertook a review of loan and subscription units held in inventory and deemed that these
items were not readily available for sale and have been categorized as fixed assets additions under Subscription &
Demo Units. The value of these additions to Subscription & Demo Units in FY22 is US$3,318,578.
The net book value of assets held under leases relating to servers at March 31, 2022 was US$288,421 (2021:
US$95,526) and are classified as Office Equipment.
UNLEASH POTENTIAL
61
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 13. NON-CURRENT ASSETS - GOODWILL
The movements in the net carrying amount of goodwill are as follows:
Balance at beginning of period
Goodwill recognised on acquisition of SBG (i)
Foreign exchange effect on goodwill
Balance at year end/period
(i) Refer to note 35 for further information.
13.1 Impairment Testing
2022
US$'000
2021
US$'000
41,994
9,798
14
41,695
-
299
51,806
41,994
For the purpose of annual impairment testing goodwill is allocated to the CGU or group of CGUs which are
expected to benefit from the synergies of the business combinations in which goodwill arises.
Elite Wearables
Sub-Elite Wearables
Video Analytics (i)
Balance at year end/ period
2022
US$'000
2021
US$'000
1,945
2,904
46,957
1,789
3,046
37,159
51,806
41,994
(i) Goodwill recognised on the acquisition of SBG is being recorded in the Video Analytics CGU.
The Group assesses, at each reporting date, whether there is an indication that the CGU or group of CGUs may be
impaired. If any indication exists, or when annual impairment testing for the CGU or group of CGUs is required, the
Group estimates the CGU or group of CGUs recoverable amount. The CGU or group of CGUs recoverable amount is
the higher of the CGU or group of CGUs fair value less costs of disposal and its value in use.
The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that
are largely independent of those from other assets or groups of assets. When the carrying amount of the CGU or
group of CGUs exceeds its recoverable amount, the CGU or group of CGUs is considered impaired and is written
down to its recoverable amount. The recoverable amounts 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.
Impairment losses of continuing operations are recognised in the statement of profit or loss in expense categories
consistent with the function of the impaired asset.
UNLEASH POTENTIAL
62
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 13. NON-CURRENT ASSETS - GOODWILL (CONTINUED)
13.1 Impairment Testing (continued)
Elite Wearables
Sub-Elite Wearables
Video Analytics
Impact of possible changes in key assumptions
Terminal Growth rate
Discount Rates
2022
2021
2022
2021
2.9%
2.9%
2.9%
2.9%
2.9%
2.9%
9.5%
9.4%
9.2%
10.7%
10.7%
10.7%
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 Group of CGUs
above to exceed its recoverable amount.
13.2 Brand names
The carrying value of brand names associated with each group of cash generating unit are outlined below:
Elite Wearables
Video Analytics
Brand acquired on acquisition of SBG (i)
Balance at year end/ period
2022
2021
US$'000 US$'000
86
600
718
182
3,448
-
1,404
3,630
(i) Brand recognised on the acquisition of SBG is being recorded in the Video Analytics CGU.
During FY21, the Group undertook a review of the useful lives of its brand name intangible assets and deemed that
these assets had a remaining useful life of two years.
The useful life now applied to existing brand names is two years (excluding SBG acquired brand assets).
13.3 Growth Rates
Five years of cash flows were included in the discounted cash flow model. The cash flow projections included specific
estimates for five years and a terminal growth rate thereafter. The terminal growth rate was determined based on
management’s estimate of the long-term compound annual EBITDA growth rate, consistent with the assumptions
that a market participant would make.
• Revenue growth was projected taking into account the average growth levels experienced over the past five
years and the estimated sales volume and price growth for the next five years. It was assumed that the sales
price would increase in line with forecast inflation over the next five years.
• Continued investment in core product development to underpin revenue growth particularly in video and tactical
products.
The growth rates reflect management’s estimates, as publicly published growth rates for this industry segment are
not readily available.
13.4 Discount Rates
The discount rate reflects appropriate adjustments relating to market risk and specific risk factors of the business
unit.
The discount rate was a post-tax measure estimated based on the historical industry average weighted-average
cost of capital.
UNLEASH POTENTIAL
63
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 14. NON-CURRENT ASSETS - INTANGIBLE ASSETS
Acquired
Software
Licences
US$'000
Hardware
IP
US$'000
Brand Name
US$'000
Distributor
Relationships
US$'000
Distributor
Contracts
US$'000
Customer
Relationships
US$'000
Internally
Developed
Software
US$'000
Total
US$'000
Gross carrying
amount balance
at April 1, 2021
Acquisition
through business
combination
Additions
Net exchange
difference
Balance at
March 31, 2022
Amortisation and
impairment
balance at April
1, 2021
Amortisation and
impairment
Net exchange
difference
Balance at
March 31, 2022
Carrying amount
March 31, 2022
Gross carrying
amount balance
at July 1, 2020
Additions
Net exchange
difference
Balance at
March 31, 2021
Amortisation and
impairment
balance at July 1,
2020
Amortisation and
impairment
Net exchange
difference
Balance at
March 31, 2021
Carrying amount
March 31 2021
957
9,553
3,788
323
-
213
(12)
-
1,731
(298)
843
-
(3)
1,158
10,986
4,628
-
-
(5)
318
73
-
-
(1)
72
15,254
35,607
65,555
6,247
-
(10)
18,645
11,484
25,735
13,428
(115)
(444)
21,491
65,621
104,274
(634)
(5,340)
(158)
(218)
(73)
(9,974)
(25,975)
(42,372)
(91)
(1,618)
(3,065)
7
25
(1)
(31)
3
-
1
(2,521)
(6,467)
(13,793)
3
191
229
(718)
(6,933)
(3,224)
(246)
(72)
(12,492)
(32,251)
(55,936)
440
4,053
1,404
72
-
8,999
33,370
48,338
Acquired
Software
Licences
US$'000
Hardware
IP
US$'000
Brand Name
US$'000
Distributor
Relationships
US$'000
Distributor
Contracts
$US$'000
Customer
Relationships
US$'000
Internally
Developed
Software
US$'000
Total
US$'000
780
103
74
7,762
1,326
465
3,769
-
19
957
9,553
3,788
292
-
31
323
66
-
7
73
14,995
216
43
30,100
4,110
57,764
5,755
1,397
2,036
15,254
35,607
65,555
(491)
(3,806)
-
(175)
(66)
(8,330)
(21,285)
(34,153)
(94)
(49)
(1,128)
(406)
(158)
-
(23)
(20)
-
(7)
(1,624)
(20)
(4,084)
(7,111)
(606)
(1,108)
(634)
(5,340)
(158)
(218)
(73)
(9,974)
(25,975)
(42,372)
323
4,213
3,630
105
-
5,280
9,632
23,183
UNLEASH POTENTIAL
64
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 15. NON-CURRENT ASSETS - DEFERRED TAX ASSETS
Deferred taxes arising from temporary differences and unused tax losses can be summarised as attributable to the
following:
Deferred Tax
Assets/(Liabilities)
Deferred Tax Assets
Professional fees and doubtful
debts
Provision for employee benefits
Other provisions
Equity raising costs
Contract liabilities
Tax losses
Share-based payments (a)
Deferred Tax Liabilities
Capitalised development
Property, plant & equipment
Other intangible assets
Acquisition intangibles
Deferred Tax Movement
April 1, 2021
US$'000
Recognised
directly in
equity
US$'000
Recognised
in Profit & Loss
US$'000
Recognised
in Goodwill
US$’000
March 31,
2022
US$'000
367
580
686
-
1,192
4,678
-
7,503
(128)
-
(3,020)
-
(3,148)
-
-
-
409
-
-
667
1,076
-
-
-
-
-
1,076
(20)
(62)
221
-
1,009
-
694
1,842
128
(133)
612
-
607
2,449
-
-
-
-
-
-
-
-
-
-
-
(7,721)
(7,721)
347
518
907
409
2,201
4,678
1,362
10,421
-
(133)
(2,408)
(7,721)
(10,262)
-
(a) The tax effect of share-based payment awards granted is recognised in current income tax expense, except to the extent that the total tax
deductions are expected to exceed the cumulative remuneration expense. In this situation, the excess of the associated current or deferred tax
is recognised in equity and forms part of the other reserves in equity.
Deferred Tax
Assets/(Liabilities)
Deferred Tax Assets
Professional fees and doubtful debts
Provision for employee benefits
Other provisions
Change in tax interpretation
Tax losses
July 1, 2020
US$'000
Recognised
directly in
equity
US$'000
Recognised in
Profit & Loss March 31, 2021
US$'000
US$'000
254
431
525
-
6,019
7,229
-
-
-
-
-
-
113
149
161
1,192
(1,341)
274
367
580
686
1,192
4,678
7,503
Deferred Tax Liabilities
Other intangible assets
Capitalised development
Deferred Tax Movement
(3,020)
(128)
(3,148)
-
Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be
available against which the losses can be utilised. Significant management judgement is required to determine the
amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable
profits, together with future tax planning strategies.
(2,889)
(179)
(3,068)
-
(131)
51
(80)
194
-
-
-
-
The Group has $92m (2021: $78m) of tax losses carried forward. These losses relate to subsidiaries that have a
history of losses and may not be used to offset taxable income elsewhere in the Group. The Group has recognised
deferred tax assets on a portion of its US losses, the vast majority of which are available for a period of twenty
years.
UNLEASH POTENTIAL
65
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 16. CURRENT LIABILITIES - TRADE AND OTHER PAYABLES
Trade and other payables consist of the following:
Current
Trade payables and other payables
2022
US$'000
2021
US$'000
9,875
6,898
All amounts are short-term. The carrying values of trade payables and other payables are considered to be a
reasonable approximation of fair value.
NOTE 17. CONTRACT LIABILITIES AND OTHER LIABILITIES
Contract liabilities and other liabilities consist of the following:
Contract liabilities – current (i)
Advances received for future service work
Other liabilities
Deferred consideration - current
Total other liabilities - current
Contract liabilities - non-current
Contingent consideration – non-current (ii)
2022
US$'000
2021
US$'000
25,385
17,822
2022
US$'000
2021
US$'000
269
1,888
298
331
981
-
2,455
1,312
2022
US$'000
2021
US$'000
4,553
1,225
3,091
-
i.
All amounts recognized relating to contract liabilities are assessed for current versus non‐current classification and are applied to revenue as
recognized in relation to the timing of the client contract. The Group expects to recognize $25,384,614 (FY21: $17,821,568) of contract liabilities
during the next 12 months following March 31, 2022, with the balance falling into FY23 and FY24. The significant increase as compared to the
balance as at March 31, 2021 is due to the higher proportion of subscription revenues recorded in FY22, and the ACV growth recorded in FY22.
ii. On July 1, 2021, Catapult acquired SBG Sports Software Limited (SBG). Catapult agreed to acquire 100% of the entire issued share capital of
the company for a total consideration of US$45,000,000. Please refer to note 35 for further information.
UNLEASH POTENTIAL
66
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 18. FINANCIAL ASSETS AND LIABILITIES
18.1 Categories of financial assets and liabilities
Note 4.13 provides a description of each category of financial assets and financial liabilities and the related
accounting policies. The carrying amounts of financial assets and financial liabilities in each category are as follows:
Loans and receivables
(carried at amortised
cost)
Other assets
(carried at amortised
cost)
Notes
March 31, 2022
US$'000
US$'000
Financial assets
Non-current receivables
Trade receivables, net
Other receivables
Cash and cash equivalents
10
10
10
9
329
11,492
546
-
12,367
Other Liabilities
(carried at amortised
cost)
-
-
-
26,108
26,108
Other Liabilities at
FVTPL
March 31, 2022
Notes
US$'000
US$'000
Financial liabilities
Trade and other payables
Other liabilities
Other financial liabilities
Non-current other financial
liabilities
16
17
18.2
18.2
Notes
10
10
10
9
Notes
16
18.2
18.2
18.2
March 31, 2021
Financial Assets
Non-current receivables
Trade receivables, net
Other receivables
Cash and cash equivalents
March 31, 2021
Financial Liabilities
Trade and other payables
Borrowings
Other financial liabilities
Non-current other financial
liabilities
UNLEASH POTENTIAL
9,875
298
2,040
-
-
-
837
13,050
Loans and receivables
(carried at amortised
cost)
-
-
Other assets
(carried at amortised
cost)
US$'000
US$'000
306
7,637
364
-
8,307
Other Liabilities
(carried at amortised
cost)
-
-
-
22,171
22,171
Other Liabilities at
FVTPL
US$'000
US$'000
6,898
1,587
2,058
2,609
13,152
-
-
-
-
-
Total
US$'000
329
11,492
546
26,108
38,475
Total
US$'000
9,875
298
2,040
837
13,050
Total
US$'000
306
7,637
364
22,171
30,478
Total
US$'000
6,898
1,587
2,058
2,609
13,152
67
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 18. FINANCIAL ASSETS AND LIABILITIES (CONTINUED)
18.2 Borrowings and other financial liabilities
Borrowings and other financial liabilities include the following:
Financial Liabilities
Borrowings
Other financial liabilities
Bank borrowings at amortised cost
2022
US$'000
Current
2021
US$'000
2022
US$'000
Non-
Current
2021
US$'000
-
2,040
1,587
2,058
-
837
-
2,609
Bank borrowings are secured by all assets of Catapult Sports Inc. and Collegiate Images LLC. The Group's US
Subsidiary, Catapult Sports Inc, entered into a secured loan facility with Western Alliance Bank in April 2017. At
March 31, 2022, the total facility is for USD $6.0 million. Of this amount, US$ Nil was drawn down at March 31, 2022.
Current interest rates on the bank borrowing are variable and average 5.00% (2021: 5.00%).
Other financial liabilities comprise of leases. Refer to Note 21.1
NOTE 19. CURRENT LIABILITIES - EMPLOYEE REMUNERATION
19.1 Employee benefits expense
Expenses recognised for employee benefits are analysed below:
Wages and salaries
Social security costs
Share-based payments (equity settled) (i)
Superannuation - defined contribution plans
Employee benefit expenses
2022
US$'000
2021
US$'000
36,499
3,473
13,592
1,370
22,927
1,962
1,900
944
54,934
27,733
(i) During the year the Group only incurred expenses arising from equity-settled share-based payments. This amount includes $8.3 million for SBG
consideration being treated as share-based payments. Refer to note 35 for more details.
19.2 Share-base 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 of Shareholders by providing an opportunity for eligible employees (including any
person who is a full-time or permanent part-time employee or officer, or director of Catapult or any related body
corporate of Catapult) to receive an equity interest in Catapult through the granting of Options, Performance
Rights or other Awards.
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
below:
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.
UNLEASH POTENTIAL
68
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 19. CURRENT LIABILITIES - EMPLOYEE REMUNERATION (CONTINUED)
19.2 Share-base employee remuneration (continued)
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”).
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. During FY22, Catapult subscribed
for Nil shares (FY21: 9,432,117 shares) to the Catapult Employee Share Plan Trust. At March 31, 2022 the Employee
Plan Trustee holds 6,748,763 (2021:7,979,640) 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.
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.
UNLEASH POTENTIAL
69
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 19. CURRENT LIABILITIES - EMPLOYEE REMUNERATION (CONTINUED)
19.2 Share-base employee remuneration (continued)
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.
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 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 Catapult undergoes a capital reorganisation, then the terms of the Awards for the participant will be changed to
the extent necessary to comply with the ASX Listing Rules.
The Employee Plan also contains terms having regard to Australian law for dealing with the administration,
variation and termination of the Employee Plan.
UNLEASH POTENTIAL
70
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 19. CURRENT LIABILITIES - EMPLOYEE REMUNERATION (CONTINUED)
NOTE 19. CURRENT LIABILITIES - EMPLOYEE REMUNERATION (CONTINUED)
19.2 Share-base employee remuneration (continued)
19.2 Share-base employee remuneration (continued)
Share options and weighted average exercise prices are as follows for the reporting periods presented:
Options Program
Performance Rights
Number
of Shares
Weighted average
exercise price (A$)
Number of
Shares
Weighted average
exercise price (A$)
Outstanding at April 1, 2021
Granted
Forfeited
Exercised
Expired
Outstanding at March 31, 2022
Exercisable at March 31, 2022
8,670,083
82,841
(185,000)
(132,500)
(669,146)
7,766,278
1,639,612
1.4062
1.3000
1.2886
1.6030
2.4754
1.3140
1.3314
2,536,850
5,340,222
(775,736)
(1,098,377)
(1,386)
6,001,573
226,886
-
-
-
-
-
-
-
Options Program
Performance Rights
Number
of Shares
Weighted average
exercise price (A$)
Number of
Shares
Weighted average
exercise price (A$)
Outstanding at July 1, 2020
Granted
Forfeited
Exercised
Expired
Outstanding at March 31, 2021
Exercisable at March 31, 2021
8,608,061
4,274,869
(3,187,314)
(584,800)
(440,733)
8,670,083
1,889,258
1.5054
1.3000
1.3664
1.7205
2.1855
1.4062
1.7230
3,112,305
1,442,304
(490,786)
(1,526,973)
-
2,536,850
372,815
-
-
-
-
-
-
-
The Group in valuing its granted performance rights has used its share price at grant date. To value the issued
options granted during the year, the group has used the Monte Carlo Option valuation model methodology on its
granted equity instruments. In valuing options granted in prior periods, the Group used the Black-Scholes Option
valuation model.
Unissued ordinary shares of the Company under option at the date of this report are as follows:
Date options granted
Expiry date
Exercise price of
options
Vesting date
Number under
options
July 1, 2017
July 30, 2022
A$2.13
July 31, 2018
November 1, 2017
October 30, 2022
A$1.72
October 31, 2018
December 19, 2017
December 18, 2022
A$1.83
December 19, 2020
54,000
60,000
462,500
452,000
January 23, 2019
June 30, 2023
August 20, 2019
August 31, 2024
A$1.42
A$1.26
June 30, 2023
August 31, 2022
1,588,468
November 11, 2019
August 31, 2024
A$1.50
August 31, 2022
November 27, 2019
March 24, 2024
A$0.78
March 25, 2020
September 14, 2020
May 31, 2025
A$1.30
May 31, 2023
January 28, 2021
August 31, 2024
A$1.50
August 31, 2022
March 31, 2022
May 31, 2025
A$1.30
May 31, 2023
UNLEASH POTENTIAL
557,105
611,112
3,820,181
78,071
82,841
7,766,278
71
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 19. CURRENT LIABILITIES - EMPLOYEE REMUNERATION (CONTINUED)
19.2 Share-base employee remuneration (continued)
Unissued ordinary shares of the Company under rights at the date of this report are as follows:
Date rights granted
Expiry date
Exercise price of
options
Vesting date
Number under rights
August 20, 2019
August 31, 2022
A$0.00
August 31, 2021
November 1, 2019
August 31, 2022
A$0.00
August 31, 2021
January 28, 2020
August 31, 2022
A$0.00
August 31, 2021
April 21, 2020
August 31, 2022
A$0.00
August 31, 2021
July 20, 2020
July 20, 2022
A$0.00
July 20, 2022
September 14, 2020
May 31, 2023
A$0.00
May 31, 2022
July 01, 2021
June 30, 2023
A$0.00
June 30, 2022
July 01, 2021
June 30, 2025
A$0.00
June 30, 2024
September 30, 2021
June 30, 2023
A$0.00
June 30, 2022
September 30, 2021
June 30, 2023
A$0.00
June 30, 2022
September 30, 2021
September 09, 2023
A$0.00 September 09, 2022
September 30, 2021
June 30, 2025
A$0.00
June 30, 2024
December 31, 2021
June 30, 2023
A$0.00
June 30, 2022
December 31, 2021
June 30, 2025
A$0.00
June 30, 2024
March 31, 2022
May 31, 2023
A$0.00
May 31, 2022
March 31, 2022
May 31, 2023
A$0.00
May 31, 2022
85,996
5,600
33,145
102,145
97,576
663,706
2,701,482
1,229,760
141,877
255,257
77,997
32,675
359,715
92,622
13,251
108,769
6,001,573
The following table list the inputs to the valuation model used for the options granted during the financial year:
Weighted average fair values at the measurement date (US$)
Dividend yield (%)
Expected volatility (%)
Risk–free interest rate (%)
Expected life of share options (years)
Weighted average share price (US$)
Model used
2022
$0.33
0%
59.8%
1.85%
2.17 years
$1.08
Monte Carlo
The expected life of the share options is based on historical data and current expectations and is not necessarily
indicative of exercise patterns that may occur. The expected volatility reflects the assumption that the historical
volatility over a period similar to the life of the options is indicative of future trends, which may not necessarily be
the actual outcome.
UNLEASH POTENTIAL
72
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 19. CURRENT LIABILITIES - EMPLOYEE REMUNERATION (CONTINUED)
19.2 Share-base employee remuneration (continued)
During the financial year ended March 31, 2022, the following performance rights and options were issued under
the Employee Share Plan:
• 4,199,685 performance rights as part of the Employee Share Plan. The rights were issued at an average
exercise price of A$0.00 and a fair value of A$1.99 (US $1.49).
• 393,408 performance rights as part of the Employee Share Plan. The rights were issued at an average exercise
price of A$0.00 and a fair value of A$1.93 (US $1.39).
• 141,877 rights as part of the Director Sacrifice Plan. The rights were issued at an average exercise price of
A$0.00 and a fair value of A$1.93 (US $1.39).
• 472,779 performance rights as part of the Employee Share Plan. The rights were issued at an average exercise
price of A$0.00 and a fair value of A$1.55 (US $1.12).
• 132,473 performance rights as part of the Employee Share Plan. The rights were issued at an average exercise
price of A$0.00 and a fair value of A$1.45 (US $1.08).
• 82,841 options as part of the Employee Share Plan. The options were issued at an average exercise price of
A$1.30 and a fair value of A$0.44 (US $0.33).
19.3 Employee benefits
The liabilities recognised for employee benefits consist of the following amounts:
Wages and salaries
Social security costs & payroll taxes
Defined contribution plans
Accrued leave entitlements
Total current employee benefits
Non-current
Accrued leave entitlements
Total non-current employee benefits
2022
US$'000
2021
US$'000
3,409
919
833
1,992
3,561
629
675
1,446
7,153
6,311
133
133
82
82
The current portion of these liabilities represents the Group’s obligations to its current and former employees that
are to be settled during the next 12 months and its accrued annual leave liabilities and current accrued long service
leave.
UNLEASH POTENTIAL
73
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 20. EQUITY - SHARE CAPITAL
The share capital of Catapult Group International Ltd consists only of fully paid ordinary shares; the shares do not
have a par value. All shares are equally eligible to receive dividends and the repayment of capital and represent one
vote at the shareholders’ meeting of Catapult Group International Ltd.
March 31,
2022
Authorised
Shares
March 31, 2021
Authorised
Shares
March 31, 2022
March 31,
2021
US$'000
US$'000
Notes
Shares issued and
fully paid for:
Beginning of the
period/year
Shares issued to
the Catapult
Employee Share
Plan Trust
Shares issued for
cash
Share issue costs
Movement in
treasury shares
Exercise of
performance
options and
equity options
Total contributed
equity at
Treasury shares
Total contributed
equity
231,924,764
200,431,654
175,523
130,452
200,431,654
190,895,116
142,179
139,708
-
9,432,117
31,493,110
-
104,421
-
-
44,781
(957)
(1,809)
-
143
-
-
-
1,247
2,328
20. (a)
231,924,764
(6,748,763)
200,431,654
(7,979,640)
185,441
(9,918)
142,179
(11,727)
225,176,001
192,452,014
175,523
130,452
During the financial year the Group awarded:
• 25,484,985 shares as a share placement, of which 24,538,500 was to the market and the remaining 946,485 was
to Directors. Shares were issued at a price of A$1.90 per share. The amount raised was A$48,421,472 (US
$36,416,207) (FY21: Nil).
• 6,008,125 shares as part of a share purchase plan. Shares were issued at a price of A$1.90 per share. The amount
raised was A$11,416,157 (US $8,364,618) (FY21: Nil).
UNLEASH POTENTIAL
74
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 20. EQUITY - SHARE CAPITAL (CONTINUED)
20(a) Treasury Shares
Treasury shares are shares in Catapult Group International Limited 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 rights issued under that Plan:
Opening Balance
Transactions during the year/period
Balance at year/period end
2022
Shares
2021
Shares
7,979,640
(1,230,877)
659,296
7,320,344
6,748,763
7,979,640
During the financial year a number of shares were issued under the Employee Share Plan:
• The number of shares exercised under the option plan was 82,000 at an average exercise price of A$1.42. The
amount raised was A$116,440 (US $85,661).
• The number of shares exercised under the option plan was 27,500 at an average exercise price of A$1.83. The
amount raised was A$50,325 (US $38,208).
• The number of shares exercised under the option plan was 5,000 at an average exercise price of A$1.72. The
amount raised was A$8,600 (US $6,527).
• The number of shares exercised under the option plan was 18,000 at an average exercise price of A$1.42. The
amount raised was A$25,560 (US $17,920).
• The number of shares exercised under the option plan was 1,098,377 at an average exercise price of A$0.00. The
amount raised was A$ Nil (US $Nil).
20(b) Options and performance rights on issue
The following sets out the weighted average exercise price calculations for all outstanding options (however,
excluding the effect of the performance rights as detailed at Note 20.2):
March 31, 2022
Weighted average
exercise price
Outstanding at the beginning
of the year
Outstanding at the end of the
1.3140
year
Exercisable at the end of the
1.3314
year
1.4062
March 31, 2021
Weighted average
exercise price
1.5054
1.4062
1.7230
UNLEASH POTENTIAL
75
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 21. CURRENT LIABILITIES - LEASES
21.1 Lease liabilities
The Group’s lease liabilities, which are secured by the related assets held under leases, are classified as follows:
Lease liabilities
- lease liabilities (current)
- lease liabilities (non-current)
Total lease liabilities
2022
US$'000
2021
US$'000
2,040
837
2,877
2,058
2,609
4,667
Set out below are the carrying amounts of lease liabilities (included under interest-bearing loans and borrowings) and
the movements during the year:
As at April 1
Additions
Interest expense
Lease liability repayment
Exchange differences
Balance as at March 31
2022
2021
US$'000 US$'000
4,667
133
149
(1,852)
(220)
2,877
3,945
1,623
129
(1,056)
(26)
4,667
Lease payments not recognised as a liability
The Group has elected not to recognise a lease liability for short-term leases (leases with an expected term of 12
months or less) or for leases of low value assets. Payments made under such leases are expensed on a straight-line
basis. In addition, certain variable lease payments are not permitted to be recognised as lease liabilities and are
expensed as incurred.
The expense relating to payments not included in the measurement of a lease liability is as follows:
Short-term leases:
2022
2021
US$’000 US$’000
371
70
UNLEASH POTENTIAL
76
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 22. FINANCE COSTS AND FINANCE INCOME
Finance costs for the year consist of the following:
Interest expenses for borrowings and other financial liabilities:
Interest expense
Finance income for the year consists of the following:
Interest income from cash and cash equivalents
NOTE 23. OTHER FINANCIAL ITEMS
Other financial items consist of the following:
Other financial items consist of the following:
Loss on exchange differences
NOTE 24. CURRENT LIABILITIES - INCOME TAX
2022
US$'000
2021
US$'000
(200)
(256)
2022
US$'000
2021
US$'000
18
27
2022
US$'000
2021
US$'000
(595)
(389)
The major components of tax expense and the reconciliation of the expected tax expense based on the domestic
effective tax rate of Catapult Group International Ltd at 30% (2021: 30%) are:
2022
2021
US$'000 US$'000
Numerical reconciliation of income tax benefit and tax at the statutory rate
Loss before income tax expense
(33,628)
(8,628)
Prima facie tax payable at the Australia tax rate of 30%
Overseas tax rate differential
Tax losses not recognised
Current year tax charge for the Australian tax group
Tax losses utilised in the current period
Adjustments for prior periods
Other non-deductible expenses
Actual tax (benefit)/expense
Adjustments for prior periods
Current tax
Deferred tax
(10,088)
1,782
4,549
-
(401)
(740)
3,457
(1,441)
(740)
1,361
(2,062)
(2,588)
173
1,237
2,108
(2,241)
157
1,367
213
152
2,171
(2,110)
Income tax (benefit)/expense
(1,441)
213
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
UNLEASH POTENTIAL
77
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 24. CURRENT LIABILITIES - INCOME TAX (CONTINUED)
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.
NOTE 25. AUDITOR’S REMUNERATION
Assurance Services
Audit and review of the Financial Statements (FY21) – Grant Thornton
Audit and review of the Financial Statements (FY22) – Ernst & Young
Overseas Grant Thornton Network firms
Other services
Taxation compliance and general accounting advice – Grant Thornton
Employee compensation advice – Ernst & Young
Overseas Grant Thornton Network firms
Taxation compliance and general accounting advice
Other review services
Total auditor's remuneration
2022
US$
2021
US$
109,378
79,860
44,760
150,109
-
26,596
233,998
176,705
15,199
24,349
79,862
-
20,326
-
15,993
2,887
59,874
98,742
293,872
275,447
UNLEASH POTENTIAL
78
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 26. EARNINGS PER SHARE
Both the basic and diluted earnings per share have been calculated using the loss attributable to shareholders of the
Parent Company (Catapult Group International Ltd) as the numerator (i.e., no adjustments to profit were necessary
in 2021 or 2022). 13,767,851 (FY21: 12,609,704) options and performance rights have not been included in calculating
diluted EPS because their effect is anti-dilutive
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:
26.1 Basic and diluted loss per share
2022
(US
Cents)
2021
(US
Cents)
Basic loss and diluted loss per share attributable to the ordinary equity holders of the
Company
(14.8)
(4.6)
26.2 Reconciliation of loss used in calculating loss per share
Basic and diluted loss per share
Loss attributable to the ordinary equity holders of the company used in calculating
loss per share:
From continuing operations
26.3 Weighted average number of shares used as the denominator
2022
US$’000
2021
US$’000
(32,091)
(8,799)
2022
shares
'000
2021
shares
'000
Weighted average number of shares used in basic and diluted earnings per share
216,292
192,037
NOTE 27. EQUITY - DIVIDENDS
Nil paid in the year.
27.1 Dividends paid and proposed
Nil.
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/period
Impact of foreign exchange rates
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/period
2022
US$'000
2021
US$'000
(2,920)
46
(2,636)
(284)
(2,874)
(2,920)
During the year ended March 31, 2022, the Group made no payments related to income tax, refunds or dividends
paid that would have an impact to the franking credits.
UNLEASH POTENTIAL
79
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 28. RECONCILIATION OF LOSS AFTER INCOME TAX TO NET CASH FROM/(USED IN) OPERATING
ACTIVITIES
2022
2021
US$'000 US$'000
Loss after income tax (expense)/benefit for the year/period
(32,187)
(8,841)
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:
(Increase)/decrease in trade and other receivables & contract assets
Decrease in inventories
(Increase) in non-current tax assets
Increase in trade and other payables
(Decrease) in provision for income tax
(Decrease)/increase in deferred tax liabilities
Increase in employee benefits
Increase/(decrease) in other provisions
18,581
13,592
614
171
750
-
(4,595)
894
(778)
2,977
(12)
(607)
893
2,380
10,218
1,900
(363)
236
37
-
9,600
1,139
(274)
2,128
(48)
80
1,053
(2,613)
Net cash from/(used in) operating activities
2,673
14,252
NOTE 29. RELATED PARTY TRANSACTIONS
The Group’s related parties include its associates, key management, post-employment benefit plans for the Group’s
employees and others as described below.
Transactions with key management
2022
US$
133,424
2021
US$
-
During the year, the Company worked with SXIQ Digital Pty Ltd and spent $88,139 (A$119,934) on order-to-cash
process design and implementation on a group level. Prior to joining Catapult Sports, Mr. Hayden Stockdale worked
as the CFO of SXIQ Digital Pty Ltd.
During the year, the Company spent $45,285 (A$62,583) with Workday Group's Adaptive Insights Pty Ltd to
integrate Adaptive Insights' budgeting and forecasting software within its finance division, which delivers
automation and efficiency. Mr. Thomas F. Bogan is a director of Workday Group.
29.1 Transactions with key management personnel
Key management of the Group are the executive members of Catapult Group International’s Board of Directors and
certain members of Catapult’s executive team.
Unless otherwise stated, none of the transactions incorporate special terms and conditions and no guarantees were
given or received. Outstanding balances are usually settled in cash.
UNLEASH POTENTIAL
80
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 29. RELATED PARTY TRANSACTIONS (CONTINUED)
29.1 Transactions with key management personnel (continued)
Short term employee benefits:
Salaries including bonuses and leave accruals
Short-term share-based payments
Post-employment benefits
Total short term employee benefits
Long service leave
Total other long-term benefits
Share based payments
Total remuneration
NOTE 30. FINANCIAL INSTRUMENT RISK
30.1 Risk management objectives an polices
2022
US$
2021
US$
1,591,107
648,901
61,619
2,301,627
392
392
641,199
1,244,974
339,900
43,959
1,628,833
285
285
773,600
2,943,218 2,402,718
The Group is exposed to various risks in relation to financial instruments. The Group’s financial assets and liabilities
by category are summarised in Note 18.1. The main types of risks are market risk, credit risk and liquidity risk.
The Group’s risk management is coordinated in close cooperation with the Board of Directors and focuses on
actively securing 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 to which the Group is exposed are described below.
UNLEASH POTENTIAL
81
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 30. FINANCIAL INSTRUMENT RISK (CONTINUED)
30.2 Market risk analysis
The Group is exposed to currency risk resulting from its operating activities.
Foreign Currency Sensitivity
Exposures to currency exchange rates arise from the Group’s overseas sales and purchases, which are primarily
denominated in Australian dollars (AUD), Pound Sterling (GBP), Euro (EUR), Japanese Yen (JPY) and Chinese Yuan
(CNY)
Foreign currency denominated financial assets and liabilities which expose the Group to currency risk are disclosed
below. The amounts shown are those translated into US$ at the closing rate:
AUD
US$'000
GBP
US$'000
EUR
US$'000
JPY
US$'000
CNY
US$'000
5,061
(2,090)
2,971
8,524
(621)
7,903
6,178
(874)
5,304
767
-
767
2,010
(50)
1,960
AUD
US$'000
GBP
US$'000
EUR
US$'000
JPY
US$'000
CNY
US$'000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
AUD
US$'000
GBP
US$'000
EUR
US$'000
JPY
US$'000
CNY
US$'000
2,838
(2,826)
(12)
2,535
(737)
1,798
7,454
(884)
6,570
180
(2)
178
1,355
(84)
1,271
AUD
US$'000
GBP
US$'000
EUR
US$'000
JPY
US$'000
CNY
US$'000
Other
Currencies
US$'000
226
(9)
217
Other
Currencies
US$'000
-
-
-
Other
Currencies
US$'000
123
-
123
Other
Currencies
US$'000
Short term exposure
March 31, 2022
Financial assets
Financial liabilities
Total exposure
Long term exposure
March 31, 2022
Financial assets
Financial liabilities
Total exposure
Short Term Exposure
March 31, 2021
Financial assets
Financial liabilities
Total exposure
Long term exposure
March 31, 2021
Financial assets
Financial liabilities
Total exposure
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
The following table illustrates the sensitivity of profit and equity in regards to 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 year ended at March 31, 2022 (2021:10%).
UNLEASH POTENTIAL
-
-
-
82
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 30. FINANCIAL INSTRUMENT RISK (CONTINUED)
30.3 Market risk analysis
Foreign currency sensitivity
If the USD had strengthened by 10% against the respective currencies then this would have had the following
impact:
Foreign currency risk
AUD
GBP
US$'000 US$'000
EUR
Total
US$'000 US$'000 US$'000 US$'000 US$'000
CNY
JPY
Other
currencies
March 31, 2022
March 31, 2021
(276)
(1)
(721)
(163)
(507)
(597)
(70)
(16)
(179)
(116)
(20)
(11)
(1,773)
(904)
If the USD had weakened by 10% against the respective currencies, then this would have had the following impact:
AUD
GBP
US$'000 US$'000
EUR
Total
US$'000 US$'000 US$'000 US$'000 US$'000
CNY
JPY
Other
currencies
March 31, 2022
March 31, 2021
338
1
881
200
620
730
85
20
219
141
24
14
2,167
1,106
*CNY was previously included in other currencies but has now been recorded separately
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.
30.4 Credit risk analysis
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to
meet its contractual obligations and arises principally from the Group’s receivables from customers. 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 recognised at the reporting date, as summarised below:
Classes of financial assets
· cash and cash equivalents
· trade receivables, net
· other receivables
· other long term financial assets
2022
US$'000
2021
US$'000
26,108
11,492
546
329
38,475
22,171
7,637
364
306
30,478
Receivables balances are monitored on an ongoing basis. The Group applies the AASB 9 simplified approach to
measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure
the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the
days past due. The historical loss rates are adjusted to reflect current and forward-looking information on
macroeconomic factors affecting the ability of the customers to settle the receivables.
Also, 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.
UNLEASH POTENTIAL
83
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 30. FINANCIAL INSTRUMENT RISK (CONTINUED)
30.4 Credit risk analysis (continued)
The amounts at March 31, 2022 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
2022
US$'000
2021
US$,000
10,121
923
1,171
862
7,058
454
1,029
848
13,077
9,389
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.
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
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, Catapult Sports Inc, entered into a secured
loan facility with Western Alliance Bank in April 2017. At March 31, 2022, the total facility is for US$6.0 million. Of
this amount, US$ Nil million (2021: US$ $Nil million) was drawn down at March 31, 2022.
As at March 31, 2022, the Group's non-derivative financial liabilities have contractual maturities (including interest
payments where applicable) as summarised below:
Within
6 months
US$'000
Current
6-12
months
US$'000
Non-
current
5+ years
US$'000
1-5 years
US$'000
March 31, 2022
US- Dollar loans
Other financial liabilities
Trade and other payables
Contingent consideration
-
1,222
9,875
-
-
818
-
298
-
741
-
1,225
11,097
1,116
1,966
UNLEASH POTENTIAL
-
96
-
-
96
84
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 30. FINANCIAL INSTRUMENT RISK (CONTINUED)
30.5 Liquidity risk (continued)
This compares to the maturity of the Group’s non-derivative financial liabilities in the previous reporting periods as
follows:
March 31, 2021
US-Dollar loans
Other financial liabilities
Trade and other payables
Within
6 months
US$'000
Current
6 - 12
months
US$'000
1-5 years
US$'000
Non-
current
5+ years
US$'000
1,587
996
6,898
9,481
-
982
-
982
-
2,556
-
2,556
-
133
-
133
NOTE 31. CAPITAL MANAGEMENT POLICIES AND PROCEDURES
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.
NOTE 32. CONTINGENT LIABILITIES
The Group, in prior periods, has obtained two bank guarantees as security in respect of lease agreements for its
premises in Melbourne (Australia) and Chicago (USA) amounting to US$377,036 as of March 31, 2022 (FY21:
US$380,548). These amounts, disclosed as contingent liabilities, remain inaccessible to the Group as disclosed in
Note 9.
UNLEASH POTENTIAL
85
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 33. PARENT ENTITY INFORMATION
Information relating to Catapult Group International Ltd (‘the Parent Entity’):
Statement of financial position
Current assets
Total assets
Current liabilities
Total liabilities
Net assets
Issued capital
Foreign currency reserve
Other reserves
Retained earnings
Share option reserve
Total equity
Statement of profit and loss and other comprehensive income
Loss for the year
Other comprehensive income/(loss)
Total comprehensive income/(loss)
2022
2021
US$'000 US$'000
4,091
166,740
1,998
2,118
164,622
175,523
(4,977)
7,085
(30,534)
17,525
164,622
2,415
116,489
787
1,608
114,881
130,452
(4,381)
-
(16,251)
5,061
114,881
(14,283)
(596)
(14,879)
(3,838)
10,381
6,543
The Parent Entity has no capital commitments at the year-end (2021: $Nil).
The parent entity entered into the following guarantee on June 26, 2017:
A Deed of Cross Guarantee with the effect that the Group guarantees debts in respect of one of its subsidiaries.
Further details to the Deed of Cross Guarantee and the subsidiaries subject to the deed, are disclosed in Note 34.
UNLEASH POTENTIAL
86
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 34. DEED OF CROSS GUARANTEE
A consolidation income statement and consolidation balance sheet comprising the Company and controlled entity
which are a party to the Deed of Gross Guarantee (members of the “Closed Group”), after eliminating all
transactions between parties to the Deed of Gross Guarantee are as follows.
Summarised income statement and statement of comprehensive income
and accumulated losses
Profit/(Loss) before income tax expense
Income tax benefit/(expense)
Profit after income tax
Accumulated losses at the beginning of the financial year
Accumulated losses at the end of the financial year
Statement of Financial Position
Current assets
Cash and equivalents
Trade and other receivables
Inventories
Other current assets
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Investments
Deferred tax assets
Other non-current assets
Total non-current assets
Total assets
Closed Group
2021
US$'000 US$'000
2022
(13,306)
1,516
(11,790)
(34,521)
(4,390)
28
(4,362)
(30,159)
(46,311)
(34,521)
6,325
23,983
3,076
10,583
9,006
13,152
2,045
1,651
43,967
25,854
5,707
12,542
97,293
5,743
4
4,466
9,113
71,030
2,825
11
121,289
87,445
165,256
113,299
UNLEASH POTENTIAL
87
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 34. DEED OF CROSS GUARANTEE (CONTINUED)
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
Other reserves
Foreign currency reserve
Accumulated losses
Total Shareholders’ equity
4,730
2,268
6,610
2,680
2,185
7,630
13,608
12,495
133
1,230
82
2,961
1,363
3,043
14,971
15,538
150,285
97,763
175,523
17,525
7,085
(3,537)
(46,311)
130,452
5,061
-
(3,229)
(34,521)
150,285
97,763
The members of the Closed Group comprise Catapult Group International Limited and Catapult Sports Pty Ltd.
(i) Catapult Group International Limited (the Company) and Catapult Sports Pty Ltd are party to a Deed of Cross
Guarantee dated June 26, 2017. Catapult International Pty Ltd joined the Deed of Cross Guarantee via a Deed of
Assumption dated March 29, 2021. The Company, Catapult Sports Pty Ltd and Catapult International Pty Ltd
together constitute the ‘Closed Group’. 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.
NOTE 35. ACQUISITION OF SBG SPORTS SOFTWARE LIMITED
On July 1, 2021, Catapult completed the strategic acquisition of leading sports software video solutions provider,
SBG Sports Software Limited (‘SBG’). The Company acquired 100% of the issued share capital in SBG for a total
price of $40-45 million, comprising $20 million in cash, $20 million in deferred Catapult shares and up to $5 million
in Catapult shares which is subject to the achievement of agreed key performance indicators.
London-based SBG was founded in 2008 in collaboration with Mercedes F1 with the purpose of developing products
that could capture large quantities of live data and video. More recently, SBG has transformed its learnings from F1
into leading global solutions for soccer and rugby, generating data visualizations that extract key information from
multiple sources in real-time, with analytics and insights that assist coaches in rapidly breaking down factors driving
team performance.
The acquisition advances Catapult’s development of contextualizing performance data, improving time to market
by approximately two years (complementing Catapult’s development strategy for Vision), significantly expands
Catapult’s video offering, including feature sets, data capabilities, analytics and user experiences, thereby
accelerating opportunities to cross-sell and scale, expands Catapult’s total addressable market opportunities in
motorsports, soccer and rugby, instantly places Catapult in an industry-leading position for motorsports and is
materially accretive to Catapult’s “Rule of 40” constituent metrics.
UNLEASH POTENTIAL
88
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 35. ACQUISITION OF SBG SPORTS SOFTWARE LIMITED (CONTINUED)
The SBG acquisition, alongside planned increased investment to scale growth, was funded through a $35 million
underwritten institutional placement (‘Placement’) and a $8.5 million non-underwritten share purchase plan (‘SPP’).
In addition to the Placement, two Directors of Catapult subscribed for $1.35 million of shares, on the same terms as
participants under the Placement. All shares were issued at a price of A$1.90.
The net assets recognised in the September 30, 2021 half year financial statements were based on a provisional
assessment of their fair value while the Group sought an independent valuation for the assets acquired and
liabilities assumed. The valuation had not been completed by the date the September 30, 2021 half year financial
statements were approved for issue by the Board of Directors.
Fair value
US$'000
398
739
50
1,187
(289)
(330)
(81)
(1,714)
(7,721)
(10,135)
(8,948)
843
18,645
6,247
9,798
26,585
Recognized amounts of identifiable net assets / (liabilities)
Cash
Trade and other receivables
Property, plant and equipment
Total assets
Trade and other payables
Other liabilities
Employee benefits
Contract liabilities
Deferred tax liabilities (i)
Total liabilities
Net liabilities acquired
Identifiable intangible assets acquired – Brand
Identifiable intangible assets acquired - Software
Identifiable intangible assets acquired – Customer contracts and relationships
Goodwill arising from acquisition
Purchase consideration transferred (excluding share-based payments)
Representing:
Amount settled in cash
Amount settled in deferred shares (ii)
Amount settled as contingent consideration* (iii)
Other amounts
Amount settled in deferred shares (iv)
Amount settled as contingent consideration* (v)
Total
Reconciliation of cash flows
Consideration settled in cash
Cash acquired on acquisition
Net cash consideration paid
Cash consideration still to be paid
(i) Deferred tax liabilities recognised on acquisition
(ii) To be issued in instalments over the 12-month period commencing on the anniversary of completion
(iii) Subject to achievement of agreed key performance indicators, to be measured at the end of FY23 and FY24
(iv) To be issued in instalments over the 12-month period commencing on the anniversary of completion, for several key employees of SBG (recognized
20,000
398
19,303
299
14,732
3,691
45,000
20,000
5,352
1,225
as share-based payments)
(v) Subject to achievement of agreed key performance indicators, to be measured at the end of FY23 and FY24, for several key employees of SBG
(recognized as share-based payments)
* See the Contingent Consideration section overleaf.
In May 2022 the valuation was completed, and the acquisition date fair value of the identifiable intangible assets
was $25.734 million including $0.843 million of brand, $18.645 million of software and $6.247 million of customer
contracts and relationships. In the September 30, 2021 half-year financial statements all of the consideration
UNLEASH POTENTIAL
89
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 35. ACQUISITION OF SBG SPORTS SOFTWARE LIMITED (CONTINUED)
($27,812 million) was recorded provisionally as goodwill. This goodwill balance has now been reduced to
$2.077 million. In addition to this, a deferred tax liability of $7.721 million has been recognised on acquisition, which
has created a reciprocal goodwill balance. The total goodwill recognised on acquisition is $9.798 million.
The goodwill is attributable mainly to the skills and technical talent of SBG’s work force and the synergies expected
to be achieved from integrating the company into the Group. This goodwill has been allocated to the Video Analytics
CGU.
The change in amortisation charge on the intangible assets from the acquisition date to March 31, 2022 was not
material.
The valuation methodologies of each of the identifiable intangible assets are set out as follows:
• Brand – Relief from Royalty method
• Software – Relief from Royalty method
• Customer contracts and relationships – Multi-period excess earnings method
The fair value measurements are based on significant inputs that are not observable in the market. The fair value
estimates are based on:
• An assumed discount rate of 21%
• A royalty rate of 15%
• An attrition rate of 5%
• Useful lives of between 5 and 10 years
Contingent consideration
As part of the purchase agreement with the previous owners of SBG, a contingent consideration component has
been agreed, with up to $5 million of Catapult shares available subject to the achievement of key performance
indicators which are aligned to the performance metrics used for the Executive team’s annual STI award. The $5
million contingent consideration is split into two tranches of $2.5 million, with the first tranche expected to be
calculated in June 2023 (at the time that Catapult’s Executive STI percentages are agreed) and the second tranche
expected to be calculated in June 2024 (at the time that Catapult’s Executive STI percentages are calculated).
A portion of the contingent consideration which pertains to several key employees of SBG is being recognized as
share-based payments in the accounts ($3.7 million) of which $1.0 million has been recognized as at March 31, 2022.
The fair value of the remaining contingent consideration is $1.3 million which has been recorded in non-current other
liabilities.
An estimate of the range of total outcomes have been performed, based on entity’s key performance indicators
being achieved such as the number of Customers, Annualised Contract Value (“ACV”) and Multi Vertical Customers,
with a range determined between 80% - 100% which may result in an earn-out of between $4 - $5 million.
Acquisition related costs
Acquisition related costs of $0.5 million are included in other expenses in the income statement and in operating
cash flows in the statement of cash flows.
From the date of acquisition, SBG has contributed $4.2 million of revenue and $2.2 million to the profit before
income tax of the Company. If the combination had taken place at the beginning of the year, revenue would have
been $78.3 million of the Group and the loss before income tax for the Company would have been ($33.1 million).
As at the acquisition date the fair value of the deferred and contingent consideration was estimated to be $6.6
million.
UNLEASH POTENTIAL
90
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 36. FAIR VALUE
Financial assets and financial liabilities are recognized in the consolidated statement of financial position, 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.
The following table presents the Group’s financial assets and liabilities measured and recognized at fair value:
As at March 31, 2022
Notes
Level 1
(Quoted prices in active
markets)
Level 2
(Significant
observable inputs)
Level 3
(Significant
unobservable inputs)
Financial assets
Total financial assets
Financial liabilities
Other liabilities
Non-current other
liabilities
Total financial
Fair value hierarchy
17
-
-
-
-
-
-
-
-
-
-
1,225
1,225
All financial instruments for which fair value is recognized or disclosed are categorised within the fair value
hierarchy, based on the lowest level input that is significant to the fair value measurement as a whole, as follows:
•
•
•
Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities
Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable
Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable
For assets and liabilities that are recognized at fair value on a recurring basis, the Group determines whether
transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level
input that is significant to the fair value measurement as a whole) at the end of each reporting period.
Contingent consideration in relation to the SBG acquisition was classified as financial liability measured at fair value
at the date of acquisition and subsequently remeasured at the reporting date with changes in fair value recognized
in profit or loss. The Group has adopted the probability-weighted average payout approach associated with each
possible outcome to determine the fair value of the contingent consideration at the date of acquisition. The
significant unobservable inputs adopted by the Group were based on a combination of the entity’s key performance
indicators being achieved such as the number of Customers, Annualised Contract Value (“ACV”) and Multi Vertical
Customers with a range determined between 80% - 100% and the probability of achieving each of the possible
outcomes assessed. As at March 31, 2022, the group has remeasured the fair value of the contingent consideration.
Based on the sensitivity analysis performed, a 10% increase/(decrease) of the probability factor applied is not
expected to change the valuation significantly.
UNLEASH POTENTIAL
91
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
NOTE 37. OTHER EXPENSES
The following information relates to the Group’s other expenses:
Software costs
Recruitment costs
Insurance
Distributor commissions
Bad debt expense
Other expenses
Total
2022
US$'000
2021
US$,000
2,086
1,866
568
545
502
2,438
1,004
854
373
678
360
702
8,005
3,971
NOTE 38. EVENTS AFTER THE REPORTING PERIOD
No matter or circumstance has arisen since March 31, 2022, 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.
UNLEASH POTENTIAL
92
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
DIRECTORS’ DECLARATION
In the opinion of the Directors of Catapult Group International Ltd:
➔
the attached financial statements and notes set out on pages 34 to 92 are in accordance with the
Corporations Act 2001, including:
−
−
complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory
professional reporting requirements; and
giving a true and fair view of the consolidated entity’s financial position as at March 31, 2022 and of its
performance for the financial year ended on that date; and
there are reasonable grounds to believe that the Company 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 effect of the first bullet is that the financial statements also comply with International Financial Reporting
Standards as issued by the International Accounting Standards Board.
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 year ended March 31, 2022.
Signed in accordance with a resolution of Directors made pursuant to section 295(5)(a) of the Corporations Act
2001.
Dr Adir Shiffman
Executive Chairman
May 25, 2022
UNLEASH POTENTIAL
93
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
AUDITOR’S REPORT
UNLEASH POTENTIAL
94
A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Ernst & Young 8 Exhibition Street Melbourne VIC 3000 Australia GPO Box 67 Melbourne VIC 3001 Tel: +61 3 9288 8000 Fax: +61 3 8650 7777 ey.com/au Independent auditor’s report to the Members of Catapult Group International Ltd Report on the audit of the consolidated financial report Opinion We have audited the consolidated financial report of Catapult Group International Ltd and its subsidiaries (the Group), which comprise the consolidated statement of financial position as at 31 March 2022, and the consolidated statement of 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 consolidated financial position of the Group as at 31 March 2022 and of its consolidated financial 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 (including Independence Standards) (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. Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial report of the current year. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, but we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial report section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial report. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying financial report.
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
AUDITOR’S REPORT
UNLEASH POTENTIAL
95
A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation 1. Business acquisition Why significant How our audit addressed the key audit matter As disclosed in Note 35, effective 1 July 2021, the Group completed the acquisition of SBG Sports Software Limited (“SBG”) as part of executing its strategic plan to accelerate growth of the business. The Group raised equity funding through an institutional placement raising USD$35m (approx. AUD$47m) in share capital, a share purchase plan of USD$5m (approx. AUD$7m) and a director’s placement of USD$1.35m at $1.90 per share. The above transactions were significant and outside the normal course of business involving judgement. Additional consideration was required by the audit team to assess the accuracy and appropriateness of the acquisition accounting treatment adopted by management. The Group engaged an independent third party to perform a valuation of any identifiable intangible assets existing on acquisition date. The business combination was considered a key audit matter given the judgement required in the accounting for the acquisition, given the inclusion of complex arrangements (e.g. purchase consideration, remuneration based earn-out consideration in the Sale and Purchase Agreement, and recognition of identifiable intangible assets) which involved management’s significant judgement to determine the accounting estimates. Our audit procedures included the following: assessing the key terms, definitions and clauses of the Sale and Purchase Agreement; evaluating the accounting treatment of the deferred and contingent consideration in accordance with AASB 2 Share Based Payments and AASB 3 Business Combinations; testing the reconciliations in relation to the equity balances which included the completeness and accuracy of share capital accounts; testing of the additional share capital issued via the equity raise; testing the accounting treatment of any equity raising costs capitalised; testing the model and assumptions used in the fair value assessment of the remainder of the earn-out consideration applicable to the selling shareholders which is treated as a financial liability; assessing the appropriateness of the independent fair value assessment and identification of identifiable intangible assets, residual goodwill and associated deferred tax positions contained in the purchase price allocation accounting. We also engaged our valuation specialists to assist with this assessment; and considering the appropriateness of disclosures included the consolidated financial statements.
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
AUDITOR’S REPORT
UNLEASH POTENTIAL
96
A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation 2. Revenue recognition and contract liabilities Why significant How our audit addressed the key audit matter The Group has the following key revenue streams: Capital revenue Subscription and service revenue As disclosed in Note 7 to the consolidated financial report, the Group mainly generates subscription and service revenue from customers for the provision of access to software services, which may also contain the provision of associated hardware. The Group also generates other revenues through the sale of hardware video equipment which is recognised as capital revenue. The Group’s subscription and service revenue are accounted for as service contracts and the associated revenue is recognised over time. These contracts may be longer than 12 months in duration. Capital revenue is accounted for at a point in time, as and when the risks and rewards associated with the goods are transferred to the customer. Revenue recognition for these key revenue streams was considered a key audit matter due to the complexity and judgement contained in both short and long term contracts involving both Software as a Service (“SaaS”) and multi element arrangements. The revenue recognition for such arrangements can be complex and involve management judgement when identifying performance obligations within the subscription agreements, and allocating revenue to each obligation identified. Our audit procedures included the following: assessing whether the revenue recognition policy applied by the Group to the terms and conditions of the revenue transactions was in accordance with AASB 15 Revenues from Contracts with Customers; assessing whether the Group’s subscription agreement terms and conditions meet the definition of service contracts to be recognised over time; testing the operating effectiveness of controls over the capture, timing of revenue recognition and measurement of revenue transactions in relation to subscription and service revenue; for a sample of subscription and service revenue transactions, testing whether the revenue recognised was appropriate by understanding the revenue recognised based on the terms of the subscription agreements with customers and agreeing this to the associated contract liability balance recognised at the reporting date where appropriate; Performing a data correlation between the initial subscription and service contract liability to accounts receivable and cash, and between the contract liability and revenue. This included performing testing to supporting cash receipts on a sample of revenue transactions; for a sample of capital revenue transactions, testing invoices to proof of delivery and receipt of cash; and considered the adequacy of the revenue recognition policy disclosure contained in Note 4.
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
AUDITOR’S REPORT
UNLEASH POTENTIAL
97
A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation 3. Capitalisation of development costs Why significant How our audit addressed the key audit matter As disclosed in Note 14 to the consolidated financial statements, the Group capitalises costs related to the internal development of software products and related hardware. The carrying value of the capitalised assets at 31 March 2022 totalled $18.6m. The accounting for capitalised development involves management judgement, including: considering technical and commercial feasibility; the Group’s intention and ability to complete the intangible asset; future economic benefits to be generated by the asset; the ability of the Group to measure the costs reliably; and determining the useful lives for capitalised development costs. In addition, determining whether there is any indication of impairment of the carrying value of capitalised development costs requires judgement in making assumptions which are affected by future market or economic developments. This was considered a key audit matter given the significant judgement required in accounting for internal capitalised development costs, the value of these assets relative to total assets, the rapid technological and economic changes in the software industry, and the specific Australian Accounting Standards criteria that have to be met to enable costs incurred to be capitalised. Our audit procedures include the following: assessing the eligibility of the development costs for capitalisation as an intangible asset in accordance with AASB 138 Intangible Assets; selecting a sample of capitalised development costs by project and assessing whether the nature of projects and costs incurred were supported by underlying evidence such as employee time sheets, employee contracts and the appropriate allocation of costs to the projects; enquired of project managers and developers to understand development activities undertaken and the feasibility of completion, including any related assumptions, and reviewing project plan approvals and reporting; assessing whether the amortisation rates used were appropriate; considering whether there were any indicators of impairment, including project milestone assessments by management; and evaluation of the disclosures in Note 14 to the financial report. 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 Company’s 2022 annual report other than the financial report and our auditor’s report thereon. We obtained the directors’ report that is to be included in the annual report, prior to the date of this auditor’s report, and we expect to obtain the remaining sections of the annual report after the date of this auditor’s report. Our opinion on the financial report does not cover the other information and we do not and will not express any form of assurance conclusion thereon, with the exception of the Remuneration Report and our related assurance opinion. 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 on the other information obtained prior to the date of this auditor’s report, 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.
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
AUDITOR’S REPORT
UNLEASH POTENTIAL
98
A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation 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 relating 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. 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. As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
AUDITOR’S REPORT
UNLEASH POTENTIAL
99
A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the financial report. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion. We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated to the directors, we determine those matters that were of most significance in the audit of the financial report of the current year and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on the Audit of the Remuneration Report Opinion on the Remuneration Report We have audited the Remuneration Report included in pages 19 to 33 of the Directors’ Report for the year ended 31 March 2022. In our opinion, the Remuneration Report of Catapult Group International Ltd for the year ended 31 March 2022, 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. Ernst & Young Ashley Butler Partner Melbourne 25 May 2022
CATAPULT GROUP INTERNATIONAL LTD
2022 FULL YEAR FINANCIAL REPORT
CORPORATE DIRECTORY
REGISTERED OFFICE
Catapult Group International Ltd ABN 53 164 301 197
75 High Street, Prahran, VIC 3181, Australia
Telephone: +61 (0)3 90958401
COMPANY SECRETARY
Jonathan Garland
General Counsel and Company Secretary
SHAREHOLDER ENQUIRIES:
Share Registry
Link Market Services Limited
Postal Address
Locked Bag A14
Sydney South NSW 1235
Australian Telephone: 1300 554 474
International Telephone: +61 1300 554 474
Fax: 02 9287 0303
linkmarketservices.com.au
Investor Relations
Investor.relations@catapultsports.com
+61 400 400 380
AUDITOR
Ernst & Young
8 Exhibition Street, Melbourne
VIC 3000, Australia
SECURITIES EXCHANGE LISTING
Catapult Group International Ltd’s shares are listed on the Australian Securities Exchange (ticker: CAT)
WEBSITE
www.catapultsports.com
FIND US HERE
instagram.com/catapultsports/
linkedin.com/company/catapultsports
twitter.com/catapultsports
facebook.com/catapultsports/
youtube.com/user/catapultSports
UNLEASH POTENTIAL
100
C A T A P U L T S P O R T S . C O M