REG - Burford Capital Ltd - Interim Results for six months ended 30 June 2022

Burford CapitalAnnouncement

09/08/2022 12:00

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RNS Number : 4301V  Burford Capital Limited  09 August 2022

 

 

9 August 2022

 

 

BURFORD CAPITAL REPORTS FIRST HALF 2022 RESULTS

 

Burford Capital Limited, the leading global finance and asset management firm
focused on law, today announces its financial results for the six months ended
June 30, 2022 ("1H 2022").(1) The Burford Capital 2022 Interim Report,
including financial statements (the "2022 Interim Report"), is available at
http://www.rns-pdf.londonstockexchange.com/rns/4301V_1-2022-8-9.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/4301V_1-2022-8-9.pdf) or on
the Burford Capital website at www.burfordcapital.com/shareholders
(http://www.burfordcapital.com/shareholders) . In addition, a financial data
supplement will be available on the Burford Capital website at the same URL.

 

Christopher Bogart, Chief Executive Officer of Burford Capital, commented:

 

"The first half of 2022 saw substantial progress towards what we envision as a
robust post-Covid-19 pandemic future for Burford. Court activity gradually
resumed, and despite backlogs we started to see progress in a number of
pending matters, translating into a 31% increase in consolidated capital
provision income. Notably, we saw a positive development in a matter in July -
not reflected in our first half numbers - that should generate more than $50
million in consolidated profit in the second half of 2022. Even with slow
realizations, we generated more than enough cash to cover our current expenses
and interest payments.

 

"Our operating income rose sharply, to $52 million consolidated and $27
million Burford-only, and would have been higher still but for some non-cash
accounting impacts. We raised over $1 billion Group-wide in new capital for
deployment and extended our sovereign wealth fund arrangement while capturing
a greater share of assets for equity shareholders. We continued to write a
substantial amount of new business, setting a Burford-only first half record
notwithstanding the legal world's slow return to normalcy. The YPF cases are
now fully briefed and awaiting court resolution. Economic challenges and
disruptions of the sort now being witnessed across the global economy tend to
be good for our business."

 

(1) All figures in this announcement are unaudited and presented on a
consolidated basis in accordance with the generally accepted accounting
principles in the United States ("US GAAP"), unless otherwise stated.
Definitions, reconciliations and information additional to those set forth in
this announcement are available on the Burford Capital website and in the 2022
Interim Report.

 

 

1H 2022 Highlights

 

 New business

 Burford-only capital provision-direct, reflecting assets capable of generating
 our highest profits for equity shareholders

 •            Record 1H 2022 new commitments of $295 million (1H 2021: $284 million)
 •            Deployments of $122 million (1H 2021: $214 million); does not include
              forthcoming $64 million deployment from June 2022 new commitment awaiting
              satisfaction of funding conditions(1)

 Group-wide data to show overall activity levels albeit with varying
 contributions to profitability

 •            New commitments of $445 million (1H 2021: $527 million, which includes
              one-time low-fee $100 million sidecar arrangement with our sovereign wealth
              fund partner that was not repeated in 2022)
 •            New deployments of $260 million (1H 2021: $434 million); does not include
              forthcoming $85 million deployment from June 2022 commitment awaiting
              satisfaction of funding conditions(1)

              (1) This represents expected near-term deployment for a law firm portfolio
              commitment made on June 30, 2022; the deployment is contractually required
              subject to the satisfaction of certain funding conditions.

 Portfolio and liquidity

 •            Group-wide portfolio grew to $5.5 billion at June 30, 2022 (December 31, 2021:
              $5.1 billion), driven by new commitments
 •            Cumulative return on invested capital since inception from Burford-only
              capital provision-direct assets remained consistent at 92% (December 31, 2021:
              93%); IRR of 30% (December 31, 2021: 30%)
 •            Significant external capital raising activity in 1H 2022 with more than $1
              billion raised
 o                                                      $360 million via Rule 144A/Regulation S private placement of 6.875% senior
                                                        notes due 2030
 o                                                      $300 million from limited partners for new pre-settlement fund, the Burford
                                                        Advantage Fund
 o                                                      $350 million from limited partners for new post-settlement fund, Burford
                                                        Alternative Income Fund II
 •            Burford-only liquidity of $430 million at June 30, 2022 (December 31, 2021:
              $315 million)

 Income

 •            Total revenues of $106 million (1H 2021: $92 million) included capital
              provision income of $110 million (1H 2021: $84 million), up 31% from 1H 2021,
              reflecting a higher level of ongoing case activity and portfolio progression,
              as Covid-19 pandemic-related disruption started to ease
 •            Burford-only capital provision-direct realized gains of $27 million (1H 2021:
              $77 million, reflecting outsized matter in 2021)
 o                                                      In July 2022, we saw a positive development in a matter that should generate
                                                        more than $50 million in consolidated profit in 2H 2022
 •            Annualized Burford-only capital provision-direct realized loss rate in 1H 2022
              of only 0.5% of average portfolio at cost (2021: 0.8%), likely reflective of
              slow court processes
 •            Operating income of $52 million (1H 2021: $7 million), with the significant
              increase from 1H 2021 arising from (i) higher capital provision income and
              (ii) lower operating expenses due primarily to an outsized legacy asset
              recovery charge in 1H 2021
 •            Net income of $3.5 million (1H 2021: net loss $20m) would have been more than
              $25 million higher without foreign exchange, cash management and tax non-cash
              charges. In 2021, our $19.9m net loss would not have been materially affected
              by any of these items. Moreover, if the foreign exchange benefit of our
              Sterling bonds were moved "above the line" this period, that would have added
              a further $35 million to net income (vs. a $9m deduction in 2021)
 •            Net loss attributable to Burford Capital Limited shareholders improved to $22
              million (1H 2021: $29 million)
 o                                                      Net loss per ordinary and diluted share of $0.10 (1H 2021: $0.13)

 Capital

 •            Total shareholders' equity attributable to Burford Capital Limited remained
              steady at $1.6 billion at June 30, 2022 and December 31, 2021
 o                                                      Total shareholders' equity attributable to Burford Capital Limited of $7.09
                                                        per ordinary share at June 30, 2022 (December 31, 2021: $7.08 per share)
 o                                                      Tangible book value attributable to Burford Capital Limited (non-GAAP) of
                                                        $6.48 per ordinary share at June 30, 2022 (December 31, 2021: $6.47 per share)
 •            Declared interim 2022 dividend of 6.25¢ per ordinary share payable on
              December 1, 2022 to shareholders of record on November 4, 2022, with an
              ex-dividend date of November 3, 2022

              (2) Tangible book value attributable to Burford Capital Limited per ordinary
              share is a non-GAAP financial measure and should not be considered as a
              substitute for, or superior to, financial measures calculated in accordance
              with US GAAP. See "Reconciliation of tangible book value attributable to
              Burford Capital Limited per ordinary share" below for a reconciliation of
              tangible book value per ordinary share to total Burford Capital Limited
              equity, the most comparable measure calculated in accordance with US GAAP.

 

Investor and Analyst Conference Call

 

Burford will host a conference call for investors and analysts at 10.00am EDT
/ 3.00pm BST / 4.00pm CEST on Tuesday, August 9, 2022.

 

Burford encourages investors and analysts to pre-register for dedicated audio
webcast access via:
https://www.investis-live.com/burfordcapital/62d908ef299ad30e00fc8ea2/rghu
(https://protect-us.mimecast.com/s/aI5_C82lv3U66gzJTnYBi2?domain=investis-live.com)
.

 

The dial-in number for the results call is +1 646 664-1960 (US local) / +44
(0)20 3936 2999 (UK local) / +44 (0)20 3936 2999 (all other locations) and the
access code is 900462. To minimize the risk of delayed access, participants
who have not pre-registered are urged to dial into the results call by 9.45am
EDT / 2.45pm BST / 3.45pm CEST.

 

An accompanying interim 2022 results presentation for investors and analysts
will also be made available on the Burford Capital website:
http://www.burfordcapital.com/shareholders
(http://www.burfordcapital.com/shareholders) .

 

Following the results call, a replay facility will be available until Tuesday,
August 23, 2022, by dialling +1 845 709-8569 (US local) / +44 (0)20 3936 3001
(UK local) / +44 (0)20 3936 3001 (all other locations) and using the replay
access code 754450.

 

Summary Financial Statements and Reconciliations

 

The tables below set forth summaries of the condensed consolidated and
Burford-only statements of operations for the six months ended June 30, 2022
and 2021, the condensed consolidated and Burford-only statements of financial
position at June 30, 2022 and December 31, 2021 and corresponding
reconciliations from consolidated to Burford-only financial results.

 

Summary condensed consolidated statements of operations

 

                                                                           For the Six Months Ended June 30,
 ($ in thousands)                                                          2022                        2021

 Capital provision income                                                  110,278                     84,428
 Asset management income                                                   5,508                       4,329
 Services and other income                                                 (9,874)                     3,132

 Total revenues                                                            105,912                     91,889

 Total operating expenses                                                  54,188                      84,644

 Operating income                                                          51,724                      7,245

 Finance costs and loss on debt extinguishment                             37,477                      27,262
 Foreign currency transactions losses                                      3,024                       396

 Income/(loss) before income taxes                                         11,223                      (20,413)

 (Provision for)/benefit from income taxes                                 (7,725)                     559

 Net income/(loss)                                                         3,498                       (19,854)

 Net loss attributable to Burford Capital Limited shareholders             (21,501)                    (28,590)

 Net loss attributable to Burford Capital Limited per ordinary share:
 Basic                                                                     $(0.10)                     $(0.13)
 Diluted                                                                   $(0.10)                     $(0.13)

 

 

 

Summary Burford-only statements of operations

 

                                                                    For the Six Months Ended June 30,
 ($ in thousands)                                                   2022                                 2021

 Capital provision income                                           73,775                      66,433
 Asset management income                                            17,022                      11,722
 Services and other income                                          (10,885)                    2,736

 Total revenues                                                     79,912                      80,891

 Total operating expenses                                           53,190                      82,382

 Operating income/(loss)                                            26,722                      (1,491)

 Finance costs and loss on debt extinguishment                      37,477                      27,262
 Foreign currency transactions losses                               3,021                       396

 Income/(loss) before income taxes                                  (13,776)                    (29,149)

 (Provision for)/benefit from income taxes                          (7,725)                     559

 Net income/(loss)                                                  (21,501)                    (28,590)

 Net loss attributable to Burford Capital Limited shareholders      (21,501)                    (28,590)

 Net loss per share:
 Basic                                                              $(0.10)                     $(0.13)
 Diluted                                                            $(0.10)                     $(0.13)

 

 

 

Reconciliation of summary condensed consolidated statements of operations to
summary Burford-only statements of operations

 

                                                                For the Six Months Ended June 30, 2022
 ($ in thousands)                                               Consolidated  Strategic Value Fund  BOF-C     Colorado  Advantage Fund  Other    Burford-only

 Capital provision income                                       110,278       (2,277)               (24,822)  1,368     (820)           (9,952)  73,775
 Asset management income                                        5,508         218                   11,296    -         -               -        17,022
 Services and other income                                      (9,874)       -                     -         (1,380)   -               369      (10,885)

 Total revenues                                                 105,912       (2,059)               (13,526)  (12)      (820)           (9,583)  79,912

 Total operating expenses                                       54,188        (702)                 62        (12)      (241)           (105)    53,190

 Operating income                                               51,724        (1,357)               (13,588)  -         (579)           (9,478)  26,722

 Finance costs and loss on debt extinguishment                  37,477        -                     -         -         -               -        37,477
 Foreign currency transactions (losses)                         3,024         -                     -         -         -               (3)      3,021

 Income/(loss) before income taxes                              11,223        -                     -         -         -               -        (13,776)

 Provision for income taxes                                     (7,725)       -                     -         -         -               -        (7,725)

 Net income/(loss)                                              3,498         (1,357)               (13,588)  -         (579)           (9,475)  (21,501)

 Net income attributable to non-controlling interests           24,999        (1,357)               (13,588)  -         (579)           (9,475)  -

 Net loss attributable to Burford Capital Limited shareholders  (21,501)      -                     -         -         -               -        (21,501)

 

 

Summary condensed consolidated statements of financial position

 

                                                                                   At
 ($ in thousands)                                                                   June 30, 2022               December 31, 2021

 Total assets                                                                      3,845,340            3,524,706

 Total liabilities                                                                 1,813,521            1,584,016

 Total Burford Capital Limited equity                                              1,550,410            1,551,790

 Non-controlling interests                                                         481,409              388,900

 Total shareholders' equity                                                        2,031,819            1,940,690

 Total shareholders' equity attributable to Burford Capital Limited per basic      $7.09                $7.08
 ordinary share
 Total shareholders' tangible equity attributable to Burford Capital Limited       $6.48                $6.47
 per basic ordinary share

 

 

Reconciliation of summary condensed consolidated statements of financial
position to summary Burford-only statements of financial position

 

                             At June 30, 2022
 ($ in thousands)            Consolidated  Strategic Value Fund      BOF-C  Colorado   Advantage Fund  Other     Burford-only

 Total assets                3,845,340     (12,292)     (399,733)           (381,797)  (15,699)        (70,540)  2,965,279

 Total liabilities           1,813,521     (255)        (4,098)             (381,797)  (131)           (12,371)  1,414,869

 Total shareholders' equity  2,031,819     (12,037)     (395,635)           -          (15,568)        (58,169)  1,550,410

 

 

Reconciliation of tangible book value attributable to Burford Capital Limited
per ordinary share

 

The tables below set forth the reconciliations of tangible book value
attributable to Burford Capital Limited per ordinary share to total Burford
Capital Limited equity, the most comparable measure calculated in accordance
with US GAAP, at June 30, 2022 and December 31, 2021.

 

 At June 30, 2022
 ($ in thousands, except share data)                                                                                Comment
 Total Burford Capital Limited equity                                                       1,550,410               Condensed consolidated statements of financial position
    less: Goodwill                                                                          (133,919)               Condensed consolidated statements of financial position
 Tangible book value attributable to Burford Capital Limited                                1,416,491

 Basic ordinary shares outstanding                                                          218,581,877             Condensed consolidated statements of operations

 Tangible book value attributable to Burford Capital Limited per ordinary share             6.48                    Tangible book value attributable to Burford Capital Limited divided by basic
                                                                                                                    weighted average ordinary shares outstanding

 

 At December 31, 2021
 ($ in thousands, except share data)                                                                                Comment
 Total Burford Capital Limited equity                                                       1,551,790               Condensed consolidated statements of financial position
    less: Goodwill                                                                          (134,019)               Condensed consolidated statements of financial position
 Tangible book value attributable to Burford Capital Limited                                1,417,771

 Basic ordinary shares outstanding                                                          219,049,877             Condensed consolidated statements of operations

 Tangible book value attributable to Burford Capital Limited per ordinary share             6.47                    Tangible book value attributable to Burford Capital Limited divided by basic
                                                                                                                    weighted average ordinary shares outstanding

 

 

Definitions and Use of Non-GAAP Financial Measures and Alternative Performance
Measures

 

Burford reports its financial results in accordance with US GAAP. US GAAP
requires us to present financial statements that consolidate some of the
limited partner interests in funds we manage as well as assets held on our
balance sheet where we have a partner or minority investor. We therefore refer
to various presentations of our financial results as follows:

 

 •            Consolidated refers to assets, liabilities and activities that include those
              third-party interests, partially owned subsidiaries and special purpose
              vehicles that we are required to consolidate under US GAAP. At the date of
              this announcement, the major entities where there is also a third-party
              partner in, or owner of, those entities include BCIM Strategic Value Master
              Fund, LP, Burford Opportunity Fund C LP, Burford Advantage Master Fund LP,
              Colorado Investments Limited ("Colorado") and several other entities in which
              Burford holds investments where there is also a third-party partner in, or
              owner of, those entities.
 •            Burford-only refers to assets, liabilities and activities that pertain only to
              Burford on a proprietary basis, excluding any third-party interests and the
              portions of jointly owned entities owned by others.
 •            Group-wide refers to the totality of assets managed by Burford, including
              those portions of the funds owned by third parties and including funds that
              are not consolidated into Burford's condensed consolidated financial
              statements. Group-wide is therefore the sum of Burford-only and
              non-controlling interests in consolidated and non-consolidated funds.
              Group-wide does not include third-party interests in capital provision assets,
              the economics of which have been sold to those third parties, that do not meet
              the criteria to be recognized as a sale under US GAAP. This includes the
              third-party interests in Colorado and other capital provision asset
              subparticipations.

 

We subdivide our capital provision assets into two categories:

 

 •            Direct, which includes all of our capital provision assets that we have
              originated directly (i.e., not through participation in a fund) from our
              balance sheet. We also include direct (i.e., not through participation in a
              fund) complex strategies assets in this category.
 •            Indirect, which includes our balance sheet's participations in two of our
              funds (i.e., BCIM Strategic Value Master Fund, LP and Burford Advantage Master
              Fund LP).

 

We also use certain unaudited alternative performance measures, including:

 

 •            Internal Rate of Return ("IRR") is a discount rate that makes the net present
              value of a series of cash flows equal to zero and is expressed as a percentage
              figure. We compute IRR on concluded (including partially concluded) legal
              finance assets by treating that entire portfolio (or, when noted, a subset
              thereof) as one undifferentiated pool of capital and measuring actual and, if
              necessary, estimated inflows and outflows from that pool, allocating
              investment cost appropriately. IRRs do not include unrealized gains.
 •            Return on invested capital ("ROIC") from a concluded asset is the absolute
              amount of realizations from such asset in excess of the amount of expenditure
              incurred in funding such asset divided by the amount of expenditure incurred,
              expressed as a percentage figure. ROIC is a measure of our ability to generate
              absolute returns on our assets. Some industry participants express returns on
              a multiple of invested capital ("MOIC") instead of a ROIC basis. MOIC includes
              the return of capital and, therefore, is 1x higher than ROIC. In other words,
              70% ROIC is the same as 1.70x MOIC.

 

Other unaudited alternative performance measures and terms we use include:

 

 •            Commitment is the amount of financing we agree to provide for a legal finance
              asset. Commitments can be definitive (requiring us to provide funding on a
              schedule or, more often, when certain expenses are incurred) or discretionary
              (allowing us to provide funding after reviewing and approving a future
              matter). Unless otherwise indicated, commitments include deployed cost and
              undrawn commitments.
 •            Deployment refers to the funding provided for an asset, which adds to our
              invested cost in such asset.
 •            Deployed cost is the amount of funding we have provided for an asset at the
              applicable point in time.
 •            Realization: A legal finance asset is realized when the asset is concluded
              (i.e., when litigation risk has been resolved). A realization will result in
              us receiving cash or, occasionally, non-cash assets or recognizing a due from
              settlement receivable, reflecting what we are owed on the asset.
 •            Realized gain / loss reflects the total amount of gain or loss generated by a
              legal finance asset when it is realized, calculated simply as realized
              proceeds less deployed cost, without regard for any previously recognized fair
              value adjustment.
 •            Unrealized gain / loss represents the fair value of our assets over or under
              their funded cost, as determined in accordance with the requirements of the
              applicable US GAAP standards, for the relevant financial reporting period
              (condensed consolidated statement of operations and comprehensive income) or
              cumulatively (condensed consolidated statement of financial position).
 •            YPF-related assets refers to our Petersen and Eton Park legal finance assets,
              which are two claims relating to Argentina's nationalization of YPF S.A., the
              Argentine energy company.

 

We also use certain non-GAAP financial measures, including:

 

 •            Tangible book value attributable to Burford Capital Limited per ordinary share
              is calculated by subtracting intangible assets (such as goodwill) from total
              Burford Capital Limited equity and dividing the difference by the total number
              of outstanding ordinary shares. Tangible book value attributable to Burford
              Capital Limited per ordinary share is a non-GAAP financial measure and should
              not be considered as a substitute for, or superior to, financial measures
              calculated in accordance with US GAAP. The most directly comparable US GAAP
              measure is total Burford Capital Limited equity as set forth in our condensed
              consolidated statements of financial position. We believe that tangible book
              value attributable to Burford Capital Limited per ordinary share is an
              important measure of our financial condition and is useful to management and
              investors when assessing capital adequacy and our ability to generate earnings
              on tangible equity invested by our shareholders.

 

For additional information, including reconciliations of our non-GAAP
financial measures to the most directly comparable US GAAP measures and
reconciliations of our alternative performance measures, see our interim
report on the Form 6-K for the six months ended June 30, 2022 filed with the
US Securities and Exchange Commission on August 9, 2022 and made available on
our website at www.burfordcapital.com/shareholders
(http://www.burfordcapital.com/shareholders) . Non-GAAP financial measures
should not be considered as a substitute for, or superior to, financial
measures calculated in accordance with US GAAP.

 

 

For further information, please contact:

 

 Burford Capital Limited
 For investor and analyst inquiries:
 Robert Bailhache, Head of Investor Relations, EMEA and Asia - email  +44 (0)20 3530 2023
 (mailto:rbailhache@burfordcapital.com)
 Jim Ballan, Head of Investor Relations, Americas - email             +1 (646) 793 9176
 (mailto:JBallan@burfordcapital.com)
 For press inquiries:
 David Helfenbein, Vice President, Public Relations - email           +1 (212) 235 6824
 (mailto:dhelfenbein@burfordcapital.com)

 Numis Securities Limited - NOMAD and Joint Broker                    +44 (0)20 7260 1000
 Giles Rolls
 Charlie Farquhar

 Jefferies International Limited - Joint Broker                       +44 (0)20 7029 8000
 Graham Davidson
 Tony White

 

About Burford Capital

Burford Capital is the leading global finance and asset management firm
focused on law. Its businesses include litigation finance
(https://www.burfordcapital.com/media-room/) and risk management, asset
recovery and a wide range of legal finance and advisory activities. Burford is
publicly traded on the New York Stock Exchange (NYSE: BUR) and the London
Stock Exchange (LSE: BUR), and it works with companies and law firms around
the world from its principal offices in New York, London, Chicago, Washington,
DC, Singapore, Sydney and Hong Kong.

 

For more information, please visit www.burfordcapital.com
(http://www.burfordcapital.com) .

 

 

This communication shall not constitute an offer to sell or the solicitation
of an offer to buy any ordinary shares or other securities of Burford.

 

This release does not constitute an offer of any Burford fund. Burford Capital
Investment Management LLC, which acts as the fund manager of all Burford
funds, is registered as an investment adviser with the US Securities and
Exchange Commission. The information provided herein is for informational
purposes only. Past performance is not indicative of future results. The
information contained herein is not, and should not be construed as, an offer
to sell or the solicitation of an offer to buy any securities (including,
without limitation, interests or shares in the funds). Any such offer or
solicitation may be made only by means of a final confidential private
placement memorandum and other offering documents.

 

Forward-looking statements

This announcement contains "forward-looking statements" within the meaning of
Section 21E of the US Securities Exchange Act of 1934, as amended, regarding
assumptions, expectations, projections, intentions and beliefs about future
events. These statements are intended as "forward-looking statements". In some
cases, predictive, future-tense or forward-looking words such as "aim",
"anticipate", "believe", "continue", "could", "estimate", "expect",
"forecast", "guidance", "intend", "may", "plan", "potential", "predict",
"projected", "should" or "will" or the negative of such terms or other
comparable terminology are intended to identify forward-looking statements,
but are not the exclusive means of identifying such statements. In addition,
we and our representatives may from time to time make other oral or written
statements which are forward-looking statements, including in our periodic
reports that we file with, or furnish to, the US Securities and Exchange
Commission (the "SEC"), other information sent to our security holders and
other written materials. By their nature, forward-looking statements involve
known and unknown risks, uncertainties and other factors because they relate
to events and depend on circumstances that may or may not occur in the future.
We caution you that forward-looking statements are not guarantees of future
performance and are based on numerous assumptions, expectations, projections,
intentions and beliefs and that our actual results of operations, including
our financial position and liquidity, and the development of the industry in
which we operate may differ materially from (and be more negative than) those
made in, or suggested by, the forward-looking statements contained in this
announcement. Significant factors that may cause actual results to differ from
those we expect include those discussed under "Risk Factors" in our annual
report on Form 20-F filed with the SEC on March 29, 2022, our interim report
on Form 6-K filed with the SEC on August 9, 2022 and other reports or
documents that we file with, or furnish to, the US Securities and Exchange
Commission from time to time. In addition, even if our results of operations,
including our financial position and liquidity, and the development of the
industry in which we operate are consistent with the forward-looking
statements contained in this announcement, those results of operations or
developments may not be indicative of results of operations or developments in
subsequent periods.

 

Except as required by law, we undertake no obligation to update or revise the
forward-looking statements contained in this announcement, whether as a result
of new information, future events or otherwise.

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