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LeoVegas AB: Amortisation of acquired intangible assets
LeoVegas updates the amortisation schedules for intangible assets related to acquisitions. The amortisation rate for the customer database in Royal Panda changes to be in line with other acquisitions.
In connection with the acquisition of Royal Panda, a preliminary purchase price allocation (“PPA”) was prepared, identifying a fair value of EUR 30.5 million for the customer database. Royal Panda was consolidated on November 1, 2017. The customer database in Royal Panda was initially amortised on a linear schedule of two years.
Upon acquisition of the assets of IPS (hereinafter “Rocket X”), a preliminary PPA was made, with surplus values of EUR 12.2 million identified for the customer database.
In connection with the preparation of the preliminary PPA for Rocket X, a deep analysis of customer behaviour for Rocket X was made all while LeoVegas continued to monitor customer behaviour at Royal Panda. The conclusion of this analysis is that the total useful life of a customer database extends over a period longer than two years, which the amortisation schedule should reflect.
The useful life period for the customer database in Rocket X is in total 45 months, where we apply a regressive model. In the first three months amortisation is higher, because the value initially decreases faster. Thereafter, the customer database is amortised with a linear rate corresponding to four years. Thus, the useful life of the Royal Panda customer database is changed from two years to be amortised according to the same principles as for the customer database in Rocket X. This reflects the forecasted useful life for how the acquired customer database will generate cash flow to the Group. A PPA is preliminary until it is finalised, but no later than one year from the date of acquisition.
Based on an exchange rate of GBP 1.133 / EUR, total amortisation related to acquired intangible assets in the Group will correspond to the below table. These figures include all identified surplus values for the LeoVegas Group acquisitions (Winga, Royal Panda, CasinoGrounds, Rocket X).
Total amortisation related to acquired intangible assets
|
|
2018 |
2019 |
|
Q1’18 |
Q2’18 |
Q3’18 |
Q4’18 |
|
MEUR |
17.5 |
16.4 |
4.6 |
4.6 |
4.1 |
4.1 |
Kambi Group plc (“Kambi”) has during the period 6 November to 12 November 2024 (the “Buyback Period”) repurchased a total of 54,000 ordinary B shares (ISIN: MT0000780107) as part of the share buyback programme, within the mandate approved at the Extraordinary General Meeting on 20 June 2024 (the “Programme”).
The objective of the Programme is to achieve added value for Kambi´s shareholders and to give the Board increased flexibility with Kambi´s capital structure by reducing the capital. The Programme is being carried out in accordance with the Maltese Companies Act, EU Market Abuse Regulation No 596/2014 (“MAR”) and other applicable rules.
From the beginning of the Programme, which started on 6 November, until and including 12 November 2024, Kambi has repurchased a total of 54,000 ordinary B shares at a volume-weighted average price of 111.87 SEK per share.
During the Buyback Period, Kambi has repurchased shares as follows:
| Date | Aggregated daily volume (number of ordinary B shares) |
Weighted average share price per day (SEK) |
Total daily transaction value (SEK) |
| 6 November 2024 | 14,000 | 117.27 | 1,641,822 |
| 7 November 2024 | 10,000 | 115.17 | 1,151,709 |
| 8 November 2024 | 10,000 | 110.08 | 1,100,826 |
| 11 November 2024 | 10,000 | 107.82 | 1,078,240 |
| 12 November 2024 | 10,000 | 106.81 | 1,068,130 |
All acquisitions have been carried out on Nasdaq First North Growth Market in Stockholm by Carnegie Investment Bank AB on behalf of Kambi. Following the acquisitions and as of 12 November 2024, Kambi’s holding of its own shares amounted to 1,428,678 and the total number of issued shares in Kambi is 31,278,297 ordinary B shares. Under the Programme Kambi is authorised to repurchase a maximum of 3,127,830 ordinary B shares, up to a maximum amount of €12.0 million.
A full breakdown of all transactions carried out during the Buyback Period is attached to this announcement.
Information on the Programme is available on Kambi’s website, kambi.com/investors/share-information/
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Growe Partners, an affiliate program, which has skyrocketed its performance in the iGaming industry in just a year, has received yet another recognition as the Best Affiliate Program at the SiGMA Europe Awards 2024.
The ceremony took place in Valletta, Malta on Nov, 12th, and the victory was achieved through a combination of public votes on the award page and evaluations by a distinguished jury panel.
In just a year Growe Partners has rightfully reserved a place amongst industry leaders, who have been in the game for a lot longer, and as they say themselves — they are not going anywhere. Today Growe Partners is a network with over 32 thousand partners, operating in more than 10 locations worldwide.
“This achievement reflects our commitment to investing in our people, our partners, our ideas, and continuously implementing new innovative approaches. We are proud of the strong team we have built, which is always on the lookout for ways to develop and better themselves. And whose dedication resulted in this victory.
With winning this award we would like to once again emphasize that everything is possible in our industry if you set the right goal and work hard for it.” , — commented Dima Mariievskyi, Head of Growe Partners.
Kambi Group plc repurchase of shares during 6 November – 12 November 2024
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