Source - LSE Regulatory
RNS Number : 8740G
Burford Capital Limited
14 March 2024
 

 

 

March 14, 2024

 

 

Burford Capital Reports Record 2023 Results

 

Burford Capital Limited ("Burford"), the leading global finance and asset management firm focused on law, today announces its fourth quarter and full year 2023 results.

 

In addition, Burford has made available an accompanying fourth quarter and full year 2023 results presentation, a shareholder letter and capital provision-direct and capital provision-indirect asset data tables on its website at http://investors.burfordcapital.com.

 

 

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

"Burford had an extraordinary year. Our earnings per share rose 19x to $2.74, driven by a tripling of consolidated total revenues to $1.1 billion in 2023 due to significant growth in capital provision income, with and without our YPF-related assets. We achieved a Burford-only net income margin of 63%. With the courts fully back in business, we had an active year and we anticipate further substantial levels of activity in 2024 and 2025. Increased portfolio velocity was reflected in record core legal finance realizations, cash receipts and realized gains, as well as sizeable unrealized gains arising from the portfolio moving forward. Our ROTE soared to 32% in 2023 from 2% in 2022, and we increased tangible book value by 34% to $9.85."

 

Consolidated financial results (unaudited)

 

Summary statements of operations

 

Years ended

December 31,

 

Three months ended

December 31,

Consolidated (US GAAP)

($ in thousands, except per share data)

2023

2022

% change

 

2023

2022

% change

Capital provision income

1,341,923

319,108

321%


325,810

165,942

96%

Asset management income

7,642

9,116

-16%


1,875

2,025

-7%

Total revenues

1,086,902

319,227

240%


292,573

161,336

81%

Operating expenses

271,236

124,272

118%


120,237

42,126

185%

Net income/(loss) attributable to Burford Capital Limited shareholders

610,522

30,506

1,901%


100,095

81,914

22%

 

Per diluted ordinary share

2.74

0.14

1,857%


0.45

0.37

22%

 









 

 








Summary statements of financial position

Consolidated (US GAAP)

($ in thousands, except per share data)

December 31, 2023

December 31, 2022

% change

Capital provision assets

5,045,388

3,735,556

35%

Total Burford Capital Limited equity

2,290,858

1,742,584

31%

 

Book value per ordinary share

10.46

7.97

31%

Non-controlling interests

916,922

644,486

42%

Total shareholders' equity

3,207,780

2,387,070

34%

Total liabilities and shareholders' equity

5,837,394

4,288,359

36%

 





 





In this announcement, references to "FY23"and "FY22" are to Burford's financial results for the years ended December 31, 2023 and 2022, respectively. All figures in this announcement are presented on a preliminary and unaudited 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 Burford's website at http://investors.burfordcapital.com.

 

Burford-only operational and financial review (non-GAAP)

 

Selected metrics1

 

Years ended December 31,

 

Three months ended December 31,

Burford-only (non-GAAP)

($ in thousands)

2023

2022

% change

 

2023

2022

% change

Realized gains

186,443

133,357

40%


62,904

70,487

-11%

Realizations

496,216

350,209

42%


222,115

157,729

41%

Cash receipts2

489,209

327,986

49%


109,477

98,514

11%

Deployments

382,195

457,106

-16%


77,763

181,687

-57%

New commitments

691,086

726,273

-5%


242,404

325,705

-26%

1 Represents Burford-only capital provision-direct, unless noted otherwise.

2 Represents Burford-only proceeds from capital provision-direct, capital provision-indirect and asset management and other services.

 

Group-wide (non-GAAP)

($ in thousands)

December 31, 2023

December 31, 2022

% change

Total portfolio

7,170,308

6,146,871

17%

 





 

§

Realized gains in FY23 up 40% to $186 million from the prior year (FY22: $133 million), with no contribution from the YPF-related assets

§

Realizations in FY23 up 42% to $496 million (FY22: $350 million)

Continued strength in realizations in FY23 reflects increased portfolio velocity, as the case backlog in the courts continues to clear

§

Cash receipts in FY23 up 49% to $489 million (FY22: $328 million)

Cash receipts in FY23 meaningfully exceeded total operating expenses and finance costs

§

Deployments in FY23 down 16% to $382 million (FY22: $457 million)

Current vintage year Burford-only capital provision-direct deployments were ~40% of 2023 total compared to ~60% in 2022 - this is simply a business mix variation as 2022 had more monetizations and the rapid settlement of a large 2023 matter, producing 37% IRR, meant there was a $100 million of available commitment not deployed

§

New commitments in FY23 up 4% to $1.2 billion on a group-wide basis (FY22: $1.2 billion)

However, capital provision-direct new commitments on Burford-only basis down 5% to $691 million as BOF-C took a larger share of new commitments (FY22: $726 million)

§

Group-wide total portfolio increased 17% to $7.2 billion at December 31, 2023 (December 31, 2022: $6.1 billion), due to significant fair value gains and growth in deployments and undrawn commitments

 

Selected financial metrics

 

Years ended

December 31,

 

Three months ended

December 31,

Burford-only (non-GAAP)

($ in thousands, except per share data)

2023

2022

% change

 

2023

2022

% change

Total revenues

976,542

250,605

290%


250,615

143,173

75%

Operating expenses

268,538

122,696

119%


118,161

41,751

183%

Operating income/(loss)

708,004

127,909

454%


132,454

101,422

31%

Net income/(loss)

610,522

30,506

1901%


100,095

81,914

22%

 








Burford-only (non-GAAP)

($ in thousands, except per share data)

December 31, 2023

December 31, 2022

$ change

% change

Tangible book value attributable to Burford Capital Limited

2,156,893

1,608,672

548,221

34%

 

Tangible book value attributable to Burford Capital Limited per ordinary share

9.85

7.36

2.49

34%

 






 

§

Total revenues in FY23 of $977 million (FY22: $251 million) were a driver of significant earnings growth

Realized gains on total capital provision assets of $187 million in FY23 driven by capital provision-direct assets, representing our highest returning core legal finance strategy

Unrealized gains, excluding YPF-related assets, on capital provision assets increased 120% in FY23 to $158 million (FY22: $72 million), due to portfolio progress

YPF-related assets generated $543 million of unrealized gains in FY23, due mainly to favorable summary judgment in the first quarter of 2023 and favorable final judgment in the third quarter of 2023

§

Operating income in FY23 of $708 million (FY22: $128 million), attributable principally to growth of 290% in total revenues

Operating expenses in FY23 of $269 million (FY22: $123 million), reflecting strong portfolio performance

-

Total operating expenses in 2023 include almost $130 million of non-cash accruals and one-time or case expenses

Strong revenue growth caused total operating expenses (including all non-cash accruals) as a percentage of total revenues to decline to 27% in 2023 from 49% in 2022

Increase in portfolio value, including unrealized gains on the YPF-related assets, drove increase in accrued compensation expense associated with carried interest


-

Long-term incentive compensation includes accrued expenses and related employee benefits and are only paid out upon receipt of cash proceeds from net realized gains of capital provision assets

§

Net income in FY23 of $611 million (FY22: $31 million) amounted to 63% of total revenues

Net income per diluted share in FY23 of $2.74 (FY22: $0.14 per diluted share)

§

Tangible book value attributable to Burford Capital Limited of $2.2 billion at December 31, 2023 (December 31, 2022: $1.6 billion)

Tangible book value attributable to Burford Capital Limited per ordinary share increased 34% to $9.85 at December 31, 2023 (December 31, 2022: $7.36), primarily reflecting strong earnings

§

Burford-only ROTE for FY23 of 32% (FY22: 2%)

 

Selected portfolio metrics

Burford-only

($ in thousands)

December 31, 2023

December 31, 2022

$ change

% change

Deployed cost

1,573,531

1,486,150

87,381

6%

Plus: Fair value adjustments

1,814,070

1,117,855

696,215

62%

Fair value

3,387,601

2,604,005

783,596

30%

Undrawn commitments

1,396,061

1,299,048

97,013

7%

Total capital provision-direct portfolio

4,783,662

3,903,053

880,609

23%

Total capital provision portfolio1

4,840,117

3,942,7002

897,417

23%

1 Represents capital provision-direct and capital provision-indirect.

2 The fair value of $31.4 million for the Burford-only capital provision-indirect assets did not include an additional $1.0 million for the Burford-only portion of the receivable from due from settlement of capital provision assets on concluded assets in the Strategic Value Fund for a total fair value of $32.4 million for Burford-only capital provision-indirect assets.

 

 

§

Fair value of Burford-only capital provision-direct assets increased by $784 million to $3.4 billion at December 31, 2023 (December 31, 2022: $2.6 billion)

§

Of the $784 million increase in capital provision-direct asset fair value in FY23, $549 million attributable to the YPF-related assets

§

Cumulative ROIC since inception from Burford-only capital provision-direct assets of 82% (December 31, 2022: 88%) and IRR of 27% (December 31, 2022: 29%)

 

Liquidity and capital

 

 

 

 

 

Burford-only (non-GAAP)

($ in thousands)

December 31, 2023

December 31, 2022

$ change

% change

Liquidity





 

Cash and cash equivalents

195,915

73,679

122,236

166%

 

Marketable securities

107,561

136,358

(28,797)

-21%

 

Total liquidity

303,476

210,037

93,439

44%

Due from settlement of capital provision assets

185,267

114,650

70,617

62%

 





 

§

Burford-only cash and cash equivalents and marketable securities of $303 million at December 31, 2023 (December 31, 2022: $210 million)

Robust liquidity position at December 31, 2023 primarily reflects continued solid Burford-only cash receipts and issuance in June 2023 of $400 million of senior notes due 2031

Liquidity position enhanced in January 2024 by $275 million tack-on offering of senior notes originally issued in June 2023

§

Burford-only due from settlement of capital provision assets of $185 million at December 31, 2023 (December 31, 2022: $115 million)

§

Total debt outstanding of $1.6 billion at December 31, 2023 (December 31, 2022: $1.3 billion)

Leverage decreased in FY23, primarily driven by asset and equity growth and remains well below covenant ceiling levels

In June 2023, Moody's revised its outlook on its Ba2 rating to positive from stable

In October 2023, S&P revised its outlook on its BB- rating to positive from stable

§

Declared dividend of 6.25¢ per ordinary share payable, subject to shareholder approval at the annual general meeting to be held in May 2024, on June 14, 2024 to shareholders of record on May 24, 2024, with an ex-dividend date of May 23, 2024

 

SEC Reporting

We anticipate filing our annual report on Form 20-F with the US Securities and Exchange Commission within the next 30 days. We expect that to be our last filing on Form 20-F, used by foreign private issuers. Even if we do not lose foreign private issuer status by having more than 50% US investors on June 30, 2024, we nevertheless intend to move to reporting as a full US issuer and using Form 10-K for the 2024 fiscal year.

 

In our forthcoming Form 20-F, we will be reporting a material weakness in our internal control over financial reporting and that our disclosure controls and procedures were not effective in the aftermath of the adoption of our new valuation policy. That material weakness and corresponding controls' determinations relate to the lack of documented available evidence demonstrating the precision of management's application of the process to determine certain assumptions used in the measurement of the fair value of capital provision assets. To be clear, this is an issue of internal documentation of a management process; no material accounting errors were identified as a result.

 

Investor and analyst conference call

Burford will hold a conference call for investors and analysts at 8.00am EDT / 12.00pm GMT on Thursday, March 14, 2024. The dial-in numbers for the conference call are +1 646 307-1963 (USA) or +1 800 715-9871 (USA & Canada toll free) / +44 (0)20 3481 4247 (UK) or +44 800 260 6466 (UK toll free) and the access code is 9722470. To minimize the risk of delayed access, participants are urged to dial into the conference call by 7.40am EDT / 11.40am GMT.

 

A live webcast of the call will also be available at https://events.q4inc.com/attendee/461322893, and pre-registration at that link is encouraged.

 

An accompanying FY23 and 4Q23 results presentation for investors and analysts will also be made available on Burford's website prior to the conference call at http://investors.burfordcapital.com.

 

Following the conference call, a replay facility for this event will be accessible through the webcast at https://events.q4inc.com/attendee/461322893.

 

 

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

Jim Ballan, Head of Investor Relations, Americas - email

+1 (646) 793 9176

For press inquiries:


David Helfenbein, Vice President, Public Relations - email

+1 (212) 235 6824



Deutsche Numis - 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


James Umbers




Berenberg - Joint Broker

+44 (0)20 3207 7800

Toby Flaux


James Thompson


Yasmina Benchekroun


 

 

About Burford Capital

Burford Capital is the leading global finance and asset management firm focused on law. Its businesses include litigation finance 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 offices in New York, London, Chicago, Washington, DC, Singapore, Dubai, Sydney and Hong Kong.

 

For more information, please visit www.burfordcapital.com.

 

 

Summary financial statements and reconciliations

 

The tables below set forth summaries of the consolidated and Burford-only statements of operations for the years ended December 31, 2023 and 2022 and the three months ended December 31, 2023 and 2022, the consolidated and Burford-only statements of financial position at December 31, 2023 and 2022 and corresponding reconciliations from consolidated to Burford-only financial results. Furthermore, the tables below set forth certain additional reconciliations for financial information contained in this announcement.

 

Summary consolidated statements of operations

 


Years ended

December 31,

 

Three months ended

December 31,

($ in thousands)


2023


2022

 

2023

 

2022

Revenues









Capital provision income/(loss)


 1,341,923


 319,108


325,810


165,942

(Less)/Plus: Third-party interests in capital

provision assets


 (279,263)


 (494)


(43,319)


(12,622)

Asset management income


 7,642


 9,116


1,875


2,025

Services and other income/(loss)


16,600


(8,503)


8,207


5,991

   Total revenues


 1,086,902

 

 319,227

 

292,573

 

161,336










Total operating expenses


 271,236


 124,272


120,237


42,126

 









Operating income/(loss)


 815,666

 

 194,955

 

172,336

 

119,210

 









Finance costs and loss on debt extinguishment


99,135


78,264


28,445


20,452

Foreign currency transactions (gains)/losses


(21,752)


7,674


603


(1,712)

 









Income/(loss) before income taxes


 738,283

 

 109,017

 

144,494

 

100,470

 









Benefit from/(provision for) income taxes


 (20,084)


 (11,558)


(4,534)


(754)

Net income/(loss)


 718,199

 

 97,459

 

139,960

 

99,716










Net income/(loss) attributable to Burford Capital Limited shareholders


 610,522

 

 30,506

 

100,095

 

81,914

 









Net income/(loss) attributable to Burford Capital Limited shareholders per ordinary share









Basic


 $2.79


 $0.14


$0.46


$0.37

Diluted


 $2.74


 $0.14


 $0.45


$0.37

 

Summary Burford-only statement of operations

 


Years ended

December 31,

Three months ended

December 31, 

($ in thousands)


2023


2022

 

2023

 

2022

Revenues









Capital provision income


896,371


202,878


219,969


122,436

Asset management income


63,712


56,080


22,530


14,758

Services and other income


16,459


(8,353)


8,116


5,979

   Total revenues


976,542

 

250,605

 

250,615

 

143,173










Operating expenses


268,538


122,696


118,161


41,751










Operating income


708,004

 

127,909

 

132,454

 

101,422

 









Net income


610,522

 

30,506

 

100,095

 

81,914










Net income per share:









Basic


 $2.79


 $0.14


 $0.46


 $0.37

Diluted


 $2.74


 $0.14


 $0.45


 $0.37

 

Reconciliation of summary consolidated statement of operations to summary Burford-only statement of operations

 

 

Year ended December 31, 2023

 

 

(GAAP)

(Non-GAAP)

 

 


Elimination of third-party interests

 

 

($ in thousands)

Consolidated

Strategic Value Fund

BOF-C

Colorado

Advantage Fund

Other

Burford-only

Capital provision income

1,341,923

(1,073)

(132,094)

(277,102)

(31,385)

(3,898)

896,371

(Less): Third-party interests in capital provision assets

(279,263)

-

-

277,030

-

2,233

-

Asset management income

7,642

108

55,962

-

-

-

63,712

Services and other income

16,600

(2)

(76)

-

-

(63)

16,459

   Total revenues

1,086,902

(967)

(76,208)

(72)

(31,385)

(1,728)

976,542









Operating expenses

271,236

(965)

369

(72)

(411)

(1,619)

268,538









Operating income

815,666

(2)

(76,577)

-

(30,974)

(109)

708,004


 

 

 

 

 

 

 

Net income/(loss)

718,199

(2)

(76,577)

-

(30,974)

(124)

610,522

 

 

Year ended December 31, 2022

 

(GAAP)

(Non-GAAP)

 


Elimination of third-party interests

 

($ in thousands)

Consolidated

Strategic Value Fund

BOF-C

Colorado

Advantage Fund

Other

Burford-only

Capital provision income

391,108

3,709

(112,370)

661

(1,417)

(6,813)

202,878

(Less): Third-party interests in capital provision assets

(494)

-

-

(693)

-

1,187

-

Asset management income

9,116

312

46,652

-

-

-

56,080

Services and other income

(8,503)

184

(3)

-

-

(31)

(8,353)

   Total revenues

319,227

4,205

(65,721)

(32)

(1,417)

(5,657)

250,605









Operating expenses

124,272

(995)

136

(32)

(498)

(187)

122,696









Operating income

194,955

5,200

(65,857)

-

(919)

(5,470)

127,909









Net income/(loss)

97,459

5,200

(65,857)

-

(919)

(5,377)

30,506

 


Three months December 31, 2023

 

 

(GAAP)

(Non-GAAP)

 

 


Elimination of third-party interests

 

 

($ in thousands)

Consolidated

Strategic Value Fund

BOF-C

Colorado

Advantage Fund

Other

Burford-only

Capital provision income

325,810

(21)

(47,665)

(41,371)

(11,012)

(5,772)

219,969

(Less): Third-party interests in capital provision assets

(43,319)

-

-

41,320

-

1,999

-

Asset management income

1,875

-

20,655

-

-

-

22,530

Services and other income

8,207

(1)

(71)

-

-

(19)

8,116

   Total revenues

292,573

(22)

(27,081)

(51)

(11,012)

(3,792)

250,615


 

 

 

 

 

 

 

Operating expenses

120,237

(32)

79

(51)

(132)

(1,940)

118,161


 

 

 

 

 

 

 

Operating income

172,336

10

(27,160)

-

(10,880)

(1,852)

132,454


 

 

 

 

 

 

 

Net income/(loss)

139,960

10

(27,610)

-

(10,880)

(1,835)

100,095

 

 

Three months ended December 31, 2022

 

 

(GAAP)

(Non-GAAP)

 

 


Elimination of third-party interests

 

 

($ in thousands)

Consolidated

Strategic Value Fund

BOF-C

Colorado

Advantage Fund

Other

Burford-only

Capital provision income

165,942

(152)

(27,105)

(11,907)

(1,194)

(3,148)

122,436

(Less): Third-party interests in capital provision assets

(12,622)

-

-

11,877

-

745

-

Asset management income

2,025

46

12,687

-

-

-

14,758

Services and other income

5,991

1

(3)

-

-

(10)

5,979

   Total revenues

161,336

(105)

(14,421)

(30)

(1,194)

(2,413)

143,173


 

 

 

 

 

 

 

Operating expenses

42,126

(183)

27

(30)

(145)

(44)

41,751


 

 

 

 

 

 

 

Operating income

119,210

78

(14,448)

-

(1,049)

(2,369)

101,422


 

 

 

 

 

 

 

Net income/(loss)

99,716

78

(14,449)

-

(1,049)

(2,382)

81,914

 

Reconciliation of consolidated capital provision income excluding YPF-related assets






($ in thousands)

 

Year ended

December 31, 2023

 

Three months ended

December 31, 2023

Capital provision income


1,341,923


Less: Capital provision income from YPF-related assets


820,011


124,773

Capital provision income excluding YPF-related assets


521,912

 

201,037

 

Reconciliation of operating expenses from the consolidated statements of operations to Burford-only statements of operations








 

    

Year ended December 31, 2023

 

 

(GAAP)

 

(non-GAAP)

 

 

 

 

Eliminations and

 

 

($ in millions)

 

Consolidated

 

adjustments

 

 Burford-only 

Operating expenses

 

 271.2


 (2.7)


 268.5

Non-cash accruals and one-time or case expenses:

 






Long-term incentive compensation including accruals (YPF-related assets)


 69.2


 -


 69.2

Long-term incentive compensation including accruals (CEO and CIO related)


 16.9


 -


 16.9

Case-related expenditures ineligible for inclusion in asset cost


 16.5


 (1.8)


 14.7

Legacy asset recovery incentive compensation including accruals


 17.3


 -


 17.3

Expenses related to audit, professional and corporate legal fees due to the development of the revised fair value methodology and build-out of quarterly reporting


 3.3


 -


 3.3

Deferred compensation plan and retirement plan


 7.4


 -


 7.4

Total

 

 130.6

 

 (1.8)

 

 128.8

 

Summary consolidated statement of financial position






($ in thousands)

 

 December 31,

2023

 

 December 31, 2022

 

 

 

 

 

Total assets


5,837,394


4,288,359






Total liabilities


2,629,614


1,901,289






Total Burford Capital Limited equity


2,290,858

 

1,742,584






Non-controlling interests

 

916,922

 

644,486






Total shareholders' equity

 

3,207,780

 

2,387,070

 

 

 

 

 

Basic ordinary shares outstanding


218,962,441

 

218,581,877

 

 

 

 

 

Total shareholders' equity attributable to Burford Capital Limited per basic ordinary share

 

10.46

 

7.97

Total shareholders' equity per basic ordinary share

 

14.65

 

10.92

 

Reconciliation of summary consolidated statement of financial position to summary Burford-only statement of financial position


December 31, 2023

 

(GAAP)

(Non-GAAP)

 


Elimination of third-party interests

 

($ in thousands)

Consolidated

Strategic Value Fund

BOF-C

Colorado

Advantage Fund

Other

Burford-only

 








Total assets

5,837,394

-

(634,239)

(686,304)

(222,413)

(78,574)

4,215,864









Total liabilities

2,629,614

-

-

(686,304)

(100)

(18,204)

1,925,006









Total shareholders' equity

3,207,780

-

(634,239)

-

(222,313)

(60,370)

2,290,858

 


December 31, 2022

 

(GAAP)

(Non-GAAP)

 


Elimination of third-party interests

 

($ in thousands)

Consolidated

Strategic Value Fund

BOF-C

Colorado

Advantage Fund

Other

Burford-only

 








Total assets

4,288,359

(2,779)

(477,590)

(409,249)

(103,523)

(76,792)

3,218,426









Total liabilities

1,901,289

(228)

(4,234)

(409,249)

(120)

(11,616)

1,475,842









Total shareholders' equity

2,387,070

(2,551)

(473,356)

-

(103,403)

(65,176)

1,742,584

 

Reconciliation of components of realizations from a consolidated basis to a Group-wide basis


Year ended December 31, 2023

 

(GAAP)

 

(Non-GAAP)

($ in thousands)

Consolidated

 

Eliminations and adjustments

 Burford-only 

Other funds

 BOF-C 

Group-wide

Capital provision-direct

564,491


(68,275)

496,216

112,188

124,409

732,813

Capital provision-indirect

143,802


(109,392)

34,410

109,078

-

143,488

Post-settlement

-


-

-

241,490

-

241,490

Total realizations

708,293

 

(177,667)

530,626

462,756

124,409

1,117,791

 


Year ended December 31, 2022

 

(GAAP)

 

(Non-GAAP)

($ in thousands)

Consolidated

 

Eliminations and adjustments

 Burford-only 

Other funds

 BOF-C 

Group-wide

Capital provision-direct

402,196


(51,987)

350,209

174,707

65,988

590,904

Capital provision-indirect

24,538


(14,216)

10,322

28,746

-

39,068

Post-settlement

-


-

-

104,637

-

104,637

Total realizations

426,734

 

(66,203)

360,531

308,090

65,988

734,609

 


Three months ended December 31, 2023

 

(GAAP)

 

(Non-GAAP)

($ in thousands)

Consolidated

 

Eliminations and adjustments

 Burford-only 

Other funds

 BOF-C 

Group-wide

Capital provision-direct

229,077


(6,962)

222,115

22,273

59,415

303,803

Capital provision-indirect

84,583


(70,075)

14,508

70,076

-

84,584

Post-settlement

-


-

-

123,183

-

123,183

Total realizations

313,660

 

77,037

236,623

215,532

59,415

511,570

 


Three months ended December 31, 2022

 

(GAAP)

 

(Non-GAAP)

($ in thousands)

Consolidated

 

Eliminations and adjustments

 Burford-only 

Other funds

 BOF-C 

Group-wide

Capital provision-direct

165,992


(8,263)

157,729

71,871

16,445

246,045

Capital provision-indirect

3,727


(3,091)

636

2,997

-

3,633

Post-settlement

-


-

-

54,188

-

54,188

Total realizations

169,719

 

(11,354)

158,365

129,056

16,445

303,866

 

Reconciliation of components of deployments from a consolidated basis to a Group-wide basis


Year ended December 31, 2023

 

(GAAP)

 

(Non-GAAP)

($ in thousands)

Consolidated

 

Eliminations and adjustments

 Burford-only 

Other funds

 BOF-C 

Group-wide

Capital provision-direct

505,893


(123,698)

382,195

25,679

122,352

530,226

Capital provision-indirect

176,134


(146,778)

29,356

146,778

-

176,134

Post-settlement

-


-

-

85,397

-

85,397

Total deployments

682,027

 

(270,476)

411,551

257,854

122,352

791,757

 


Year ended December 31, 2022

 

(GAAP)

 

(Non-GAAP)

($ in thousands)

Consolidated

 

Eliminations and adjustments

 Burford-only 

Other funds

 BOF-C 

Group-wide

Capital provision-direct

605,402


(148,296)

457,106

30,574

147,976

635,656

Capital provision-indirect

121,896


(101,573)

20,323

101,158

-

121,481

Post-settlement

-


-

-

170,689

-

170,689

Total deployments

727,298

 

(249,869)

477,429

302,421

147,976

927,826

 


Three months ended December 31, 2023

 

(GAAP)

 

(Non-GAAP)

($ in thousands)

Consolidated

 

Eliminations and adjustments

 Burford-only 

Other funds

 BOF-C 

Group-wide

Capital provision-direct

104,678


(26,915)

77,763

8,317

24,577

110,657

Capital provision-indirect

31,083


(25,902)

5,181

25,902

-

31,083

Post-settlement

-


-

-

42,125

-

42,125

Total deployments

135,761

 

(52,817)

82,944

76,344

24,577

183,865

 


Three months ended December 31, 2022

 

(GAAP)

 

(Non-GAAP)

($ in thousands)

Consolidated

 

Eliminations and adjustments

 Burford-only 

Other funds

 BOF-C 

Group-wide

Capital provision-direct

223,920


(42,233)

181,687

9,630

42,517

233,834

Capital provision-indirect

92,067


(76,874)

15,193

75,960

-

91,153

Post-settlement

-


-

-

120,118

-

120,118

Total deployments

315,987

 

(119,107)

196,880

205,708

42,517

445,105

 

Reconciliation of consolidated proceeds from capital provision assets to Burford-only cash receipts

($ in thousands)

 

Year ended December 31, 2023

Year ended December 31, 2022

Consolidated proceeds from capital provision assets


 559,362

 387,786

Less: Elimination of third-party interests


 (117,296)

 (81,857)

Burford-only total proceeds from capital provision assets

 

 442,066

 305,929

Burford-only proceeds from capital provision-direct assets


 414,726

 295,636

Burford-only proceeds from capital provision-indirect assets


 27,340

 10,293

Burford-only total proceeds from capital provision assets

 

 442,066

 305,929

Consolidated asset management income


 7,642

 9,116

Plus: Eliminated income from funds


 56,070

 46,964

Burford-only asset management income

 

 63,712

 56,080

Less: Non-cash adjustments(1)


 (31,391)

 (41,321)

Burford-only proceeds from asset management income

 

 32,321

 14,759

Burford-only proceeds from marketable security interest and dividends


 6,297

 3,585

Burford-only proceeds from other income


 7,875

 3,713

Burford-only proceeds from non-recurring items


650

-

Burford-only proceeds from other items

 

 14,822

 7,298

Cash receipts

 

 489,209

 327,986

(1) Adjustments for the change in asset management receivables accrued during the applicable period but not yet received at the end of such period.

($ in thousands)

 

Three months ended December 31, 2023

Three months ended December 31, 2022

Consolidated proceeds from capital provision assets


                   119,208

                   105,464

Less: Elimination of third-party interests


                    (22,709)

                   (11,720)

Burford-only total proceeds from capital provision assets

 

                    96,499

                    93,744

Burford-only proceeds from capital provision-direct assets


                     95,490

                     93,137

Burford-only proceeds from capital provision-indirect assets


                       1,009

                          607

Burford-only total proceeds from capital provision assets

 

                    96,499

                    93,744

Consolidated asset management income


                       1,875

                       2,025

Plus: Eliminated income from funds


                     20,655

                     12,733

Burford-only asset management income

 

                    22,530

                    14,758

Less: Non-cash adjustments(1)


                    (19,254)

                   (11,794)

Burford-only proceeds from asset management income

 

                      3,276

                      2,964

Burford-only proceeds from marketable security interest and dividends


                       2,672

                       1,740

Burford-only proceeds from other income


                       6,380

66

Burford-only proceeds from non-recurring items


                         650

-

Burford-only proceeds from other items

 

                    9,702

                      1,806

Cash receipts

 

                  109,477

                    98,514

(1) Adjustments for the change in asset management receivables accrued during the applicable period but not yet received at the end of such period.

 

Reconciliation of consolidated portfolio to Group-wide portfolio

 

 

December 31, 2023

 

 

(GAAP)

 

(non-GAAP)

 

 

 

 

Elimination of

 

 

 

 

 

 

 

 

 

 

 

 

 third-party

 

 

 

 

 

 

 

 

($ in thousands)

    

Consolidated

 

interests

 

Burford-only

    

Other funds

    

BOF-C

    

Group-wide

Capital provision assets - direct:

 

 

 

 

 

 

 

 

 

 

 

 

Deployed cost


 2,116,304


 (542,773)


 1,573,531


 416,318


 428,110


 2,417,959

   Plus: Fair value adjustments


 2,743,575


 (929,505)


 1,814,070


 180,169


 220,363


 2,200,935

Fair value


 4,859,879


 (1,472,278)


 3,387,601


 596,487


 648,473


 4,632,561














Capital provision assets - indirect:













Fair value


 185,509


 (140,998)


 44,511

 

 140,998


 -


 185,509














Total capital provision assets


 5,045,388

 

 (1,613,276)

 

 3,432,112

 

 737,485

 

 648,473

 

 4,818,070

 

 

 

 

 

 

 

 

 

 

 

 

 

Post-settlement assets:













Deployed cost


 -


 -


 -


 253,062


 -


 253,062

   Plus: Fair value adjustments


 -


 -


 -


 45,792


 -


 45,792

Fair value


 -


 -


 -


 298,854


 -


 298,854














Undrawn commitments:













Capital provision-direct


 1,801,627


 (405,566)


 1,396,061


 126,560


 396,646


 1,919,267

Capital provision-indirect


 71,662


 (59,718)


 11,944


 59,718


 -


 71,662

Post-settlement


 -


 -


 -


 62,455


 -


 62,455

Total undrawn commitments

 

 1,873,289

 

 (465,284)

 

 1,408,005

 

 248,733

 

 396,646

 

 2,053,384

 

 

 

 

 

 

 

 

 

 

 

 

 

Total portfolio


 6,918,677


 (2,078,560)


 4,840,117

 

 1,285,072

 

 1,045,119

 

 7,170,308

 

 

December 31, 2022

 

 

(GAAP)

 

(non-GAAP)

 

 

 

 

Elimination of

 

 

 

 

 

 

 

 

 

 

 

 

 third-party

 

 

 

 

 

 

 

 

($ in thousands)

    

Consolidated

 

interests

 

Burford-only

    

Other funds

    

BOF-C

    

Group-wide

Capital provision assets - direct:

 

 

 

 

 

 

 

 

 

 

 

 

Deployed cost


 1,934,662


 (448,512)


 1,486,150


 422,098


 383,322


 2,291,570

   Plus: Fair value adjustments



 (569,786)


 1,117,855


 133,122


 133,660


 1,384,637

Fair value


 3,622,303


 (1,018,298)


 2,604,005


 555,220


 516,982


 3,676,207














Capital provision assets - indirect:












Fair value


 113,253


 (81,839)


 31,414

 (1)

 81,840


 -


 113,254













Total capital provision assets


 

 (1,100,136)

 

 2,635,419

 

 637,060

 

 516,982

 

 3,789,461

 

 

 

 

 

 

 

 

 

 

 

 

 

Post-settlement assets:













Deployed cost


 -


 -


 -


 358,193


 -


 358,193

   Plus: Fair value adjustments



 -


 -


 81,067


 -


 81,067

Fair value



 -


 -


 439,260


 -


 439,260














Undrawn commitments:













Capital provision-direct


 1,671,327


 (372,279)


 1,299,048


 182,372


 371,724


 1,853,144

Capital provision-indirect


 49,400


 (41,167)


 8,233


 41,167


 -


 49,400

Post-settlement



 -


 -


 15,606


 -


 15,606

Total undrawn commitments

 

 

 (413,446)

 

 1,307,281

 

 239,145

 

 371,724

 

 1,918,150

 

 

 

 

 

 

 

 

 

 

 

 

Total portfolio


 5,456,283


 (1,513,583)


 3,942,700

 

 1,315,465

 

 888,706

 

 6,146,871

 

(1) The fair value of $2,635.4 million for the Burford-only capital provision assets did not include an additional $1.0 million for the Burford only portion of the receivable from due from settlement of capital provision assets on concluded assets in the Strategic Value Fund for a total fair value of $2,636.4 million for Burford-only capital provision assets as noted in the table under "Reconciliation of consolidated to Burford-only fair value of the YPF-related assets".

Reconciliation of consolidated to Burford-only cash and cash equivalents and marketable securities

 

 

December 31, 2023

 

December 31, 2022

 

(GAAP)

(Non-GAAP)

 

(GAAP)

(Non-GAAP)

($ in thousands)

Consolidated

Elimination of third-party interests

Burford-only

 

Consolidated

Elimination of third-party interests

Burford-only

Cash and cash equivalents

220,549

(24,634)

195,915


107,658

(33,979)

73,679

Marketable securities

107,561

-

107,561


136,358

-

136,358

Total cash and cash equivalents and marketable securities

328,110

(24,634)

303,476

 

244,016

(33,979)

210,037

 

 

Reconciliation of consolidated to Burford-only fair value of the YPF-related assets

 

 

December 31, 2023

 

December 31, 2022

 

(GAAP)

(Non-GAAP)

 

(GAAP)

(Non-GAAP)

($ in thousands)

Consolidated

Elimination of third-party interests

Burford-only

 

Consolidated

Elimination of third-party interests

Burford-only

YPF-related assets

2,058,117

(686,460)

1,371,657


1,232,549

(409,514)

823,035

Other assets

2,987,271

(926,816)

2,060,455


2,503,007

(689,602)

1,813,405

Capital provision assets

5,045,388

(1,613,276)

3,432,112

 

3,735,556

(1,099,116)

2,636,440

 

 

Reconciliation of consolidated to Burford-only fair value adjustment during the period, net of previously recognized unrealized gains transferred to realized gains on YPF-related assets

 

 

December 31, 2023

 

December 31, 2022

 

(GAAP)

(Non-GAAP)

 

(GAAP)

(Non-GAAP)

($ in thousands)

Consolidated

Elimination of third-party interests

Burford-only

 

Consolidated

Elimination of third-party interests

Burford-only

YPF-related income

820,011

(277,102)

542,909


(2,715)

502

(2,213)

Excluding YPF-related income

261,633

(103,704)

157,929


171,819

(100,049)

71,770

Capital provision income-unrealized

1,081,644

(380,806)

700,838

 

169,104

(99,547)

69,557

 

 

Reconciliation of consolidated to Burford-only due from settlement of capital provision assets

 

 

December 31, 2023

 

December 31, 2022

 

(GAAP)

(Non-GAAP)

 

(GAAP)

(Non-GAAP)

($ in thousands)

Consolidated

Elimination of third-party interests

Burford-only

 

Consolidated

Elimination of third-party interests

Burford-only

Due from settlement of capital provision assets

265,540

(80,273)

185,267


116,582

(1,932)

114,650

 

Reconciliation of consolidated to Burford-only realized gains on capital provision-direct assets


 

 

Periods ended December 31, 2023 and 2022

 

(GAAP)

 

 

(Non-GAAP)

($ in thousands)

Consolidated

Eliminations and adjustments

Burford-only total

Burford-only Capital provision-direct

Burford-only Capital provision-indirect

Realized gains for the year ended December 31, 2023

251,618

(64,242)

187,376

186,443

933

Realized gains for the year ended December 31, 2022

161,707

(27,234)

134,473

133,357

1,116

Realized gains for the three months ended December 31, 2023

80,287

(17,431)

62,856

62,904

(48)

Realized gains for the three months ended December 31, 2022

75,898

(5,381)

70,517

70,487

30

 

Reconciliation of shareholders' equity attributable to Burford Capital Limited per ordinary share






($ in thousands, except share data)

    

December 31, 2023

 

December 31, 2022

Total shareholders' equity


3,207,780


 2,387,070

   Less: Non-controlling interests


(916,922)


 (644,486)

Total Burford Capital Limited equity

 

2,290,858

 

 1,742,584

Basic ordinary shares outstanding


218,962,441


 218,581,877

Shareholders' equity attributable to Burford Capital Limited per ordinary share

 

$10.46

 

 $7.97

 

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






($ in thousands, except share data)

    

December 31, 2023

 

December 31, 2022

Total shareholders' equity


3,207,780


 2,387,070

   Less: Non-controlling interests

 

(916,922)

 

 (644,486)

Total Burford Capital Limited equity

 

2,290,858

 

 1,742,584

   Less: Goodwill


(133,965)


 (133,912)

Tangible book value attributable to Burford Capital Limited

 

2,156,893

 

 1,608,672

Basic ordinary shares outstanding


218,962,441


 218,581,877

Tangible book value attributable to Burford Capital Limited per ordinary share

 

$9.85

 

 $7.36

 

Reconciliation of Return on tangible equity






($ in thousands, except share data)

    

December 31, 2023

 

December 31, 2022

Net income/(loss)

 

718,199

 

97,459

Less: Net income/(loss) attributable to noncontrolling interests

 

(107,677)


(66,953)

Net income/(loss) attributable to Burford Capital Limited

 

610,522

 

30,506


 

 

 

 

Total shareholders' equity at beginning of period

 

 2,387,070

 

2,108,017

   Less: Non-controlling interests at beginning of period

 

 (644,486)

 

(412,145)

Total Burford Capital Limited equity at beginning of period

 

 1,742,584

 

1,695,872

   Less: Goodwill at beginning of period

 

 (133,912)

 

(134,019)

Tangible book value attributable to Burford Capital Limited at beginning of period

 

 1,608,672

 

1,561,853


 

 

 

 

Total shareholders' equity at end of period


3,207,780


 2,387,070

   Less: Non-controlling interests at end of period

 

(916,922)

 

 (644,486)

Total Burford Capital Limited equity at end of period

 

2,290,858

 

 1,742,584

   Less: Goodwill at end of period


(133,965)


 (133,912)

Tangible book value attributable to Burford Capital Limited at end of period

 

2,156,893

 

1,608,672






Average tangible book value attributed to Burford Capital Limited


1,882,783

 

1,585,263






Return on tangible equity

 

32%

 

2%

 

 

Definitions and use of non-GAAP financial measures and alternative performance measures

 

Burford reports its consolidated financial results in accordance with US GAAP. US GAAP requires us to present financial statements that consolidate some of the limited partner interests in private 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 consolidated 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 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 private funds owned by third parties and including private funds that are not consolidated within Burford's consolidated financial statements. Group-wide is therefore the sum of Burford-only and non-controlling interests in consolidated and non-consolidated private funds. Group-wide does not include third-party interests in capital provision assets, the economics of which have been sold to those third parties, which 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 private fund) from our balance sheet. We also include direct (i.e., not through participation in a private fund) complex strategies assets in this category.

•     

Indirect, which includes our balance sheet's participations in one of our private funds (i.e., 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 costs appropriately. IRRs do not include unrealized gains or losses.

•     

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 financing 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 financing on a schedule or, more often, when certain expenses are incurred) or discretionary (allowing us to provide financing after reviewing and approving a future matter). Unless otherwise indicated, commitments include deployed cost and undrawn commitments.

•     

Deployment refers to the financing provided for an asset, which adds to our deployed cost in such asset.

•     

Deployed cost is the amount of financing we have provided for an asset at the applicable point in time.

•     

Fair value adjustment is the amount of unrealized gain or loss recognized in our consolidated statements of operations in the relevant period and added to or subtracted from, as applicable, the asset or liability value in our consolidated statements of financial position.

•     

Portfolio includes deployed cost, net unrealized gains or losses and undrawn commitments.

•     

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, relative to cost, generated by a legal finance asset when it is realized, calculated as realized proceeds less deployed cost, without regard for any previously recognized fair value adjustment.

•     

Unrealized gain / loss represents the fair value of our legal finance assets over or under their deployed cost, as determined in accordance with the requirements of the applicable US GAAP standards, for the relevant financial reporting period (consolidated statements of operations) or cumulatively (consolidated statements of financial position).

•     

YPF-related assets refers to our Petersen and Eton Park legal finance assets, which are two claims relating to the Republic of Argentina's nationalization of YPF S.A., the Argentine energy company.

 

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

 

•     

Book value per ordinary share is calculated by dividing total Burford Capital Limited equity by the number of ordinary shares issued and outstanding.

•     

Cash receipts provide a measure of the cash that our capital provision and other assets generate during a given period as well as cash from certain other fees and income. In particular, cash receipts represent the cash generated from capital provision and other assets, including cash proceeds from realized or concluded assets and any related hedging assets, and cash received from asset management income, services and/or other income, before any deployments into financing existing or new assets. Cash receipts are a non-GAAP financial measure and should not be considered in isolation from, as a substitute for, or superior to, financial measures calculated in accordance with US GAAP. The most directly comparable measure calculated in accordance with US GAAP is proceeds from capital provision assets as set forth in our consolidated statements of cash flows. We believe that cash receipts are an important measure of our operating and financial performance and are useful to management and investors when assessing the performance of our Burford-only capital provision assets.

•     

Return on tangible equity ("ROTE") is Burford-only net income/(loss) divided by the average of tangible equity at the beginning and end of the relevant period, with tangible equity calculated as total Burford Capital Limited equity less goodwill. ROTE is a non-GAAP financial measure and should not be considered in isolation from, as a substitute for, or superior to, financial measures calculated in accordance with US GAAP. The most directly comparable measure calculated in accordance with US GAAP is net income/(loss) attributable to Burford Capital Limited shareholders as set forth in our consolidated statements of operations. We believe ROTE is an important measure of our operating and financial performance and is useful to management and investors when assessing the performance of our Burford-only capital provision assets.

•     

Tangible book value attributable to Burford Capital Limited is calculated by subtracting intangible assets (such as goodwill) from total Burford Capital Limited equity. Tangible book value attributable to Burford Capital Limited per ordinary share is calculated by dividing tangible book value attributable to Burford Capital Limited by the total number of outstanding ordinary shares. Each of tangible book value attributable to Burford Capital Limited and tangible book value attributable to Burford Capital Limited per ordinary share is a non-GAAP financial measure and should not be considered in isolation from, as a substitute for, or superior to, financial measures calculated in accordance with US GAAP. The most directly comparable measure calculated in accordance with US GAAP is total Burford Capital Limited equity as set forth in our 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.

 

Non-GAAP financial measures should not be considered in isolation from, as substitutes for, or superior to, financial measures calculated in accordance with US GAAP.

 

 

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

 

This announcement does not constitute an offer of any Burford private fund. Burford Capital Investment Management LLC, which acts as the fund manager of all Burford private funds, is registered as an investment adviser with the US Securities and Exchange Commission. The information provided in this announcement is for informational purposes only. Past performance is not indicative of future results. The information contained in this announcement 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 any of Burford private 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, Burford and its representatives may from time to time make other oral or written statements that are forward-looking, including in its periodic reports that Burford files with, or furnishes to, the US Securities and Exchange Commission, other information made available to Burford's 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. Burford cautions that forward-looking statements are not guarantees of future performance and are based on numerous assumptions, expectations, projections, intentions and beliefs and that Burford's actual results of operations, including its financial position and liquidity, and the development of the industry in which it operates, 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 Burford expects include, among others, those discussed under "Risk Factors" in Burford's annual report on Form 20-F for the year ended December 31, 2022 filed with the US Securities and Exchange Commission on May 16, 2023 and other reports or documents that Burford files with, or furnishes to, the US Securities and Exchange Commission from time to time. In addition, even if Burford's results of operations, including its financial position and liquidity, and the development of the industry in which it operates 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 applicable law, Burford undertakes 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.

 

The 2023 financial information contained in this release and the accompanying earnings presentation is unaudited; our final audited numbers could vary materially from the information contained herein.

 

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