Business Context and Reporting Period
Company: Sportradar Group AG
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: September 20, 2024
Purpose: Correction of previously reported financial data for the second quarter of 2024 (ended June 30, 2024). This filing amends the "Other comprehensive income" portion of the consolidated statements of profit or loss and other comprehensive income originally reported in the August 13, 2024, Second Quarter Earnings Release.
Key Financial Metrics
The filing provides restated figures for Other Comprehensive Income (OCI) and Total Comprehensive Income. It does not provide updated figures for revenue, net profit (loss), cash flow, margins, debt, or liquidity, as these were not affected by the correction.
| Item (in €'000) | Three-Month Period Ended June 30, 2024 (Restated) | Six-Month Period Ended June 30, 2024 (Restated) |
|---|---|---|
| Loss for the period | (1,536) | (2,185) |
| Other Comprehensive Income (Loss), net of tax | 2,480 | 6,478 |
| Total Comprehensive Income | 944 | 4,293 |
| Total Comprehensive Income attributable to Owners | 1,021 | 4,457 |
Material Changes Versus Prior Reporting
The filing corrects significant errors in the foreign currency translation adjustments within the OCI section. The net impact of the corrections is a reduction in reported comprehensive income.
- Three-Month Period Correction: Originally reported OCI was €17,700,000. A correction of (€15,220,000) was applied, resulting in a restated OCI of €2,480,000.
- Six-Month Period Correction: Originally reported OCI was €21,698,000. A correction of (€15,220,000) was applied, resulting in a restated OCI of €6,478,000.
- Primary Driver: The correction is primarily due to adjustments in "Foreign currency translation adjustment attributable to the owners of the company" (€14,087,000 reduction) and "Foreign currency translation adjustment attributable to non-controlling interests" (€1,133,000 reduction).
- Unchanged Items: The "Loss for the period" and items related to the remeasurement of defined benefit liabilities remained unchanged.
Guidance, Outlook, and Risks
Management Commentary: The filing explicitly states that no other statements or amounts have been changed from the original Second Quarter Earnings Release. It does not modify, amend, or update any other financial or operational information, including guidance or outlook.
Risks and Contingencies: The filing does not disclose new risks or contingencies. It notes that the corrected IFRS financial information is incorporated by reference into the Company's Registration Statement on Form S-8.
Investor Verification Checklist
- Verify OCI Impact: Confirm that the reduction in Other Comprehensive Income (from €17.7M to €2.5M for Q2) is accurately reflected in your financial models.
- Check Comprehensive Income: Note that Total Comprehensive Income for the three-month period dropped from €16.2M to €0.9M due to the currency translation adjustment correction.
- Confirm Unchanged Metrics: Verify that revenue, operating loss, and cash flow figures remain as originally reported in the August 13, 2024, press release.
- Review Form S-8: Acknowledge that the corrected figures are now part of the company's Form S-8 registration statement.