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Financial instruments - fair values and risk management (Tables)

12 Months Ended

Dec. 31, 2023

Financial instruments - fair values and risk management

Summary of fair value hierarchy carrying amounts of financial assets and financial liabilities


				As of December 31, 2023
in €‘000		Financial statement		Carrying
Description of Financial Instrument		classification		amount		Fair value		Level 1		Level 2		Level 3
Financial assets at FVTPL
Cash equivalents		Cash and cash equivalents		130,175		130,175		130,175		—		—
Financial assets at FVOCI
Equity investments		Other financial assets and other non-current assets		6,346		6,346		—		—		6,346
Total financial assets				136,521		136,521		130,175		—		6,346
Financial liabilities at FVTPL
Contingent consideration		Other liabilities and other non-current liabilities		15,369		15,369		—		—		15,369
Financial liabilities measured at amortized cost
Capitalized sport rights licenses		Trade payables – current and Trade payables – non-current		1,110,450		1,096,688		—		1,096,688		—
Total financial liabilities				1,125,819		1,112,057		—		1,096,688		15,369


				As of December 31, 2022
in €‘000		Financial statement		Carrying
Description of Financial Instrument		classification		amount		Fair value		Level 1		Level 2		Level 3
Financial assets at FVTPL
Cash equivalents		Cash and cash equivalents		124,344		124,344		124,344		—		—
Financial assets at FVOCI
Equity investment		Other financial assets and other non-current assets		2,820		2,820		—		—		2,820
Total financial assets				127,164		127,164		124,344		—		2,820
Financial liabilities measured at fair value
Contingent consideration		Other liabilities and other non-current liabilities		23,201		23,201		—		—		23,201
Financial liabilities measured at amortized cost
Capitalized sport rights licenses		Trade payables – current and Trade payables – non-current		413,168		401,867		—		401,867		—
Total financial liabilities				436,369		425,068		—		401,867		23,201

Summary of reconciliation from the opening balances to the closing balances for level 3 fair values


		Equity		Contingent
in €‘000		investments		consideration
Balance as of January 1, 2023		2,820		23,201
Additions		3,716		1,400
Payments		—		(8,575)
Net change in fair value – unrealized (included in OCI)		(190)		—
Net change in fair value – unrealized (included in Finance cost / income)		—		(657)
Balance as of December 31, 2023		6,346		15,369


		Equity		Contingent
in €‘000		investment		consideration
Balance as of January 1, 2022		2,605		8,436
Additions		—		18,800
Payments		—		(5,585)
Net change in fair value – unrealized (included in OCI)		215		—
Net change in fair value – unrealized (included in Finance cost / income)		—		1,550
Balance as of December 31, 2022		2,820		23,201

Summary of contractual cash flows for financial liabilities


		As of December 31, 2023
				Due between		Due after
		Due less than		one to five		five
in €‘000		one year		years		years		Total
Trade payables		231,582		705,753		497,514		1,434,849
Deferred & contingent consideration cash flows		8,376		7,197		—		15,573
Bank debt - contractual cash flows¹		1,840		4,370		—		6,210
Lease liabilities cash flows		10,470		27,358		29,359		67,187
Other financial liabilities		4,553		—		—		4,553
Total		256,821		744,678		526,873		1,528,372


		As of December 31, 2022
				Due between		Due after
		Due less than		one to five		five
in €‘000		one year		years		years		Total
Trade payables		206,026		220,008		84,278		510,312
Deferred & contingent consideration cash flows		14,539		9,220		—		23,759
Bank debt - contractual cash flows¹		1,840		6,211		—		8,051
Lease liabilities cash flows		6,083		13,646		3,146		22,875
Other financial liabilities		2,992		—		—		2,992
Total		231,480		249,085		87,424		567,989

¹	For the €220.0 million unutilized RCF, the foreseeable interest expense will be €1.84 million per annum, based on the assumption the RCF remains undrawn and the Senior Secured Net Leverage Ratio remains equal to or less than 3.00:1.00. Refer to Note 21.

Summary of provides information about the exposure to credit risk and ECLs for loans receivable

Loans receivable: exposure to credit risk and ECLs


				Weighted
		Gross carrying		average loss		Impairment		Credit-
in €‘000		amount		rate		loss allowance		impaired
Grades 1 - 6: Low risk (BBB- to AAA)		310		0.0	%	—		no
Grade 10: Substandard (B- to CCC-)		3,441		60.7	%	(2,087)		no
Grade 12: Loss (D)		12,258		100.0	%	(12,258)		yes
Total as of December 31, 2023		16,009				(14,345)
Grades 1 - 6: Low risk (BBB- to AAA)		359		0.0	%	—		no
Grade 10: Substandard (B- to CCC-)		3,559		58.5	%	(2,087)		no
Grade 12: Loss (D)		12,258		100.0	%	(12,258)		yes
Total as of December 31, 2022		16,176				(14,345)

Summary of trade receivables from individual customers: exposure To credit risk and ECLs

Trade receivables from individual customers: exposure to credit risk and ECLs


				Weighted
		Gross carrying		average loss		Impairment		Credit-
in €‘000		amount		rate		loss allowance		impaired
Current (not past due)		44,431		1.6	%	(726)		no
1 to 60 days past due		20,279		2.8	%	(562)		no
61 to 90 days past due		2,691		7.8	%	(211)		no
More than 90 days past due		13,460		60.3	%	(8,116)		yes
Total as of December 31, 2023		80,861				(9,615)

Current (not past due)		27,752		0.4	%	(113)		no
1 to 60 days past due		26,326		1.3	%	(334)		no
61 to 90 days past due		3,036		3.8	%	(116)		no
More than 90 days past due		11,817		41.9	%	(4,956)		yes
Total as of December 31, 2022		68,931				(5,519)

Summary of effect of a quantitative change of foreign currency exchange rates of the EURO against the exposed currencies


		Year Ended December 31,
in €‘000		2023		2022
€ exchange rate +10%		(47,960)		1,934
€ exchange rate +5%		(23,980)		967
€ exchange rate -5%		23,980		(967)
€ exchange rate -10%		47,960		(1,934)