01—Abstract
Summary
Summary of the 8-K filed February 29, 2024. Cited figures are marked; the original filing is the authoritative source.
Flutter Entertainment plc filed this Form 8-K on February 29, 2024 under Item 7.01 (Regulation FD Disclosure) to furnish, as Exhibit 99.1, a Regulatory News Service announcement about the posting of an investor presentation on its website.
The announcement states that Flutter published the conversion of its historic financial information for the periods 2021, 2022 and 2023 H1 from IFRS to U.S. GAAP, and from pounds sterling to U.S. dollars. The company says this is intended to help investors understand changes to the presentation of its financial information following its recent US listing. The filing states that Flutter intends to publish full year 2023 financial information under U.S. GAAP in U.S. dollars in its preliminary results on 26 March 2024, which will include 2024 guidance.
The company also notes that its Q4 trading update of 18 January 2024, covering the three months ended 31 December 2023, was prepared under IFRS and therefore is not on the new basis. For investors, the key takeaway is a change in reporting basis rather than a new operating result. Comparisons across the restated 2021 through 2023 H1 periods and the Q4 2023 trading update should account for the accounting and currency changes, and the full-year 2023 U.S. GAAP results and 2024 guidance are scheduled for March 26, 2024.
02—Key points
Key Highlights
- Flutter published restated historic financials for 2021, 2022 and 2023 H1, converting from IFRS to U.S. GAAP and from pounds sterling to U.S. dollars.
- The conversion is described as a consequence of Flutter's recent US listing and is meant to aid investor understanding of presentation changes.
- Full year 2023 financial information will be published under U.S. GAAP in U.S. dollars in preliminary results on 26 March 2024.
- The 2024 guidance is expected to be included with the 26 March 2024 preliminary results.
- The Q4 trading update released on 18 January 2024 for the three months ended 31 December 2023 was prepared under IFRS.
- The announcement was released via the Regulatory News Service in London and furnished under Item 7.01 as Exhibit 99.1.
03—Questions
Frequently Asked Questions
Why is Flutter changing its financial reporting basis?
According to the announcement, the change is a consequence of Flutter's recent US listing, and the restated information is intended to help investors understand the changes in how its financial information is presented.
What periods are covered by the restated information?
The filing says the conversion covers the periods 2021, 2022 and 2023 H1.
When will full year 2023 results under the new basis be published?
Flutter intends to publish full year 2023 financial information in accordance with U.S. GAAP, in U.S. dollars, in its preliminary results on 26 March 2024.
Is the Q4 2023 trading update on the new U.S. GAAP basis?
No. The filing states that the Q4 trading update released on 18 January 2024 for the three months ended 31 December 2023 was in accordance with IFRS.
Will Flutter provide guidance under the new reporting basis?
The filing states that the preliminary results on 26 March 2024 will include 2024 guidance.
04—Continue