Q1

2023

Interim Report

January 1 to March 31, 2023

To our shareholders

Interim Group management report

Interim consolidated financial statements

Other information

Consolidated key figures 1

Our sites

Unit

Q1 2023

Q1 2022

Q4 2022

Revenues

in € million

75.9

74.6

82.1

Pro forma revenues

in € million

75.9

74.6

82.1

EBITDA

in € million

15.5

25.7

23.5

Pro forma EBITDA

in € million

17.9

25.7

23.5

EBITDA margin

in %

20

34

29

Pro forma EBITDA margin

in %

24

34

29

Net profit/loss for the period

in € million

7.0

12.1

8.4

Pro forma net profit/loss for the period

in € million

9.2

12.6

8.0

Earnings per share (diluted)

in €

1.25

2.16

1.49

Pro forma earnings per share (diluted)

in €

1.64

2.25

1.42

Cash flow from operations

in € million

33.7

39.0

9.3

Equity

in million

153.2

150.1

146.1

XING platform members, D-A-CH

in million

21.7

20.7

21.5

InterNations members

in million

4.7

4.3

4.6

kununu workplace insights

in million

8.8

6.8

8.1

B2B E-Recruiting customers, D-A-CH

(subscriptions)

in thsd.

14.5

13.3

14.5

Employees (FTE)

number

1,894

1,728

1,887

1

From continuing operations

Contents 8

Interim Group management report

 4

To our shareholders

17 Interim consolidated financial statements

27

Other information

1

GERMANY

3

SWITZERLAND

Hamburg

ZURICH

Berlin

4

SPAIN

Munich

Barcelona

2

AUSTRIA

Valencia

Vienna

5

PORTUGAL

Porto

 1

2

3

54

Interim Report Q1 2023

2 / 28

To our shareholders

Interim Group management report

Interim consolidated financial statements

Other information

Company profile

The New Work SE Group strives towards a better working world. ///

With strong brands such as XING, kununu and onlyfy by XING, and the largest talent pool in German-speaking countries, it claims the spot of recruiting partner No. 1 in these countries. /// By bringing candidates and companies together, it guides talents to a more ­fulfilling working life while simultaneously helping companies to greater success by winning the right talent. /// The Group has been listed on the Frankfurt stock exchange since 2006, has its head­ quarters in Hamburg and currently employs around 2,000 people at offices including Berlin, Vienna and Porto. /// Visit →new-work.se and →nwx.new-work.se for more information.

HARBOUR FOR

Strong brands

Five brands, one goal: to shape the future of work in the interests of people.

Interim Report Q1 2023

3 / 28

To our shareholders

Interim Group management report

Interim consolidated financial statements

Other information

Contents

To our shareholders

5 Letter to our shareholders

7 The New Work SE shares

Interim Report Q1 2023

4 / 28

To our shareholders

Interim Group management report

Interim consolidated financial statements

Other information

Letter to our shareholders

CEO of New Work SE Petra von Strombeck

Letter to our shareholders

Dear Shareholders,

We are currently experiencing headwinds in our markets. Faced with rising costs and economic uncertainty, members of the business community have become less optimistic about the future and more restrained in their approach. After conducting a survey of 1,200 German CEOs, audit firm EY found that around two-thirds of them expect an economic downturn this year, with one-third planning to restructure their companies or even let people go.

"Our HR Solutions & Talent Access segment is growing at a double-digit rate."

The situation other German companies are witnessing is naturally having a knock-on effect on our business. But let's start with the good news: New Work SE recorded double-digit growth of 11 percent in the first quarter of 2023 despite weak market conditions in the B2B business, i.e. the new HR Solutions & Talent Access segment, though at Group level revenues were up only 2 percent to €75.9 million. This at best modest growth is attributable to the 15 percent drop in B2C segment revenues to €19.5 million, which we had anticipated. We had forecast stronger revenue growth in the B2B business, however. The B2B Marketing Solutions segment was likewise forced to contend with an adverse market environment. Germany's online advertising market

is currently experiencing a slump, something that we can also see in our figures - segment revenues were down 13 percent to about €3 million. As a consequence, pro forma EBITDA adjusted for non-recurring items decreased by 30 percent to just under €18 million and pro forma net profit contracted by 27 percent to just over €9 million.

Interim Report Q1 2023

5 / 28

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

New Work SE published this content on 04 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 May 2023 06:22:03 UTC.