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    NWO   DE000NWRK013

NEW WORK SE

(NWO)
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New Work : Quarterly Report II/2021

08/05/2021 | 01:16am EDT

Q2

2021

Half-year report

for the period from January 1 to June 30, 2021

New Work SE has been committed to promoting a better working life with a wide range of brands, products and services. Founded as the OpenBC professional network, New Work SE today offers the vast majority of professionals in German-speaking countries their own digital network.

The Company was renamed XING in 2006 and NEW WORK in 2019. Its commitment to a better world of work is now also reflected in its name, with New Work serving as the visible framework for all corporate activities. New Work SE helps people and businesses to be even more successful in a changing modern working world.

The Company has been listed since 2006. The New Work SE Group

is headquartered in Hamburg and employs around 1,700 full- time staff at several locations including Munich, Vienna and Porto. For more information

new-work.se

Consolidated key figures

Unit

H1 2021

H1 2020 1

Q2 2021

Q2 2020 1

Q1 2021

Revenues

in € million

139.0

136.3

71.0

67.5

68.0

Pro forma revenues

in € million

139.0

136.4

71.0

67.5

68.0

EBITDA

in € million

52.3

38.6

27.4

22.4

24.9

EBITDA margin

in %

38

28

39

33

37

Pro forma EBITDA

in € million

52.3

39.4

27.4

22.3

24.9

Pro forma EBITDA margin

in %

38

29

39

33

37

Net profit/loss for the period

in € million

25.7

19.3

13.6

12.2

12.1

Pro forma consolidated net profit/loss for the period

in € million

25.4

16.8

13.4

9.4

12.0

Earnings per share (diluted)

in €

4.57

3.43

2.41

2.16

2.15

Pro forma earnings per share (diluted)

in €

4.52

3.00

2.38

1.68

2.14

Cash flow from operations

in € million

58.6

44.0

18.9

11.6

39.7

Equity

in million

124.5

113.0

124.5

113.0

125.1

XING platform members, D-A-CH 2

in million

19.5

18.1

19.5

18.1

19.3

InterNations members

in million

4.0

3.8

4.0

3.8

4.0

kununu Workplace Insights

in million

5.4

4.1

5.4

4.1

5.0

B2B E-Recruiting customers, D-A-CH (subscriptions) 3

number

12,687

12,750

12,687

12,750

12,657

Employees (FTE)

number

1,704

1,811

1,704

1,811

1,698

  1. Financial year 2020 from continuing operations. Pro forma reconciliation in the interim Group management report
  2. New method of presenting XING platform members in the D-A-CH region
  3. New counting method for B2B E-Recruiting customers in the D-A-CH region from 2021. Prior-year figures retrospectively restated to ensure comparability

Contents

2

TO OUR SHAREHOLDERS

 8

INTERIM GROUP MANAGEMENT REPORT

39

SERVICE

3

Letter from the CEO

26

INTERIM ­CONSOLIDATED FINANCIAL ­STATEMENTS

39

Financial calendar,

6

The New Work SE share

publishing information

27

Consolidated statement of comprehensive­

income

and contact

  1. Consolidated statement offinancialposition
  1. Consolidated statement of cash flows
  1. Consolidated statement of changes in equity
  2. Notes to the interim consolidated financial statements
  1. Responsibility statement

New Work SE

To our shareholders

2

Half-year report 2021

Contents

TO OUR

SHAREHOLDERS

3 Letter from the CEO

6 The New Work SE share

New Work SE

To our shareholders

3

Half-year report 2021

Letter from the CEO

Letter from the CEO

Dear shareholders,

I am pleased to report that the signs of recovery I mentioned at the end of the first quarter have become stronger and increasingly established. As the basis for our most important business in the B2B E-Recruiting segment, demand for professionals is picking up again and the challenges posed by demographic change and the shortage of skilled workers are gradually returning to the fore once again despite the different waves seen in this pandemic.

However, let us first turn our attention to the B2C business. Revenues contracted slightly by 3 percent year-on-year to €49.5 million. This decline was due to the loss of revenues at our InterNations subsidiary, which has sold significantly fewer memberships due to COVID-19 restrictions because the primary benefit of these membership packages is access to offline events. However, our core business with its paid memberships of the XING professional network remained at a similar level to the previous year.

Revenues in the largest B2B E-Recruiting segment were up on the previous year's figure, rising by 3 percent to €78.7 million. When looking separately at the second quarter, the segment recorded an increase of 7 percent compared to the previous year. The gradual recovery of the labor market in the D-A-CH region and the continued digitalization push currently being experienced in almost every company and sector is again creating a growing demand for skilled professionals.

Revenues in the B2B Marketing Solutions & Events segments rose by 23 percent to €10.9 million in the first half of this year. This development was primarily driven by an increase in transactional advertising revenues; by contrast, the offline event business remained below the previous year's figure - although for the first time since the onset of the pandemic it has grown again in the second quarter.

Overall, revenue increased by a moderate 2 percent year-on-year to €139.0 mil- lion. Pro forma EBITDA rose by 33 percent to €52.3 million in the same period. At €25.4 million, pro forma consolidated net profit was 51 percent higher than in the prior-year period. This significant rise in EBITDA and consolidated net profit was due to a delay in the Company's capital expenditure activities.

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

New Work SE published this content on 05 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 August 2021 05:15:05 UTC.


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Sales 2021 284 M 329 M 329 M
Net income 2021 37,6 M 43,6 M 43,6 M
Net cash 2021 52,7 M 61,1 M 61,1 M
P/E ratio 2021 30,9x
Yield 2021 1,34%
Capitalization 1 161 M 1 346 M 1 346 M
EV / Sales 2021 3,90x
EV / Sales 2022 3,35x
Nbr of Employees 1 704
Free-Float 46,8%
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Mean consensus OUTPERFORM
Number of Analysts 5
Last Close Price 206,50 €
Average target price 268,40 €
Spread / Average Target 30,0%
EPS Revisions
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Petra von Strombeck Chief Executive Officer
Ingo Franklin Chu Chief Financial Officer
Martin Weiss Chairman-Supervisory Board
Jens Pape Chief Technology Officer
Johannes Meier Deputy Chairman-Supervisory Board
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