Interim / Quarterly Report • Nov 7, 2018
Interim / Quarterly Report
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INTERIM REPORT FOR THE PERIOD FROM JANUARY 1 TO SEPTEMBER 30, 2018
Q3
| Unit | 9M 2018 | 9M 20173 | Q3 2018 | Q3 20173 | Q2 2018 | |
|---|---|---|---|---|---|---|
| Total revenues 1 | in € million | 170.0 | 134.9 | 59.5 | 48.6 | 56.6 |
| B2C segment | in € million | 74.3 | 65.1 | 25.2 | 23.5 | 24.8 |
| B2B E-Recruiting segment | in € million | 77.9 | 55.6 | 28.2 | 20.3 | 26.1 |
| B2B Advertising & Events segment 2 | in € million | 14.3 | 11.4 | 4,7 | 4.0 | 4.6 |
| kununu International segment | in € million | 1.1 | 1.0 | 0.5 | 0.3 | 0.3 |
| EBITDA | in € million | 53.3 | 45.7 | 19.9 | 17.2 | 18.6 |
| EBITDA margin | in % | 31 | 34 | 33 | 35 | 33 |
| Net profit/loss for the period | in € million | 24.5 | 20.8 | 9.1 | 8.0 | 9.2 |
| Earnings per share (diluted) | in € | 4.36 | 3.70 | 1.62 | 1.42 | 1.64 |
| Cash flow from operations | in € million | 59.1 | 51.8 | 17.3 | 17.8 | 16.8 |
| XING users Germany, Austria, Switzerland (D-A-CH), total |
in million | 15.8 | 13.8 | 15.8 | 13.8 | 15.3 |
| thereof platform members | in million | 14.8 | 12.9 | 14.8 | 12.9 | 14.4 |
| thereof subscribers | in thsd. | 1,017 | 985 | 1,017 | 985 | 1,010 |
| InterNations members | in million | 3.2 | 2.7 | 3.2 | 2.7 | 3.0 |
| thereof subscribers | in thsd. | 133 | 120 | 133 | 120 | 128 |
| B2B E-Recruiting customers, D-A-CH | in thsd. | 21.5 | 18.9 | 21.5 | 18.9 | 20.4 |
| thereof B2B E-Recruiting (subscription) | in thsd. | 10.3 | 7.3 | 10.3 | 7.3 | 9.2 |
| B2B Advertising & Events customers, D-A-CH | in thsd. | 8.7 | 7.9 | 8.7 | 7.9 | 8.5 |
| Employees | number | 1,512 | 1,213 | 1,512 | 1,213 | 1,472 |
1 Total revenues incl. other operating income
2 Incl. intercompany revenues
3 Restated retrospectively due to IFRS 15/16, change in accordance with IAS 8
38 Financial calendar, Publishing information and contact
The leading social network for business professionals in the German-speaking market gives advice and support to its members during the upheavals in the world of work. In an environment marked by a shortage of skilled workers, digitalization, and changes in values, XING helps its approximately 15 million members achieve as harmonious a work / life balance as possible. For example, members can use XING Jobs to find the position that meets their individual needs, keep up to date with the news offerings on XING and participate in the debate, or find out about changes and trends in the new world of work on the XING spielraum topics portal.
Established in 2003, XING has been listed since 2006, and has been a TecDAX member since September 2011 and also an SDAX member since September 2018. Members can meet and exchange views on XING in around 80,000 groups or get together at one of the more than 150,000 relevant events for professionals that are organized each year. XING has a presence in Hamburg, Munich, Barcelona, Vienna, Zurich and Porto. Please visit www.xing.com for further details.
It is 15 years since Lars Hinrichs founded XING, then called OpenBC, on Hamburg's Gänsemarkt. What began as a start-up is now a listed medium-sized company whose mission is to help its members lead better professional lives. The changing world of work is one of the biggest challenges facing our generation. How is the digital transformation changing what we define as work? How can as many people as possible benefit from the changes currently underway? How do we want to work?
We are playing an active part in this discussion and providing ideas and services to help make the future world of work a better one. By doing so, we are helping our members to benefit from these changes. To our great satisfaction, this approach is proving to be economically successful for both us and you. The first nine months of the current financial year were once again highly positive for us. We recorded significant growth in all business units and maintained our growth momentum. Total revenues increased by 26 percent in the first three quarters to €170.0 million, a sharp rise compared to the previous year (€134.9 million).
The B2B E-Recruiting unit, which helps HR departments save time and money by recruiting efficiently, increased its revenues by 40 percent in the first nine months of the year (38 percent when adjusted for acquisitions) to €77.9 million (€55.6 million), recording higher revenue growth than any other segment. Revenues in the B2C segment, which reports income from XING members for paid services, rose by 14 percent in the first three quarters of the year (by 5 percent when adjusted for acquisitions) to €74.3 million (€65.1 million). The B2B Advertising & Events segment also recorded strong growth, with revenues up 26 percent to €14.3 million (previous year: €11.4 million).
The Company also recorded exceptionally positive membership growth. More than 1.4 million new members registered with a profile on www.xing.com in the first nine months of the current financial year. As a result, XING had more than 15.8 million users of XING products and services, including 14.8 million XING members, at the end of the third quarter. XING even reached the 15 million member mark at the start of November.
As you can see: XING's 15th anniversary has got off to a great start. In the first nine months of the year, we further strengthened our position as the leading professional network in the German-speaking world and achieved double-digit growth in all business units.
As I have already mentioned, the world of work is undergoing a fundamental shift. As the largest professional network in the German-speaking world, we experience this change every day. We want to contribute our experience to the discussion. To mark our 15th anniversary, we have collaborated with Prof. Peter Wippermann, one of Germany's most prominent trend researchers and futurologists, to produce the "New Work Trendbook", which highlights the 15 most important trends that will shape our professional lives over the coming years. The most important developments are grouped into three chapters focusing on employees, companies and society.
Dear shareholders, as you can see, we are taking full advantage of the opportunities presented by digitalization and change in the world of work to ensure that we can continue to pursue our vision and mission with total commitment. We will continue to help our members to live their best professional lives and realize their potential while at the same time supporting companies as they seek to gain a strategic advantage in the "war for talents".
Thank you for your commitment and trust in XING. We hope you will continue to give us your support.
Hamburg, November 2018
Kind regards,
Dr. Thomas Vollmoeller, Chief Executive Officer of XING SE
| Number of shares as of September 30, 2018 | 5,620,435 |
|---|---|
| Share capital in € | 5,620,435 |
| Share type | Registered shares |
| IPO | 07.12.2006 |
| ISIN | DE000XNG8888 |
| Bloomberg | O1BC:GR |
| Reuters | OBCGn.DE |
| Transparency level | Prime Standard |
| Index | SDAX/TecDAX |
| Sector | Software |
| 9M 2018 | 9M 2017 | |
|---|---|---|
| XETRA closing price at the end of the period |
€294.50 | €265.00 |
| High | €326.00 | €274.20 |
| Low | €277.00 | €228.05 |
| Market capitalization at the end of the period |
€1,655.2 million | €1,489.4 million |
| Average trading volume per day (XETRA) | 4,093 | 7,812 |
| TecDAX ranking | ||
| based on free-float market capitalization |
25 | 22 |
| based on trading volume | 34 | 31 |
| SDAX ranking | ||
| based on free-float market capitalization |
114 | N/A |
| based on trading volume | 144 | N/A |
| Earnings per share (diluted) | €4.36 | €3.70 |
| Broker | Analyst | Recommendation | Price target |
|---|---|---|---|
| Berenberg Bank | Sarah Simon | Hold | €270 |
| Commerzbank | Heike Pauls | Hold | €290 |
| Deutsche Bank | Nizla Naizer | Buy | €311 |
| Equinet | Simon Heilmann | Buy | €305 |
| Hauck & Aufhäuser | Pierre Gröning | Buy | €310 |
| Warburg Research | Jochen Reichert | Hold | €312 |
for the period from January 1 to September 30, 2018
EBITDA in € million
9M 20171
Revenues of the XING Group incl. other operating income rose from €134.9 million by 26 percent to €170.0 million in the 2018 reporting period. Excluding the companies acquired in July 2017 (M&A effects), organic growth amounted to 21 percent. At €2.7 million, other operating income was slightly above the prior-year-figure of €2.2 million.
All prior-year figures included in this report have been adjusted retrospectively due to the entry into force of IFRS 15/16 to ensure comparability with current results and key figures. IFRS 16 was applied early as of January 1, 2018.
9M 2018
At the end of September 2018, we had 1,512 employees (September 2017: 1,213), which represents an increase of 299 employees (+25 percent).
Marketing expenses rose 36 percent to €20.4 million in the first nine months of the year. Our focus was on further increasing campaigns in the B2B E-Recruiting segment and further expanding the presence of XING and Prescreen at the "Zukunft Personal" human resources conference compared to the previous year. Accordingly, the marketing expenses ratio rose slightly year on year from 11 percent to 12 percent.
Other operating expenses rose by 27 percent in the reporting period, from €25.1 million to €31.8 million. The main operating expense items here include IT and other services at €11.5 million (previous year: €8.2 million), travel and entertainment at €3.9 million (previous year: €3.2 million), and server hosting, administration and traffic at €3.3 million (previous year: €2.4 million). The notes to the financial statements include a detailed table of all items reported under other operating expenses.
We gave a substantial boost to our operating result (EBITDA) in the 2018 reporting period, as EBITDA of the XING Group rose by 17 percent to €53.3 million (previous year: €45.7 million).
Depreciation, amortization and impairment losses rose by 37 percent, from €11.9 million in the previous year to €16.3 million. This includes €2.0 million for the amortization of assets from purchase price allocation for Prescreen GmbH and InterNations GmbH, which were acquired in the third quarter of 2017. Depreciation, amortization and impairment losses in the reporting period include insignificant impairment losses (previous year: €0.4 million). Amortization of internally generated software amounted to €5.2 million (previous year: €4.2 million). Depreciation from the application of IFRS 16 amounting to € 3.0 million (previous year: €2.3 million) is also included, the increase of which is due to the additional rental of office space.
At €–0.8 million, the financial result in the reporting period was significantly improved on the previous year's figure of €–2.6 million. In April 2018, XING entered into an agreement with the sellers of BuddyBroker AG to cancel the variable payment of the contingent purchase price in favor of a fixed payment of €585 thousand which is shown under finance costs. The agreement led to a reversal of the original earnout liability in the amount of €1,604 thousand. This resulted in a net change of €1.0 million in the financial result.
Current taxes are determined by the companies of the XING Group based on the tax laws applicable in their country of domicile. Tax expense amounted to €11.7 million in the reporting period, up from €10.3 million in the prior-year period.
Consolidated net profit in the first nine months of 2018 was €24.5 million, up from €20.8 million in the first nine months of 2017. This gives rise to earnings per share of €4.36, compared with €3.70 per share in the prior-year period. Earnings per share therefore rose by 18 percent year on year.
In the B2C segment, revenues grew by 14 percent in the reporting period to €74.3 million (previous year: €65.1 million). Excluding the InterNations M&A transaction carried out in July 2017, organic segment growth totaled 5 percent. This revenue growth is primarily attributable to the addition of around 32,000 new subscribers to the XING platform and around 13,000 new subscribers to our www.internations.org expat platform since September 2017. As a result, the number of subscribers in the D-A-CH region on www.xing.com reached 1.017 million at the end of September 2018 (previous year: 985 thousand). At InterNations, around 133,000 expats opted for the fee-based Ambassador membership.
At €32.3 million, segment EBITDA was slightly below the prior-year-figure of €35.8 million due to increased investment in new B2C products. This meant that the segment EBITDA margin was 44 percent compared with 55 percent in the prior-year period.
XING platform subscribers in thousand
We once again recorded numerous new members for the XING platform in the first nine months of 2018, with the membership base rising by 1.4 million to 14.8 million since the end of 2017. Including XING Events users, total XING users thus came to 15.8 million at the end of September 2018 (September 30, 2017: 13.8 million).
1 Rounding differences are possible
Employers pay large sums to recruit staff from abroad or to send them there. Nevertheless, investing in visas, relocation and accommodation is only one element of a successful relocation. The social integration of expats is just as important. The shortage of skilled workers is putting companies in a tight spot and requiring them to be attractive to potential employees. An InterNations membership can help companies to convince employees to accept a foreign assignment. Until now, each member had to bear the costs of this themselves, but InterNations recently began offering this solution to corporate customers too. This means that companies pay the membership fees of employees they send abroad, enabling employers to ensure that their staff feel at ease in a foreign country and prevent them from bringing these assignments to a premature end. InterNations' first corporate customers include Merck and Volkswagen.
The B2B E-Recruiting segment continued its dynamic growth during the reporting period. Revenues in this segment rose by 40 percent, thus making a significant contribution to the Group's growth over the past twelve months. Excluding Prescreen GmbH, acquired in July 2017, revenue grew by 38 percent.
The primary driver for this dynamic growth is strong new customer growth for our XING 360° recruiting solution and the continued strong growth of employer branding profiles under the kununu brand and in the Active Recruiting subsegment. As a result, our B2B E-Recruiting contract customer base (subscription) rose from 7.1 thousand to 10.4 thousand over the past twelve months, an increase of 41 percent.
On the back of the dynamic revenue growth, operating profit in the segment (EBITDA) increased by 38 percent. Segment EBITDA thus came to €51.1 million (previous year: €36.9 million). The segment's EBITDA margin was 66 percent in the reporting period (previous year: 66 percent).
The shortage of skilled workers is a very real problem for many HR managers, as they need more and more time to fill their vacancies, with some positions even remaining completely unfilled. The results of a recent forsa study conducted on behalf of XING E-Recruiting clearly shows how serious the labor market situation is becoming. A good three-quarters of the 200 HR managers surveyed stated that they need up to six months to fill managerial roles. Seventy-three percent of respondents reported a rise in time-to-hire – the time HR staff need to find candidates for a vacancy – over the past five years. A similar number of those surveyed expected this trend to continue over the next five years. Companies reported higher staffing times, particularly for IT professionals (68 percent) as well as engineers and technical professions (62 percent).
In September 2018, we introduced an integrated applicant tracking system from Prescreen that gives HR managers access to almost 15 million potential candidates via www.xing.com and enables them to react better under these difficult conditions.
In-depth integration with XING has resulted in an extensively redesigned Prescreen offering with a vastly different range of functions compared to conventional applicant tracking systems. Where recruiters generally have to ensure that candidates are entered into their system, Prescreen will enable them to select and make direct contact with candidates from the system.
The core of Prescreen's technology remains its matching technology, which matches candidates with the job profile based on numerous criteria and shows to what extent an applicant fits the advertised role. This cloud-based system can be accessed intuitively via Internet browsers, can be flexibly used and is ready for use with hardly any implementation effort compared to desktop solutions. It can also be customized to suit the user's needs to replicate existing business processes as closely as possible. In addition, recruiters using Prescreen can choose directly from a preselected list of talented individuals via XING TalentpoolManager. For example, this includes candidates who have indicated an interest in working for the company on XING. Employee referrals entered via XING ReferralManager are also automatically synchronized into each individual preselection. Our experience shows that candidates from these talent pools are much more likely than others to be interested in a position with the company. If a company receives an application via email or other platforms, as is often the case, Prescreen now offers the possibility of linking this to the applicant's XING profile, thus enabling the company to stay fully up to date. While HR departments will also be able to publish open positions on more than 300 job portals via Prescreen in the future, they can also advertise vacancies on XING at no extra cost with immediate effect, enabling them to reach almost 15 million knowledge workers in the German-speaking market.
HR managers have to fill roles under difficult labor market conditions and continually justify their performance to internal stakeholders when they fail to recruit new staff. As a result, more and more companies are using data-based approaches to bolster and better manage their recruitment efforts.
Recruiter Insights is a smart new central cockpit launched by XING that summarizes all relevant recruitment figures in one place.
In the future, HR managers will be able to base their decisions on meaningful data. Recruiter Insights brings together the most important figures from all XING E-Recruiting channels used, including XING TalentManager, job advertisements, employee referrals and each company's talent pool. Clear displays highlight the most successful recruiting channels, answering questions such as: "How high is the response rate to my messages in XING TalentManager?" and "How many candidates are bookmarking my job advertisements or indicating an interest in working for my company on the XING platform?" While Recruiter Insights consolidates key figures to answer these and other questions, the cockpit raises awareness of essential recruitment KPIs and can become a strategic management tool for staff recruitment.
In the B2B Advertising & Events segment, where we combine XING Marketing Solutions and our events business, we lifted revenues by 25 percent year on year to €14.3 million in the first nine months of 2018 compared to €11.4 million in the same period last year.
Segment EBITDA stagnated year on year at €3.4 million as a result of planned investments in our local presence, reducing the segment's EBITDA margin from 30 percent to 24 percent.
B2B customers are a primary driver of the segment's revenue growth, with their numbers rising from 8.0 thousand to 9.5 thousand as of the end of September 2018.
We also announced a partnership with full-service guest management provider FastLane in the Events subsegment in the third quarter of 2018. The aim of this collaboration is to enable organizers to manage event entry in a modern yet safe way, including entry by facial recognition. Up to 400 participants can be registered each hour with XING Events and the FastLane pro badging kiosk.
This segment mainly generates revenues relating to the provision of services (9M 2018: €1.1 million vs. 9M 2017: €1.0 million) for the joint venture. XING's share of the joint venture's net profit/loss for the year is accounted for as the share of profits and losses of equity-accounted investments.
Dr. Thomas Vollmoeller has informed the Supervisory Board that he will not be available for another term as CEO after his contract will have expired at the end of 2020 and he has reached the age of sixty. The Supervisory Board intends to introduce a new CEO in the course of 2020, who will successfully continue XING SE's growth trajectory in the coming years. Thomas Vollmoeller is expected to join the Supervisory Board after a cooling-down period.
of XING SE for the period from January 1 to September 30, 2018
| in € thousand | Note | 01/01/2018– 09/30/2018 |
01/01/2017– 09/30/20171 |
01/07/2018– 09/30/2018 |
01/07/2017– 09/30/20171 |
|---|---|---|---|---|---|
| Service revenues | 5 | 167,254 | 132,715 | 58,511 | 47,980 |
| Other operating income | 7 | 2,733 | 2,183 | 946 | 636 |
| TOTAL OPERATING INCOME | 169,987 | 134,898 | 59,457 | 48,616 | |
| Personnel expenses | – 64,446 | – 49,056 | – 22,191 | – 17,711 | |
| Marketing expenses | – 20,403 | – 15,015 | – 6,388 | – 4,954 | |
| Other operating expenses | 8 | – 31,808 | – 25,132 | – 10,997 | – 8,720 |
| EBITDA | 53,330 | 45,695 | 19,881 | 17,231 | |
| Depreciation, amortization and impairment losses | 9 | – 16,325 | – 11,885 | – 6,287 | – 4,372 |
| EBIT | 37,005 | 33,810 | 13,594 | 12,859 | |
| Share of profits and losses of equity-accounted investments |
11 | – 941 | – 2,912 | 0 | – 767 |
| Finance income 2 | 10 | 1,707 | 568 | 65 | 2 |
| Finance costs 3 | 10 | – 1,562 | – 303 | – 287 | – 98 |
| EBT | 36,209 | 31,163 | 13,372 | 11,996 | |
| Taxes on income | – 11,728 | – 10,349 | – 4,243 | – 4,025 | |
| CONSOLIDATED NET PROFIT / LOSS | 24,481 | 20,814 | 9,129 | 7,971 | |
| Earnings per share (basic) | 4.36 | 3.70 | 1.62 | 1.42 | |
| Earnings per share (diluted) | 4.36 | 3.70 | 1.62 | 1.42 | |
| CONSOLIDATED NET PROFIT / LOSS | 24,481 | 20,814 | 9,129 | 7,971 | |
| Currency translation differences | 36 | – 42 | 26 | – 3 | |
| Remeasurement of available-for-sale assets | – 239 | 79 | – 49 | 3 | |
| OTHER COMPREHENSIVE INCOME | – 203 | 37 | – 23 | 0 | |
| CONSOLIDATED TOTAL COMPREHENSIVE INCOME | 24,278 | 20,851 | 9,106 | 7,971 |
1 Previous year's figures adjusted
2 Finance income includes non-recurring, non-operating income of €1,604 thousand from the acquisition of BuddyBroker
3 Finance costs includes non-operating expenses of €585 thousand from the acquisition of BuddyBroker
of XING SE as of September 30, 2018
Assets
| in € thousand Note |
09/30/2018 | 12/31/2017/ 01/01/20181 |
|---|---|---|
| Intangible assets | ||
| Purchased software | 9,430 | 8,970 |
| Internally generated software | 63,081 | 48,910 |
| Goodwill | 49,778 | 49,778 |
| Other intangible assets | 5,581 | 7,076 |
| Property, plant and equipment | ||
| Leasehold improvements | 285 | 340 |
| Other equipment, operating and office equipment | 9,114 | 8,348 |
| Advance payments made and construction in progress | 144 | 203 |
| Lease assets 3.4 |
12,823 | 11,501 |
| Financial assets | ||
| Financial assets at amortized cost | 453 | 49 |
| Financial assets at fair value (other comprehensive income) | 29,583 | 29,936 |
| Prepaid expenses | 633 | 700 |
| Deferred tax assets | 3,765 | 4,215 |
| NON-CURRENT ASSETS | 184,670 | 170,026 |
| Receivables and other assets | ||
| Receivables from services | 31,810 | 28,336 |
| Contract assets 3.2 |
2,856 | 2,216 |
| Other assets | 5,043 | 5,155 |
| Cash and short-term deposits | ||
| Cash | 48,207 | 32,327 |
| Third-party cash | 6,495 | 4,219 |
| CURRENT ASSETS | 94,411 | 72,253 |
| 279,082 | 242,279 |
1 Previous year's figures adjusted
| in € thousand | Note | 09/30/2018 | 12/31/2017/ 01/01/20181 |
|---|---|---|---|
| Subscribed capital | 6 | 5,620 | 5,620 |
| Treasury shares | 6 | 0 | 0 |
| Capital reserves | 6 | 22,644 | 22,622 |
| Other reserves | 6 | 2,405 | 2,338 |
| Net retained profits | 6 | 61,775 | 47,007 |
| EQUITY | 92,444 | 77,587 | |
| Deferred tax liabilities | 23,449 | 20,128 | |
| Contract liabilities | 3.2 | 2,276 | 2,260 |
| Other provisions | 1,323 | 655 | |
| Financial liabilities at fair value (through profit or loss) | 12,001 | 14,724 | |
| Lease liabilities | 3.4 | 9,230 | 9,111 |
| Other liabilities | 3,898 | 3,114 | |
| NON-CURRENT LIABILITIES | 52,177 | 49,992 | |
| Trade accounts payable | 2,884 | 6,851 | |
| Lease liabilities | 3.4 | 4,711 | 2,596 |
| Contract liabilities | 3.2 | 91,788 | 73,894 |
| Other provisions | 1,202 | 894 | |
| Financial liabilities at fair value (through profit or loss) | 2,582 | 4,733 | |
| Income tax liabilities | 686 | 271 | |
| Other liabilities | 30,608 | 25,461 | |
| CURRENT LIABILITIES | 134,461 | 114,700 | |
1 Previous year's figures adjusted
279,082 242,279
of XING SE for the period from January 1 to September 30, 2018
| in € thousand | 01/01/2018– 09/30/2018 |
01/01/2017– 09/30/20171 |
01/07/2018– 09/30/2018 |
01/07/2017– 09/30/20171 |
|---|---|---|---|---|
| Earnings before taxes | 36,209 | 31,163 | 13,372 | 11,996 |
| Amortization and write-downs of internally generated software | 5,202 | 4,170 | 2,220 | 1,628 |
| Depreciation, amortization and impairment losses on other fixed assets |
11,123 | 7,715 | 4,067 | 2,745 |
| Finance income | – 1,707 | – 568 | 88 | – 3 |
| Interest received | 45 | 1 | 44 | 0 |
| Finance costs | 1,562 | 303 | 135 | 98 |
| Share of profits and losses of equity-accounted investments | 941 | 2,912 | 0 | 767 |
| Taxes paid | – 8,323 | – 5,842 | – 3,277 | – 2,031 |
| Profit from disposal of fixed assets | – 7 | – 100 | – 8 | 43 |
| Change in receivables and other assets | – 3,216 | – 5,754 | – 2,438 | – 4,551 |
| Change in liabilities and other equity and liabilities | 1,680 | 9,783 | 3,772 | 8,609 |
| Change in deferred income | 0 | – 4,151 | 0 | – 4,151 |
| Elimination of XING Events third-party obligation | 17,910 | 15,349 | 483 | 4,162 |
| Cash flow from operating activities | – 2,276 | – 3,209 | – 1,208 | – 1,536 |
| CASH FLOW FROM OPERATING ACTIVITIES | 59,143 | 51,772 | 17,250 | 17,776 |
| Payment for capitalization of internally generated software | – 19,373 | – 19,888 | – 5,911 | – 8,426 |
| Payment for purchase of software | – 1,833 | – 1,255 | – 12 | 159 |
| Payments for purchase of other intangible assets | – 208 | – 491 | 9 | – 144 |
| Proceeds from the disposal of fixed assets | 62 | 127 | 101 | – 27 |
| Payments for purchase of property, plant and equipment | – 4,210 | – 1,664 | – 1,697 | – 781 |
| Payment for acquisition of consolidated companies (less funds acquired) |
– 4,644 | – 26,134 | 0 | – 25,402 |
| Payment for equity-accounted investments | – 1,228 | – 3,281 | 0 | 0 |
| Payments for investments in other financial assets | 0 | – 29,954 | 0 | 0 |
| CASH FLOW FROM INVESTING ACTIVITIES | – 31,434 | – 82,540 | – 7,510 | – 34,621 |
1 Previous year's figures adjusted
| in € thousand | 01/01/2018– 09/30/2018 |
01/01/2017– 09/30/20171 |
01/07/2018– 09/30/2018 |
01/07/2017– 09/30/20171 |
|---|---|---|---|---|
| Payment of regular dividend | – 9,442 | – 7,700 | 0 | 0 |
| Payment of special dividend | 0 | – 8,993 | 0 | 0 |
| Interest paid (incl. interest under IFRS 16) | – 134 | – 136 | – 53 | – 46 |
| Payment for leases (reduction of liability only) | – 2,032 | – 2,560 | – 619 | – 855 |
| Payments for own shares | – 270 | 0 | 0 | 0 |
| Cash flows from financing activities | 89 | 0 | 89 | 0 |
| CASH FLOWS FROM FINANCING ACTIVITIES | – 11,789 | – 19,389 | – 583 | – 901 |
| Currency translation differences | – 38 | – 72 | – 16 | – 77 |
| Change in cash and cash equivalents | 15,882 | – 50,231 | 9,141 | – 17,823 |
| Own funds at the beginning of the period | 32,327 | 83,428 | 39,068 | 51,022 |
| OWN FUNDS AT THE END OF THE PERIOD 2 | 48,209 | 33,197 | 48,209 | 33,199 |
| Third-party funds at the beginning of period | 4,219 | 3,214 | 5,287 | 4,887 |
| Change in third-party funds | 2,276 | 3,209 | 1,208 | 1,536 |
| THIRD-PARTY FUNDS AT THE END OF THE PERIOD | 6,495 | 6,423 | 6,495 | 6,423 |
1 Previous year's figures adjusted 2 Funds consist of liquid funds.
of XING SE for the period from January 1 to September 30, 2018
| In € thousand | Subscribed capital |
Capital reserves |
Treasury shares at cost |
Other reserves |
Net retained profits |
Total equity |
|---|---|---|---|---|---|---|
| AS OF 01/01/2017 (AS PREVIOUSLY REPORTED) | 5,620 | 22,622 | 0 | 2,438 | 39,182 | 69,862 |
| Adjustment from first-time application of IFRS 15 | 0 | 0 | 0 | 0 | – 943 | – 943 |
| Adjustment from first-time application of IFRS 16 | 0 | 0 | 0 | 0 | – 192 | – 192 |
| AS OF 01/01/2017 (RESTATED) | 5,620 | 22,622 | 0 | 2,438 | 38,047 | 68,727 |
| Other comprehensive income | 0 | 0 | 0 | 0 | 0 | 0 |
| Consolidated net profit/loss (restated) | 0 | 0 | 0 | 39 | 20,814 | 20,853 |
| Consolidated total comprehensive income (restated) |
0 | 0 | 0 | 39 | 20,814 | 20,853 |
| Regular dividend for 2016 | 0 | 0 | 0 | 0 | – 7,700 | – 5,789 |
| Special dividend | 0 | 0 | 0 | 0 | – 8,993 | – 8,431 |
| AS OF 09/30/2017 (RESTATED) | 5,620 | 22,622 | 0 | 2,477 | 42,168 | 72,887 |
| A S O F 1 2/31/2017 A N D 01/01/201 8 (AS PREVIOUSLY REPORTED) |
5,620 | 22,622 | 0 | 2,338 | 48,404 | 78,984 |
| Adjustment from first-time application of IFRS 15 | 0 | 0 | 0 | 0 | – 1,258 | – 1,258 |
| Adjustment from first-time application of IFRS 16 | 0 | 0 | 0 | 0 | – 139 | – 139 |
| AS OF 01/01/2018 (RESTATED) | 5,620 | 22,622 | 0 | 2,338 | 47,007 | 77,587 |
| Consolidated net profit/loss | 0 | 0 | 0 | 0 | 24,481 | 24,481 |
| Other comprehensive income | 0 | 0 | 0 | – 203 | 0 | – 203 |
| Consolidated total comprehensive income (restated) |
0 | 0 | 0 | – 203 | 24,481 | 24,277 |
| Share-based payments with equity instrument compensation |
0 | 0 | 0 | 270 | – 270 | 0 |
| Purchase of own shares | 0 | 0 | – 270 | 0 | 0 | – 270 |
| Issue of own shares | 0 | 0 | 181 | 0 | 0 | 181 |
| Sales of own shares | 0 | 22 | 89 | 0 | 0 | 111 |
| Regular dividend for 2017 | 0 | 0 | 0 | 0 | – 9,442 | – 9,442 |
| Special dividend | 0 | 0 | 0 | 0 | 0 | 0 |
| AS OF 09/30/2018 | 5,620 | 22,644 | 0 | 2,405 | 61,775 | 92,444 |
for the period from January 1 to September 30, 2018
The registered offices of XING SE are located at Dammtorstrasse 30, 20354 Hamburg, Germany; the Company is registered at the Amtsgericht (local court) Hamburg under HRB 148078. The parent company of XING SE is Burda Digital GmbH, Munich, and the ultimate parent company of XING SE since December 18, 2012 has been Hubert Burda Media Holding Kommanditgesellschaft, Offenburg, Germany. The next most senior parent preparing consolidated financial statements is Burda Gesellschaft mit beschränkter Haftung, Offenburg.
Operating the leading social network for business professionals in the German-speaking market, XING gives advice and support to its members during the upheavals in the world of work. In an environment marked by a shortage of skilled workers, digitalization, and changes in values, XING helps its almost 15 million members achieve as harmonious a work/life balance as possible. XING generates its revenues primarily from fee-based products for end customers and businesses. It is a model in which our customers pay for most of the services provided in advance.
These condensed interim consolidated financial statements of XING SE for the reporting period ending on September 30, 2018, have been prepared in accordance with the International Financial Reporting Standard for interim financial
reporting (IAS 34). The condensed interim consolidated financial statements do not contain all of the information required for full annual consolidated financial statements, and should therefore be read in conjunction with the consolidated financial statements as of December 31, 2017.
The reporting period began on January 1, 2018, and ended on September 30, 2018. The corresponding prior-year period began on January 1, 2017, and ended on September 30, 2017. The interim consolidated financial statements and the interim group management report of XING SE were approved for publication on November 7, 2018, by the Management Board.
The accounting policies applied in principle to these condensed interim consolidated financial statements are consistent with those used for the consolidated financial statements as of December 31, 2017, with the exception of the matters presented under item 3. These interim financial statements have not been audited by the auditor, nor have they been subjected to a review.
Preparation of the consolidated financial statements to a limited extent requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities, income and expenses, as well as contingent liabilities. Although these estimates are made in accordance with the best knowledge of management and with due consideration being given to all available knowledge, actual results may differ from these estimates.
The amortization period, the residual values and the amortization method used for finite-lived intangible assets are reviewed regularly. The review of the remaining useful lives in the reporting period revealed that the useful life of the XING platform had been extended by a further twelve months to December 31, 2022.
XING applies the retrospective method in accordance with IAS 8 for the introduction of both IFRS 15 and IFRS 16.
The following tables show the effects on the consolidated financial statements as of December 31, 2017 and the quarterly reporting as of September 30, 2017:
| in € thousand | 12/31/2017 as reported |
IFRS 15 | IFRS 16 | 12/31/2017/ 01/01/20181 |
|---|---|---|---|---|
| Lease assets | 0 | 0 | 11,501 | 11,501 |
| Deferred tax assets | 3,081 | 1,026 | 108 | 4,215 |
| Other non-current assets | 154,310 | 0 | 0 | 154,310 |
| NON-CURRENT ASSETS | 157,391 | 1,026 | 11,609 | 170,026 |
| Contract assets | 0 | 2,216 | 0 | 2,216 |
| Other assets | 5,301 | 0 | – 146 | 5,155 |
| Other current assets | 64,882 | 0 | 0 | 64,882 |
| CURRENT ASSETS | 70,183 | 2,216 | – 146 | 72,253 |
| Net retained profits | 48,404 | – 1,258 | – 139 | 47,007 |
| Other equity | 30,580 | 0 | 0 | 30,580 |
| EQUITY | 78,984 | – 1,258 | – 139 | 77,587 |
| Deferred tax liabilities | 19,664 | 432 | 32 | 20,128 |
| Contract liabilities | 2,213 | 47 | 0 | 2,260 |
| Lease liabilities | 0 | 0 | 9,111 | 9,111 |
| Other non-current liabilities | 18,493 | 0 | 0 | 18,493 |
| NON-CURRENT LIABILITIES | 40,370 | 479 | 9,143 | 49,992 |
| Lease liabilities | 0 | 0 | 2,596 | 2,596 |
| Contract liabilities | 69,873 | 4,021 | 0 | 73,894 |
| Other liabilities | 25,598 | 0 | – 137 | 25,461 |
| Other current liabilities | 12,749 | 0 | 0 | 12,749 |
| CURRENT LIABILITIES | 108,220 | 4,021 | 2,459 | 114,700 |
| in € thousand | 9M 2017 as reported |
IFRS 15 | IFRS 16 | 9M 20171 |
|---|---|---|---|---|
| Service revenues | 132,274 | 441 | 0 | 132,715 |
| Personnel expenses | – 49,240 | 184 | 0 | – 49,056 |
| Marketing expenses | – 13,940 | – 1,075 | 0 | – 15,015 |
| Other operating expenses | – 27,570 | 0 | 2,438 | – 25,132 |
| Other income/expenses | 2,183 | 0 | 0 | 2,183 |
| EBITDA | 43,707 | – 450 | 2,438 | 45,695 |
| Depreciation, amortization and impairment losses | – 9,589 | 0 | – 2,296 | – 11,885 |
| EBIT | 34,118 | – 450 | 142 | 33,810 |
| Finance costs | 214 | 0 | – 89 | – 303 |
| Other financial result | – 2,344 | 0 | 0 | – 2,344 |
| EBT | 31,560 | – 450 | 53 | 31,163 |
| Taxes on income | – 10,477 | 146 | – 18 | – 10,349 |
| CONSOLIDATED NET PROFIT | 21,083 | – 304 | 35 | 20,814 |
| Earnings per share (basic/diluted) | €3.75 | €– 0.05 | €0.01 | €3.70 |
| Other comprehensive income | 37 | 0 | 0 | 37 |
| CONSOLIDATED TOTAL COMPREHENSIVE INCOME | 21,120 | – 304 | 35 | 20,851 |
1 Restated
| in € thousand | 9M 2017 as reported |
IFRS 15 | IFRS 16 | 9M 20171 |
|---|---|---|---|---|
| Earnings before taxes | 31,560 | – 450 | 53 | 31,163 |
| Depreciation, amortization and impairment losses on other fixed assets |
5,419 | 0 | 2,296 | 7,715 |
| Finance costs | 214 | 0 | 89 | 303 |
| Change in assets | – 5,359 | – 395 | 0 | – 5,754 |
| Change in equity and liabilities | 8,727 | 845 | 211 | 9,783 |
| Other items | 8,562 | 0 | 0 | 8,562 |
| CASH FLOW FROM OPERATING ACTIVITIES | 49,123 | 0 | 2,649 | 51,772 |
| CASH FLOW FROM INVESTING ACTIVITIES | – 82,540 | 0 | 0 | – 82,540 |
| Dividend | – 16,693 | 0 | 0 | – 16,693 |
| Interest paid | – 47 | 0 | – 89 | – 136 |
| Payments for leases | 0 | 0 | – 2,560 | – 2,560 |
| CASH FLOWS FROM FINANCING ACTIVITIES | – 16,740 | 0 | – 2,649 | – 19,389 |
1 Restated
IFRS 9 supersedes much of the guidance in IAS 39 on the recognition, classification and measurement of financial assets and financial liabilities, derecognition of financial instruments, impairment, and hedge accounting. The application of IFRS 9 as of January 1, 2018 did not give rise to any significant changes at XING. XING did not apply hedge accounting either in the reporting period or in the comparative period.
The XING Group still does not have any interest rate or currency derivatives. With regard to trade accounts receivable and contract assets, there is no change in the application of the permissible simplified approach to impairment under IFRS 9 because XING already applied a comparable method under IAS 39. The reason for this is that due to its business model XING has a large number of small receivables, and services are normally paid for in advance. The receivables are impaired based on the respective dunning level/number of
days overdue, using empirical values. Individual receivables are initially impaired in advance if there are objective indications of overdue debt. On account of the prepaid business model, contract assets are not impaired. Because of the mostly short terms, revenues do not include a significant financing component.
For the purposes of managing short- and medium-term surplus liquidity, XING has acquired several funds focused on nominal capital preservation. These funds have been classified pursuant to IAS 39 as available-for-sale financial assets. Since these investments do not solely provide for interest and principal repayments at set times, the changes in fair value must be recognized in profit or loss. XING makes use of the option to present the change in fair value during the holding period in other comprehensive income and only reclassify the cumulative gains and losses to profit or loss in the event of disposal.
Financial assets measured at amortized cost relate in particular to trade accounts receivable and rent deposits.
Financial liabilities that had already been measured as at fair value through profit or loss under IAS 39 relate solely to obligations arising from contingent purchase prices for acquisitions. Changes in fair value will continue to be recognized in profit or loss in accordance with IFRS 9.
XING applied IFRS 15, including the clarifications that have now been adopted, in the reporting period for the first time. Here, the retrospective method in accordance with IAS 8 and the prior-year comparatives are applied accordingly. In this context, the changes to the statement of financial position, statement of comprehensive income and statement of cash flows explained in 3.1 were made.
The following circumstances result in a change in recognition:
The Group recognizes revenue from setup services generated in the B2B segments over the initial minimum term of the subsequent fixed-term products. The support provided to the customer during setup has until now been recognized as a separate deliverable. As of December 31, 2017, first-time application resulted in the recognition of higher contract liabilities of €3,305 thousand.
Sales employees and external agencies are partly paid performance-related remuneration. If these payments are entirely variable, they are allocated over the term of the products sold. As of December 31, 2017, first-time application resulted in the recognition a contract asset of €1,449 thousand.
If XING controls the services that are to be provided, bears the end customer's credit risk and the agent is not able to set its selling prices itself, XING is acting as principal. Due to its business model (platform operation), this will result in XING reporting more transactions as principal in future, which leads to an increase in contract assets/contract liabilities of €763 thousand as of December 31, 2017.
The Company recognized €468 thousand in deferred tax assets and €1,067 thousand in deferred tax liabilities as of December 31, 2017.
XING applied IFRS 16 early as of January 1, 2018. Here, the retrospective method is applied and the prior-year comparatives are restated accordingly. The quantitative effects on the statement of financial position, the statement of comprehensive income and statement of cash flows are shown under 3.1.
In this connection, XING leases office space in particular. The leases typically have a term of up to five years, frequently with renewal options for XING. The precise terms and conditions of the agreements vary depending on the country and the leased property. Leases with terms of up to one year continue to be recognized as an expense.
Rents are recognized as lease assets (right-of-use assets) at their present value. At the commencement date, a lease liability is recognized in the same amount. When the liability is being determined, the following payments are considered:
The cost of the right-of-use asset shall comprise:
Costs incurred to achieve the condition intended by XING and restoration obligations will continue to be presented under leasehold improvements.
The maturities of lease liabilities at the time of first-time application (January 1, 2018) are as follows:
| 3.5 OTHER STANDARDS AND INTERPRETATIONS |
|---|
| APPLICABLE FOR THE FIRST TIME |
Revisions of IAS 40, IFRS 2, IFRS 4 and IFRIC 22 were applicable for the first time in the reporting period. These have no effects on XING's reporting.
XING does not expect the other standards that have been endorsed by the EU but are not yet mandatory to have any effects on its consolidated financial statements.
| in € thousand | Lease liabilities as of 12/31/2017 / 01/01/2018 |
|---|---|
| Up to 1 year | 2,621 |
| 1 – 2 years | 3,912 |
| 2 – 5 years | 5,428 |
| TOTAL CONTRACT PAYMENTS | 11,961 |
| Discount | – 254 |
| CARRYING AMOUNT OF LIABILITIES | 11,707 |
For discounting purposes XING uses the marginal cost of capital that is available for committed credit facilities. This is between 0.73% and 1.18% for the current leases.
As a result, the asset is written down on a straight-line basis over the expected useful life under depreciation, amortization and impairment losses and the discounted liability is unwound in the financial result. The interest and the principal repayment are recognized under cash flows from financing activities.
With respect to the contingent purchase price, the purchase price allocation of InterNations GmbH has been completed. The figures published as of December 31, 2017 have not been restated.
The column with the prior-year comparative figures has been adjusted accordingly as a result of applying IFRS 15 and IFRS 16.
| B2C | B2B E-Recruiting |
B2B Advertising&Events |
kununu International |
Consolidation of intersegment revenues / expenses |
Total segments |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| in € thousand | 01/01– 09/30/ 2018 |
01/01– 09/30/ 20171 |
01/01– 09/30/ 2018 |
01/01– 09/30/ 20171 |
01/01– 09/30/ 2018 |
01/01– 09/30/ 20171 |
01/01– 09/30/ 2018 |
01/01– 09/30/ 20171 |
01/01– 09/30/ 2018 |
01/01– 09/30/ 20171 |
01/01– 09/30/ 2018 |
01/01– 09/30/ 20171 |
| Revenues (from third parties) |
74,263 | 65,064 | 77,934 | 55,619 | 13,936 | 11,019 | 1,121 | 1,013 | – | – | 167,254 | 132,715 |
| Intragroup revenues | 0 | 0 | 0 | 0 | 410 | 419 | 0 | 0 | – 410 | – 419 | 0 | 0 |
| Total revenues | 74,263 | 65,064 | 77,934 | 55,619 | 14,346 | 11,438 | 1,121 | 1,013 | – 410 | – 419 | 167,254 | 132,715 |
| Intragroup segment expenses |
– 410 | – 419 | 0 | 0 | 0 | 0 | 0 | 0 | 410 | 419 | 0 | 0 |
| Other segment expenses | – 41,523 | – 28,855 | – 26,880 | – 18,723 | – 10,897 | – 8,030 | – 1,077 | – 940 | – | – | – 80,377 | – 56,548 |
| Segment operating result | 32,330 | 35,790 | 51,054 | 36,896 | 3,449 | 3,408 | 44 | 73 | – | – | 86,877 | 76,167 |
| Other operating income/expenses |
– 33,547 | – 30,472 | ||||||||||
| EBITDA | 53,330 | 45,695 |
1 Restated pursuant to IAS 8
| in € thousand | 01/01/2018– 09/30/2018 |
01/01/2017– 09/30/20171 |
|---|---|---|
| D-A-CH | 153,428 | 124,668 |
| International | 13,826 | 8,047 |
| 167,254 | 132,715 |
1 Restated
The Company is not reliant on major customers because a significant percentage of Group revenues is not generated with any single customer.
As was the case as of December 31, 2017, the non-current assets (excl. deferred tax assets and other financial assets) of €151,322 thousand (December 31, 2017: €135,875 thousand) are attributable to the D-A-CH region.
As of September 30, 2018, XING SE had share capital of €5,620,435 (December 31, 2017: €5,620,435) and the Company did not hold any treasury shares. The Company had decided to grant one XING share to each eligible employee of the Group. For this purpose, it acquired 990 shares during the reporting period. The process of transferring 677 shares has been completed and 313 shares were subsequently resold.
Based on a resolution adopted by the Annual General Meeting on May 16, 2018, a dividend of €1.68 per share was paid for the 2017 financial year (2016: €1.37 per share). In the previous year, a special dividend of €1.60 per share was also paid out. With 5,620,435 shares carrying dividend rights, this corresponds to a total payout of €9.4 million (previous year: €16.9 million including the special dividend). The liquid funds totaling €48.2 million as of September 30, 2018 and XING's cash-generative business model enable the Company to pay special dividends without changing its business strategy, which is aimed at achieving growth.
Other operating income includes income of €387 thousand (previous year: €39 thousand) from currency translation and income from the disposal of equipment in the amount of €23 thousand (previous year: €100 thousand).
The following summary breaks down the primary items of other operating expenses:
| in € thousand | 01/01/2018– 09/30/2018 |
01/01/2017– 09/30/20171 |
|---|---|---|
| IT services, management services | 11,489 | 8,230 |
| Travel, entertainment and other business expenses |
3,915 | 3,158 |
| Server hosting, administration and traffic | 3,272 | 2,376 |
| Occupancy expenses | 2,323 | 1,904 |
| Other personnel expenses | 2,078 | 1,481 |
| Payment transaction costs | 1,979 | 1,770 |
| Bad debts | 1,291 | 949 |
| Training costs | 1,176 | 940 |
| Legal consulting fees | 492 | 942 |
| Accounting fees | 479 | 387 |
| Telephone/cell phone/postage/courier | 452 | 424 |
| Exchange rate losses | 407 | 365 |
| Financial statements preparation and auditing costs |
366 | 323 |
| Rents/leases | 336 | 295 |
| Expenses attributable to prior periods | 320 | 337 |
| Office supplies | 288 | 193 |
| Supervisory Board remuneration | 243 | 227 |
| Other | 904 | 831 |
| TOTAL | 31,808 | 25,132 |
1 Restated
The other expenses mainly comprise costs of contributions, other charges and insurance costs.
In the reporting period from January 1 to September 30, 2018, the useful life of internally generated software was extended by a further 12 months to December 31, 2022. This led to the recognition of lower amortization of €897 thousand than as stipulated in the previous amortization schedule.
In April 2018, XING entered into an agreement with the sellers of BuddyBroker AG to cancel the variable payment of the contingent purchase price in favor of a fixed payment of €585 thousand which is shown under finance costs. The agreement led to a reversal of the original earn-out liability in the amount of €1,604 thousand.
XING contributed a further US\$1,500 thousand to the kununu US LLC joint venture in the reporting period. The financial result includes XING's share of the start-up loss of the joint venture in the amount of US\$1,572 thousand, of which only €941 thousand was recognized because the carrying amount was subsequently written down to zero.
Please refer to the consolidated financial statements as of December 31, 2017, for information about related parties. From the perspective of XING SE, no significant changes with respect to the Burda Group occurred until September 30, 2018.
As of September 30, 2018, there are receivables in the amount of €982 thousand (December 31, 2017: €1,399 thousand) outstanding from kununu US LLC, the joint venture with Monster Worldwide Inc. These receivables are shown under trade accounts receivable.
There were no claims against members of the Management Board and the Supervisory Board as of September 30, 2018. For a market study involving a company over which a member of the Management Board has control or significant influence, a contract was signed in the reporting period with a customary market remuneration of €100 thousand.
XING SE acquired various securities in financial year 2017 for the purpose of investing excess liquidity. The fair values of these instruments, all of which are assigned to Level 1, correspond to their notional values multiplied with the prices quoted as of September 30, 2018.
The financial liabilities assigned to Level 3 include obligations from contingent purchase prices (earn-out obligations). The following table provides an overview of the carrying amounts and fair values:
| 09/30/2018 in € thousand |
Level | Fair value through other compre hensive income |
Fair value through profit or loss |
Financial assets at amortized cost |
Other financial liabilities |
Carrying amount |
|---|---|---|---|---|---|---|
| Financial assets at fair value | ||||||
| Non-current assets at fair value | 1 | 29,583 | 29,583 | |||
| Financial assets at amortized cost | ||||||
| Non-current financial assets at amortized cost | 453 | 453 | ||||
| Trade accounts receivable | 31,810 | 31,810 | ||||
| Other assets | 5,043 | 5,043 | ||||
| Cash and short-term deposits | 54,702 | 54,702 | ||||
| Financial liabilities at fair value | ||||||
| Non-current liabilities at fair value | 3 | 12,001 | 12,001 | |||
| Current liabilities at fair value | 3 | 2,582 | 2,582 | |||
| Financial liabilities not at fair value | ||||||
| Current trade accounts payable | 2,884 | 2,884 | ||||
| Lease liabilities | 13,941 | 13,941 | ||||
| Other liabilities | 7,763 | 7,763 |
| 12/31/20171 in € thousand |
Level | Fair value through other compre hensive income |
Fair value through profit or loss |
Financial assets at amortized cost |
Other financial liabilities |
Carrying amount |
|---|---|---|---|---|---|---|
| Financial assets at fair value | ||||||
| Non-current assets at fair value | 1 | 29,936 | 29,936 | |||
| Financial assets at amortized cost | ||||||
| Non-current financial assets at amortized cost | 49 | 49 | ||||
| Trade accounts receivable | 28,336 | 28,336 | ||||
| Other assets | 882 | 882 | ||||
| Cash and short-term deposits | 36,546 | 36,546 | ||||
| Financial assets at fair value | |||||
|---|---|---|---|---|---|
| Non-current assets at fair value | 1 | 29,936 | 29,936 | ||
| Financial assets at amortized cost | |||||
| Non-current financial assets at amortized cost | 49 | 49 | |||
| Trade accounts receivable | 28,336 | 28,336 | |||
| Other assets | 882 | 882 | |||
| Cash and short-term deposits | 36,546 | 36,546 | |||
| Financial liabilities at fair value | |||||
| Non-current liabilities at fair value | 3 | 14,724 | 14,724 | ||
| Current liabilities at fair value | 3 | 4,733 | 4,733 | ||
| Financial liabilities not at fair value | |||||
| Current trade accounts payable | 6,851 | 6,851 | |||
| Lease liabilities | 11,707 | 11,707 | |||
| Other liabilities | 5,114 | 5,114 |
1 Restated
| 09/30/2018 in € thousand |
Not yet due | Past due < 30 days |
Past due < 90 days |
Past due > 90 days |
Total |
|---|---|---|---|---|---|
| Impairment ratio | 0.6% | 2.1% | 9.2% | 24.8% | 4.6% |
| Gross carrying amount | 19,441 | 7,181 | 2,485 | 4,249 | 33,356 |
| Impairment | – 113 | – 151 | – 229 | – 1,052 | – 1,546 |
| 12/31/20171 in € thousand |
Not yet due | Past due < 30 days |
Past due < 90 days |
Past due > 90 days |
Total |
|---|---|---|---|---|---|
| Impairment ratio | 0.7% | 2.4% | 9.3% | 21.1% | 3.6% |
| Gross carrying amount | 17,108 | 4,624 | 6,580 | 1,092 | 29,405 |
| Impairment | – 116 | – 112 | – 610 | – 231 | – 1,069 |
1 Previous year's figures adjusted
The impairment figure includes both specific valuation allowances and anticipated defaults of the total trade accounts receivable.
In an agreement with Monster Worldwide, Inc. dated October 1, 2018, the XING Group acquired all shares in former joint venture kununu US, LLC, Boston, USA. The transfer will become effective on January 30, 2019 subject to the usual conditions.
Due to the short notice of this transaction, it is not possible to provide an exact estimate of the purchase price and purchase price allocation as set out in IFRS 3. The transaction will notably increase the goodwill of the kununu International segment.
Hamburg, November 7, 2018
The Management Board
Dr. Thomas Vollmoeller Dr. Patrick Alberts
Alastair Bruce Ingo Chu
Jens Pape
Publication of the 2018 quarterly financial report (Q3 reporting date) November 7, 2018
For Annual Reports, Interim Reports and current financial information about XING SE, please contact:
Investor Relations Patrick Möller Dammtorstraße 30 20354 Hamburg Telefon + 49 40 41 91 31– 793 Telefax + 49 40 41 91 31– 44
For press inquiries and current information about XING SE, please contact:
Corporate Communications Marc-Sven Kopka Telefon + 49 40 41 91 31– 763 Telefax + 49 40 41 91 31– 44 [email protected]
Corporate blog of XING SE http://blog.xing.com
Information and news related to the capital markets Twitter: xing_ir
Topics and news related to the Company in general – German only Twitter: xing_de
Corporate information and news in English Twitter: xing_com
XING SE's YouTube channel YouTube: www.youtube.com/user/XINGcom?gl=DE
XING SE's Facebook profile Facebook: www.facebook.com/XING
This interim financial report is available in both German and English. In the event of diversity in interpretation, the German version shall prevail. Both versions and further press information are available for download at http://corporate.xing.com
Dammtorstraße 30 20354 Hamburg Germany Telefon +49 40 41 91 31– 793 Telefax +49 40 41 91 31– 44 [email protected]
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