Quarterly Report • May 15, 2018
Quarterly Report
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INTERIM REPORT FOR THE PERIOD FROM JANUARY 1 TO MARCH 31, 2018
Q1
| Unit | Q1 2018 | Q1 20173 | Q4 20173 | |
|---|---|---|---|---|
| Total revenues 1 | in € million | 54.0 | 42.1 | 53.6 |
| B2C segment | in € million | 24.2 | 20.5 | 24.5 |
| B2B E-Recruiting segment | in € million | 23.7 | 17.0 | 21.8 |
| B2B Advertising&Events segment 2 | in € million | 5.0 | 3.6 | 6.4 |
| kununu International segment | in € million | 0.3 | 0.4 | 0.3 |
| EBITDA | in € million | 14.8 | 12.4 | 15.6 |
| EBITDA margin | in % | 27 | 30 | 29 |
| Net profit/loss for the period | in € million | 6.1 | 4.9 | 4.8 |
| Earnings per share (diluted) | in € | 1.09 | 0.87 | 0.86 |
| Cash flow from operations | in € million | 25.1 | 20.4 | 10.5 |
| XING users Germany, Austria, Switzerland (D-A-CH), total | in million | 14.9 | 12.7 | 14.3 |
| thereof platform members | in million | 13.9 | 12.0 | 13.4 |
| thereof subscribers | in thousand | 1,010 | 956 | 994 |
| InterNations members | in million | 2.9 | N/A | 2.8 |
| thereof subscribers | in thousand | 124 | N/A | 124 |
| B2B E-Recruiting customers (D-A-CH) | in thousand | 20.5 | 17.7 | 19.3 |
| thereof B2B E-Recruiting (subscription) | in thousand | 8.6 | N/A | 8.0 |
| B2B Advertising&Events customers (D-A-CH) | in thousand | 8.3 | 7.2 | 8.1 |
| Employees | number | 1,379 | 988 | 1,290 |
1 Total revenues including other operating income
2 Incl. intercompany revenues
3 Restated retrospectively after pursuant to new IFRS 15/16 pursuant to IAS 8
40 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 14 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. 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.
3 Management Board letter
6 XING shares
XING made an excellent start to the new year. Our momentum continued unabated, all operating segments experienced significant growth and we welcomed a large number of new members.
Specifically, XING lifted total revenues to €54.0 million (€42.1 million) in the first quarter of this year, equivalent to an increase of 28 percent. However, it should be noted that this figure includes the effect of the acquisition of Prescreen and InterNations – the adjusted growth figure is 21 percent. In the B2C segment, XING increased its revenues from €20.5 million to €24.2 million, a rise of 18 percent or 6 percent when adjusted for acquisitions. The B2B E-Recruiting segment generated revenues of €23.7 million (€17.0 million) in the first quarter of this year, up 40 percent or 36 percent when adjusted for the Prescreen transaction.
The B2B Advertising&Events segment also experienced significant growth, with revenues up 40 percent to €5.0 million (€3.6 million). EBITDA rose by 19 percent in the reporting period to €14.8 million (€12.4 million), while net profit increased by 25 percent to €6.1 million (€4.9 million).
In terms of growing our membership figures, we were able to announce at the start of April that we passed the 14 million member mark at almost exactly the same time as we reached the milestone of one million paid memberships. This shows that increasing numbers of people consider a XING profile to be a key part of modern working life. New XING members benefit from our products and services from day one of their membership while simultaneously making the platform more valuable for everyone else. After all, the more members there are networking on XING, the greater the number of useful contacts, inspiring contributions and professional opportunities this generates for all users. We are currently growing at the rate of around one million new members every six months, making us by far the fastest growing professional network in the German-speaking world. We welcomed 545,000 new members to the platform in the first quarter of this year alone.
Another highly encouraging development is the fact that we further reinforced our position as a partner to human resources departments in recent months. HR managers use XING products such as XING TalentManager or the XING Talentpool to succeed in what has been coined the "war for talents". For example, our tailor-made software solutions help them to find the right candidates for their vacancies or create a pool of potential employees. Over the past 12 months, we have acquired more than 2,200 new corporate customers who have taken out license subscriptions for at least one XING product. XING is increasingly becoming the benchmark for recruitment. Anyone who does not want to lose out in the war for talents cannot afford to do without our modern solutions. This is also very good news for our members, as the more HR departments there are searching for talent on XING, the more often our members will get individual career development opportunities.
The first quarter was also highly productive on the product side. We launched a completely redesigned app for iOS and Android for our members. The new app offers a novel operating design that deliberately differs from popular social network apps. Users swipe through content sorted by relevance to get an overview of all the important information they require even quicker than before.
Since the first quarter, we have also offered end-to-end encryption for our Messenger service. In doing so, we are the only professional network in the Germanspeaking world to offer both Basic and Premium members the opportunity to share sensitive and particularly confidential information with others without third parties having access to it.
XING is on track for further growth and to continue developing the company. Our products help our members to benefit from changes in the world of work while at the same time support companies in finding the talent they need to succeed through innovation in the market. As a German network, we operate according to the highest standards when it comes to handling our members' data, giving us an important additional competitive advantage over American market players at a time when this is a key issue.
As you can see: we are exceptionally well positioned to achieve our ambitious growth targets!
Kind regards,
Dr. Thomas Vollmoeller, Chief Executive Officer of XING SE
| Number of shares as of March 31 | 5,620,435 |
|---|---|
| Share capital in € | 5,620,435 |
| Share type | Registered shares |
| IPO | 12/07/2006 |
| ISIN | DE000XNG8888 |
| Bloomberg | O1BC:GR |
| Reuters | OBCGn.DE |
| Transparency level | Prime Standard |
| Index | TecDAX |
| Sector | Software |
| Q1 2018 | Q1 2017 | |
|---|---|---|
| XETRA closing price at the end of the period | €236.50 | €193.90 |
| High | €296.00 | €200.35 |
| Low | €235.00 | €174.95 |
| Market capitalization at the end of the period €1,329.2 million €1,089.8 million | ||
| Average trading volume per day (XETRA) | 6,101 | 7,812 |
| TecDAX ranking | ||
| based on free-float market capitalization | 25 | 22 |
| based on trading volume | 30 | 31 |
| Earnings per share (diluted) | €1.09 | €0.87 |
| Broker Analyst |
Recommendation | Price target | |
|---|---|---|---|
| Berenberg Bank | Sarah Simon | Hold | €270 |
| Commerzbank | Heike Pauls | Hold | €290 |
| Deutsche Bank | Nizla Naizer | Buy | €305 |
| Equinet | Simon Heilmann | Buy | €300 |
| Hauck&Aufhäuser | Lars Dannenberg | Buy | €300 |
| Oddo Seydler | Marcus Silbe | Sell | €252 |
| Warburg Research | Jochen Reichert | Hold | €258 |
for the period from January 1 to March 31, 2018
Net profit for the period in € million
Note: All prior-year figures shown here for Q1 2017 were restated retrospectively due to the entry into force of IFRS 15 and 16 to enable comparability with current results.
Revenues of the XING Group incl. other operating income rose from €42.1 million by 28 percent to €54.0 million in the reporting period. Not taking into account the income from InterNations and Prescreen, which was consolidated for the first time, organic growth was at approximately 21 percent. At €1.0 million, other operating income was slightly above the prior-year-figure of €0.8 million.
In the first three months of the current financial year, we welcomed 89 new colleagues to the XING Group. This brings our total workforce as of March 31, 2018 to 1,379 (March 2017: 988).
Mainly as a result of the acquisitions of InterNations and Prescreen in July 2017, personnel expenses increased at a higher rate than revenues, rising from €15.2 million in (Q1 2017) to €20.0 million in the reporting period (+32 percent).
As in previous years, we once again increased our marketing investments in the first quarter of 2018. Marketing expenses for our B2C and B2B segments thus rose by 27 percent, from €6.5 million to €8.2 million. The most significant investments concern the development of our brand, for example by way of a TV campaign. Marketing activities in the B2C segment focused on the areas of SEM (search engine marketing), affiliate marketing, mailshots, and conventional display advertising. At 15 percent, the marketing expenses ratio remained stable year-on-year.
Other operating expenses rose by 38 percent in the reporting period, from €7.9 million to €11.0 million. The largest expense items here are IT and other services at €3.5 million (previous year: €2.2 million), other personnel expenses at €1.6 million (previous year: €0.4 million), server hosting, administration and traffic costs at €1.1 million (previous year: €0.8 million) and travel and entertainment expenses at €0.9 million (previous year: €1.7 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 19 percent in the reporting period to €14.8 million (Q1 2017: €12.4 million).
Depreciation, amortization and impairment losses rose by 30 percent, from €3.6 million in the previous year to €4.7 million. Amortization of internally generated software amounted to €1.4 million (Q1 2017: €1.3 million).
There was also amortization in the amount of €0.9 million (Q1 2017: €0.7 million) as a result of the first-time application of IFRS 16.
The financial result in the reporting period was €–0.8 million, which represents an improvement of 55 percent (Q1 2017: €–1.4 million).
The improvement is due mainly to a reduction in the planned start-up losses (Q1 2018: €–0.6 million vs. Q1 2017: €–1.3 million) of the joint venture with Monster Worldwide Inc. in the USA.
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 €3.2 million, up from €2.5 million in the prior-year period.
Consolidated net profit in the first three months of 2018 amounted to €6.1 million, up from €4.9 million in the prioryear period. This gives rise to earnings per share of €1.09, compared with €0.87 per share in the prior-year period. Earnings per share therefore rose by 25 percent year on year.
We continued to record growth in our B2C segment between January and March 2018. The first-time consolidation of Munich-based InterNations GmbH in the third quarter of 2017 distorted the development of revenues compared to the previous year. Excluding M&A transactions, segment revenues grew by 6 percent compared to Q1 2017. This solid organic growth was driven by the sustained steady trend in the number of XING subscribers that saw us add around 54,000 paying members versus March 2017. This brought the subscriber base up to a total of 1,010,000 at the end of March 2018 and enabled the Company to surpass one million paying members for the first time.
A total of 2.9 million members were registered at the reporting date on the InterNations platforms acquired in 2017, around 124,000 of whom are paying for the fee-based Albatross memberships.
Segment EBITDA fell slightly by 5 percent to €10.6 million (Q1 2017: €11.1 million), primarily as a result of investment in the development of new paid memberships and associated start-up losses.
In the wake of the most successful financial year in the Company's history in 2017, when we added two million new members, our platform continued to grow dynamically in the first quarter of 2018 with 545 thousand new members, expanding the membership base to over 13.9 million people. Just a few weeks after the end of the first quarter, we exceeded the 14 million platform member mark. If we add the users of our Events products, XING reached around 14.8 million people at the end of March 2018.
It goes without saying that professional communication needs to be fast and, above all, secure. Communication often involves the exchange of highly sensitive information such as account data and internal company information. As the largest professional social network, we are therefore offering our members end-to-end encryption for XING messages from April 2018 onwards. This encryption now allows us to provide professionals with particularly trustworthy communication. From now on, all XING members will be able to conduct conversations with end-to-end encryption, regardless of whether they are Basic or Premium members. Sending messages with end-to-end encryption is optional on the mobile app. Specially secured communications are marked with a padlock icon.
Further information and a technical white paper on XING's endto-end encryption is available at https://encryption.xing.com/
By introducing the new XING homepage on the mobile app, XING uses an algorithm that evaluates the relevance of individual posts.
For users with many posts, the new homepage primarily shows them those with which they are most likely to interact. For example, this could include news articles of particular interest that they are therefore more likely to click.
If more posts are available to a user on the homepage than can reasonably be viewed, the homepage prioritizes the posts with which the user is most likely to interact. This is done using an array of dimensions we identified using past usage data. By making these changes, we want to offer an even more structured and compact homepage to users with an very high number of posts.
XING is a fixture in the digital world of work, making a XING profile a natural part of it for professionals in Germany, Austria and German-speaking Switzerland. This is evident from the dynamic growth in our member figures. The more members there are, the more diverse the requirements on the network. The XING profile is a very central location on XING, where our members introduce themselves and have exciting opportunities to expand their professional networks. We are already seeing how differently our members are setting up their personal profiles, and the strengths and targets they highlight. There is no one way to present yourself perfectly, and this realization guided our further development of the XING profile. With this in mind, we launched a new design with a focus on offering increased flexibility.
We have completely redesigned the profile header, for example. The business card enables our members to decide what visitors need to know about them from the outset. In addition to providing their own profile photo, our Premium members can now use the new cover photo to get creative and give their XING profile a personal touch.
For example, members can show:
In addition to the emotional components, we have also optimized the content of XING profiles. In the age of "new work", we firmly believe that users no longer identify solely with their current employers. As a result, users can now show up to five entries simultaneously on their XING business card – from professional experience, training and secondary employment to activity on XING (e.g. as an Insider). This variety helps users to emphasize their individual strengths at first glance.
The digital business card enables XING members to decide what visitors need to know about them from the outset.
The B2B E-Recruiting segment was once again the main revenue and earnings driver in the first quarter of 2018. Segment revenues grew by 40 percent, representing more than half (€6.7 million) of consolidated revenue growth. Adjusted for the inorganic effect of the acquisition of Prescreen GmbH, this growth still amounted to 36 percent.
On the back of the dynamic revenue growth, operating profit in the segment (EBITDA) increased by 34 percent. Segment EBITDA therefore came to €15.7 million (Q1 2017: €11.7 million). The segment's EBITDA margin was 66 percent in the reporting period (Q1 2017: 69 percent).
This strong revenue and income growth was driven by the exceptionally dynamic customer trend in the B2B E-Recruiting segment. The total number of customers (including XING Jobs) rose by 16 percent from 17,031 to 20,481.
The main non-financial key performance indicator for B2B customers in terms of revenue and earnings performance – B2B subscriptions – rose even more sharply by 36 percent to 8,564 (Q1 2017: 6,295) while at the same time confirming the significant growth potential that still lies ahead of us. We therefore anticipate addressable market potential amounting to several tens of thousands of companies.
What does the year 2018 hold for recruiting? What topics will we be dealing with and what are the biggest challenges? Whether in Germany, Austria or Switzerland, more than 70 percent of HR decision-makers across all countries report that they are having difficulty recruiting professionals. These are just some of the issues facing the B2B sector in the study titled "E-Recruiting 2018: Expectations, assessments and aspirations of employees and recruiters".
Our professional and wide-ranging digital recruiting offerings enable us to meet the demand particularly reflected in the sharp rise in B2B E-Recruiting customer numbers.
Question: Do you find it difficult recruiting skilled staff?
Source: Results taken from the study "E-Recruiting 2018" commissioned by XING.
New and exclusive for XING E-Recruiting 360° customers: Smart Pools with your individual search criteria
| Ein Smart Pool ist ein automatisch erstellter Talentpool, dessen Kandidatenliste auf Ihren persönlichen Suchkriterien beruht. Er aktualisiert sich kontinuierlich, sodass Sie stets Zu- griff auf bis zu 1.000 Kandidaten haben, die zu Ihren Kriterien passen. |
||
|---|---|---|
| Name des Pools (Pflichtfeld) | ||
| Produkt Manager HH-50km | ||
| Beschreibungstext | ||
| Mit 5-10 Jahren in akt. Position | ||
| Suchkriterien und -filter Suchbegriffe: Produkt Manager |
||
| Karrierewünsche: Nicht auf Jobsuche, offen für Angebote- | ||
| Dauer der aktuellen Position: 5-10 | Arbeitsort: Hamburg | Suchradios 50km |
| Abbrechen | Smart Pont involving | |
| 662 Ergebnisse |
Since the end of 2017, all of our XING recruiting solutions have been available in one place across Germany, Austria and Switzerland in the 360° E-Recruiting suite. In particular, this makes the search for suitable new talent even simpler. Imagine that the recruiter for an IT company is tasked with finding several product managers for the long-term development of a department. Specifically, the recruiter is searching for candidates from Hamburg and the surrounding area from the Internet and IT sector who have several years of professional experience and are looking for a new job.
As a user of XING TalentManager, they create a project with the appropriate search criteria and receive a list of potential candidates. They can save this search and re-run it at a later date. If required, the XING TalentManager can also flag up new members who meet their requirements based on the search criteria. This approach is taken to the next level for users of XING E-Recruiting with Smart Pools that create a link between XING TalentManager and XING TalentpoolManager.
With Smart Pools, we now offer users of the XING E-Recruiting 360° license package the exclusive opportunity to take pole position in the race for the most talented candidates, as from now on, searches completed in XING TalentManager can be applied to XING TalentpoolManager using Smart Pools. The advantage of this is that, much as in the standard pools where new member profiles are automatically stored, the Smart Pools are also filled with all relevant XING members that meet the recruiter's search criteria without the recruiter having to do anything.
Smart Pools are continuously updated – new suitable members are added while those who no longer meet the search criteria are removed. This means that recruiters always have an up-to-date pool of candidates at their disposal, saving them valuable time during the recruitment process. If they are being recruited as a team, candidates can also access and edit colleagues in the pool.
In the B2B Advertising&Events segment, we combine XING Marketing Solutions and our events business.
Here, we lifted revenues to €5.0 million in the reporting period, an increase of 40 percent year-on-year. Segment EBITDA also improved considerably by 40 percent, from €0.9 million to €1.3 million, resulting in a segment EBITDA margin of 26 percent.
XING Marketing Solutions contributed around 52 percent of the revenue growth in the B2B Advertising&Events segment. One key growth driver in the dynamic growth of Marketing Solutions is XING AdManager, whose performance is attributable to factors such as the increase in eCPMs and the growth of AdImpressions. We also expanded our ad sales team slightly and, as a result, significantly increased our marketing of advertising space (display), specials and sponsored articles. The third growth driver is our business pages, which are increasingly used by corporate customers to present their products more effectively.
After successfully launching our own events in 2017, we significantly expanded our event series in 2018.
In 2018, XING Events is going on tour as part of the XING Events Academy. The events focus on the latest developments and best practices in event marketing and ticketing. They are aimed at both existing customers who wish to learn more about the products and event organizers who are not yet familiar with XING Events but are keen to learn more. External speakers from partner and customer companies present interesting and helpful trends and tips for any organizer in their day-to-day work. The XING Events Academy is visiting Munich, Berlin, Vienna, Cologne and Zurich.
The all-day EvenTech Alliance Symposium is aimed at company decision-makers.
The third all-day EvenTech Alliance Symposium, hosted in conjunction with partners ADITUS and Heidelberg mobil, will be held in 2018 and is aimed at company decision-makers. It will report on the latest developments, while a selection of interactive workshops will give participants the opportunity to get involved themselves.
Last but not least, the virtual VExCon trade fair opens its doors in November. After its successful launch in 2017, the event is being extended to two days with presentations, live demonstrations and an expo.
The growth of the two subsegments is also reflected in the customer trend in the Advertising&Events segment, where the number of B2B customers rose from 7,248 to approximately 8,321 as of the end of March 2018.
This segment mainly generates revenues relating to the provision of services (Q1 2018: €0.3 million vs. Q1 2017: €0.4 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.
Interim consolidated financial statements 20 Inhalt
for the period from January 1 to March 31, 2018
of XING SE for the period from January 1 to March 31, 2018
| In € thousand | Note no. | 01/01/2018– 03/31/2018 |
01/01/2017– 03/31/20171 |
|---|---|---|---|
| Service revenues | 53,022 | 41,283 | |
| Other operating income | 957 | 768 | |
| TOTAL OPERATING INCOME | 53,979 | 42,051 | |
| Personnel expenses | –20,012 | –15,218 | |
| Marketing expenses | –8,212 | –6,481 | |
| Other operating expenses | 8 | –10,954 | –7,942 |
| EBITDA | 14,801 | 12,410 | |
| Depreciation, amortization and impairment losses | 9 | –4,740 | –3,640 |
| EBIT | 10,061 | 8,770 | |
| Share of profits and losses of equity-accounted investments | 10 | –610 | –1,260 |
| Finance income | 12 | 191 | 1 |
| Finance costs | 12 | –356 | –141 |
| EBT | 9,286 | 7,370 | |
| Taxes on income | –3,155 | –2,485 | |
| CONSOLIDATED NET PROFIT | 6,131 | 4,885 | |
| Earnings per share (basic) | €1.09 | €0.87 | |
| Earnings per share (diluted) | €1.09 | €0.87 | |
| CONSOLIDATED NET PROFIT | 6,131 | 4,885 | |
| Currency translation differences | –5 | –3 | |
| Remeasurement of available-for-sale assets | –56 | 39 | |
| OTHER COMPREHENSIVE INCOME | –61 | 36 | |
| CONSOLIDATED TOTAL COMPREHENSIVE INCOME | 6,070 | 4,921 |
of XING SE as of March 31, 2018
| 12/31/2017/ | |||
|---|---|---|---|
| In € thousand | Note no. | 03/31/2018 | 01/01/20181 |
| Intangible assets | |||
| Purchased software | 8,394 | 8,970 | |
| Internally generated software | 54,530 | 48,910 | |
| Goodwill | 49,778 | 49,778 | |
| Other intangible assets | 6,481 | 7,076 | |
| Property, plant and equipment | |||
| Leasehold improvements | 352 | 340 | |
| Other equipment, operating and office equipment | 8,295 | 8,348 | |
| Advance payments made and construction in progress | 203 | 203 | |
| Lease assets | 3.4 | 12,099 | 11,501 |
| Financial assets | |||
| Equity-accounted investments | 331 | 0 | |
| Financial assets at amortized cost | 12 | 230 | 49 |
| Financial assets at fair value (other comprehensive income) | 12 | 29,853 | 29,936 |
| Prepaid expenses | 639 | 700 | |
| Deferred tax assets | 3,972 | 4,215 | |
| NON-CURRENT ASSETS | 175,157 | 170,026 | |
| Receivables and other assets | |||
| Receivables from services | 32,438 | 28,336 | |
| Contract assets | 3.3 | 2,499 | 2,216 |
| Other assets | 4,872 | 5,155 | |
| Cash and short-term deposits | |||
| Own cash | 46,890 | 32,327 | |
| Third-party cash | 5,788 | 4,219 | |
| CURRENT ASSETS | 92,487 | 72,253 | |
| 267,644 | 242,279 |
| In € thousand | Note no. | 03/31/2018 | 12/31/2017/ 01/01/20181 |
|---|---|---|---|
| Subscribed capital | 6 | 5,620 | 5,620 |
| Capital reserves | 6 | 22,622 | 22,622 |
| Other reserves | 6 | 2,338 | 2,338 |
| Net retained profits | 6 | 53,078 | 47,007 |
| EQUITY | 83,658 | 77,587 | |
| Deferred tax liabilities | 21,614 | 20,128 | |
| Contract liabilities | 3.3 | 2,506 | 2,260 |
| Other provisions | 655 | 655 | |
| Financial liabilities at fair value (through profit or loss) | 12 | 14,793 | 14,724 |
| Lease liabilities | 3.4 | 9,184 | 9,111 |
| Other liabilities | 3,453 | 3,114 | |
| NON-CURRENT LIABILITIES | 52,205 | 49,992 | |
| Trade accounts payable | 2,377 | 6,851 | |
| Lease liabilities | 3.4 | 3,180 | 2,596 |
| Contract liabilities | 3.3 | 89,940 | 73,894 |
| Other provisions | 842 | 894 | |
| Financial liabilities at fair value (through profit or loss) | 12 | 4,820 | 4,733 |
| Income tax liabilities | 0 | 271 | |
| Other liabilities | 30,623 | 25,461 | |
| CURRENT LIABILITIES | 131,781 | 114,700 | |
| 267,644 | 242,279 |
of XING SE for the period from January 1 to March 31, 2018
| In € thousand | 01/01/2018– 03/31/2018 |
01/01/2017– 03/31/20171 |
|---|---|---|
| Earnings before taxes | 9,286 | 7,370 |
| Amortization and write-downs of internally generated software | 1,351 | 1,322 |
| Depreciation, amortization and impairment losses on other fixed assets | 3,389 | 2,318 |
| Finance income | –191 | –1 |
| Interest received | 1 | 1 |
| Finance costs | 356 | 141 |
| Share of profits and losses of equity-accounted investments | 610 | 1,260 |
| Taxes paid | –2,814 | –2,036 |
| Profit from disposal of fixed assets | –9 | 0 |
| Change in receivables and other assets | –3,961 | –2,967 |
| Change in liabilities and other equity and liabilities | 2,333 | 7,056 |
| Change in contract liabilities | 16,292 | 11,204 |
| Elimination of XING Events third-party obligation | –1,569 | –5,240 |
| CASH FLOWS FROM OPERATING ACTIVITIES | 25,074 | 20,428 |
| Payment for capitalization of internally generated software | –6,971 | –5,521 |
| Payment for purchase of software | –126 | –336 |
| Payments for purchase of other intangible assets | –284 | –140 |
| Proceeds from the disposal of fixed assets | 15 | 0 |
| Payments for purchase of property, plant and equipment | –1,072 | –937 |
| Payment for acquisition of consolidated companies (less funds acquired) | 0 | –732 |
| Payments for equity – accounted investments | –1,228 | –3,281 |
| Payments for investments in other financial assets | 0 | –29,954 |
| CASH FLOWS FROM INVESTING ACTIVITIES | –9,667 | –40,901 |
| 01/01/2018– | 01/01/2017– |
|---|---|
| 03/31/2018 | 03/31/20171 |
| 0 | 0 |
| 0 | 0 |
| –33 | –47 |
| –811 | –827 |
| –844 | –874 |
| 3 | 3 |
| 14,566 | –21,344 |
| 32,327 | 83,428 |
| 46,893 | 62,084 |
| 4,219 | 3,214 |
| 1,569 | 5,240 |
| 5,788 | 8,454 |
1 previous year's figures adjusted
2 Funds consist of liquid funds.
of XING SE for the period from January 1 to March 31, 2018
| Subscribed | Capital | Other | Net retained | Total | |
|---|---|---|---|---|---|
| In € thousand | capital | reserves | reserves | profits | equity |
| AS OF 01/01/2017 (AS REPORTED PREVIOUSLY) | 5,620 | 22,622 | 2,438 | 39,182 | 69,862 |
| Restated due to first-time application of IFRS 15 | 0 | 0 | 0 | –943 | 0 |
| Restated due to first-time application of IFRS 16 | 0 | 0 | 0 | –192 | 0 |
| AS OF 01/01/2017 (ADJUSTED) | 5,620 | 22,622 | 2,438 | 38,047 | 69,862 |
| Consolidated net profit/loss | 0 | 0 | 0 | 4,885 | 4,885 |
| Other comprehensive income | 0 | 0 | 36 | 0 | 36 |
| Consolidated total comprehensive income (adjusted) | 0 | 0 | 36 | 4,885 | 4,921 |
| AS OF 03/31/2017 (ADJUSTED) | 5,620 | 22,622 | 2,474 | 42,932 | 73,648 |
| AS OF 12/31/2017 AND 01/01/2018 (AS REPORTED PREVIOUSLY) | 5,620 | 22,622 | 2,338 | 48,404 | 78,984 |
| Restated due to first-time application of IFRS 15 | 0 | 0 | 0 | –1,258 | 0 |
| Restated due to first-time application of IFRS 16 | 0 | 0 | 0 | –139 | 0 |
| AS OF 01/01/2018 (ADJUSTED) | 5,620 | 22,622 | 2,338 | 47,007 | 77,587 |
| Consolidated net profit/loss | 0 | 0 | 0 | 6,131 | 6,131 |
| Other comprehensive income | 0 | 0 | 0 | –61 | –61 |
| Consolidated total comprehensive income | 0 | 0 | 0 | 6,070 | 6,070 |
| AS OF 03/31/2018 | 5,620 | 22,622 | 2,338 | 53,078 | 83,658 |
for the period from January 1 to March 31, 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 approximately 14 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 March 31, 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 March 31, 2018. The corresponding prior-year period began on January 1, 2017, and ended on March 31, 2017. The interim consolidated financial statements and the interim group management report of XING SE were approved for publication on May 3, 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 March 31, 2017:
| 12/31/2017 | 12/31/2017/ | |||
|---|---|---|---|---|
| In thousand € | as reported | IFRS 15 | IFRS 16 | 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 |
| Q1/2017 | ||||
|---|---|---|---|---|
| In thousand € | as reported | IFRS 15 | IFRS 16 | Q1/20171 |
| Service revenues | 41,437 | –154 | 0 | 41,283 |
| Personnel expenses | –15,318 | 100 | 0 | –15,218 |
| Marketing expenses | –6,168 | –313 | 0 | –6,481 |
| Other operating expenses | –8,745 | 0 | 803 | –7,942 |
| Other income/expenses | 768 | 0 | 0 | 768 |
| EBITDA | 11,974 | –367 | 803 | 12,410 |
| Depreciation, amortization and impairment losses | –2,892 | 0 | –748 | –3,640 |
| EBIT | 9,082 | –367 | 55 | 8,770 |
| Finance costs | –112 | 0 | –29 | –141 |
| Other financial result | –1,259 | 0 | 0 | –1,259 |
| EBT | 7,711 | –367 | 26 | 7,370 |
| Taxes on income | –2,594 | 118 | –9 | –2,485 |
| CONSOLIDATED NET PROFIT/LOSS | 5,117 | –249 | 17 | 4,885 |
| Earnings per share (basic/diluted) | €0.91 | €–0.04 | €0.00 | €0.87 |
| Other comprehensive income | 36 | 0 | 0 | 36 |
| CONSOLIDATED TOTAL COMPREHENSIVE INCOME | 5,153 | –249 | 17 | 4,921 |
1 restated
| Q1/2017 In thousand € as reported IFRS 15 IFRS 16 Q1/20171 Earnings before taxes 7,711 –367 26 7,370 Depreciation, amortization and impairment losses 1,570 0 748 2,318 on other fixed assets Finance costs 112 0 29 141 Change in assets –2,762 –205 0 –2,967 Change in equity and liabilities 6,430 572 54 7,056 Other items 6,510 0 0 6,510 CASH FLOW FROM OPERATING ACTIVITIES 19,571 0 857 20,428 CASH FLOW FROM INVESTING ACTIVITIES –40,901 0 0 –40,901 Interest paid –17 0 –30 –47 Payments for leases 0 0 –827 –827 CASH FLOWS FROM FINANCING ACTIVITIES –17 0 –857 –874 |
|||
|---|---|---|---|
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 inflation-adjusted 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, firsttime 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.
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 and March 31, 2018, respectively) are as follows:
| CARRYING AMOUNT OF LIABILITIES | 11,707 |
|---|---|
| Discount | –254 |
| TOTAL CONTRACT PAYMENTS | 11,961 |
| 2–5 years | 5,428 |
| 1–2 years | 3,912 |
| Up to 1 year | 2,621 |
| In € thousand | Lease liabilities as of 12/31/2017 and 01/01/2018 |
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 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.
Revisions of IAS 40, IFRS 2, IFRS 4 and IFRIC 22 were applicable for the first time in the reporting period. These had 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.
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 yet been restated.
The column with the prior-year comparative figures has been adjusted accordingly as a result of applying IFRS 15 and IFRS 16.
| In € thousand | B2C | B2B E-Recruiting |
B2B Advertising&Events |
kununu International |
Consolidation of intersegment revenues /expenses |
Total segments | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 01/01/– 03/31/ 2018 |
01/01/– 03/31/ 20171 |
01/01/– 03/31/ 2018 |
01/01/– 03/31/ 20171 |
01/01/– 03/31/ 2018 |
01/01/– 03/31/ 20171 |
01/01/– 03/31/ 2018 |
01/01/– 03/31/ 20171 |
01/01/– 03/31/ 2018 |
01/01/– 03/31/ 20171 |
01/01/– 03/31/ 2018 |
01/01/– 03/31/ 20171 |
|
| Revenues (from third parties) |
24,208 | 20,549 | 23,662 | 16,950 | 4,847 | 3,434 | 305 | 351 | 0 | 0 | 53,022 | 41,283 |
| Intragroup revenues | 0 | 0 | 0 | 0 | 155 | 152 | 0 | 0 | –155 | –152 | 0 | 0 |
| Total revenues | 24,208 | 20,549 | 23,662 | 16,950 | 5,002 | 3,585 | 305 | 351 | –155 | –152 | 53,022 | 41,283 |
| Intragroup segment expenses |
–155 | –152 | 0 | 0 | 0 | 0 | 0 | 0 | 155 | 152 | 0 | 0 |
| Other segment expenses |
–13,511 | –9,261 | –7,974 | –5,246 | –3,686 | –2,649 | –345 | –341 | 0 | 0 | –25,516 | –17,497 |
| Segment operating result |
10,541 | 11,136 | 15,688 | 11,704 | 1,316 | 936 | –40 | 10 | 0 | 0 | 27,506 | 23,786 |
| Other operating income/expenses |
–12,705 | –11,376 | ||||||||||
| EBITDA | 14,801 | 12,410 |
1 restated pursuant to IAS 8
| In € thousand | 01/01/2018– 03/31/2018 |
01/01/2017– 03/31/20171 |
|---|---|---|
| D-A-CH | 48,697 | 40,226 |
| International | 4,325 | 1,825 |
| 53,022 | 42,051 |
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 €136,632 thousand (December 31, 2017: €116,525 thousand) are attributable to the D-A-CH region.
As of March 31, 2018, XING SE had share capital of €5,620,435 (December 31, 2017: €5,620,435) and the Company no longer held any treasury shares.
The Management Board and the Supervisory Board recommend that the Annual General Meeting on May 16, 2018, adopt a resolution to pay a dividend of €1.68 per share (previous year: €1.37 per share). The liquid funds and the available-for-sale financial assets totaling €76.7 million as of March 31, 2018 and XING's cash-generative business model enable the Company to pay dividends without changing its business strategy, which is aimed at achieving growth.
Other operating income includes income of €105 thousand (previous year: €1 thousand) from currency translation.
The following summary breaks down the primary items of other operating expenses:
| In € thousand | 01/01/2018– 03/31/2018 |
01,01,2017– 03/31/20171 |
|---|---|---|
| IT services, management services | 3,469 | 2,242 |
| Other personnel expenses | 1,570 | 427 |
| Server hosting, administration and traffic | 1,069 | 789 |
| Travel, entertainment and other business expenses |
857 | 1,672 |
| Payment transaction costs | 817 | 625 |
| Occupancy expenses | 776 | 619 |
| Training costs | 396 | 274 |
| Bad debts | 388 | 99 |
| Expenses attributable to prior periods | 269 | 184 |
| Exchange rate losses | 261 | 74 |
| Financial statements preparation and auditing costs |
181 | 76 |
| Accounting fees | 153 | 124 |
| Rental/leasing expenses | 124 | 119 |
| Office supplies | 113 | 62 |
| Legal consulting fees | 107 | 136 |
| Phone/cell phone/postage/courier costs | 105 | 109 |
| Supervisory Board remuneration | 81 | 81 |
| Other | 218 | 230 |
| Total | 10,954 | 7,942 |
1 previous year's figures adjusted
The other expenses mainly comprise costs of contributions, other charges and insurance costs.
In the reporting period from January 1 to March 31, 2018, the useful life of internally developed software was extended by a further 12 months to December 31, 2022. This led to the recognition of lower amortization of €299 thousand than as stipulated in the previous amortization schedule.
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\$747 thousand (€610 thousand; previous year: €942 thousand).
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 March 31, 2018.
As of March 31, 2018, there are receivables in the amount of €299 thousand (December 31, 2017: €1,399 thousand) outstanding from kununu US LLC, the joint venture with Monster Inc. established in the reporting period. These receivables are shown under trade accounts receivable.
There were no claims against members of the Managment Board and the Supervisory Board as of March 31, 2018.
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 March 31, 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:
| 03/31/2018 In € thousand |
Level | Fair value through other comprehensive 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 | 29,853 | 29,853 | |||
| Financial assets at amortized cost | ||||||
| Non-current financial assets at amortized cost | 230 | 230 | ||||
| Trade accounts receivable | 32,438 | 32,438 | ||||
| Other assets | 1,215 | 1,215 | ||||
| Cash and short-term deposits | 52,678 | 52,678 | ||||
| Financial liabilities at fair value | ||||||
| Non-current liabilities at fair value | 3 | 14,793 | 14,793 | |||
| Current liabilities at fair value | 3 | 4,820 | 4,820 | |||
| Financial liabilities not at fair value | ||||||
| Current trade accounts payable | 2,377 | 2,377 | ||||
| Lease liabilities | 12,364 | 12,364 | ||||
| Other liabilities | 7,055 | 7,055 |
| 12/31/2017 (restated) In € thousand |
Level | Fair value through other comprehensive 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 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 | ||||
| 03/31/2018 In € thousand |
Not yet due | Past due < 30 days |
Past due < 90 days |
Past due > 90 days |
Total |
|---|---|---|---|---|---|
| Impairment ratio | 0.6% | 2.2% | 8.4% | 19.1% | 3.7% |
| Gross carrying amount | 17,713 | 8,274 | 4,845 | 2,846 | 33,677 |
| Impairment | –108 | –182 | –405 | –544 | –1,239 |
| 12/31/2017 (restated) In € thousand |
Not yet due | Past due < 30 days |
Past due < 90 days |
Past due > 90 days |
Total |
| Impairment ratio | 0.6% | 2.2% | 7.2% | 35.9% | 3.6% |
| Gross carrying amount | 17,108 | 4,624 | 6,580 | 1,092 | 29,405 |
| Impairment | –103 | –100 | –474 | –392 | –1,069 |
The impairment figure includes both specific valuation allowances and anticipated defaults of the total trade accounts receivable.
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. Had this agreement been entered into on March 31, 2018, this would have resulted in income of € 1,094 thousand.
Hamburg, May 3, 2018
The Management Board
Dr. Thomas Vollmoeller Alastair Bruce
Ingo Chu Jens Pape
Timm Richter
Publication of the 2018 quarterly financial report (Q1 reporting date) May 3, 2018 2018 Annual General Meeting May 16, 2018 Publication of the 2018 half-year financial report August 6, 2018 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 Phone +49 40 41 91 31–793 Fax +49 40 41 91 31–44
For press inquiries and current information about XING SE, please contact:
Marc-Sven Kopka Phone +49 40 41 91 31–763 Fax +49 40 41 91 31–44 [email protected]
Silvester Group www.silvestergroup.com
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
Dammtorstraße 30 20354 Hamburg Germany Phone +49 40 41 91 31–793 Fax +49 40 41 91 31–44 [email protected]
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