Investor Presentation • Aug 6, 2014
Investor Presentation
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+183k cumulated additional XING Events users
| A CAREER XING offers product solutions XING offers the biggest XING offers transparency, for modern working life talent pool in D-A-CH |
choice and opportunities |
|---|---|
| NEED FOR PROACTIVE NETWORKS RECRUITING & EMPLOYER DEMOCRATISE BRANDING GOOD CONTACTS |
MEANINGFUL & FULFILLING JOB MORE IMPORTANT THAN |
| CHANGING WORK ANYWHERE & POWER BALANCES ANY TIME WAR FOR TALENT TRANSPARENCY HIERARCHIES |
FLEXIBILITY, INDEPENDENCE & SELF-DETERMINATION ABOLITION OF ARTIFICIAL |
| Shortage of skilled Digitalisation workforce |
Change in values & Generation Y |
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| Q2/14 | Q1/14 | Q2/14 vs. Q1/14 |
Q2/13 | Q2/14 vs. Q2/13 |
|
|---|---|---|---|---|---|
| (1) Including other operating income |
Abs. | Abs. | % | Abs. | % |
| Total revenue1 | 24.4 | 22.8 | 7% | 20.9 | 17% |
| Costs | (17.4) | (18.3) | 5% | (15.0) | (15%) |
| EBITDA w/o kununu earn-out |
7.0 | 4.5 | 56% | 5.9 | 20% |
| Margin w/o kununu earn-out |
29% | 20% | 9%pts | 28% | 1%pt |
| Non-operating costs from kununu earn-out |
(0.5) | (0.5) | 0% | 0.0 | N/A |
| EBITDA incl. kununu earn-out |
6.5 | 4.0 | 63% | 5.9 | 11% |
| Depreciation (incl. PPA) |
(2.2) | (2.2) | 1% | (1.9) | (14%) |
| Financial result | 0.0 | 0.0 | (80%) | 0.0 | (93%) |
| Taxes | (1.6) | (0.8) | (106%) | (1.3) | (23%) |
| Net result incl. kununu earn-out |
2.8 | 1.0 | 166% | 2.7 | 3% |
| Net result w/o kununu earn-out |
3.3 | 1.5 | 112% | 2.7 | 21% |
New IFRS rules: earn-out now accounted for in personnel expenses instead of goodwill
| Segment EBITDA | Margin | |
|---|---|---|
| Network / Premium | € 9.7m |
65% |
| E-Recruiting1 | 3.5m1 € € 3.0m2 |
46%1 40%2 |
| Events | (€ 0.6m) |
N.A. |
| Tech, Central Services & Other |
(€ 5.6m) |
N.A. |
| Total EBITDA w/o kununu earn-out |
€ 7.0m |
29% |
| 1) W/o kununu earn-out |
2) Incl. Kununu earn-out
Margin dilution by Events: 4%pts
Personnel in €m in % of total revenue
Investment in product/technology organization & sales/marketing Q1/14 and Q2/14 including nonoperating costs from kununu earn-out
Q2/13 Q1/13 Q2/14
| Q2/14 | Q1/14 | Q2/14 vs. Q1/14 |
Q2/13 | Q2/14 vs. Q2/13 |
|
|---|---|---|---|---|---|
| Abs. | Abs. | Abs. | Abs. | Abs. | |
| EBITDA | 6.5 | 4.0 | 1.5 | 5.9 | 0.6 |
| Interest/tax & kununu earn out |
(0.5) | (0.2) | (0.3) | (1.2) | 0.7 |
| Change net working capital |
0.4 | 3.8 | (3.4) | 2.3 | (1.9) |
| Operating cash flow excl. organizer cash |
6.4 | 7.6 | (1.2) | 6.9 | (0.6) |
| Investment – operating |
(2.9) | (2.3) | 0.6 | (2.7) | (0.2) |
| Investment – acquisitions |
(0.6) | 0.0 | (0.6) | (0.1) | (0.6) |
| Financing incl. transaction of own shares |
0.0 | 0.0 | 0.0 | 1.7 | (1.7) |
| Free cash flow excl. organizer cash & dividends |
2.8 | 5.3 | (2.5) | 5.9 | (3.1) |
| Regular & special dividends |
(23.4) | 0.0 | (23.4) | (3.1) | (20.3) |
| Free cash flow excl. event organizer cash & incl. Dividends |
(20.6) | 5.3 | (25.9) | 2.8 | (23.4) |
| Effects organizer cash |
(1.0) | 3.6 | (4.6) | 0.0 | (1.0) |
| Free cash flow incl. event organizer cash & dividends |
(21.6) | 9.0 | (30.6) | 2.8 | (24.4) |
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| 4) | Consensus from 8 brokers |
2014e | 2015e | 2016e | Average trading volume per day (XETRA) & Market Cap 11.927 |
||||
|---|---|---|---|---|---|---|---|---|---|
| May, 201 s u s mates as of n e s n Analyst esti o C ( |
Total revenues EBITDA Margin Depreciation EBIT Margin Net income EPS in € DPS in € (regular) |
94.3 28.3 30% (8.7) 19.6 21% 12.9 2.33 0.79 |
105.8 35.3 33% (9.2) 26.0 25% 17.9 3.36 1.05 |
121.3 42.1 35% (9.8) 32.3 27% 21.6 4.05 1.35 |
6.989 3.434 6.537 9.815 20.146 15.143 3.683 8.669 12.066 254m 6.621 |
515m 6.353 6.469 |
|||
| Analyst coverage | Berenberg Bank, Commerzbank, Close Brothers, Deutsche Bank, Hauck & Aufhäuser, Jefferies, JP Morgan Cazenove, MM Warburg, Montega |
Burda Digital GmbH 2,824,744 Deutsche Asset & Wealth Mngt 372,660 Schroders 282,421 Union Investment 173,284 Treasury Shares 12,832 |
50.51% 6.66% 5.05% 3.10% 0.23% |
||||||
| Shares | 5,592,137 | Rest 1,828,696 Numbers based on last filing – actual shareholdings can differ |
34.45% | ||||||
| TecDax ranking end of April 2014 |
|||||||||
| Market Cap. Turnover |
27 | ||||||||
| 28 |
as of August 1, 2014
Patrick Moeller Director Investor Relations
XING AG Dammtorstraße 29-32 20354 Hamburg Germany
Tel.: +49 (0)40 419 131-793 Fax.: +49 (0)40 419 131-44 (Please use this number to submit "WpHG notifications")
Email.: [email protected]
IR website: /
This presentation was produced in August 2014 by XING AG (the "Company") solely for use as an information source for potential business partners and is strictly confidential. It has been made available to you solely for your own information and may not be copied, distributed or otherwise made available to any other person by any recipient. This presentation is not an offer for sale of securities in the United States. The distribution of this presentation to you does not constitute an offer or invitation to subscribe for, or purchase, any shares of the XING AG and neither this presentation nor anything contained herein shall form the basis of, or be relied on in connection with, any offer or commitment whatsoever.
The facts and information contained herein are as up-to-date as is reasonably possible and are subject to revision in the future. Neither the Company nor any of its subsidiaries, any directors, officers, employees, advisors nor any other person makes any representation or warranty, express or implied as to, and no reliance should be placed on, the accuracy or completeness of the information contained in this presentation. Neither the Company nor any of its subsidiaries, any directors, officers, employees, advisors or any other person shall have any liability whatsoever for any loss arising, directly or indirectly, from any use of this presentation. The same applies to information contained in other material made available at the presentation.
While all reasonable care has been taken to ensure the facts stated herein are accurate and that the opinions contained herein are fair and reasonable, this document is selective in nature and is intended to provide an introduction to, and overview of, the business of the Company. Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed by the Company as being accurate.
This presentation contains forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which the Company operates. These statements are generally identified by words such as "believes," "expects," "predicts," "intends," "projects," "plans," "estimates," "aims," "foresees," "anticipates," "targets," and similar expressions. The forward-looking statements, including but not limited to assumptions, opinions and views of the Company or information from third party sources, contained in this presentation are based on current plans, estimates, assumptions and projections and involve uncertainties and risks. Various factors could cause actual future results, performance or events to differ materially from those described in these statements. The Company does not represent or guarantee that the assumptions underlying such forward-looking statements are free from errors nor do they accept any responsibility for the future accuracy of the opinions expressed in this presentation. No obligation is assumed to update any forward-looking statements.
This presentation speaks as of June 2014. Neither the delivery of this presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date.
Results contained in this presentation are partly based on unaudited pro-forma financial results that the Company derived from its preliminary and past financial statements for the indicated periods in order to make these periods comparable and show non-recurring costs.
This presentation contains preliminary results and pro-forma results. The preliminary results may change during their final review. While the Company believes that its pro-forma financial results are reflective of its recurrent trends and the on-going status of its business, there can be no assurance that its pro-forma results will accurately reflect these trends and status and therefore, its investors are urged not to rely solely upon the pro-forma results when making their investing decision and the pro-forma results should always be reviewed together with its actual financial results.
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