Investor Presentation • Aug 14, 2023
Investor Presentation
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Q2 2023
HAMBURG, AUGUST 14, 2023
This presentation was produced in August 2023 by NEW WORK SE (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 SE 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 2023. 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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2023
Mai 22
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6% revenue growth with HR solutions in a ٠ worsening employment market sentiment
More than 150 speakers on 16 stages from the fields of business, politics, culture and Science spoke about their visions of a future working world.
All three major brands of NEW WORK SE were the central senders of this year's NWX.
Kununu3 XXING
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The NEW WORK Award was given to three different people, concepts and initiatives that actively shaped the world of work with new ideas and impulses.
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Employer branding continues to growth double-digit л
Passive Sourcing: transactional (job ads) down significantly
Revenues came in at $\epsilon$ 75.8
We continue to grow talent access via kununu and XING
Pro-forma EBITDA came in at € 22.9m
Operating cash-flow came in at $\epsilon$ 16.7m
We are confirming our pro-forma EBITDA guidance of $\epsilon$ 92-100m
| Pro-forma | Q2 2023 | Q2 2022 | Q2 23 vs. Q2 22 |
Q1 2023** | Q2 23 vs. Q1 23 |
|---|---|---|---|---|---|
| Abs. | Abs. | Rel. | Abs. | Rel. | |
| Service revenues | 75.8 | 78.0 | (3%) | 75.9 | 0% |
| Other operating income | 1.4 | 0.7 | 97% | 0.7 | 87% |
| Capitalized own work | 6.2 | 4.7 | 34% | 7.5 | (17%) |
| Costs before capitalization | (60.3) (60.5) |
(55.6) | (8%) | (68.7) (66.3) |
12% |
| EBITDA | 22.9 23.1 |
27.8 | (17%) | 17.9 15.5 |
49% |
| Margin | 31% 30% |
36% | $(5\%pts)$ | 20% 24% |
10%pts |
| D&A | (9.2) | (9.9) | 8% | (7.2) | (27%) |
| Financial result | 0.2 0.5 |
(0.9) | (0.3) 158% |
0.0 0.4 |
39% |
| Taxes | (4.5) (4.3) |
(5.7) | (5.9) 22% |
(1.6) (2.3) |
(173%) |
| Net income | 10.0 9.7 |
11.2 | (11%) 11.7 |
7.0 8.4 |
43% |
| EPS | 1.78 1.72 |
2.00 | (11%) 2.08 |
1.25 1.50 |
43% |
* Continued operations
** Q1 pro-forma retroactively adjusted
Rounding differences possible
| Segment EBITDA Q2 23 |
Q2 23 Margin |
Segment EBITDA Q2 22 |
Q2 22 Margin |
Delta Comment |
|
|---|---|---|---|---|---|
| HR Solutions & Talent Access | 13.6 | 25% | 16.2 | 32% | • Continued investments in talent access and repositioning |
| B 2 C | 10.9 | 58% | 13.3 | 59% | • Expected decline given focus on B2B monetization and talent access |
| B2B Marketing Solutions | 0.0 | 0% | 0.5 | 10% | |
| Central & Other | (1.3) | (2.2) | |||
| Total EBITDA | 23.1 | 31% | 27.8 | 36% | Rounding differences possible |
HR Solutions & Talent Access B2C B2B Marketing Solutions
Rounding differences possible
| Q2 23 | Q2 22 | Q2 23 vs. Q2 22 |
Q1 23 | Q2 23 vs. Q1 23 |
|
|---|---|---|---|---|---|
| Abs. | Abs. | Abs. | Abs. | Abs. | |
| EBITDA from continued operations | 23.1 | 27.8 | (4.7) | 15.5 | 7.6 |
| Interest / tax / other | (2.5) | (3.5) | 1.1 | (3.5) | 1.0 |
| Change in net working capital | (3.6) | (9.7) | 6.1 | 21.7 | (25.3) |
| $\blacktriangle$ from discontinued operations | $-0.4$ | $-0.2$ | $-0.3$ | 0.2 | (0.6) |
| Operating cash flow | 16.7 | 14.4 | 2.2 | 33.9 | (17.2) |
| Investment $-$ operating | (9.0) | (5.5) | (3.5) | (9.0) | 0.0 |
| Investment $-$ acquisitions & joint venture | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Investment - financial assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Interests paid, lease liabilities, FX rate diff. & rest | (2.2) | (2.4) | 0.2 | (2.5) | 0.3 |
| $\blacktriangle$ from discontinued operations | 0.0 | $-0.2$ | $+0.2$ | (0.1) | 0.1 |
| Cash flow excl. dividends | 5.5 | 6.3 | (0.9) | 22.3 | (16.8) |
| Regular dividend | (17.8) | (15.7) | (2.0) | 0.0 | (17.8) |
| Special dividend | (20.0) | (20.0) | 0.0 | 0.0 | (20.0) |
| Cash flow | (32.3) | (29.4) | (2.9) | 22.3 | (54.6) |
Q2 2023
HAMBURG, AUGUST 14, 2023
VP Investor Relations NEW WORK SE Am Strandkai 1 20457 Hamburg Germany Tel.: +49 (0)40 419 131-793 Fax.: +49 (0)40 419 131-44
E-mail: [email protected]
https://www.new-work.se/en/investorrelations
ESG topics > https://www.new-work.se/en/Company-About-New-Work-SE/csr
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