New Work SE

Annual / Quarterly Financial Statement • Mar 27, 2014

News Details

Ad-hoc | 27 March 2014 22:18

XING AG: Publication of final results 2013 – deviation from preliminary result due to changes in accounting

XING AG / Key word(s): Final Results

27.03.2014 22:18

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Hamburg, 27 March 2014 - Today the Supervisory Board of Hamburg-based XING
AG (ISIN DE000XNG8888) approved the Company's annual financial statements
for the 2013 fiscal year. Group revenues for 2013 amounted to EUR84.8
million with a Group EBITDA of EUR22.8 million and net result of EUR9.1
million.

This implies a reduction in the Group's EBITDA and net result when compared
to the preliminary figures communicated on 25 February 2014. This deviation
arose because the Company's auditors revised their assessment on how to
report earn-outs arising from the acquisition of kununu GmbH very shortly
before the approval of the 2013 annual financial statements. These
earn-outs are no longer accounted for as acquisition costs. Instead they
are now reported as personnel expenses for the years 2013 and 2014. This
non-operating effect has a negative impact of around EUR1.5 million on the
Group's EBITDA and net result for 2013.

This deviation is not based on any changes to our operating business, and
it has neither impact on the Company's liquidity and cash flow, nor on XING
AG's local GAAP individual financial statements. In addition, there is no
effect on the communicated increase of the regular dividend from EUR0.56 to
EUR0.62 per share as well as the payment of a special dividend of EUR3.58
per share, each as published by means of an ad hoc announcement on 24
February 2014.

27.03.2014 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language: English
Company: XING AG
Dammtorstraße 29-32
20354 Hamburg
Germany
Phone: +49 (0)40 419 131-793
Fax: +49 (0)40 419 131-44
E-mail: investor-relations@xing.com
Internet: www.xing.com
ISIN: DE000XNG8888
WKN: XNG888
Indices: TecDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Stuttgart

End of Announcement DGAP News-Service

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