New Work SE

Earnings Release • Mar 6, 2007

News Details

Ad-hoc | 6 March 2007 08:15

OPEN Business Club AG announces preliminary results for 2006

OPEN Business Club AG / Preliminary Results

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

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Hamburg, March 6, 2007 – OPEN Business Club AG (International Securities
Identification Number: DE000XNG8888), operator of XING, the international
networking platform for professionals, added almost 250,000 new members in
the last quarter of 2006 (October 1 to December 31, 2006). Compared to the
previous year, the network grew by 149 per cent in 2006, from 0.68 million
members to 1.69 million members. As of December 31, 2006, a total of
221,000 paying members were registered on the site, which corresponds to a
total of 13 per cent of all members.

Based on the subscription-based business model, the high member growth was
reflected in revenues: In the 2006 calendar year, OPEN Business Club AG
generated revenues amounting to €10.1 million, compared with approximately
€3.3 million* in the previous year (January 1 to December 31, 2005). This
constitutes a growth of more than 200 per cent. The company reached
revenues of around €6.4 million in the shortened 2006 financial year (July
1 to December 31, 2006), and approximately €3.6 million in the final
quarter (October 1 to December 31, 2006).

OPEN Business Club AG was able to both improve its underlying profitability
as well as continue on its growth path in the shortened financial year.
EBITDA before non-recurring charges associated with the IPO amounted to
approximately €1.4 million* in the reporting period from July 1 to December
31, 2006. This corresponds to an EBITDA margin of 23 per cent before
one-off expenses*. Furthermore, the company reported after tax profits in
the shortened financial year of EUR 1.1 million* (before non-recurring
charges).

OPEN Business Club AG will release its final results for the shortened 2006
financial year and a forecast for the current financial year as part of the
Press and Analyst Conference on March 29, 2007 in Frankfurt am Main,
Germany.

Important notice:

Proforma results

Results marked with an * are 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.

Cautionary note regarding preliminary results, pro-forma financial results
and forward-looking statements

This adhoc notice contains preliminary results, proforma-results and
forward-looking statements. The preliminary results may change during their
final review.

While OPEN Business Club AG believes that its pro-forma financial results
marked with an * 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.

Forward-looking statements are based on the current views, expectations and
assumptions of the management of OPEN Business Club AG and involve known
and unknown risks and uncertainties that could cause actual results,
performance or events to differ materially from those expressed or implied
in such statements. Actual results, performance or events may differ
materially from those described in such statements due to, among other
things, changes in the general economic and competitive environment, risks
associated with capital markets, currency exchange rate fluctuations and
competition from other companies, changes in international and national
laws and regulations, in particular with respect to tax laws and
regulations, affecting OPEN Business Club AG, and other factors.
OPEN Business Club AG does not assume any obligation to update any
forward-looking statements.

Contact:
Daniela Hinrichs
VP Corporate Communications
Gänsemarkt 43
20354 Hamburg
Tel. +49 40 419131-19
Fax +49 40 419131-11
daniela.hinrichs@xing.com

DGAP 06.03.2007

Language: English
Issuer: OPEN Business Club AG
Gänsemarkt 43
20354 Hamburg Deutschland
Phone: +49 (0)40 419 131-10
Fax: +49 (0)40 419 131-11
E-mail: investor-relations@xing.com
www: www.xing.com
ISIN: DE000XNG8888
WKN: XNG888
Indices:
Listed: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in
Berlin-Bremen, Düsseldorf, München, Stuttgart

End of News DGAP News-Service

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