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New Work SE
Investor Presentation • Feb 23, 2023
303_ip_2023-02-23_f0e1b784-d3f1-4ed6-a8e4-aae41cb38249.pdf
Investor Presentation
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PICTURE: NEW WORK SE HEADQUARTER
RESULTS PRESENTATION FY 2022 (UNAUDITED)
NEW NEW NEW WORK WORK WORK WORK WORK WORK WORK WORK WORK WORK WORK WORK WORK WORK WORK WORK WORK WORK WORK WORK WORK WORK WORK WORK WORK WORK WORK WORK WORK WORK WORK WORK WO
SE
HAMBURG, 23 FEBRUARY 2023
DISCI AIMER
This presentation was produced in For uary 2022 by NEW Yorks as an information source for potential business partners and is strictly conficient in the street mace are low for your own infornation and may not be copied, distributed or otherwise made are any any recipient. This presentain is not an offer for sale of securities in the United States The discussion to you does not constitute an offer or initiation to subscribe in propertifies in one increase of the XMG E and neither this presentation nor anything contained here the basis of, or be relied on in connection with, any offer or commitment whatsoever.
The facts and information are as up-to-date and are subject to revison in the fiture. Ne the title compay no any of its subsidiaris, any directors, offices, employes, advisors no any other persentation or warranty, express or inquel as to, and no relaries should be placed on the accuracy of the information contained in this pesentation Nether the Company of its subsidiaries, any other person stall have any liablily whatsover for any loss arising directly, from any use of this presentation. The same applies to information ontained in other material made available at the presentation.
While all resemble care haten to enore the facts stated herein and that the opinions contained herein and reasonable, this document is selective in nature and is intended oprovide an introduction of the business of the Company. When any information and statistics are pucted from any exatistics should not be interpreted as having been adopted or endorsed by the Company as being accurate.
This presentation contains forward-looling to the business, finance and results of the Company and or the industry in which the Company poecates. These statements are generally including to believes, "expects" projects" "plans" "plans" "plan" "foreses," "anticipates" "argets" and sinilar everssion. The forward-coloner statements, including of the somptions, or information from third party sources, contained in this presentation are base on corrent parts and projections and projections and inks. Various factors could cause adual ititure results, performance or events to differ materially form those described in these statents. The Company of guarantee that the assumptions inderking statements are from error nor of they accept any responsibility for the future accuracy of the presentation. No obligation is assumed to update any forward-looking statements.
This presentation speaks as of December of this presentation nor any further discussions of the Company with any of the recogents shall, under any of the recogner, create any implication that there has been no change in the Company since such date.
IMPORTANT NOTICE
Pro-forma results
Results contained in this presentation are party hancial results hat the Conpany derived from is peliminary and past financial statements on the indicated periods in order to make these periods comparable and show non-recurring costs.
Cautionary note regarding preliminary results and pro-forma financial results
This presentation cortains or eliminar results. The peliminar results may change during heir final review. While the Company believes hat is pro-forma financial results are refective of its recurent trend and the on-go in be no assurance that is pro-forma results will accurately refect there there the and status and the efor its inestors are urged not to rely solely upon the making their mesting decision and the pro-forma results should aways be review to the manal results.
EXECUTIVE SUMMARY - TARGETS FOR 2022 ACHIEVED
FINANCIAL PERFORMANCE
| Pro-forma service revenues |
+10% |
|---|---|
| Pro-forma FRITDA |
€ 104m |
| Pro-forma net income |
+10% |
NOTE: Pro-forma service revenues and EBITDA equal reported figures
SEGMENT HIGHLIGHTS
B2C:
-
- 1.2m new members (XING)
-
- 1.8m new workplace insights (kununu)
B2B:
- Launch of onlyfy one
- Relaunch of kununu seal
DOUBLE-DIGIT REVENUE GROWTH IN 2022
Pro-Forma service revenues and EBIDTA do not deviate from reported numbers
C - DESTINATIONS XING AND KUNUNU CONTINUE TO GROW STRONGLY
+29% Kununu®
-
1.8M new overall workplace insights totalling 8.1m insights
-
1 employer insights destination in D-A-CH | >50% yoy growth in salary datapoints | >60% yoy growth in cultural insights
- Relaunch of Kununu Top employer seal
+6% × XING
+1.2m new members on XING totalling 21.5m
- ▪
- Launch of job happiness, culture assessment & e-learning
Read the job satisfaction study
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HR SOLUTIONS WITH STRONG CUSTOMER GROWTH IN 2022
ക്കിച്ച് () ഐ ആ B2B subscription customers
- E-Recruiting contributing ~66% of NW SE group sales
- Bundle products grew strongly
| (Pro-forma) segment revenues in m€ and yoy growth rate in %
- Honeypot growing revenues >80%
- 37% of all German professionals are open to changing jobs
Reposition
to Jobs-
network
Finde den Job, der wirklich passt:
| Q Jobtitel oder Stichwort eingeben | ® Standort | Job finden |
|---|---|---|
Home-Office Hunde willkommen
Oder wir finden ihn für Dich! Probier's aus:
O Kostenlos registrieren
C Weiter mit Google
11
The first Talent Acquisition platform for holistic NEW HIRING one
| 2 releases in 2023 |
|||
|---|---|---|---|
FOR 2022 WE WILL RECOMMEND
1 - Nov 1898
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▪ a regular dividend of € 3.16 (2021: €2.80)...
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FY RESULTS 2022 (UNAUDITED)
2022 FINANCIAL HIGHLIGHTS
Revenues grew 10% to € 313m
Continuing growth of talent access from kununu and XING
EBITDA of € 104m meets guidance
Free cash-flow of € 44.1m
We propose to increase regular dividend to € 3.16 and to pay a
special dividend of € 3.56
| Pro-forma | 2022 | 2021 | 2022 vs. 2021 |
2022 vs. 2021 |
|---|---|---|---|---|
| Abs. | Abs. | Rel. | Abs. | |
| Service revenues | 313.4 | 284.5 | 10% | 28.9 |
| Other operating income | 3.0 | 1.4 | 110% | 1.6 |
| Capitalised own work | 20.7 | 21.7 | (5%) | (1.0) |
| Costs before capitalisation | (233.0) | (209.8) | (11%) | (23.2) |
| EBITDA | 104.1 | 97.9 | 6% | 6.2 |
| Margin | 33% | 34% | (1%pt) | |
| D&A | (37.9) | (40.0) | 5% | 2.0 |
| Financial result | (2.8) (1.1) |
(0.4) (0.8) |
(585%) | (2.4) |
| Taxes | (17.3) (17.9) |
(14.2) (14.1) |
(22%) | (3.1) |
| Net income | 46.1 47.3 |
43.3 43.0 |
6% | 2.8 |
| EbS | 8.41 8.20 |
7.71 7.66 |
6% | 0.5 |
| Segment EBITDA 2022 |
2022 Margin |
Segment EBITDA 2021* |
2021 Margin* |
|
|---|---|---|---|---|
| B2B E-Recruiting | 140.2 | 68% | 114.4 | 67% |
| B2C | 20.6 | 23% | 35.4 | 36% |
| B2B Marketing Solutions | 9.5 | 58% | 11.3 | |
| Tech, Central Services & Other | (66.2) | (63.2) | ||
| Total EBITDA | 104.1 | 33% | 97.9 | 34% |
| 2022 | 2021 | 2022 vs. 2021 |
2022 vs. 2021 |
|
|---|---|---|---|---|
| Abs. | Abs. | Rel. | Abs. | |
| EBITDA | 104.1 | 97.9 | 6% | 6.2 |
| Interest / tax / other | (19.6) | (19.0) | (3%) | (0.5) |
| Change in net working capital | (4.0) | 6.7 | (10.7) | |
| ▲ Discontinued operations | (1.4) | 0.0 | (1.4) | |
| Operating cash flow excl. organiser cash | 79.2 | 85.6 | (8%) | (6.4) |
| Investment - operating | (28.4) | (41.2) | 31% | 12.8 |
| Investment – acquisitions & joint venture | 0.0 | (2.1) | 2.1 | |
| Investment – financial assets | (0.4) | 0.0 | (0.4) | |
| Interests paid, lease liabilities, FX rate diff. & rest | (5.7) | (0.5) | (5.2) | |
| ▲ Discontinued operations | (0.6) | (2.3) | 72% | 1.7 |
| Cash flow before dividends | 44.1 | 39.5 | 12% | 4.6 |
| Regular dividend | (15.7) | (14.6) | (8%) | (1.2) |
| Special dividend | (20.0) | 0.0 | (20.0) | |
| Cash flow incl. organiser cash | 8.3 | 25.0 | (67%) | (16.6) |
Q4 RESULTS 2022 (UNAUDITED)
| Pro-forma | Q4 2022 | Q4 2021 | Q4 2022 vs. Q4 2021 |
Q3 2022 | Q4 2022 vs. Q3 2022 |
|---|---|---|---|---|---|
| Abs. | Abs. | Rel. | Abs. | Rel. | |
| Service revenues | 82.1 | 76.3 | 8% | 78.7 | 4% |
| Other operating income | 0.5 | 0.3 | 60% | 1.0 | (53%) |
| Capitalised own work | 5.4 | 4.3 | 25% | 5.5 | (1%) |
| Costs before capitalisation | (64.4) | (62.0) | (4%) | (58.1) | (11%) |
| EBITDA | 23.5 | 18.9 | 25% | 27.0 | (13%) |
| Margin | 29% | 25% | 4%pts | 34% | (6%pts) |
| D&A | (13.3) | (11.2) | (19%) | (7.1) | (87%) |
| Financial result | 0.3 (0.3) |
0.0 (0.2) |
1,079% | (1.1) | 126% |
| laxes | (2.2) (2.0) |
2.4 2.4 |
(190%) | (4.5) | 52% |
| Net income | 8.4 8.0 |
10.1 10.0 |
(17%) | 14.3 | (41%) |
| EPS | 1.42 1.49 |
1.80 1.77 |
(17%) | 2.55 | (41%) |
| 2022 | 2021 | |
|---|---|---|
| Pro-Forma net income | € 47.3m | € 43.0m |
| #Shares (weighted) | 5.6m | 5.6m |
| Pro-forma earnings per share | € 8.41 | € 7.66 |
| Regular dividend per share | € 3.16 | € 2.80 |
| Special dividend per share | € 3.56 | € 3.56 |
| Segment reporting FY 2022 Today |
From Jan 1, 2023 2022 based on future segment reporting |
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|---|---|---|---|---|---|---|
- ▪
- ▪
OUTLOOK
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