New Work SE
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. --------------------------------------------------------------------------- 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 --------------------------------------------------------------------------- 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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