XING: Boards suggest special distribution of funds from capital reserves amounting to €20 million at the AGM
Stefan Gross-Selbeck, CEO at XING AG, said: “This special distribution of funds highlights XING’s financial strength. Our successful business model and remaining liquid assets of approximately €40 million put us in an excellent position in terms of forging ahead with our growth strategy which has already proven a success as can be seen in our strong results for 2010.”
2010 was XING AG’s best ever financial year with net results of €7.2 million. The Company’s EBITDA of €16.7 million in 2010 represents a 41 percent increase over the EBITDA for 2009 (€11.8 million). Total revenues rose by 20 percent from €45.1 million in 2009 to €54.3 million in 2010.
A special distribution of funds will require a nominal capital increase from capital reserves as well as a subsequent reduction of nominal capital in order to pay out the released funds to the shareholders. According to the stipulations of the German Stock Corporation Act, the special distribution may not be effected for a period of six months at the earliest following the publication of the entry of the decision into the commercial register.
XING is the social network for business professionals. More than 10 million members worldwide use XING to boost their business, job, and career. XING is a platform where professionals from all kinds of different industries can meet up, find jobs, colleagues, new assignments, cooperation partners, experts and generate business ideas. Members can meet and exchange views in over 45,000 specialist groups, while also getting together at networking events. The platform is operated by XING AG, which was founded in Hamburg, Germany, in 2003 and has been publicly listed since 2006. In December 2010, XING acquired amiando AG, a Munich-based company and Europe’s leading provider of online event management and ticketing. Please visit www.xing.com for more information.
Vice President Corporate Communications
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