New Work SE (OTCPK:XINXF)

$ 60.04 -6.11 (-9.24%) Market Cap: 410.38 Mil Enterprise Value: 342.61 Mil PE Ratio: 30.70 PB Ratio: 2.79 GF Score: 36/100

Q1 2021 New Work SE Earnings Call Transcript

May 06, 2021 / 12:00PM GMT

Release Date Price: $259.14

Transcript

Petra Von Strombeck

New Work SE - Chairman of Executive Board & CEO

Good afternoon, everyone, and welcome to our Q1 update. I hope you and your families are safe and healthy. This is Petra speaking and next to me is Ingo. A little over a month ago, we had our capital markets briefing at the end of March. Today, we're here to talk about our financials since the start of this year.

At this point, I'd like to note that we consider Q1 '21 to be fully COVID-affected, which is in contrast to the first quarter last year, where initial negative effect of the pandemic weren't observed until the end of that quarter. So we still see our new business negatively affected but look forward to the second half of the year when the pandemic is expected to ease.

So what are the key messages for the first quarter? First of all, we managed to stabilize the business with almost flat year-on-year revenues. That's good. And when looking at our key bottom line figures, which in Q1 this year don't really differ between reported and pro forma numbers, we posted a strong increase in EBITDA as well as net

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