Annual figures
The consolidated financial statements of SD Worx Holding for the year ended 31 December 2022 have been prepared in accordance with the International Financial Reporting Standards as endorsed by the EU (“IFRS”). The Group’s consolidated financial statements have been audited by Deloitte (unqualified opinion).
Normalized EBITDA
In € 000
| Subject | 2022 | 2021 |
|---|---|---|
| SD Worx People Solutions | 132,436 | 110,764 |
| Payroll & Reward / Core HR | 122,827 | 101,005 |
| Workforce management | 9,882 | 9,759 |
| Talent management | -273 | 0 |
| SD Worx S&CS | 4,569 | 6,581 |
| SD Worx NV (holding company) | -100 | -1,651 |
| Intersegment elimination | -156 | -95 |
| CONS NEBITDA | 136,749 | 115,599 |
Revenue
In € 000
| Subject | 2022 | 2021 |
|---|---|---|
| SD Worx People Solutions | 721,650 | 606,946 |
| Payroll & Reward / Core HR | 674,606 | 571,715 |
| Workforce management | 46,521 | 35,230 |
| Talent management | 581 | 0 |
| SD Worx S&CS | 245,405 | 253,830 |
| Intersegment elimination | -4,914 | -2,641 |
| CONS REVENUE | 962,142 | 858,134 |
Consolidated net result
In € 000
Net Financial Debt Position (excluding lease liabilities)
In € 000
Overview definitions
SD Worx NV presents its results in accordance with with the International Financial Reporting Standards as endorsed by the EU (“IFRS”).
Alternative performance measures (“APMs”) present useful information which supplements the group's financial statements and which allow the reader of the financial statements to better understand the financial state of the group and the wider group. These measures are not defined under BE GAAP and may not be directly comparable with APMs for other companies. The APMs represent important measures for how management monitors the company and its business activity. The APMs are not intended to be a substitute for, or superior to, any IFRS measures of performance. Some of the financial information presented in our annual reports contains APMs. These include EBITDA and Normalised EBITDA. Below we define these APMs and reconcile them with IFRS measures.
“EBITDA” means Earnings before net finance costs, Taxes, Depreciation and Amortisation.
(As an explanation for the use of this APM, EBITDA provides an analysis of the operating results, excluding depreciation and amortisation, as they are non-cash variables which can vary substantially from company to company depending on accounting policies and the accounting value of the assets. Additionally, it is an APM which is widely used by investors when evaluating businesses (multiples valuation), as well as by rating agencies and creditors.)
“Normalizations” means the revenues and expenses of which, in case of a change of control, an acquirer has the choice or option (mid- or long-term) to not realise those revenues or incur those expenses. In other wordt, expenses or revenues which are not part of the recurring business operations of the SD Worx group. These normalizations mainly relate to:
- Restructuring and integration costs
- Acquisition and transaction costs
- Non-committed stock based compensations
SD Worx considers its stock based compensations plans as non-committed in the sense that currently no active plan or commitment exists to reissue a new plan in the upcoming year.
“Normalized EBITDA” is determined as EBITDA before Normalizations. (As an explanation for the use of this APM, Normalised EBITDA is used to provide insight in the recurring level of operational profitability. Please also refer to the definition of Normalisations below.)
For more details with regards to the APMs, we refer to Note 31. “Alternative performance measures” of the consolidated financial statements.