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


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.