• Dr. Georg Kofler will take over as new CEO of The Social Chain AG as of January 1st, 2023
  • Current CEO Wanja S. Oberhof becomes President of Social Chain US Inc. and focuses on the expansion of the US business
  • Ralf Dümmel takes over sole management of DS Group
  • Costs are reduced by 30 percent: through synergies, cost cuttings and a more efficient organizational structure
  • Successful refinancing: working capital financing of EUR 125 million secured for three years
  • Dr. Georg Kofler declares subordination, creating EUR 36 million of additional equity

Berlin, November 16th, 2022. Dr. Georg Kofler will take over as CEO of The Social Chain AG as of January 1st, 2023. The current CEO, Wanja S. Oberhof, will chair the management of the US business as President of Social Chain US Inc. and will be additionally responsible for all Group M&A activities. Ralf Dümmel will fully focus on the sole management of the DS Group with immediate effect and will therefore resign from his position as management board member.

In its new structure, The Social Chain AG is managed by Dr. Georg Kofler as CEO and Andreas Schneider as CFO. Henrike Luszick and Henning Giesecke will continue to serve as members of the Supervisory Board of The Social Chain AG. A third member of the Supervisory Board will be announced shortly.

Cost reduction of 30 percent

The Social Chain AG is cutting its costs by 30 percent. The cost reduction will have full effect in the 2023 financial year: It will be achieved through synergies, significant savings in HR and structural costs and more efficient organizational structures throughout the group. With these changes, The Social Chain AG is responding to the challenging market environment and thereby ensuring its entrepreneurial options for the future.

Financing structure of Social Chain AG significantly improved:
Working Capital financing of EUR 125 million secured by a bank consortium for three years. EUR 25 million acquisition loan repaid.

DS Group, a 100% subsidiary of The Social Chain AG, successfully closed a working capital facility of EUR 125 million with a bank consortium. The credit facility has an initial fixed term of three years with the contractual options to prolong.
In addition, Dr. Georg Kofler contributes to the company's equity by subordinating shareholder loans totaling EUR 36 million.
Furthermore, The Social Chain AG repaid EUR 25 million of the existing acquisition loan for the purchase of DS Group.
As a result, The Social Chain AG significantly improved its financing structure: Overall, current financial liabilities were reduced from EUR 197 million to EUR 35 million. Non-current financial liabilities increased from EUR 114 million to EUR 233 million. In total EUR 44 million financial debt has been repaid, while the current financial liabilities have been reduced by EUR 162 million.

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[1] These are ACTUAL figures as of 31.12.2021 compared to the reported numbers of 30.09.2022, the latter assuming full closing of the credit facility that was signed on 10.10.2022.

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The Social Chain AG published this content on 16 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 November 2022 05:57:04 UTC.