TeamViewer AG
–
Geschäftsbericht 2022
Annual Report
TeamViewer SE
– Annual Report 2023
TeamViewer at a glance
FY 2023 FY 2022 Δ YoY
Sales
Revenue (in EUR m) 626.7 565.9 +11 %
Billings (in EUR m) 678.0 634.8 +7 %/
9 % cc
1
Number of subscribers
2
(reporting date) (in thousands)
632
626 +1 %
Net retention rate (NRR) 104 % 107 % –3 pp
Profits and margins
Adjusted EBITDA
3
(in EUR m) 260.5 229.8 +13 %
Adjusted EBITDA margin
3
42 % 41 % +1 pp
EBITDA (in EUR m) 221.9 197.5 +12 %
EBITDA margin (EBITDA in % of revenue) 35 %
35 % +0 pp
EBIT (in EUR m) 166.6 143.7 +16 %
EBIT margin (EBIT in % of revenue) 27% 25 % +2 pp
Cash flows
Cash flows from operating activities (in EUR m) 229.9 204.3
+12 %
Cash flows from investing activities (in EUR m) (29.6) (10.8) +173 %
Levered free cash flow (FCFE)
198.8
171.8 +16 %
Cash conversion (FCFE/adjusted EBITDA)
76 %
75 % +1 pp
Cash and cash equivalents (in EUR m)
72.8
161.0
–55 %
Other
R&D expenses (in EUR m) (80.1)
(69.5) +15 %
Employees, full-time equivalents (FTEs) (reporting date) 1,461 1,386 +5 %
Earnings per share – basic (in EUR) 0.66 0.37 +81 %
Adjusted earnings per share – basic (in EUR)
0.88
0.67
+31 %
1
cc = constant currency.
2
Adjusted for Russia and Belarus.
3
Since the beginning of the 2023 fiscal year, TeamViewer has been reporting according to a revised system of key performance indicators, in which a greater emphasis is
placed on revenue (IFRS). As a result, the definition of adjusted EBITDA has changed from a billings to a revenue perspective.
IMPORTANT NOTICE
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Definition of TeamViewer
TeamViewer refers to the TeamViewer Group, con-
sisting of TeamViewer SE and its consolidated sub-
sidiaries. TeamViewer SE refers to the individual
company or Group parent company.
Rounding
Percentage changes and totals are calculated
based on unrounded figures. Therefore, values may
not add up precisely to the totals given, and
percentage changes may not reflect those based on
rounded figures.
Alternative performance measures
This document contains alternative performance
measures (APMs) that are not defined under IFRS.
The APMs are reconcilable to the measures included
in the IFRS consolidated financial statements and
should not be viewed in isolation. TeamViewer
believes that APMs provide a deeper understand-
ing of the Company’s business performance.
Gender-related references
Care has been taken to use gender-inclusive language
when possible. In cases where this is not possible,
this in no way implies discrimination against other
genders. In the interest of equal treatment, such
terms apply equally to all genders.
TeamViewer SE
– Annual Report 2023
A – To our Shareholders 5
1 Letter from the Management Board .................................................................................................. 6
2 Report of the Supervisory Board .......................................................................................................... 9
3 TeamViewer on the Capital Market ................................................................................................ 14
B – Combined Management Report 18
1 Group Fundamentals ............................................................................................................................... 19
2 Employees .................................................................................................................................................... 30
3 Corporate Responsibility ....................................................................................................................... 31
4 Economic Report........................................................................................................................................ 33
5 Events after the Reporting Date ....................................................................................................... 42
6 Opportunity and Risk Report ...............................................................................................................43
7 Outlook ........................................................................................................................................................... 52
8 Remuneration Report..............................................................................................................................54
9 Takeover-Relevant Information ......................................................................................................... 73
10 Corporate Governance Statement ................................................................................................... 76
11 Non-Financial Reporting ....................................................................................................................... 88
12 Management Report of TeamViewer SE .......................................................................................89
C – Consolidated Financial Statements 92
1 Consolidated Statement of Profit and Loss and Other Comprehensive Income
from 1 January to 31 December .......................................................................................................... 93
2 Consolidated Statement of Financial Position as at 31 December ................................... 94
3 Consolidated Statement of Cash Flows from 1 January to 31 December ....................... 95
4 Consolidated Statement of Changes in Equity ........................................................................... 96
5 Notes to the Consolidated Financial Statements ...................................................................... 97
6 Release Date for Publication ............................................................................................................. 152
7 Responsibility Statement ................................................................................................................... 153
8 Independent Auditor’s Report.......................................................................................................... 154
D – Non-financial Report 162
1 Fundamentals of the Non-financial Report ................................................................................163
2 Sustainability at TeamViewer .......................................................................................................... 164
3 Governance and Integrity .................................................................................................................. 180
4 Employees ................................................................................................................................................. 183
5 Environmental and Climate Protection ....................................................................................... 188
6 Energy, Waste and Water Management ..................................................................................... 192
7 Social Responsibility ............................................................................................................................. 194
E – Further Information 195
1 Index for GRI, SDG, UN Global Compact, WEPs and SASB ................................................... 196
2 List of Abbreviations ............................................................................................................................. 198
3 KPI Glossary ............................................................................................................................................... 201
4 Financial Calendar ................................................................................................................................. 203
5 Imprint ......................................................................................................................................................... 204
6 Disclaimer .................................................................................................................................................. 205
6 A – To our Shareholders – 1 Letter from the Management Board
TeamViewer SE
– Annual Report 2023
1 Letter from the Management Board
Dear Shareholders,
In 2023, TeamViewer evolved significantly in many respects. We enhanced and expanded our
product offering, strengthened our market position, added to our senior leadership team, and
optimised our corporate organisation. All of these measures are aimed at ensuring the
Company continues to be managed successfully and sustainably.
Leading in the remote connectivity market
In the first half of 2023, we made an extensive update to our core remote access and support
product for small and medium-sized companies and non-commercial private use and gave it
a name: TeamViewer Remote. The next generation of this popular solution, used by hundreds
of millions of people across the globe, came with significant new features and increased
security. In the second half of the year, we followed with a new version of TeamViewer
Tensor, our remote connectivity solution for large enterprises and critical infrastructure. The
new version features innovations and enhancements in the areas of security and access
management. The updates to TeamViewer Remote and Tensor underpin our global
leadership in the remote connectivity market. At the end of 2023, our high security and quality
standards were also further validated through successful ISO certifications.
Partner of choice in the global technology ecosystem
In 2023, we continued to demonstrate TeamViewer’s relevance in the global technology
industry. Our partnership with Siemens led to a landmark contract in the aviation industry at
the end of 2023. One of the world’s largest manufacturers of aircraft turbines has chosen the
3D training solution jointly offered by Siemens and TeamViewer to provide training and
education for its technicians at hundreds of locations. This will give the manufacturer a tangible
competitive advantage in times of skilled labour shortages and is extremely important for
quality assurance.
7 A – To our Shareholders – 1 Letter from the Management Board
TeamViewer SE
– Annual Report 2023
TeamViewer also made great progress in its partnership with SAP with the integration of
TeamViewer Frontline into the SAP Digital Manufacturing solution and Tensor into the SAP
Service Cloud and numerous joint customer projects. Our collaboration with Nadro, the
leading wholesaler for Mexico’s healthcare industry, is particularly noteworthy in this context.
Nadro is digitalising its warehouse processes with the help of TeamViewer’s AR-based
logistics solution, which is integrated into SAP’s warehouse management system. After an
initial pilot project at the end of 2022, Nadro decided to widely roll out TeamViewer’s solution
in 2023, making this one of our highest revenue-generating projects in the area of AR
solutions. In addition, we entered into partnerships with Ivanti and Lansweeper and
strengthened our remote monitoring and management solution by integrating their specific
functionalities.
Innovation at the cutting edge
A particular highlight in the reporting year was the development of an app for Apple’s new
Vision Pro spatial computing headset. After the announcement and launch of the headset in
autumn 2023, we began immediately to develop an augmented reality assistance solution
for remote customer service and combined it with the functionalities of Apple’s new smart
glasses. Therefore, we were able to introduce our new app directly at the launch of the new
product in early February 2024, demonstrating how we can quickly and innovatively adapt to
key industry trends.
A
t the end of 2023, we also underscored our commitment to the smart factory space by
investing a low double-digit million euro amount in two pioneering companies working in the
areas of manufacturing analytics and IoT software: Sight Machine from San Francisco and
Cybus from Hamburg. Together, we intend to drive forward the digital transformation of
industrial environments at the interface of information technology (IT) and operational
technology (OT). Our commitment is also reflected by our collaboration with the Hyundai
Motor Group Innovation Center Singapore (HMGICS), a smart factory that opened in Q4
2023, where our Frontline AR solution is used in numerous processes.
Broad product portfolio for all industries
Our continuous development and expansion of our product portfolio with new functionalities
and relevant integrations has enabled us to position ourselves even more firmly as a partner
for industrial companies for their digitalisation projects. Our solutions cover a wide number of
use cases in all industries and along the entire value chain. Examples include remote support
of OT devices, such as industrial equipment, medical devices and coffee machines, and classic
IT support, training and onboarding using 3D models and digitalised logistics processes. In
2023, our solutions enabled us to acquire new major customers worldwide and expand
existing customer relationships. TeamViewer’s customer base has grown to include
renowned car manufacturers such as BMW, Ford, and Toyota. Retail chains such as
Specsavers and Ernsting’s Family, global logistics companies such as DHL and DB Schenker,
and healthcare companies such as Siemens Healthineers also use our software, as do
consumer and B2B brands such as Henkel, Coca-Cola and Dole. Regardless of the industry,
TeamViewer provides solutions that add value.
Global brand with charisma
Our success in winning new customers is also a testament to the significant investments
we have made in marketing and sales in recent years. A new look on and off the website, a
clear brand presence at conferences, numerous events and promotions with our sports
partners in the Premier League and Formula 1, as well as global digital brand campaigns,
have led to a tremendous increase in our brand awareness and a growing interest in our
solutions. Last year, we were able to turn this interest into significant contracts with the
help of our effective online marketing measures, our efficient inside sales and enterprise
sales teams and a new global partner programme.
Expanded Management Board for greater innovation
We also reinforced our management team in 2023 and strengthened our corporate
organisation. Mei Dent, an internationally experienced manager, joined our Management
Board as Chief Product & Technology Officer (CPTO). She is responsible for product
management, solution delivery, and research and development in a centralised function,
and thus also for the Company’s innovation strategy. In addition, the extension of Oliver
Steil’s contract as CEO until 2028 ensures continuity at the Company’s top. At the beginning
of 2023, we transferred the leadership of our Americas business to our former Chief of Staff
& Strategy, Georg Beyschlag, after experiencing a slowdown in growth in this region at the
end of 2022. Three quarters later, we are already seeing the first success of this
reorganisation, with a double-digit increase in billings. Other important additions to the
team were Constanze Backhaus, who took over as CHRO, and Andrew Belger, who joined as
Country Manager for Australia & New Zealand, one of our most important APAC markets.
We continued our international expansion, opening new offices in Guadalajara (Mexico)
and Mumbai (India) and a new representation in Munich. We also completed the conversion
of TeamViewer into a European stock corporation (SE) in March 2023, which included the
voluntary creation of a global works council, consisting of employee representatives, to
further strengthen employees’ engagement in the Company.
8 A – To our Shareholders – 1 Letter from the Management Board
TeamViewer SE
– Annual Report 2023
Double-digit revenue growth and strong margin
Our initiatives led to strong results in the 2023 fiscal year that either met or exceeded our
guidance. We closed the year with revenue of EUR 626.7 million, corresponding to year-on-
year growth of 11 %. At 42 %, the adjusted EBITDA margin exceeded our expectations and
underlined our outstanding profitability. Earnings per share rose 81 % in the past fiscal year.
At the end of the fourth quarter, we had 633,000 paying customers. We completed share
buybacks in 2023 totalling close to EUR 164 million, ensuring that, as our shareholders, you
continued to participate in our high cash generation.
Corporate culture based on shared values
More than 1,400 TeamViewer employees worldwide played a significant role in achieving this
strong performance. We would like to thank them for their unwavering dedication,
commitment to our growth initiatives, and embodying our company values. We have a unique
company culture, which was on display at our global company gathering in late 2023. We were
able to bring colleagues together from around the world for this unforgettable experience.
We reward our employees’ exceptional performance with our extensive employee share
participation programme, a one-off special bonus, flexible working conditions, numerous
internal events and progressive HR approach. Our latest employee survey confirmed the
success of these measures, showing a seven percentage point increase in our employees’
willingness to recommend us to others.
Focus in the year 2024: Future technologies, partnerships and industrial digital
transformation
We have resolved to focus even more strongly on future technologies in 2024. This includes
expanding our use of the capabilities of artificial intelligence, data analytics and self-learning
algorithms across our entire product portfolio. These technologies are useful in maintaining
and repairing devices and technical equipment, as well as in production planning and
minimising errors in industrial processes. Next to augmented and mixed reality, spatial
computing is increasingly used in training and onboarding scenarios. This includes the use
of 3D models and digital twins of complex machines provided with interactive annotations.
To make us an even stronger technology partner for digital transformation in the
manufacturing industry, we plan to expand our existing tech partnerships and further join
forces with industry leaders and start-ups to develop joint solutions.
Outlook for 2024: Steady revenue growth, higher EBITDA margin
and further share buybacks
In terms of financial targets, we are aiming for revenue of EUR 660-685 million
1
in 2024, which
is equal to a growth rate of 7–11 % on constant currency. We expect to further improve our
adjusted EBITDA margin to at least 43 %. This improvement will be supported by a positive
impact from a large portion of the roughly EUR 17.5 million in savings resulting from the
revised scope of our partnership with Manchester United at the beginning of the 2024/2025
season. We will reinvest the remaining savings in other strategic growth initiatives. We are
committed as a company to providing attractive shareholder returns. In keeping with this
commitment, we launched a new 2023/2024 share buyback programme in December with a
maximum volume of EUR 150 million to enable you, our shareholders, to continue to benefit
from our strong business performance and high cash flow.
I
n 2024, we will continue to work with great commitment and engage in constructive dialogue
with you to further develop our strategy, achieve our goals, create value for our customers
and remain a reliable partner. To ensure we continue to recruit and retain global talent at our
German locations as an attractive employer, we will do our part to make our colleagues from
over 70 nations who work for us in Germany feel welcome and safe here so we can benefit
from diversity and dialogue in the future as well.
H
ere’s to a positive and successful 2024!
Sincerely,
O
liver Steil Michael Wilkens Mei Dent Peter Turner
CEO CFO CPTO CCO
1
Based on prior-year average exchange rates.
9 A – To our Shareholders – 2 Report of the Supervisory Board
TeamViewer SE
– Annual Report 2023
2 Report of the Supervisory Board
Dear Shareholders,
We look back on an eventful 2023, in which TeamViewer made important progress in many
areas. The Company proved resilient and well positioned to help its customers navigate the
major issues of our time. Hybrid working, increasing automation, industrial digitalisation and
the impact of the ongoing skills shortage are global challenges that continue to gain
importance – all of which can be addressed using technology such as TeamViewer’s. In 2023,
TeamViewer’s product portfolio underwent extensive further development to address these
issues. In spring 2023, for example, the Company strengthened its leading position in the field
of remote access and support with the market launch of TeamViewer Remote, the next
generation of the successful remote connectivity product for small and medium-sized
companies and private users. The Enterprise offers were also enhanced with additional
functionalities and bolstered through integrations and partnerships with other global
technology companies.
I
n terms of governing bodies and organisation, TeamViewer set the course for a successful
future in key areas during the past fiscal year. We extended Oliver Steil’s contract as CEO early
until 2028 to ensure continuity, strategic leadership, and operational excellence at the
Company’s helm. Thus, he can now, in his third term, fully focus on driving and executing
TeamViewer’s growth strategy. This includes the Company’s continued transformation into a
leading provider of enterprise software at the interface between information technology (IT)
and operational technology (OT) in industrial environments. Alongside CEO Oliver Steil, CFO
Michael Wilkens and CCO Peter Turner, we have appointed Mei Dent as Chief Product and
Technology Officer (CPTO) to the Management Board with central responsibility for
product management and software development. This new role underscores the strategic
importance of innovation to TeamViewer’s position as a global software champion.
We also made some changes to our Supervisory Board last year and welcomed a new Chair,
Ralf W. Dieter, with Abraham (Abe) Peled as the Deputy Chair. We have also added two very
experienced members, Swantje Conrad and Christina Stercken, whose expertise in areas
such as corporate development, capital markets, ESG and compliance will be of great value
to us. Stefan Dziarski recently stepped down from the Supervisory Board after major
shareholder Permira further reduced its stake in the Company to approximately 14 per cent
in November 2023.
T
eamViewer strives to balance short and long-term value creation for shareholders through
continued share buyback programmes, strategic growth investments and ongoing debt
reduction. In this context, the Company successfully completed a EUR 150 million share
buyback programme in the 2023 fiscal year. This was followed by a further share buyback
programme with a total volume of up to EUR 150 million launched in December 2023. The
Company cancelled some of the repurchased shares by reducing the share capital. Through
share buybacks, TeamViewer gives its shareholders a greater stake in the Company’s success.
At the same time, the Management Board and Supervisory Board underscore their
confidence in TeamViewer’s strategic direction. Strengthening the trust of the capital
market remains one of the most important goals that we, as the Supervisory Board, will
continue to pursue together with TeamViewer’s Management Board. Also important in this
context is the amendment to TeamViewer’s sponsorship agreement with Manchester United,
which will take effect for the 2024/2025 season. The revised terms will enable the Company
to improve its margin in 2024 and make investments in other areas. In our capacity as the
Supervisory Board, we also closely monitored and supported this process.
We are confident that TeamViewer has set the right course for sustainable long-term success
with its strategic orientation and definitive progress made during the past year. As the
Supervisory Board, we stand behind the path taken.
I
n the following report, we would like to inform you about the work undertaken by the
Supervisory Board and its committees during the 2023 fiscal year.
10 A – To our Shareholders – 2 Report of the Supervisory Board
TeamViewer SE
– Annual Report 2023
Collaboration between the Management Board and
Supervisory Board
The Company’s Supervisory Board fulfilled the tasks and responsibilities assigned to it in the
2023 fiscal year and placed a special focus on the position and performance of TeamViewer
SE and the Group.
D
uring the year, the Supervisory Board always had a constructive, open and trust-based
working relationship with the Management Board. As part of regular and in-depth dialogue,
the Supervisory Board advised the Management Board on the management of the
Company and monitored how it conducted business. The Supervisory Board was always
involved in decisions of fundamental importance for the Company. The monitoring and
advising activities addressed sustainability issues in particular. The Supervisory Board
made sure that it was always satisfied that the work of the Management Board was legal,
appropriate and orderly. The Management Board also always fulfilled its duty to provide
information.
B
oth in and outside of meetings, the Management Board informed the Supervisory Board
regularly, promptly, and comprehensively about strategy development and implemen-
tation, planning and business development, the risk situation and risk management,
compliance, human resources planning, the sustainability strategy and communication
with investors, as well as about current events. All transactions requiring the approval of
the Supervisory Board due to legal or statutory provisions were submitted to the
Supervisory Board for discussion and resolution. In addition to the two aforementioned
share buyback programmes of up to EUR 150 million each, particularly noteworthy in the
2023 fiscal year were the decisions and actions taken in connection with the capital
market and corporate strategy, the new elections to the Supervisory Board proposed to
the Annual General Meeting and the appointment of Mei Dent as a new member of the
Management Board.
T
he members of the Management Board and Supervisory Board did not have any conflicts of
interest during the reporting year that were required to be promptly disclosed to the
Supervisory Board or brought to the attention of the Annual General Meeting.
T
hroughout the fiscal year, the Chairman of the Supervisory Board was appropriately
prepared to hold discussions with investors on topics specific to the Supervisory Board.
Supervisory Board meetings and priorities
The Supervisory Board convened ten times during the reporting period. Regular topics at
Board meetings included the business performance, strategic direction and financial
performance of TeamViewer SE and the Group. The Management Board discussed the
relevant detailed reports in-depth with the Supervisory Board. It complied with the legal
requirements and principles of good corporate governance as well as with the Super-
visory Board’s guidelines in terms of the topics addressed and their scope. The Super-
visory Board also ensured that regular meetings were held without the Management
Board.
D
uring the 2023 fiscal year, the Supervisory Board discussed the following main topics:
A
t its meeting on 31 January 2023, the Supervisory Board approved, among others, the
Company’s 2023 share buyback programme of up to EUR 150 million and the proposals of
the Nomination and Remuneration Committee concerning the Management Board’s
remuneration. The meeting also included an external training session on capital market
strategy and reporting, which led to a comprehensive discussion on aspects of the capital
market and investor relations and the planning of related measures.
A
t the meeting on 8 March 2023, the Supervisory Board focused on issues relating to product
and IT security, the Company’s financing structure and the publication of the upcoming
annual report.
A
t the meeting on 25 April 2023, the general business development and the Group’s medium-
term planning were discussed. Also on the agenda was an intragroup profit and loss transfer
agreement (PTA) between TeamViewer SE and Regit Eins GmbH, which is set to be proposed
to the 2024 Annual General Meeting.
A
t the meeting on 24 May 2023, Ralf W. Dieter was elected as Chair of the Supervisory Board
and Dr Abraham (Abe) Peled as Deputy Chair of the Supervisory Board, directly following the
new elections to the Supervisory Board by the Annual General Meeting. The Supervisory
Board also elected the members of the committees.
11 A – To our Shareholders – 2 Report of the Supervisory Board
TeamViewer SE
– Annual Report 2023
On 26 June 2023, the Supervisory Board resolved to expand the Management Board to four
members and to appoint Mei Dent as a new member of the Management Board with
responsibility for the areas of product and development (Chief Product and Technology
Officer, CPTO). The Rules of Procedure for the Management Board and the schedule of
responsibilities were amended accordingly.
T
he main topics of the meeting on 25 July 2023 were the strategic development and topics
related to sales and products, after which the Supervisory Board dealt in detail with IT and
product security issues following comprehensive training on IT and product security.
On 13 September 2023, the discussion again focused on the product and sales strategy,
the market environment and various product and market-related aspects of the
corporate strategy.
A
t its meeting on 25 October 2023, the Supervisory Board resolved to prematurely extend the
appointment of CEO Oliver Steil for a further five (5) years until October 2028.
O
n 6 December 2023, the Supervisory Board approved a new share buyback programme of up
to EUR 150 million in a conference call convened for this purpose.
At its meeting on 13 December 2023, the Supervisory Board dealt with budget planning and
the subsequent approval of the 2024 budget, as well as with succession planning for Stefan
Dziarski, who stepped down from the Supervisory Board effective 11 December 2023. Various
corporate governance issues were also discussed and resolved.
In addition to the ten meetings, various resolutions were also passed by way of circular
procedure. In the 2023 fiscal year, these were primarily technical measures and
implementation resolutions on the topics previously discussed at the Supervisory Board
meetings and described above.
Attendance at Supervisory Board meetings in 2023
Full Supervisory
Board
(
Virtual meetings via
video/teleconference:
31 Jan, 8 Mar, 25 Oct, 6 Dec)
(In-
person meetings:
25 Apr, 24 May, 26 Jun,
25 Jul, 13 Sep, 13 Dec)
Audit Committee
(Virtual
meetings via
video/teleconference:
31 Jan, 8 Mar, 25 Oct)
(In-
person meetings:
25 Apr, 24 May,
26 Jun, 25 Jul)
Nomination and
Remuneration
Committee
(
Virtual meetings via
video/teleconference:
31 Jan, 8 Mar, 25 Oct)
(In-
person meetings:
25 Apr, 24 May, 26 Jun,
25 Jul, 13 Sep, 13 Dec
)
Ralf W. Dieter
10 (10)
3 (3)
9 (9)
Dr Abraham Peled
10 (10)
3 (3)
9 (9)
Stefan Dziarski
8 (9)
5 (7)
–
Dr Jörg Rockenhäuser
9 (10)
–
8 (9)
Axel Salzmann
10 (10)
7 (7)
9 (9)
Hera Kitwan Siu
9 (10)
7 (7)
–
Swantje Conrad
7 (7)
4 (4)
–
Christina Stercken
7 (7)
4 (4)
–
Meeting attendance of Supervisory Board members in 2023 (in brackets: the number of meetings in the respective term
of office of the member).
W
ith the exception of Dr Jörg Rockenhäuser, Stefan Dziarski and Hera Kitwan Sui, who were
each unable to attend one meeting, all members of the Supervisory Board participated in all
meetings of the Supervisory Board in person or virtually via video or telephone conference.
Further details on the attendance at meetings of the Supervisory Board and its committees
can be found in the table above.
Committees
To enable the efficient performance of its tasks, the Supervisory Board has formed the
following committees:
T
he Audit Committee, which also serves as the Sustainability Committee, monitors account-
ting processes, risk management, the effectiveness of the internal control system and the
internal audit system. It also deals with compliance issues as well as environmental, social and
governance (ESG) topics. Furthermore, it verifies the independence of the external auditor
and deals with any other services to be provided by the external auditor, awarding the audit
12 A – To our Shareholders – 2 Report of the Supervisory Board
TeamViewer SE
– Annual Report 2023
engagement, specifying audit priorities, and agreeing on the auditor’s fees. The Audit
Committee discusses the half-year financial reports and quarterly statements with the
Management Board. It also drafts the resolutions for the full Supervisory Board and prepares
the preceding discussion regarding the adoption of the financial statements, profit
appropriation and appointing the external auditor. In the reporting year, the Audit
Committee discussed the assessment of the audit risk, the audit strategy and audit planning
as well as the audit results with the auditor. The Chair of the Audit Committee regularly
discussed the progress of the audit with the auditor and reported to the Committee. The
Audit Committee regularly consults with the auditor without the Management Board.
During the reporting period, the Audit Committee convened seven meetings and dealt,
among others, with the following main issues:
• Discussion of business performance and results, including the annual reporting, interim
reporting and the preliminary results
• Discussion and preparations for adopting the financial statements and profit appropriation
• Verification of the independence of the external auditor and other services provided by
them
• Determination and discussion of the audit priorities and the result of the audit with the
auditor, discussion and agreement of the auditor’s fees, issue of the audit mandate
• Discussion and monitoring of accounting processes
• Discussion and monitoring of risk management, the internal control system, the internal
audit system and compliance, including a regular focus on compliance with data protection
regulations
• Corporate governance issues
• Determining the audit areas for the Internal Audit department
• Assisting in the preparation of CSRD reporting
The Nomination and Remuneration Committee is tasked with proposing suitable candidates
to the Supervisory Board for the Supervisory Board’s election proposals to the Annual
General Meeting, if required. It also examines all aspects of remuneration and terms of
employment for the Management Board and makes relevant recommendations to the
Supervisory Board. Furthermore, it submits an assessment of how the Management Board
has performed.
The Nomination and Remuneration Committee held nine meetings during the reporting year.
The focus was on the expansion of the Supervisory Board from six to eight members, the
addition of a new member to the Management Board and the extension of Oliver Steil’s
mandate as CEO until October 2028. In its recommendations, the Nomination and
Remuneration Committee takes into account the statutory minimum gender representation
and the targets set by the Company for the proportion of women on the Management Board
and Supervisory Board, all of which were met or even exceeded. In the fiscal year, the
Committee also dealt with the Management Board’s remuneration, the setting of targets for
the variable remuneration components and the short and long-term succession planning for
the Management Board and Supervisory Board.
Training and further education
The members of the Supervisory Board are responsible for obtaining the training and
development required for their duties and were again adequately supported by the
Company in the 2023 fiscal year. The training and development measures offered by the
Company in the 2023 fiscal year centred on capital market-related topics as well as product
and IT security issues. Other focal points of the ongoing training and development
measures in 2023 were in the areas of corporate governance, compliance, and products.
The new members of the Supervisory Board, Swantje Conrad and Christina Stercken,
received a comprehensive introduction to familiarise themselves with the Company’s
business model and structures, as well as strategy and risk aspects that are particularly
important.
Audit of the annual and consolidated financial statements
TeamViewer SE’s annual financial statements, which were compiled by the Management
Board in accordance with German accounting regulations (German Commercial Code,
Handelsgesetzbuch, HGB); the consolidated financial statements, prepared in accordance
with § 315e (1) HGB on the basis of the International Financial Reporting Standards (IFRSs);
and the combined management report of TeamViewer SE and the Group for the 2023 fiscal
year were audited and each given an unqualified audit opinion by PricewaterhouseCoopers
GmbH Wirtschaftsprüfungsgesellschaft (PwC), Stuttgart.
13 A – To our Shareholders – 2 Report of the Supervisory Board
TeamViewer SE
– Annual Report 2023
PwC has been the Company’s auditor since 2022, replacing Ernst & Young GmbH Wirtschafts-
prüfungsgesellschaft, Stuttgart. The PwC audit partner responsible as defined by § 319 a (1)
sentence 4 HGB was Jürgen Schwehr.
T
he audit reports, the aforementioned financial statement documents, and the Management
Board’s profit appropriation proposal were submitted to the Supervisory Board sufficiently in
advance of the meeting to approve the financial statements on 8 March 2024, thus providing
sufficient opportunity for scrutiny. The audit reports were explained in person by the auditor
in charge of the audit to both the Audit Committee and the Management Board. In this
process, the auditor reported the key findings of the audit and provided the Audit Committee
and the full Supervisory Board with additional information. Following its own examination,
the Supervisory Board concluded that no objections needed to be raised and concurred with
the auditor’s audit findings. Accordingly, at its meeting on 8 March 2024, the Supervisory
Board adopted the TeamViewer SE annual financial statements and approved the
consolidated financial statements along with the combined management report.
F
urthermore, the Supervisory Board examined the contents of the Non-Financial Report in
accordance with § 171 (1) AktG. No objections needed to be raised following the outcome of
this scrutiny.
Corporate governance
The Supervisory Board attaches foremost importance to ensuring good corporate gover-
nance and is guided by the recommendations detailed in the German Corporate Governance
Code (GCGC). In December 2023, the Supervisory Board, together with the Management
Board, issued a Declaration of Compliance for the reporting period in accordance with § 161
AktG. The Declaration is permanently available under the Investors Relations/Governance
& ESG section of the Company’s website. TeamViewer SE complies with the recommen-
dations of the GCGC Commission without exception. Further information, including the
Declaration of Compliance, can be found in the Corporate Governance Statement.
T
he Supervisory Board would like to thank the Management Board and all employees of
TeamViewer Group for their strong personal commitment during the 2023 fiscal year.
G
öppingen, 8 March 2024
O
n behalf of the Supervisory Board
R
alf W. Dieter
14 A – To our Shareholders – 3 TeamViewer on the Capital Market
TeamViewer SE
– Annual Report 2023
3 TeamViewer on the Capital Market
Since its IPO in 2019, TeamViewer has maintained an open and transparent dialogue with the
capital markets. We continued this policy in the 2023 fiscal year. The Company’s management
and the Investor Relations (IR) department continued building on the development in the
second half of 2022 and increasingly participated in face-to-face events to strengthen
and expand its personal dialogue with capital market participants. TeamViewer also again
held a number of virtual meetings and conferences.
On
TeamViewer’s IR website, shareholders can find extensive information on the TeamViewer
share and all published capital market documents and legal disclosures, as well as recordings
of past capital market events. The IR team can be contacted by email at ir@teamviewer.com
for any enquiries.
Communication with the capital markets
As at 31 December 2023, the TeamViewer share was covered by a total of 16 German and
international financial analysts who regularly publish reports and analyses on the Company.
Based on analyst publications, TeamViewer comprised an analyst consensus consisting of the
average estimates of revenue, billings and adjusted EBITDA figures. A current overview of the
estimates is available on TeamViewer’s IR website.
To coincide with the publication of the financial results, TeamViewer held an analyst and
investor conference call each quarter in which the CEO and CFO reported on the past quarter
and were available to answer questions.
Analyst events 2023
Date Event
7 February 2023 Q4/Fiscal Year 2022 Preliminary Results
3 May 2023 Q1 2023 Results
1 August 2023 Q2/H1 2023 Results
31 October 2023 Q3 2023 Results
I
n addition to regular exchanges with financial analysts, TeamViewer also maintained an
active dialogue with investors in the 2023 fiscal year. At roadshows, conferences and
individual meetings, numerous domestic and international investors were met in one-on-one
meetings and at group events. The subjects of discussion included the Company’s strategic
direction, operational development in the SMB and Enterprise areas and future growth
prospects, particularly in the Enterprise area. The progress made in achieving the annual
targets was also discussed. Next to exchanges with existing investors, a special emphasis was
placed on communicating with potential new investors.
15 A – To our Shareholders – 3 TeamViewer on the Capital Market
TeamViewer SE
– Annual Report 2023
TeamViewer share
The TeamViewer share is listed in the Prime Standard market segment of the Frankfurt Stock
Exchange.
Reference data and key figures for TeamViewer shares as at 31 December 2023
ISIN/WKN DE000A2YN900/A2YN90
Ticker symbol/Stock exchange listing: TMV/Frankfurt Stock Exchange
Stock market segment: Regulated market (Prime Standard)
Index membership: MDAX, TecDAX
Designated sponsor: ODDO BHF
Number of shares/Share capital in EUR
1
: 174,000,000/174,000,000.00
Share class: No-par ordinary bearer shares
Year high on Xetra in EUR: 17.40 (23 August 2023)
Year low on Xetra in EUR: 12.05 (2 January 2023)
Year-end closing price on Xetra in EUR: 14.06 (29 December 2023)
Average daily turnover (Xetra): 584,806 shares/8,635,814 euros
Market capitalisation in EUR million: 2,446 (29 December 2023)
Free float in %: 81.5 %
1
Based on the authorisation of 24 May 2023, the Company cancelled 6,515,856 acquired treasury shares effective
28 August 2023. This resulted in a corresponding reduction in the share capital from EUR 186,515,856.00 to EUR
180,000,000.00. A further 6,000,000 acquired treasury shares were cancelled effective 20 December 2023, with
a corresponding reduction in the share capital from EUR 180,000,000.00 to EUR 174,000,000.00.
Share buyback programme in 2023
In February 2023, with the publication of the preliminary results for the 2022 fiscal year,
TeamViewer announced a new share buyback programme with a volume of EUR 150 million.
The programme was successfully completed in November 2023. A further buyback
programme with a volume of up to EUR 150 million was announced in December 2023. Both
programmes were in line with the previously communicated target leverage ratio of 1.5x
adjusted EBITDA on a billings basis. In the share buyback programme completed in
November, the Company acquired a total of 9,993,893 shares. In the buyback programme
launched in December, a total of 987,760 shares were acquired as at 31 December 2023.
Based on the authorisation of 24 May 2023, the Company cancelled 6,515,856 acquired
treasury shares effective 28 August 2023, with a corresponding reduction in the share
capital from EUR 186,515,856.00 to EUR 180,000,000.00. A further 6,000,000 acquired
treasury shares were cancelled effective 20 December 2023, with a corresponding
reduction in the share capital from EUR 180,000,000.00 to EUR 174,000,000.00.
16 A – To our Shareholders – 3 TeamViewer on the Capital Market
TeamViewer SE
– Annual Report 2023
Shareholder structure
As a result of the aforementioned share buyback programme and capital reduction,
TeamViewer’s shareholder structure as at 31 December 2023 was as follows:
Shareholder No. of shares held Shareholding in %
Permira/TigerLuxOne S.à r.l. 24,498,502 14.1
Treasury shares 7,650,576 4.4
Free float 141,850,922 81.5
Total 174,000,000 100.0
I
n November 2023, as part of a share sale, TigerLuxOne S.à r.l. (TLO), a subsidiary controlled
by Permira, sold a total of 13 million shares in TeamViewer SE to institutional investors.
Following the sale, TLO continued to be TeamViewer’s largest shareholder with a remaining
shareholding of around 24.5 million shares, amounting to 14.1 % of the share capital as at
31 December 2023. The free float as at 31 December 2023 based on the total shares
outstanding, including treasury shares, amounted to 81.5 %.
I
n an analysis of the share register, TeamViewer determined the ownership of around 98.7 %
of the outstanding shares. Based on the shares outstanding as at 31 December 2023, the
proportion of shares held by private shareholders was 18.8 %. The remaining free float of
around 67.1 % was principally held by institutional shareholders. The breakdown of the
shareholder structure is as follows:
Share performance in the 2023 fiscal year
The global capital market environment was politically dominated by Russia’s war of
aggression against Ukraine and the violent conflict in the Middle East. The decline in inflation
over the course of the year allowed central banks to ease their tightening stance in the second
half of the year and keep interest rates stable.
Inflation initially remained high in many parts of the world in the 2023 fiscal year but eased as
the year progressed, particularly due to the decline in energy prices. In Germany, inflation was
still around 6.1 % in August 2023 but had fallen to 3.2 % by November 2023. At the end of 2023,
the US recorded inflation of around 3 %.
17 A – To our Shareholders – 3 TeamViewer on the Capital Market
TeamViewer SE
– Annual Report 2023
The European Central Bank (ECB) continued to raise interest rates in the 2023 fiscal year to
combat inflation. The ECB raised interest rates by 25 basis points each in the months of
February, May and September. The interest rate decisions of the US Federal Reserve also
had a significant impact on international financial markets. Both the Fed and the ECB
decided against further interest rate hikes, leaving the benchmark rates in December
unchanged.
Th
e EUR/USD exchange rate generally held steady during the year. The high of EUR/USD 1.13
was reached in July 2023, while the lowest rate of EUR/USD 1.05 occurred at the beginning of
October 2023. The average EUR/USD exchange rate for the year was approximately 1.08.
A
fter a challenging 2022, the German stock market got off to a very positive start in 2023.
Following an initial record high in June, the German DAX index closed at a new high in August
at around 16,528 points. As of October 2023, global stock markets were initially dominated by
the violent conflict in the Middle East, causing a slump in stock markets around the world and
a drop in the DAX index of almost 500 points within a few short weeks. By the end of the year,
however, prices had fully recovered and, thanks to easing signals from central banks, the DAX
reached a new record high of 17,003 points in December.
T
he TeamViewer share started the 2023 trading year at an opening price of EUR 12.07. The
share initially recorded strong performance, in line with the market as a whole, driven in part
by the publication of the preliminary results for the fourth quarter and the 2022 fiscal year.
After the publication of the 2023 first quarter results, the share price declined into July. The
shares recovered later in the month and went on to reach the year’s high of EUR 17.40 on
23 August 2023.
T
he share price declined again in the months that followed in line with the market as a whole,
although it outperformed the market overall until November. Following the placement of the
share package by major shareholder Permira at a significant discount to the stock market
price, TeamViewer shares recovered again with the start of the new buyback programme in
December and rose significantly again at the end of the year.
T
he share closed the year at EUR 14.06, for a year-on-year increase of around 16.7 %. The
share significantly outperformed the German MDAX benchmark index (+8.0 %) despite the
sale of shares by Permira/TigerLuxOne S.à r.l. In the final months of the year however, the
TeamViewer share was unable to catch up with the performance of the European STOXX 600
Technology Index (+31.7 %).
19 B – Combined Management Report – 1 Group Fundamentals
TeamViewer SE
– Annual Report 2023
1 Group Fundamentals
1.1 Business model
TeamViewer is a global technology company headquartered in Germany. TeamViewer’s
software solutions (TeamViewer Remote and TeamViewer Tensor) provide remote access
and support for information technology (IT) devices such as computers, mobile phones and
tablets, as well as for non-standardised operation technology (OT) devices such as industrial
equipment, robots, medical, and other devices.
2
SMB customers are customers with an annual contract value (ACV) within the last twelve months of less than EUR 10,000
across all products and services. When this threshold is exceeded, the customer is reclassified. Enterprise customers are
TeamViewer also offers solutions based on augmented reality (AR) and mixed reality (MR) to
increase the productivity of manual processes in logistics, manufacturing, and aftersales
(TeamViewer Frontline). Through its products, TeamViewer aims to increase user efficiency
and productivity.
Customers and products
In addition to a large number of private users who can use the free version of the software
(free user community), TeamViewer’s global customer base ranges from small and medium-
sized businesses (SMB) to large corporations (Enterprise)
2
from a wide range of industries.
These customers primarily use the product portfolio listed opposite as part of a subscription
model.
TeamViewer Remote
TeamViewer Remote offers solutions to private users and small business customers via fast,
secure and device-independent connectivity. Remote access to another IT device is the most
common use case for the software. After the launch of the latest generation in April 2023,
TeamViewer Remote offers a revised user interface, a new web client, and higher security.
TeamViewer Tensor
TeamViewer Tensor is especially tailored to corporate customers and provides a compre-
hensive overview of companies’ IT and OT device landscapes and simplifies monitoring,
maintenance, and support. A particular feature of this product is the customised security
functions and granular control options for companies. These features were further expanded
and revised with the update of TeamViewer Tensor in October 2023, when the entire user
interface was redesigned.
customers with an ACV within the last twelve months of at least EUR 10,000 across all products and services. If the ACV
falls below this threshold, the customer is reclassified.
20 B – Combined Management Report – 1 Group Fundamentals
TeamViewer SE
– Annual Report 2023
TeamViewer Frontline
TeamViewer Frontline makes it possible to optimise business processes at companies using
AR and MR workflows. Step-by-step training or workflow instructions in the areas of logistics,
quality assurance, or industrial production are displayed to the user on smart glasses or a
mobile device. A variety of IT systems can also be connected, making it easy to integrate
TeamViewer Frontline into existing company processes. The application also offers complete
direct and automatic digital end-to-end process documentation of all work steps during the
entire work process.
Strategy
TeamViewer’s product portfolio caters to the following global megatrends in the modern
workplace:
• Mo
ve towards hybrid working models, especially remote work
• Increasing number and complexity of internet-enabled endpoints and devices
• Progressive automation of work processes (increasing use of robots and AI)
• Growing acceptance of AR and MR in the industrial environment
• Shift from conventional manufacturing towards smart factories
• Necessity for sustainable management, CO₂ and energy savings
TeamViewer is strategically focused on achieving its overarching goal of sustainable growth
and permanent increases in enterprise value. TeamViewer’s short- and medium-term
strategy focuses on the following three growth dimensions:
1.
Expansion in use cases
Remote access to IT devices such as computers, mobile phones and tablets using TeamViewer
Remote for SMB customers and TeamViewer Tensor for enterprise customers form the core
of TeamViewer and still account for a large proportion of TeamViewer’s revenue today. In
addition, the digital transformation in the industrial sector harbours considerable additional
usage potential for TeamViewer technology. In addition to traditional IT support use cases in
large companies, Enterprise sales in the 2023 fiscal year focused predominately on industrial
use cases for the Tensor and Frontline solutions. The aim is to increase the efficiency of
logistics work processes using vision picking and to digitally support skilled workers and
service technicians on-site in the aftersales area.
2.
Coverage of customer segments
TeamViewer’s product portfolio covers a broad customer spectrum. Private individuals can
use the software free of charge for non-commercial purposes, while SMB and Enterprise
customers use the software for commercial use. Historically, TeamViewer has had a strong
customer base in the SME sector, but in recent years the Company has increasingly invested
in its key account business, developing solutions for the entire value chain and a wide range
of industries.
3.
Geographic expansion
TeamViewer is a global company operating in three regions: EMEA (Europe, Middle East and
Africa), AMERICAS (North, Central and South America) and APAC (Asia, Australia and Oceania).
In strengthening the Company’s geographic footprint in the 2023 fiscal year, the focus was
on reorganising the management and sales organisation of the AMERICAS region, with local
teams concentrating on the ongoing customer base expansion and extending the
corresponding use cases.
Wit
hin the three strategic growth dimensions, TeamViewer’s underlying focus is on organic
growth. In specific cases, growth can be supported by expanding the solutions portfolio
and/or technological expertise through smaller, strategic acquisitions or participations.
1.2 Group structure and
organisation
The Group’s parent company is TeamViewer SE, headquartered in Göppingen, Germany. As at
31 December 2023, the Group had a total of 1,461 employees worldwide (31 December 2022:
1,386 FTEs). TeamViewer SE (TeamViewer AG prior to the entry of the change in legal form in
the commercial register in March 2023) has been listed on the Frankfurt Stock Exchange since
September 2019 and has been a member of the German MDAX index since December 2019.
Legal structure
The TeamViewer Group consists of TeamViewer SE, based in Göppingen, and its total of
fifteen fully consolidated subsidiaries. TeamViewer SE acts solely as a holding company for
the TeamViewer Group and is responsible for the Group’s management and control. The
21 B – Combined Management Report – 1 Group Fundamentals
TeamViewer SE
– Annual Report 2023
operating business is managed by TeamViewer Germany GmbH, an indirect wholly owned
subsidiary of TeamViewer SE and its subsidiaries.
T
he diagram on the following page provides an overview of TeamViewer SE’s group structure
as at 31 December 2023.
Locations
TeamViewer has locations in fourteen countries. The Group’s headquarters are in Göppingen,
Germany, which is also the central development location and the sales centre for the EMEA
region. Other central sales hubs are located in Largo, Florida (USA) for the AMERICAS region
and Singapore and Adelaide (Australia) for the APAC region. TeamViewer also maintains local
sales offices in Tokyo (Japan), Shanghai (China), and Toronto (Canada), as well as further
research and development sites in Bremen (Germany), Ioannina (Greece), Porto (Portugal),
and Linz (Austria). In Mumbai (India), there is a local sales location and shared services centre,
while Yerevan (Armenia) is also home to a shared services centre.
Management and reporting
TeamViewer Group is managed as a single segment. Reporting on the platform is based on
the geographic regions EMEA, AMERICAS and APAC as the reporting units, as well as on the
level of billings and revenue of the SMB and Enterprise customers.
23 B – Combined Management Report – 1 Group Fundamentals
TeamViewer SE
– Annual Report 2023
1.3 Management system
To control and monitor the Group’s development, TeamViewer uses financial and non-
financial performance indicators (KPIs), which are divided into “primary” and “secondary”
KPIs. In the 2023 fiscal year, TeamViewer used two primary and five secondary performance
indicators. In some cases, the indicators were chosen based on the specific customer or
region. The target levels for management KPIs are defined during the annual planning
process and monitored on a monthly basis throughout the year. The actual values are then
compared with the planned and previous year’s values, and corrective measures are initiated
when necessary. Since the beginning of the 2023 fiscal year, TeamViewer has been using
revenue as the primary performance indicator instead of billings, as revenue is a more
common, less volatile planning indicator. Billings is now categorised as a secondary perfor-
mance indicator.
Primary performance indicators
• Revenue (IFRS) represents the value of goods and services transferred to customers and
recognised in profit or loss in accordance with IFRS 15. Revenue is derived from billings
by adjusting the change in deferred revenue recognised in profit or loss.
• Adjusted EBITDA (non-IFRS) is defined as the operating result (EBIT) in accordance with
IFRS, plus depreciation and amortisation of tangible and intangible assets (EBITDA),
adjusted for certain business transactions (income and expenses) defined by the
Management Board in consultation with the Supervisory Board. Business transactions to
be adjusted include expenses from share-based payment models and other material
non-recurring effects. Adjusted EBITDA (non-IFRS) is intended to show the Company’s
underlying operating performance.
Secondary performance indicators
• Billings represent the (net) value of goods and services invoiced to customers within a
specific period and which constitute a contract as defined by IFRS 15. Billings arise
directly from invoices to customers and are not affected by deferred revenue
recognition.
• Annual recurring revenue (ARR) describes the annual recurring revenue for all active
subscribers as at the respective reporting date.
• Net retention rate (NRR) is a key indicator used to assess customer loyalty and is
calculated as the retained billings for the previous twelve months (LTM) divided by the
total recurring billings (retained billings + new billings) for the previous twelve months
(LTM-1). The total recurring billings of the LTM-1 period are adjusted for multi-year
contracts (MYD). The sub-categories of billings used to calculate the NRR are defined as
follows:
• Retained billings: Recurring billings (subscription renewals, up- and cross-selling
activities) with existing subscribers who were already subscribers in the previous
twelve months (LTM-1).
• New billings: Recurring billings attributable to new subscribers.
• Non-recurring billings: Non-recurring billings, such as services and hardware sales.
• Number of paying subscribers and customers.
• Number of employees (full-time equivalents, FTEs).
1.4 Markets and sales
Markets
TeamViewer distributes its products in almost every country worldwide. The Company’s
products and solutions can essentially be used in all economic sectors as well as for non-
commercial purposes.
G
eographically, TeamViewer divides its sales markets into the regions EMEA (Europe, Middle
East and Africa), AMERICAS (North, Central and South America) and APAC (Asia, Australia and
Oceania). In the 2023 fiscal year as in prior years, the EMEA region represented the largest
regional sales market, followed by the AMERICAS and APAC regions. At a country level,
TeamViewer’s highest billings were recorded in the USA, followed by its home market of
Germany. More information on regional business development in the 2023 fiscal year can be
found in the economic report and in the notes to the consolidated financial statements.
24 B – Combined Management Report – 1 Group Fundamentals
TeamViewer SE
– Annual Report 2023
Sales
TeamViewer’s sales model is regionally organised. Sales channels differ according to product
range, customer group and use case.
Web shop: TeamViewer Remote for non-commercial and smaller SMB customers
TeamViewer offers a free, functionally limited software version for remote access to IT
devices for non-commercial product use. The software, which is available free of charge via
the TeamViewer website, is a core element of the sales strategy and ensures a high level of
awareness of the TeamViewer Remote brand and product. We believe that in taking this
approach, users who have familiarised themselves with the free, non-commercial product will
more likely switch to TeamViewer for commercial use. The additional functionalities of the
commercial versus the non-commercial version include comprehensive remote device
management and professional IT support. The commercial solution is offered as part of a
subscription model via TeamViewer’s own web shop. The web shop was thoroughly revamped
in the 2023 fiscal year and should now offer an improved and more intuitive purchasing
experience as well as simpler, more harmonised price scale for the SMB product range.
Inside Sales: TeamViewer Remote and Tensor for SMB customers
The Inside Sales department and its teams organised by language region focus on new
customer acquisitions as well as on existing TeamViewer Remote and Tensor customers who
need extended functionality.
Enterprise Sales: TeamViewer Tensor and Frontline for corporate customers
For sales of customised solutions to corporate customers, TeamViewer has a dedicated sales
organisation, Enterprise Sales, focused on the Tensor and Frontline solutions. In the Tensor
area, the sales team cares for larger corporate customers and offers product solutions
specifically tailored to customers’ needs for the IT and OT device landscape. A special focus is
placed on the holistic management of the devices in use and on various security functions. In
the Frontline area, the sales team works closely with in-house product engineers (Solution
Engineers) responsible for product design and downstream implementation, particularly for
AR and MR solutions. Close cooperation with Customer Success Managers ensures that
products are successfully adapted to the customer’s needs and enhances the value of
TeamViewer solutions for corporate customers.
Channel sales: All products for all customers
TeamViewer’s sales model is supported by various sales partners, including resellers,
distributors, referral partners, managed service providers (MSPs) and system integrators,
who provide their support in selling standardised products in the SMB segment and in
developing and implementing complex solutions for the Enterprise business. In the 2023
fiscal year, the Company launched “TeamViewer TeamUP”, a new global sales partner channel
programme. Participating partners receive benefits, including exclusive discounts, special
support, and comprehensive sales training, as well as a wide range of certifications.
Technology partners: All products for all customers
In addition to the sales channels already mentioned, TeamViewer software is also distributed
by integrating it into the applications and shops of various strategic technology partners,
which include Realwear, EPSON, dynabook and Zebra. In the 2023 fiscal year, TeamViewer
expanded its product portfolio to include mobile device management solutions from partners
Ivanti (management of IT devices and operating systems) and Lansweeper (device detection
in networks). TeamViewer intends to continuously expand its circle of technology partners,
not only to strengthen its sales but also to further expand its product range.
Strategic sales partners
TeamViewer pursues a co-selling approach with strategic partners such as Microsoft, SAP,
Google, and Siemens. Through the SAP partnership, TeamViewer solutions are presented
with SAP at industry events and installed for demonstration at SAP innovation centres
worldwide, making them accessible to potential customers. As part of the cooperation with
Google, TeamViewer’s AR platform and TeamViewer Tensor are available on Google Cloud
Marketplace. The partnership with Microsoft includes making TeamViewer Tensor available
in the Microsoft Azure Marketplace. The partnership with Siemens focuses on TeamViewer’s
AR solutions, which are offered in combination with Siemens’ product lifecycle management
solution. The success of TeamViewer’s sales efforts is measured not only by revenue and
billings but also by customer loyalty and satisfaction.
25 B – Combined Management Report – 1 Group Fundamentals
TeamViewer SE
– Annual Report 2023
1.5 Research and development
The ability of software providers to develop new products and quickly bring them to market
while continuously adapting existing products and services is a key factor for success. This
makes research and development (R&D) work of central importance for the future success of
TeamViewer.
R&D organisation
At the end of the 2023 fiscal year, 399 FTEs (full-time equivalents) were employed in R&D
across the Group (previous year: 404), which was largely unchanged compared to the prior
year. In 2023, TeamViewer also made greater use of external resources to maintain flexibility
and rapidly respond to changing requirements. Most R&D employees work in Germany at the
Group’s headquarters in Göppingen, as well as in Stuttgart, Karlsruhe, and Bremen. TeamViewer
also maintains R&D locations in Greece, Austria, and Portugal. These national and inter-
national locations provide the Group additional access to skilled employees in the area of R&D.
R&D expenses
Research and development expenses amounted to EUR 80.1 million in the 2023 fiscal year
(2022: EUR 69.5 million). They include personnel costs, costs for work and services rendered by
service providers and cooperation partners, and depreciation and amortisation. TeamViewer’s
R&D expenses, excluding depreciation and amortisation and including adjustments made
according to the definition of adjusted EBITDA, amounted to EUR 64.2 million in the 2023
fiscal year (2022: EUR 54.4 million), corresponding to a share of revenues of 10.2 % (2022:
9.6 %).
Continued evolution of core software
In the 2023 fiscal year, TeamViewer successfully repositioned its best-known software under
the name “TeamViewer Remote”. Through a fundamental redesign, TeamViewer Remote
brings significant enhancements to usability and fraud prevention, as well as to the
underlying technology, including the switch to Microsoft’s WebView2 technology. The revised
design and new way of launching remote access sessions not only reflects a contemporary
user experience, but also lays the foundation for future innovations and product
development. Next to improving performance, stability and security, a special focus was
placed on introducing a fully functional web application to maintain the software’s standing
as one of the leading device-independent solutions for remote connectivity.
TeamViewer Tensor enterprise connectivity software
TeamViewer Tensor enterprise solution received major enhancements in the fiscal year, with
a particular focus on expanding security features and tailoring them to the needs of
enterprises. Specifically, the “Bring-Your-Own-Certificate” functionality was introduced,
which enables companies to use their own certificates for TeamViewer connections. The user
interface was also redesigned to ensure a consistent and modern user experience, similar to
what was accomplished with TeamViewer Remote. These improvements increase the
security and usability of TeamViewer Tensor in mission-critical environments.
Focus on integration
Research and development also focused in the 2023 fiscal year on integrating third-party
technologies to provide a comprehensive solution for small, medium, and enterprise
customers. This specifically included advancing the integration with leading mobile device
management and asset discovery products such as Ivanti’s Neurons and Lansweeper
platforms, making TeamViewer’s remote monitoring and management solution even more
effective. All IT devices can now be managed and monitored, regardless of the manufacturer
and operating system.
Augmented and mixed reality
In the 2023 fiscal year, TeamViewer also further advanced its applications in the areas of AR
and MR. TeamViewer Frontline Spatial, for example, can now integrate 3D models directly
from the Siemens Product Lifecycle Management Teamcenter. This enables customers to
seamlessly integrate interactive 3D models from existing CAD data into their training and
maintenance processes. TeamViewer also redesigned the data analysis options for its vision
picking solution. Customers can now prepare and display data on a dashboard and provide a
more detailed record and analysis of the individual work steps and the time required. This is
intended to make processes more efficient and enable data-based decisions for better
processes. TeamViewer intentionally relies on practical data analytics solutions to
continuously optimise workflows.
26 B – Combined Management Report – 1 Group Fundamentals
TeamViewer SE
– Annual Report 2023
Developments in the area of artificial intelligence
TeamViewer also forged ahead with development in the area of artificial intelligence (AI)
during the past year. A key component of this development was the optimisation of AI image
recognition for TeamViewer Frontline. This enhancement is essential for Frontline AI Studio
training and intended to help structure advanced AR workflows more effectively.
In addition, TeamViewer implemented the first version of an AI-powered co-pilot called AI
Script Assistant, which is used in remote monitoring and management (RMM). The aim is to
reduce complexity in the RMM environment. Remote monitoring and management tasks can
be automated using the co-pilot through simple commands. The implementation of the co-
pilot is part of TeamViewer’s conscious focus on practical AI solutions with the aim of offering
customers functional, efficient remote management tools.
1.6 Security and data protection
Centrally important to TeamViewer’s business is its ability to ensure the best possible data, IT
and product security at all times. To meet these demands, the Group continually invests in
developing preventive measures and internal guidelines, expanding its security applications,
and ensuring it complies with legal regulations.
Security
TeamViewer has a Group-wide IT and product security strategy that protects its own
infrastructure as well as the software products it offers. IT and product security are organised
as two departments operating under the uniform leadership of the Chief Information
Security Officer (CISO). In 2023, the departments continued to be supported by external
consultants and providers of recognised security solutions.
Raising employee awareness
To ensure the highest possible level of IT security and cyber hygiene, TeamViewer places
particular importance on ensuring the ongoing sensitisation of all employees. Periodic
queries on the contents of internal guidelines and frameworks give employees practical
experience and ensure a strong security culture. Mandatory training provides sophisticated
knowledge of the patterns of possible attack attempts and the appropriate defensive
measures. Targeted campaigns regularly assess the organisation to identify possible threat
patterns. In 2023, a knowledge database of safety-related aspects dedicated to the safety
area was introduced to help the organisation reinforce the knowledge gained in training and
campaigns.
Infrastructure and product safety
TeamViewer’s Group-wide IT security strategy follows a “best-of-breed” approach. In this
way, the world’s leading solutions can be integrated into a comprehensive protection
concept. TeamViewer regularly assesses the security applications in use and calibrates them
to the prevailing threat situation.
In the 2023 fiscal year, several measures were implemented to strengthen the infrastructure
and product security. TeamViewer made additional technology investments in security-
relevant hardware and software solutions, underlining its dedication to its consistent best-
of-breed approach in choosing the optimal security solutions. These included investments in
network traffic monitoring to significantly increase the early detection of anomalies. Modern
detection and prevention technologies were also introduced for enhanced protection against
ransomware. In the areas of email security and phishing protection, guidelines were tight-
ened again significantly and technically reinforced using a risk-based analysis. TeamViewer
also follows a consistent zero-trust strategy within its own system landscape to protect
employees and technical resources. Technical access controls were also significantly
tightened again in 2023 and secured through extended conditional access. Broadened
strategies with tried-and-tested processes and plans were expanded to ensure operational
capabilities in the event of a business interruption. These strategies and processes are tested
on an ongoing basis and optimised as part of TeamViewer’s continuous improvement process.
The security concept for software development was also reinforced in 2023. TeamViewer
strives to maximise product security in all phases of software development by means of a
Secure Software Development Life Cycle (S-SDLC). TeamViewer also introduced a new
scalable programme in 2023 to strengthen the early integration and assurance of security
aspects and measures in design and development. Various security tests have already been
built into the development phase to identify potential vulnerabilities and close security gaps.
To this end, TeamViewer follows the responsible disclosure principle and works closely with
independent security researchers via a Group-wide Vulnerability Disclosure Policy (VDP) as
well as within the framework of a “bug bounty” programme. Security vulnerabilities in soft-
ware that has already been released and is in operation are published in accordance with
internal guidelines as a security bulletin in the TrustCenter of the corresponding software
application, as well as in the official Common Vulnerabilities and Exposures (CVE) register.
T
eamViewer monitors its IT systems and applications on a permanent basis. The Company
employs a Computer Security Incident Response Team (CSIRT) and Product Security Incident
Response Team (PSIRT) for this purpose, whose constant readiness is based on a regularly
updated Security Incident Response Plan and other security playbooks. In 2023, TeamViewer
27 B – Combined Management Report – 1 Group Fundamentals
TeamViewer SE
– Annual Report 2023
continued to significantly expand the overarching security monitoring and threat detection
systems for its systems landscape. This involved switching to a scalable SaaS-based Security
Operations Centre (SOC) service. The external SOC supports TeamViewer in the 24/7 moni-
toring of all environments. The prevention of and response to potential cyberattacks was op-
timised and further automated with the support of advanced Security Orchestration,
Automation and Response (SOAR) services, together with a Security Information and Event
Management System (SIEM).
F
or the TeamViewer brand, the Company invested in further protective mechanisms in the
2023 fiscal year for the proactive detection of cyber threats. By monitoring the external at-
tack surface, brand imitations in the form of fake websites, social media scams and other ma-
licious applications can be detected. Fraudulent websites, apps and social media
accounts were identified and shut down, preventing potential damage to users and
TeamViewer’s public reputation.
Audits and certifications
TeamViewer’s IT infrastructure, complete product and solutions portfolio, and its relevant
suppliers all continued to be routinely subjected to detailed audits and stress tests in 2023
by specialised international security service providers to further enhance product and IT
security. The resulting outcomes and potential improvements are discussed by the internal
IT security and product security experts at the Security Steering Board meetings, which
take place routinely every 14 days. The entire Management Board also keeps informed of
current IT and product security developments and reports regularly to the Supervisory
Board on cyber security issues of strategic importance.
3
https://securityscorecard.com/security-rating/teamviewer.us
In addition to the ISO 27001 certification of all the data centres processing TeamViewer
data, TeamViewer’s own Information Security Management System (ISMS) was certified for
the first time in 2023. ISO 27001 is an internationally recognised standard for information
security. This certification emphasises TeamViewer’s commitment to information security
and demonstrates the maturity of its ISMS. The security measures implemented and the
high level of maturity and resilience of TeamViewer’s IT and product security highlight the
importance of this certification for TeamViewer. The Group’s security architecture is also
HIPAA/HITECH, SOC-2, SOC-3 and TISAX audited.
Independently recognised high rating for security
The Cyber Security Rating from BitSight, a cybersecurity risk assessment and security man-
agement measurement company, has rated TeamViewer’s security architecture in the high-
est category for the past several years. As a result, TeamViewer ranks among the top 1 % of
global technology companies in a direct competitive comparison against a benchmark of
more than 100,000 technology companies. This exceptional position is further underpinned
by an excellent “A rating” from SecurityScorecard, another company for the assessment of
corporate cybersecurity.
3
Physical security concept
In addition to IT and product security, TeamViewer’s security concept encompasses the
physical security of all of the Group’s offices worldwide. TeamViewer reviews the security
of its corporate locations annually and in detail to ensure it meets the respective protection
requirements at all times. This is required for existing properties as well as when opening
new locations. A standardised audit procedure allows for a comparative routine compliance
review with the specified protection definitions and security objectives along defined audit
areas.
28 B – Combined Management Report – 1 Group Fundamentals
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– Annual Report 2023
Measures to protect users from fraud and fraudulent activities
TeamViewer works continuously to improve its software and implement security features.
Such features include encryption protocols, multi-factor authentication options, security
measures to conditionally grant or deny access to resources, data or systems (conditional
access), as well as functionality that allows users to use their own digital certificates to
ensure a secure remote connection.
T
eamViewer also provides information material and guides on its blog and website to edu-
cate users about potential fraud and how to protect themselves from fraudulent activities.
These resources include tips for recognising and avoiding common online scams, such as
phishing attacks and social engineering tactics. Users can report possible abuse or suspicious
activity using a form available on TeamViewer’s website.
T
eamViewer actively combats fraudulent activities and cybercrime groups that intend to
misuse the TeamViewer product platform for their own purposes. The Group was prepared
to cooperate with law enforcement authorities in 2023. TeamViewer can provide the
authorities with support and information to prevent fraudulent use of the TeamViewer
platform.
Memberships and partnerships
As a certified member of the Forum of Incident Response and Security Teams (FIRST),
TeamViewer actively participates in the global exchange of information and experience
regarding worldwide threat situations. In addition, TeamViewer continues to be a partner of
the weekday briefing “Tagesspiegel Background Cybersecurity”, sponsored by the German
daily newspaper “Der Tagesspiegel”. In 2023, through this media partnership, TeamViewer
supported the creation of a platform to host informed debates on cybersecurity in Germany.
S
ince 2023, TeamViewer has been a member of Stop Scams UK. This UK-based initiative seeks
to educate consumers about the various types of scams around the world to help protect
themselves from fraud. The initiative is supported by a range of organisations, including law
enforcement agencies, government bodies, and consumer protection groups. As a member of
this initiative, TeamViewer shares knowledge and solutions to protect individuals and
businesses from the damage and losses caused by fraudsters.
Data protection
The protection of personal data is of elementary importance to TeamViewer. The Group’s
Compliance Policy places a special emphasis on complying with the fundamental principles
for processing personal data in accordance with Article 5 of the European Data Protection
Regulation (GDPR). TeamViewer and all of its affiliated companies fully acknowledge their
resulting obligations as data controllers and processors.
Data protection organisation
The Company-wide data protection organisation, introduced in 2017, has been continuously
expanded and is bundled in the TeamViewer Privacy Management Framework, which
encompasses all of the Group’s data protection-related regulations, policies and procedures.
T
eamViewer has its own internal Data Protection department, which is part of the Legal and
Compliance department. The Data Protection department is decentrally organised. Each of
the Company’s specialist departments has at least one qualified person who acts as the GDPR
Lead and is responsible for the respective division’s compliance with GDPR principles. Experts
from TeamViewer’s Legal department provide ongoing support to the Company’s data
protection organisation. TeamViewer has also appointed an external, independent Data
Protection Officer in accordance with Article 37 of the General Data Protection Regulation
(GDPR). The Data Protection Officer supports TeamViewer in an advisory and auditing
capacity and represents it vis-à-vis the supervisory authorities.
T
he GDPR Lead’s responsibilities include maintaining a complete register of processing activ-
ities, reviewing and concluding order processing contracts with contractors, and conducting
data protection impact assessments. In addition, suitable technical and organisational
measures (TOMs) are implemented to ensure the security of entrusted personal data. These
TOMs are reviewed regularly, at least once annually, to ensure they are up-to-date. The last
update of the TOMs was carried out in July 2023. To implement the data protection
requirements within the scope of new or further product development, TeamViewer is
committed to complying with the GDPR provisions “Data protection through technology
design” and “Data protection through data protection-friendly default settings”.
29 B – Combined Management Report – 1 Group Fundamentals
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– Annual Report 2023
Training and certification
All employees working for TeamViewer on a permanent or freelance basis regularly receive
mandatory training on data protection and GDPR-relevant topics, both in-person and via
TeamViewer’s internal training platform. Training includes both externally and internally
created content and is held regularly and as needed to all employees working in certain at-
risk departments.
D
uring the 2023 fiscal year, the following data protection training courses were held as part
of the Company-wide education programme:
• D
ata protection training sessions for all employees. These included a refresher on data
protection fundamentals, policies, and processes (e.g. handling data breaches, deletion
of unstructured data).
• D
epartment-specific training and on-site training at the Berlin and Göppingen office
locations. Additional in-person training and online courses over LinkedIn Learning are
scheduled to take place in the 2024 fiscal year.
I
n addition, TeamViewer offers a qualification programme that gives interested employees –
especially those whose work involves personal data protection or the processing of GDPR-
relevant data – the opportunity to complete further data protection-related training or earn
certifications, such as Certified Information Privacy Professional/Europe (CIPP/E), or become
re-certified. Certification is awarded by the International Association of Privacy Professionals
(IAPP), of which TeamViewer is a gold member.
30 B – Combined Management Report – 2 Employees
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– Annual Report 2023
2 Employees
TeamViewer Group employed 1,461 people worldwide (full-time equivalents, FTEs) as at
31 December 2023 (31 December 2022: 1, 386 FTEs). Consequently, the number of employees
in the 2023 fiscal year was approximately 5 % higher year-on-year.
T
he increase in personnel was generally evenly distributed across all functional areas and
regions. The higher growth in the number of employees in administration, marketing and
technical customer service areas was primarily due to changes made to the organisational
structure following the appointment of Mei Dent as TeamViewer’s Chief Product &
Technology Officer (CPTO) and other internal restructuring measures. Changes included the
reassignment of the Group’s own training team, which is responsible for both the ongoing
training of sales staff and the onboarding of new colleagues, from the Sales division to
Administration. In addition, the Marketing division invested in expanding the digital and
content team in particular to further strengthen TeamViewer’s positioning in this area.
A
s the employer of employees from a wide range of nations, TeamViewer promotes a
corporate culture characterised by social, economic and political inclusion and equal
treatment regardless of age, gender, ability, ethnicity, origin, religion, economic, social or
other background. Diversity is held as one of the Group’s core values.
Employees by function
Function 2023 2022 YoY change
Sales 584 572 +2 %
Research & Development 399 404 –1 %
Administration 283 243 +16 %
Marketing 113 98 +15 %
Technical Customer Service 83 69 +20 %
FTE total 1,461 1,386 +5 %
As at 31 December 2023 and 31 December 2022; measured in full-time equivalents (FTEs).
Employees by region
Region 2023 2022 YoY change
EMEA 998 947 +5 %
AMERICAS 268 260 +3 %
APAC 195 179 +8 %
FTE total 1,461 1,386 +5 %
As at 31 December 2023 and 31 December 2022; measured in full-time equivalents (FTEs).
31 B – Combined Management Report – 3 Corporate Responsibility
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– Annual Report 2023
3 Corporate Responsibility
TeamViewer is committed to making a positive contribution to society and the environment
as a company, employer, and product and solution provider. Thereby, the company aims to act
as a local, national and international role model working in a sustainable and resource-
conserving manner, guided by the principles of proper corporate governance.
As part of its global sustainability programme c-a-r-e (c – collaboration, a – access [access to
technology], r – reduction [emissions reduction], e – equity), TeamViewer has set specific
targets and measures that contribute to the Group’s sustainability efforts.
T
eamViewer divides its corporate responsibility and sustainability efforts in line with the
three dimensions of responsibility: E – Environmental, S – Social (social issues), G –
Governance.
Environmental (E)
TeamViewer is aware of its corporate responsibility and intends to continue to make a
decisive contribution to achieving the climate goals. The software also helps reduce global
travel worldwide and save the associated CO₂ emissions by enabling technicians to remotely
service devices. As part of its climate strategy, the Company is pursuing the goal of reducing
its own CO₂ emissions by 90 % as of 2040 versus the 2021 reference year and removing or
capturing unavoidable emissions from the atmosphere in the long term. On the way to
achieving this, TeamViewer sources electricity from renewable energy sources and aims to do
the same for the entire product infrastructure. Energy Attribute Certificates (EACs) are
already used to track the origin of electricity and verify the consumption of renewable energy.
Further measures include emission-efficient business travel by avoiding air travel and a
hybrid work model to reduce work-related commuting. TeamViewer is also already investing
in the long-term storage of carbon dioxide (Carbon Removal). TeamViewer underlines its
sustainability ambitions by recognising the Sustainable Development Goals (SDG) and
verifying its CO₂ reduction targets through the Science Based Targets Initiative (SBTi).
Social issues (S)
TeamViewer demonstrates its social commitment by providing a free version of its software,
enabling non-commercial users to access its product solutions free of charge in order to help
other people. TeamViewer is committed to giving back to society at a regional and national
level and supports the training and education of young people, particularly in STEM subjects
(mathematics, information technology, natural sciences and technology). TeamViewer also
respects international standards for the protection of human rights in the workplace,
including the following:
• U
niversal Declaration of Human Rights (UDHR) of the United Nations (UN)
• European Convention for the Protection of Human Rights and Fundamental Freedoms of
the European Court of Human Rights
• International Labour Organization (ILO) Declaration on Fundamental Principles and
Rights at Work
Corporate governance (G)
TeamViewer is committed to complying with global standards for responsible corporate
governance. In addition to the recommendations of the German Corporate Governance Code
(GCGC), these standards include the UN Global Compact. TeamViewer focuses on diversity
and equal opportunities as well as the promotion of women in management positions.
Diversity is an integral part of the Company’s corporate culture and an important aspect for
the Management Board when filling management positions. The Management Board
believes that the best possible professional qualifications should outweigh gender
considerations when filling management positions at the Company. It also recognises
however the importance of diversity, particularly the special importance of women’s
participation in management positions. The Management Board therefore aims to increase
the proportion of women in management positions in the medium term. It also extended its
previous UN commitments by joining the UN Women Empowerment Principles (WEPs)
programme in 2021.
32 B – Combined Management Report – 3 Corporate Responsibility
TeamViewer SE
– Annual Report 2023
External rankings
During the past fiscal year, TeamViewer’s sustainability performance, initiatives and
ambitions were evaluated by three leading independent rating agencies, MSCI, Sustainalytics
and CDP (formerly the Carbon Disclosure Project). In the 2023 fiscal year, TeamViewer again
received a AAA MSCI sustainability rating (2022: AAA), keeping it in the highest category. The
rating places TeamViewer among the top 11 % of companies in the software and services
industry worldwide. TeamViewer also ranked highly by Morningstar Sustainalytics, placing it
first among 431 companies rated in the Enterprise & Infrastructure Software sector.
4
In
addition, the CDP organisation, which focuses on environmental impact, awarded a B rating
for TeamViewer’s environmental protection measures in the fiscal year 2023. TeamViewer
thus retains its B rating in the global climate ranking (2022: B, 2021: B-), which is above the
industry average and underlines the importance of effective climate protection for the
Company.
5
4
Sustainalytics ESG Risk Rating: https://www.sustainalytics.com/esg-rating/teamviewer-se/2007316825
5
CDP Scores: https://www.cdp.net/en/responses?queries%5Bname%5D=teamviewer
33 B – Combined Management Report – 4 Economic Report
TeamViewer SE
– Annual Report 2023
4 Economic Report
4.1 Macroeconomic environment
The year 2023 was marked by continued geopolitical tensions and economic upheaval,
resulting in a challenging and volatile macroeconomic environment. The much tighter
global monetary policy however did not lead to the global recession initially feared by
economists.
6
After a noticeable pickup in the global economy in the first quarter of 2023, there was a
marked slowdown in economic growth in the second quarter, driven largely by a decline in
production and rising financing costs. This trend continued in the second half of the year,
leaving a challenging macroeconomic environment. For the full year 2023, global economic
growth was around 3.0 %. This was a decline of 0.3 percentage points from the previous year’s
growth of around 3.3 %.
7
TeamViewer’s key individual markets, Germany and the US, showed low to negative growth
for 2023 as a whole. In Germany, gross domestic product was negative at –0.3 %. GDP growth
of 2.0 % was calculated for the US compared to the previous year.
8
The USD weakened against the EUR in the reporting period. After an average EUR/USD
exchange rate of 1.05 in 2022, the average exchange rate in 2023 was 1.08.
9/10
6
IfW Kiel – Kiel Economic Report No. 105 – Q3 2023: https://www.ifw-kiel.de/de/publikationen/weltwirtschaft-im-herbst-
2023-moderate-expansion-trotz-erheblicher-gegenwinde-31941/
7
IfW Kiel – Kiel Economic Reports World Economy in Autumn – Q3 2023: https://www.ifw-
kiel.de/fileadmin/Dateiverwaltung/IfW-Publications/fis-import/e9964bd9-a22e-4917-ad23-7eb802dc54f0-
KKB_105_2023-Q3_Welt_DE_V3.pdf
8
IfW Kiel – Kiel Economic Reports No. 105 – Q3 2023: Global economy in autumn - Q3 2023: https://www.ifw-
kiel.de/fileadmin-/Dateiverwaltung/IfW-Publications/fis-import/e9964bd9-a22e-4917-ad23-7eb802dc54f0-
KKB_105_2023-Q3_Welt_DE_V3.pdf; Federal Statistical Office: Press release dated 15 January 2024 - 019/24
9
Statista: https://de.statista.com/statistik/daten/studie/200194/umfrage/wechselkurs-des-euro-gegenueber-dem-us-
dollar-seit-2001/
Sector environment
According to calculations by the international market research institute Gartner, global IT
expenditure amounted to around USD 4.7 trillion in 2023, growing 3.3 % over the prior year.
11
The software solutions and IT services subsegments, which are important for TeamViewer,
recorded respective growth rates of around 12.4 % and 5.8 % in 2023.
12
The higher growth in global IT expenditure and the relevant subsegments compared to the
overall economic situation was primarily driven by rising demand for efficiency-enhancing
and cloud-based software solutions.
13
Growth prospects were also fuelled by developments
in the field of AI and its potential for automating business processes, as well as investments
in security solutions (cybersecurity).
14/15
4.2 Business development
In the 2023 fiscal year, TeamViewer continued to successfully execute its growth strategy
along the three defined growth dimensions through i) expansion of use cases, ii) coverage of
existing customer segments, and iii) geographic expansion and grew profitably. Revenue
increased by 11 % to EUR 626.7 million, meeting TeamViewer’s 2023 fiscal year guidance for
“double-digit revenue growth ranging from 10 % to 14 %”. Adjusted EBITDA rose 13 % to
EUR 260.5 million, resulting in an adjusted EBITDA margin for the 2023 fiscal year of 42 %. This
also met the margin guidance for an “adjusted EBITDA margin of around 40 %”.
10
Statista: https://de.statista.com/statistik/daten/studie/214878/umfrage/wechselkurs-des-euro-gegenueber-dem-us-
dollar-monatliche-entwicklung/ (average of prices at the end of the month)
11
Gartner, Inc. – Worldwide IT Spending Expectations: https://www.gartner.com/en/newsroom/press-releases/01-17-
2024-gartner-forecasts-worldwide-it-spending-to-grow-six-point-eight-percent-in-2024.
12
Gartner, Inc. – Worldwide IT Spending Expectations: https://www.gartner.com/en/newsroom/press-releases/01-17-
2024-gartner-forecasts-worldwide-it-spending-to-grow-six-point-eight-percent-in-2024
13
Gartner, Inc. – Worldwide IT Spending Expectations: https://www.gartner.com/en/newsroom/press-releases/2023-10-
18-gartner-forecasts-worldwide-it-spending-to-grow-8-percent-in-2024
14
Fortune Tech AI: https://fortune.com/2023/07/06/microsoft-ai-3-trillion-valuation-morgan-stanley/
15
Gartner, Inc. – Worldwide IT Spending Expectations: https://www.gartner.com/en/newsroom/press-releases/2023-10-
18-gartner-forecasts-worldwide-it-spending-to-grow-8-percent-in-2024
34 B – Combined Management Report – 4 Economic Report
TeamViewer SE
– Annual Report 2023
Guidance 2023
In EUR million
Fiscal year
2023
Guidance
2023
Fiscal year
2022
Revenue (IFRS)
626.7
620 to 645
+10–14 % YoY
565.9
Adjusted EBITDA margin
42 %
around 40 %
41 %
The revenue guidance for 2023 corresponded to billings of EUR 675 to 705 million at an
exchange rate of EUR 1.05 to the US dollar. At this exchange rate, TeamViewer generated
billings of EUR 678 million in the 2023 fiscal year.
The following important events and initiatives in the 2023 fiscal year were relevant to the
Group’s business development and financial performance indicators:
New sales partner programme
TeamViewer launched a new partner programme “TeamViewer TeamUP” in February 2023 to
strengthen the global sales organisation and drive growth in all regions. The programme is
designed for sales partners, including resellers, referral partners, distributors, managed service
providers, and system integrators. The aim of the programme is to deepen cooperation with
sales partners and benefit from their local market expertise. The programme focuses on
comprehensive sales training, the provision of marketing materials, and a globally standardised
partner portal.
Strengthening the AMERICAS sales organisation
TeamViewer appointed Georg Beyschlag as the new President AMERICAS in March 2023 to
further strengthen the regional sales organisation in the AMERICAS region and fully exploit
the local growth potential. A new sales centre was also opened in Mexico to serve as a central
location for TeamViewer’s further expansion in the dynamic Latin American markets.
TeamViewer Remote and Tensor product upgrades
In the 2023 fiscal year, TeamViewer rolled out comprehensive product upgrades for Remote
and Tensor. The product upgrades also pave the way for the integration of the entire product
portfolio along with additional third-party applications on the same tech architecture. The
new generation of TeamViewer Remote is designed to increase the product’s appeal for the
relevant target groups and open up new cross-selling and upselling potential. The update to
TeamViewer Tensor harmonises the interface of TeamViewer’s enterprise connectivity
solution with TeamViewer Remote and unifies the user experience across products. The
integration of the Ivanti Neuron and Lansweeper solutions also extends TeamViewer’s
remote monitoring and management (RMM) functionality to include centralised functions.
This provides customers a holistic solution with the aim of making it possible to manage all
desktop and mobile IT devices efficiently and securely via a central platform.
Frontline Taskforce
TeamViewer created a task force to strengthen its Frontline activities during the fiscal year.
The task force focused particularly on i) improving pitch quality, ii) strengthening the
aftersales solution, iii) promoting sales activities in the areas of logistics (vision picking) and
aftersales, iv) optimising existing strategic partnerships, and v) improving ongoing financial
and pipeline planning.
Tensor certification for the SAP Endorsed App and integration in SAP Service Cloud
TeamViewer’s Tensor enterprise connectivity software has successfully passed the
certification process to become an SAP Endorsed App. Next to TeamViewer’s Frontline
solution, which is already listed in the SAP App Centre, Tensor’s certification now rounds off
TeamViewer’s offers in the SAP ecosystem. Tensor was also integrated into the SAP Service
Cloud in the 2023 fiscal year. TeamViewer’s enterprise-grade solution is designed to enable
customer support agents to initiate remote support sessions directly from the SAP Service
Cloud with the aim to enable companies to help their customers remotely faster and more
reliably.
Change in scope of Manchester United partnership
In September 2023, TeamViewer announced a change in the scope of its existing partnership
with Manchester United. It follows the agreement reached in December 2022, under which
Manchester United was granted the option to buy back the rights to the club’s main shirt
sponsorship. Following Manchester United’s announcement of the new main shirt sponsor,
TeamViewer will take on a new role in Manchester United’s partner ecosystem at the start of
the 2024/2025 season and will continue its brand-building activities until the end of the
2025/2026 season to benefit from Manchester United’s platform.
Strategic investments
TeamViewer expanded its commitment to the digital transformation of industrial work
environments and smart factory solutions in the 2023 fiscal year by making strategic
acquisitions of minority interests (each under 15 %) in different technology companies. These
acquisitions give TeamViewer specific added expertise.
35 B – Combined Management Report – 4 Economic Report
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– Annual Report 2023
• Cybus: A German software company specialising in industrial IoT solutions for large
production environments. The Cybus data hub collects, processes, and distributes
industrial data and enables seamless communication between the various devices,
machines, and processes in smart factories.
• Sight Machine: A San Francisco-based company offering a platform that collects,
structures, and analyses industrial production data.
• Almer: A Swiss company specialising in the development of AR-supported data glasses
for use in industrial environments.
• Picavi: A German software company focusing on use cases in logistics (vision picking);
TeamViewer has acquired various parts of the company and its assets from bankruptcy.
Successive share buybacks
With the publication of the preliminary annual results in February 2023 for the 2022 fiscal
year, TeamViewer announced a share buyback programme with a volume of EUR 150 million.
The programme was successfully completed in November 2023, with the Company
acquiring a total of 9,993,893 shares. In December 2023, TeamViewer announced a new share
buyback programme with a total volume of up to EUR 150 million. The programme is expected
to be completed in 2024 and will initially be executed under the existing buyback
authorisation from the 2023 Annual General Meeting. A total of 987,760 shares were acquired
under this programme by 31 December 2023.
Key growth drivers
The following topics represent the key growth drivers in the 2023 fiscal year:
• Cross-selling and upselling campaigns (SMB and Enterprise)
• Acquisition of new customers (SMB and Enterprise)
• Monetisation campaign (SMB)
• Implementation of price adjustments initiated in the fourth quarter of 2022 (SMB)
4.3 Earnings position of the Group
The presentation that follows includes the most important items of the income statement in
accordance with IFRS, as well as the management view (non-IFRS).
Revenue
The Group generally invoices a lump sum payable in advance for its software products at the
beginning of the contract. This amount is recognised in revenue over the contract duration,
which usually spans 12 months. Multi-year contracts are also concluded in some cases.
Development of revenue
Sales increased in the fiscal year compared to the previous year as follows:
In EUR million
2023
2022
∆ YoY
Revenue (IFRS)
626.7 565.9
+11 %
Revenue by region
In EUR million
2023
2022
∆ YoY
Total
share in
2023
Total
share in
2022
EMEA
332.4 301.0
+10 %
53 %
53 %
AMERICAS
222.8 198.8
+12 %
36 %
35 %
APAC
71.5 66.0
+8 %
11 %
12 %
Total
626.7
565.9
+11 %
100 %
100 %
Revenue increased across all regions in the 2023 fiscal year. The AMERICAS region recorded
the highest growth rate due to the strong billing growth in this region in the prior year.
Revenue in the APAC region also recorded significant growth in the fiscal year.
36 B – Combined Management Report – 4 Economic Report
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– Annual Report 2023
Revenue by customer classification
In EUR million
2023
2022
∆ YoY
Total
share in
2023
Total
share in
2022
SMB
1
504.6 467.2
+8 %
81 %
83 %
Enterprise
1
122.1 98.6
+24 %
19 %
17 %
Total
626.7
565.9
+11 %
100 %
100 %
1
Since the 2023 fiscal year, the effects of multi-year contracts have been taken into account in more detail when
calculating the revenue breakdown. The previous year’s figures (reported in 2022: SMB: EUR 457.9 million; Enterprise: EUR
108.0 million) have been adjusted for easier comparison.
The SMB business recorded positive performance in the fiscal year. This growth compensated
for the weaker development of the Enterprise business, particularly in higher-priced contract
categories, and of the AMERICAS region.
Cost development
Total costs and other income/expenses
In EUR million
2023
2022
∆ YoY
Cost of sales
(81.7)
(81.3)
+1 %
R&D costs (80.1)
(69.5)
+15 %
Marketing costs (138.7)
(128.4)
+8 %
Sales expenses (106.7)
(99.1)
+8 %
General and administrative costs
1
(49.4)
(53.5)
–8 %
Expenses for impairments on trade receivables (8.5)
(12.4)
–31 %
Other income 8.5 23.3
–63 %
Other expenses (3.5)
(1.3)
+170 %
Total
(460.1)
(422.2)
+9 %
1
In the 2023 fiscal year, costs for human resource management totalling EUR 8.0 million were allocated to individual
departments (of which cost of sales: EUR 0.5 million; R&D costs: EUR 2.8 million; marketing costs: EUR 0.7 million; and sales
expenses: EUR 3.9 million). In the previous year, these costs were largely included in general and administrative costs.
Cost of sales consists primarily of amortisation of intangible assets, router and server costs,
payment fees, and personnel expenses. Gross profit (gross profit), defined as revenue less
cost of sales, increased by 12 % to EUR 544.9 million (2022: EUR 484.6 million). The
corresponding gross margin increased slightly to 87 % (2022: 86 %).
R&D costs increased due to higher personnel and material costs in connection with the
expansion of future product offers.
The main drivers of higher marketing costs were the rise in sports sponsorship costs and
higher personnel costs.
Selling expenses increased in the fiscal year, primarily due to higher personnel and travel
costs.
The decline in general and administrative costs was primarily due to the reallocation of costs
for human resource management to individual departments.
Expenses for impairments on trade receivables developed positively due to lower bad debt
expenses. This resulted from a more efficient dunning process and improved payment
behaviour, as well as a higher proportion of Enterprise business.
The main components of the net of other income and other expenses in the fiscal year were
income from hedging exchange rate fluctuations and income from Manchester United’s
repurchase of the rights to the main jersey sponsorship. The net of other income and other
expenses in the previous year resulted mainly from income from hedging exchange rate
fluctuations.
Overall, the increase in total costs and other income/expenses was lower than the increase in
revenue and had a positive effect on TeamViewer’s profitability in the fiscal year.
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– Annual Report 2023
EBITDA
Total costs, which include depreciation and amortisation of tangible and intangible assets,
totalled EUR 55.4 million in the 2023 fiscal year. This amounted to an increase of 3 %
compared to the prior year (2022: EUR 53.7 million). The increase was primarily due to higher
depreciation on capitalised leases for buildings, routers, and servers.
Reconciliation of EBITDA to adjusted EBITDA (non-IFRS)
In EUR million
2023
2022
∆ YoY
EBITDA 221.9 197.5 +12 %
EBITDA margin in % of revenue 35 % 35 % +0 pp
Expenses for share-based compensation 23.7 28.4 –17 %
Other items to be adjusted 14.9 3.9 +279 %
Adjusted EBITDA (non-IFRS) 260.5 229.8 +13 %
Adjusted EBITDA margin in % of revenue 42 % 41 % +1 pp
Adjusted EBITDA (non-IFRS) in the 2023 fiscal year increased year-on-year by 13 % to a total
of EUR 260.5 million. Due to the growth in revenue of 11 %, the adjusted EBITDA margin
(adjusted EBITDA (non-IFRS) as a percentage of sales) rose to 42 % (previous year: 41 %).
Operating profit (EBIT)
EBIT increased 16 % to EUR 166.6 million in the fiscal year. This led to a two percentage point
increase in the EBIT margin (EBIT relative to revenue) to 27 % (2022: 25 %) compared to the
prior year.
Earnings before taxes (EBT)
EBT increased 26 % to EUR 147.5 million in the 2023 fiscal year (2022: EUR 116.7 million). The
disproportionately higher increase compared to EBIT was caused by the development of the
items of the finance result shown below.
In EUR million
2023
2022
∆ YoY
Finance income 1.4 4.3 –68 %
Finance expenses (16.9) (25.8) –35 %
Currency result (3.6) (5.5) –34 %
The decline in finance income in the fiscal year was mainly due to the decrease in income from
interest rate hedges. Finance expenses fell due to costs in connection with the early
repayment of financial liabilities in the previous year and lower financial liabilities in the 2023
fiscal year.
Group net income/loss
Income taxes in the fiscal year consisted of a current tax expense of EUR 46.2 million (2022:
EUR 44.9 million) and a deferred tax benefit of EUR 12.8 million (2022: deferred tax expense
of EUR 4.2 million). As a result, the total tax expense in the fiscal year declined to EUR 33.4
million (2022: EUR 49.1 million). The higher current tax expense was mainly due to the
increase in earnings before taxes. The change in deferred taxes resulted primarily from the
first-time capitalisation of tax loss and interest carryforwards, as well as from temporary
differences. The first-time capitalisation was due to TeamViewer’s concrete plans for future
tax utilisation. The fiscal year tax rate (income taxes relative to EBT) of 22.7 % was
significantly below the previous year’s tax rate (2022: 42.1 %).
The Group net income/loss grew 69 % to EUR 114.0 million (2022: EUR 67.6 million). Earnings
per share grew disproportionately from EUR 0.37 to EUR 0.66 due to share buybacks.
T
eamViewer also uses the adjusted Group net income/loss (non-IFRS) to assess its earnings
situation.
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– Annual Report 2023
Reconciliation of net profit to adjusted net profit (non-IFRS)
In EUR million
2023
2022
∆ YoY
Group net income/loss 114.0 67.6 +69 %
PPA depreciation and amortisation
1
29.8 29.8 +0 %
Expenses for share-based compensation 23.7 28.4 –17 %
Other items to be adjusted
2
14.9 3.9 +279 %
Extraordinary effects in finance result 0.2 6.7 –97 %
Income tax items to be adjusted (31.0) (12.2) +154 %
Adjusted Group net income/loss (non-IFRS)
151.6
124.3
+22 %
1
Depreciation and amortisation in connection with company acquisitions.
2
See adjusted EBITDA (non-IFRS).
A
djusted earnings per share increased 31 % compared to the prior year to EUR 0.88 (2022:
EUR 0.67).
4.4 Net assets and financial
position of the Group
Capital structure
Assets
31 December 2023
31 December 2022
Change
in EUR m in % in EUR m in % in EUR m in %
Non-current assets 952.1 86 963.6 82 (11.6) –1
Current assets 159.5 14 209.1 18 (49.6) –24
Total assets
1,111.5
100
1,172.7
100
(61.2)
–5
Th
e Group’s non-current assets as at 31 December 2023 consisted of goodwill (largest item
at EUR 667.7 million and almost unchanged compared to 31 December 2022), intangible
assets, property, plant and equipment, financial assets, other assets, and deferred tax assets.
The decline in non-current assets as at the reporting date resulted largely from the scheduled
depreciation and amortisation included in intangible assets and property, plant and
equipment and was partially offset by investments and higher deferred tax assets.
Th
e Group’s current assets as at 31 December 2023 comprised trade receivables, other
assets, tax receivables, financial assets and cash and cash equivalents. The decrease in
current assets as at 31 December 2023 was mainly due to the reduction in cash and cash
equivalents as a result of share buyback programmes and the repayment of the revolving
credit facility. At EUR 72.8 million (31 December 2022: EUR 161.0 million), available liquidity
continued to represent the largest item within current assets. The decrease in cash and cash
equivalents was partially offset by the increase in other assets to EUR 52.4 million (as at 31
December 2022: EUR 19.4 million). This increase primarily resulted from advance payments
made under sponsorship agreements.
39 B – Combined Management Report – 4 Economic Report
TeamViewer SE
– Annual Report 2023
Equity and liabilities
31 December 2023
31 December 2022
Change
in EUR m in % in EUR m in % in EUR m in %
Equity 83.7 8 115.3 10 (31.6) –27
Non-current liabilities 516.1 46 583.1 50 (67.0) –11
Current liabilities 511.8 46 474.3 40 37.4 +8
Total equity and
liabilities
1,111.5
100
1,172.7
100
(61.2)
–5
Th
e Group’s equity declined following the acquisition of treasury shares within the scope of
the share buyback programmes. This is in contrast to comprehensive income, which had a
positive effect on equity in the reporting year. The equity ratio for the 2023 fiscal year
decreased from 10 % to 8 %.
T
he Group’s non-current liabilities also declined as at 31 December 2023, mainly due to the
reduction in financial liabilities of EUR 87.2 million. The reduction was partially offset by an
increase in non-current deferred revenue of EUR 17.2 million. This increase was primarily
attributable to the conclusion of a higher number of multi-year contracts.
Cu
rrent liabilities increased as at 31 December 2023. The increase resulted mainly from the
growth-related increase in current deferred revenue of EUR 26.7 million as well as from an
increase in deferred liabilities and other liabilities from advance payments of EUR 30.7 million.
The reduction in current financial liabilities of EUR 16.0 million had the opposite effect on
current liabilities.
Financing
TeamViewer’s debt financing mix is based on a balanced ratio of various instruments and
maturities. In order to reduce volatility and increase predictability, variable interest rates
were largely converted into fixed interest rate structures using interest rate hedges. All
liabilities to credit institutions are denominated in euros. The loans and promissory notes
utilised had a principal amount of EUR 500 million as at 31 December 2023 (31 December 2022:
EUR 600 million).
The revolving credit facility was unutilised as at 31 December 2023 (31 December 2022:
EUR 100 million). A drawdown of the facility is possible up to EUR 450 million.
Liabilities
31 December 2023
In EUR thousands
Year of
maturity
Principal
amount (EUR)
31 December 2023
Principal
amount (EUR)
31 December 2022
Loans
2022 syndicated loan 2025 100,000 100,000
2022 syndicated loan
Revolving credit facility
2027
– 100,000
2021 bilateral bank loan 2025 100,000 100,000
Promissory notes
3-year fixed/variable
promissory notes 2024
85,000 85,000
5-year fixed/variable
promissory notes
2026
193,000 193,000
7-year fixed
promissory note 2028
13,000 13,000
10-year fixed
promissory note 2031
9,000 9,000
Total
500,000
600,000
T
he interest payment dates for the syndicated loan 2022 are currently on a three-month
rolling basis. After each interest payment date, the interest payment period can be extended
to any period of between one and twelve months. The variable promissory notes have semi-
annual interest payment dates.
T
he TeamViewer Group’s net financial liabilities decreased to EUR 456.6 million as at 31
December 2023 (31 December 2022: EUR 471.6 million).
T
he net leverage ratio decreased to 1.8x as at the 31 December 2023 reporting date (31
December 2022: 2.1x).
40 B – Combined Management Report – 4 Economic Report
TeamViewer SE
– Annual Report 2023
Net leverage ratio
In EUR million
31 December 2023
31 December 2022
Current financial liabilities 97.3 113.3
Non-current financial liabilities 432.1 519.3
Cash and cash equivalents (72.8) (161.0)
Net financial liabilities
456.6
471.6
Adjusted EBITDA (LTM)
260.5
229.8
Net leverage ratio 1.8x 2.1x
Under the terms of the 2022 credit agreements, TeamViewer is required to comply with
certain leverage covenants defined in the respective credit agreements based on the ratio of
net financial liabilities to EBITDA. TeamViewer complied with the covenants at all times
during the 2023 fiscal year.
Financial position
In EUR million
2023
2022
Change
Change
in %
Cash and cash equivalents at the beginning of
the period
161.0 550.5 (389.5) –71
Cash flow from operating activities 229.9 204.3 25.5 +12
Cash flow from investment activities (29.6) (10.8) (18.7) +173
Cash flow from financing activities (287.4) (609.8) 322.4
–53
Other changes (1.1) 26.7 (27.8) –104
Cash and cash equivalents at the end of the period
72.8
161.0 (88.2) –55
The increase in cash flow from operating activities in the 2023 fiscal year was mainly
attributable to higher operating income and positive working capital effects.
Paymen
ts from investing activities increased due to higher cash outflows for investments in
financial assets related to acquisitions of shareholdings.
The decline in cash outflows from financing activities resulted mainly from lower net cash
outflows for financial liabilities and lower payments for share buybacks.
Levered free cash flow
In EUR million
2023
2022
Change
Change
in %
Cash flow from operating activities 229.9 204.3 25.5 +12
Investments in property, plant and intangible assets (5.6) (8.8) 3.2 –37
Payments for the redemption portion of lease
liabilities
(11.1) (9.5) (1.6) +17
Interest paid on borrowed funds and leasing
liabilities
(14.4) (14.2) (0.2) +1
Levered free cash flow (FCFE) 198.8 171.8 26.9 +16
In % of adjusted EBITDA (cash conversion) 76.3 74.8 +1.5 pp
41 B – Combined Management Report – 4 Economic Report
TeamViewer SE
– Annual Report 2023
Overall statement on the economic situation
TeamViewer looks back on a 2023 fiscal year marked by continued geopolitical tensions and a
challenging economic environment.
I
n the view of the Management Board, TeamViewer’s business proved very resilient despite
the macroeconomic challenges. This is attributed, among others, to the fact that
TeamViewer’s products and solutions help companies realise efficiency gains. As a result,
TeamViewer was able to reaffirm and achieve its guidance for the 2023 fiscal year.
T
eamViewer successfully implemented a number of different organisational and operational
measures in the fiscal year to position the Company for the future. These measures include
the introduction of the new “TeamViewer TeamUP” partner programme for TeamViewer’s
sales partners and the restructuring of the AMERICAS sales organisation.
I
n strategic terms, TeamViewer continued to focus on strengthening the three defined
growth dimensions. Highlights of these efforts included launching product upgrades for
TeamViewer Remote and Tensor that offer new cross-selling and upselling potential.
TeamViewer also increased its commitment to the areas of digital transformation for
industrial companies and smart factories through strategic company investments. In the area
of sustainability, TeamViewer retained its high ranking in the Sustainalytics and MSCI
sustainability ratings.
T
he Management Board assesses the Group’s business performance and economic situation
in the 2023 fiscal year as positive overall.
42 B – Combined Management Report – 5 Events after the Reporting Date
TeamViewer SE
– Annual Report 2023
5 Events after the Reporting Date
After the end of the 2023 fiscal year, the following events occurred that could have a material
effect on the future net assets, financial position and result of operations of TeamViewer:
I
n January 2024, TeamViewer entered into an additional revolving credit facility of up to
EUR 75 million. This revolving credit facility is not drawn so far.
I
n February 2024, TeamViewer drawn from the existing revolving credit facility (syndicated loan
2022) an amount of EUR 90 million. TeamViewer utilized this amount for the scheduled repay-
ment of a tranche of the promissory note loan in March 2024.
There were no other events of material significance after the 31 December 2023 reporting date.
43 B – Combined Management Report – 6 Opportunity and Risk Report
TeamViewer SE
– Annual Report 2023
6 Opportunity and Risk Report
The German Corporate Governance Code (GCGC) contains recommendations for disclosures
on the internal control and risk management system that go beyond the statutory
requirements for the management report and are therefore outside the scope of the audit of
the content of the management report performed by the auditor. In this report, they are
assigned to the content of the Corporate Governance Statement; moreover, they are
contained in separate paragraphs to set them apart from the disclosures to be audited and
flagged accordingly.
6.1 Material opportunities
The Management Board of TeamViewer has identified the following opportunities as
material:
Digitalisation of the value chain
The TeamViewer Group sees digitalisation and the associated potential for growth and
greater efficiency for companies along the entire value chain as an opportunity. TeamViewer’s
product portfolio features both horizontal solutions for use in corporate functions and in an
IT context as well as vertical solutions for the digitalisation of logistics and production in the
area of operational technology (OT). This gives TeamViewer the ability to offer customers the
right products and solutions in nearly every area of the industrial and service-related value
chain.
Robotics, automation and Industry 4.0
TeamViewer also sees opportunities in the increasing automation and process optimisation
in the context of Industry 4.0, particularly for TeamViewer’s AR platform Frontline. With the
help of AR-supported step-by-step instructions, the speed and efficiency of manual work
processes can be increased while reducing the susceptibility to errors at the same time. The
software can be used on conventional mobile devices such as tablets and smartphones or on
commercially available smart glasses. Connecting these processes to a variety of customer
production and inventory systems facilitates the broad use of the Frontline software.
Through targeted acquisitions and technical advancements, TeamViewer has been able to
significantly expand its market position and the use cases covered in the past several years.
TeamViewer’s strength in remote access to embedded devices, i.e. any non-IT devices outside
the classic office setup, also plays an important role in this context. TeamViewer supports
numerous industrial IoT scenarios, including the connectivity of robots, industrial machines,
and similar systems.
Omnipresent connectivity
The increasing omnipresence of mobile devices and processor-controlled wearables such as
smartphones, tablets, and smart glasses, in conjunction with the growing introduction of IoT
(Internet of Things) technology in commercial and industrial use cases, is a megatrend from
which TeamViewer can continue to strongly benefit. The use of smart, internet-enabled
devices and the associated opportunity for use cases in the area of remote access and remote
maintenance is also increasing in the non-commercial environment.
Increasing focus on sustainability
Environmental concerns and the reduction of one’s own ecological footprint are becoming
increasingly important for companies as well as government organisations and private
households. TeamViewer’s connectivity solutions can contribute to reducing emissions by
enabling interactions between people and the remote control and management of
internet-enabled devices, thereby significantly reducing travel activities of all kinds as
well as daily commuting between home and the office. Here too, the Management Board
sees further growth opportunities for the TeamViewer Group.
Mobile first
With the widespread use of smartphones and tablets, access to corporate software via
mobile devices is also steadily increasing. The trend towards mobile software solutions is
being further reinforced by the continuous integration of the young, digital-native
generation into professional life, as well as by better mobile connection performance (5G
network) and a focus of many development teams on mobile applications.
TeamViewer sees itself well positioned in the mobile-first segment and will continue to
expand its offering for mobile end users. An example of this is the further development of the
TeamViewer remote assist solution AssistAR. Among other things, this software technology
44 B – Combined Management Report – 6 Opportunity and Risk Report
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– Annual Report 2023
enables field staff to access AR-based support remotely and makes it possible to establish a
connection and communicate with technical experts using a mobile device.
Flexible and location-independent working
The changes in the modern working world, driven by an increasingly geographically distributed
and flexible workforce, are seen by the Management Board as another opportunity for the
TeamViewer Group. Companies are increasingly giving employees remote access to company
systems, data, and devices and allowing them to collaborate with colleagues, teams, and third
parties across locations. This presents an opportunity for TeamViewer to increase the use of its
secure remote access solutions. In addition, device support and management are a growing
challenge for corporate IT departments. This challenge is exacerbated by the increasing
diversity and complexity of end devices and operating systems. Here, too, there are
opportunities for TeamViewer’s connectivity solutions to facilitate the centralised support and
management of a globally distributed device landscape and IT infrastructure, thus realising
cost savings and efficiency gains.
Artificial intelligence (AI)
TeamViewer sees an opportunity for its business in the increasing use of artificial intelligence
to solve business-critical problems and optimise processes. To seize this opportunity, the
Company is integrating AI functionalities into its existing solutions and is also working on its
own proprietary innovations in this area. Data-driven decisions will become increasingly
important in the future, especially in the industrial environment.
Partnerships and product integration
TeamViewer has significantly expanded various marketing and sales partnerships, including
its partnership with international software company SAP and with Siemens Digital Industries
Software. This results in various opportunities to expand distribution and sales channels and
extend their coverage, integration, and technological development.
6.2 Risk management
For the assessment of the appropriateness and effectiveness of the risk management system
and the internal control system, please refer to the information in the Corporate Governance
Statement.
Risk management
TeamViewer Group strives to continually develop its products and adapt them to market and
customer needs while steadily expanding and strengthening its market position. TeamViewer’s
success rests on its ability to systematically identify and seize opportunities and control risks
in a targeted manner. TeamViewer has implemented a risk management and internal control
system, which internally monitors the responsible handling of business risks to ensure the
early identification, assessment, and controlled handling of potential risks. The internal
control system and the risk management system also cover processes and systems for
recording and processing sustainability-related data. The internal control system and the risk
management system also include a compliance management system that is aligned with the
Company’s risk situation. In addition, employees are given the opportunity to provide
protected information on possible legal violations within the Company. The risk and control
system is considered a key element of good corporate governance.
Overview of the risk management system
TeamViewer’s risk management system was implemented based on the Enterprise Risk
Management Standards of the Committee of Sponsoring Organisations of the Treadway
Commission (COSO) and the auditing standards PS 340, PS 340 (as amended). and PS 981 of
the Institute of Public Auditors in Germany (IDW) and comprises the identification and
assessment of the Group’s risks. A risk management application helps to ensure, among
others, a review of the Company’s risk-bearing capacity and a fully automated aggregation of
risks (Monte Carlo simulation).
45 B – Combined Management Report – 6 Opportunity and Risk Report
TeamViewer SE
– Annual Report 2023
Structure and objective
The aim of the risk management system is to provide the Management Board with an
overview of risks and to support the decision-making process with regard to the handling of
the risks identified at both a strategic and operational level. The risk management system is
designed to identify potential risks at an early stage, assess them and broadly mitigate them
using controls and measures.
TeamViewer’s risk management system is based on the following five core elements:
1. Identification
2. Evaluation
3. Steering
4. Surveillance
5. Reporting
Risk identification is conducted semi-annually by the risk manager in cooperation with the risk
officers appointed for each of the Company’s internal departments. Risk officers are required
to review risks on an ongoing basis in addition to regular reporting. A further ad hoc reporting
system is in place to promptly inform the Management Board and the risk manager of current
risk events. This also includes the systematic identification and assessment of risks asso-
ciated with social and environmental factors. Encouraging the entire workforce to com-
municate risks to departmental risk owners or the risk management department sharpens
the organisation’s risk awareness and instils a risk culture in the Company.
All identified risks are assessed semi-annually based on their probability of occurrence and
potential impact on the Company, and particularly with regard to their impact on the
Company’s achievement of its financial and non-financial objectives, on the Company’s
reputation, and on compliance. The evaluation and classification of the individual risks are
carried out using the company-specific risk evaluation matrix:
Risk assessment matrix
Probability of
occurrence
Impact
Description
Scale 1 Marginal 2 Minor 3 Moderate 4 Significant 5 Major
Certain
5 Medium High
1
High
1
Major
1
Major
1
Probable
4 Medium Medium High
1
High
1
Major
1
Likely
3 Low Medium Medium High
1
High
1
Possible
2 Low Low Medium Medium High
1
Unlikely
1 Low Low Low Medium Medium
1
Terminology revised compared to 2022.
During the past fiscal year, TeamViewer reviewed the monetary quantification of all risks so
that a fully automated aggregation of risks could be carried out using a Monte Carlo
simulation. The quantification of the risks of all categories is carried out along the following
defined value limits:
Qualification of risks
Scale Category Adjusted EBITDA (in EUR million)
1 Marginal < 0.5
2 Minor 0.5–3
3 Moderate 3–5
4 Significant 5–20
5 Major > 20
The assessment is performed on both a gross and net basis. The gross basis represents the
risk before considering all risk-mitigating measures and controls. The net risk refers to the
residual risk remaining after all risk-mitigating measures and controls have been considered.
The resulting net assessment is as follows:
46 B – Combined Management Report – 6 Opportunity and Risk Report
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– Annual Report 2023
Effectiveness of measures/controls
Risk
1
Inexistent
Partially effective
Effective
Low
Low Low Low
Medium
Medium Medium Low
High
High High Medium
Major
Major Major High
1
Terminology revised compared to 2022.
Risk-bearing capacity and risk aggregation
TeamViewer defines the Group’s risk-bearing capacity in accordance with IDW PS 340 (as
amended). According to this, risk-bearing capacity is defined as the TeamViewer Group’s
ability to bear all potential losses from the risks inherent in the business so that business
operations can be maintained. This includes ensuring that the Group has sufficient liquidity
to bear the maximum possible losses from the existing risks. At the same time, the
requirements for all financing and refinancing needs must be met.
When assessing risks, the Management Board takes into account both the probability of
occurrence and the possible aggregated effects of various risks. In doing so, the Management
Board uses recognised methods for risk aggregation, such as a Monte Carlo simulation. The
aggregated risks may at no time be higher than the risk-bearing capacity of the Company.
In addition, the Group has prepared possible alternatives for action in the event that the
Group’s risk-bearing capacity limit is reached or exceeded.
Control
Risk owners are responsible for ensuring that appropriate risk mitigation measures and
controls are developed and implemented in their area of responsibility. They analyse the
responses in terms of the impact of the risk-mitigating measures and controls on the risk
consequences and probabilities, their costs relative to the benefits, the resources available,
the controls and measures in place, and possible opportunities. Depending on the nature of
the risk, they identify different risk strategies, such as risk acceptance, risk avoidance, risk
mitigation or the transfer of the risk to third parties.
Reporting
The Management Board and extended management circle of TeamViewer (Senior Leader-
ship Team) are informed semi-annually about the Group-wide risk situation, particularly with
regard to the greatest risks and changes in the risk assessment. Ad hoc reporting is made to
the Risk Steering Group, consisting of the Management Board, the risk manager and the risk
officer of the relevant division. There were no ad hoc reports made during the 2023 fiscal year.
Together with the Management Board, the risk manager reports at regular intervals to the
Supervisory Board’s Audit Committee on risk management and existing risks.
6.3 Material risks
The TeamViewer Group subdivides its risks into strategic, operational, compliance-related,
and financial risks. In the explanations of the main risks, mention is made of those risks that
could have a significant or high impact on adjusted EBITDA on a gross basis. The remaining
risks are summarised in an overview. Risks classified as at least significant or high in the
previous year that were given a lower classification in the fiscal year are listed in the following
overview for illustrative purposes. The risks were aggregated, and the highest-ranked risk
within each risk group was listed.
47 B – Combined Management Report – 6 Opportunity and Risk Report
TeamViewer SE
– Annual Report 2023
Risk assessments
Group risk
assessment
(gross risk)*
Group risk
assessment
(net risk)*
Trend
1
Strategic risks
General macroeconomic
environment Major
Major
Geopolitical environment Major Major
Competitive environment Major Major
Personnel risks High High
Operating risks
Product risks High High
Product and IT security Major Major
Partnerships and product
integration High High
Sales risks High High
Compliance-related risks
General legal and
regulatory risks
High High
Financial risks
Foreign currency risk High Medium
Inflation risk High High
1
Trend: Forecast development for the upcoming fiscal year.
*
Terminology revised compared to 2022.
Legend:
Decreasing net risk
Unchanged net risk
Increasing net risk
Strategic risks
TeamViewer defines strategic risks as all risks resulting from the strategic orientation of the
business model. These may include risks that result from the market environment or the
Group’s internal strategic orientation.
General macroeconomic environment
TeamViewer’s performance is influenced by macroeconomic developments and the general
business climate. In 2023, the focus continued to be on the macroeconomic impact of
increased inflation rates. The resulting consequences and the economic downturn in general,
could lead to a decline in product subscriptions, longer sales cycles, increased price
competition, and problems in attracting new customers. This in turn may cause a decline in
TeamViewer’s sales volume and profitability. Small and medium-sized enterprises, which
make up the majority of TeamViewer’s customers, as well as customers in emerging markets,
some of whose economies are subject to major fluctuations, particularly in the Latin American
and Asia-Pacific regions, are particularly susceptible to macroeconomic changes. To coun-
teract this risk, the various regional markets are closely monitored and tailored solution
portfolios are offered that meet the requirements of the respective markets. TeamViewer is
also able to mitigate some of the risks due to its geographical diversification. Although the
after-effects of the coronavirus pandemic are still impacting the macroeconomic environ-
ment, TeamViewer no longer considers this to be a standalone risk.
Geopolitical environment
As part of its growth strategy, TeamViewer intends to continue expanding its geographic
presence, including its sales and marketing activities. Business activity is influenced not only
by external market factors, such as economic trends, but also by political, geopolitical, and
fiscal changes. The geopolitical environment is currently very tense, not least due to the
Russia-Ukraine war, the Middle East conflict and the tensions between China and Taiwan.
These and other conflicts can spread beyond a specific region and have a significant impact
on TeamViewer’s business activities worldwide. In addition to the current conflicts, the
expansion of TeamViewer’s business activities in the Asia-Pacific and Latin American regions
is associated with increased political risk in the related markets.
Political and macroeconomic developments in the regions may cause particular uncertainty
and have a negative impact on the investment decisions of TeamViewer’s customers.
TeamViewer considers these risks to be major overall.
48 B – Combined Management Report – 6 Opportunity and Risk Report
TeamViewer SE
– Annual Report 2023
Competitive environment
The Group sees a significant risk in the competitive environment. A further increase in com-
petition from existing competitors and/or new competitors could lead to a loss in market
share, greater price pressure, and reduced profit margins. Increased risk would exist if, for
example, one of the large international software providers were to decide to expand its own
products and solutions, resulting in an increasing overlap with TeamViewer’s solutions port-
folio. There is also a risk of increased pricing pressure from competitors, particularly in the
low-price segment or in business with SMB customers. TeamViewer closely monitors current
market developments and maintains good contact with the leading software companies. In
addition, TeamViewer maintains strategic partnerships with several international software
groups such as Microsoft, SAP, and Google. The Group also invests substantially in the contin-
uous deepening and broadening of the solutions portfolio to set itself apart from competitors
on a long-term basis.
Personnel risks
Attracting and retaining highly qualified employees in the long term is an ongoing challenge
for the Group, as it is for many other companies, particularly in the technology sector. The
knowledge loss associated with the departure of key employees could result in TeamViewer’s
inability to meet the market requirements for its products and could result in TeamViewer’s
strategic initiatives not being sufficiently implemented. If TeamViewer is unable to recruit
sufficiently qualified employees due to the current shortage of skilled workers, there is a risk
that the Group could fail to meet its growth and innovation targets. To counteract this risk,
TeamViewer uses various measures to retain and recruit staff, such as flexible work sched-
ules, attractive workplace models, the opening of additional locations, and market-driven re-
muneration, which includes variable remuneration and a share-based employee participation
programme.
Operating risks
TeamViewer defines operational risks as all risks associated with business operations such as
product, product security, distribution, and infrastructure.
Product risks
Damage and interruptions may occur in the infrastructure used by TeamViewer and in the in-
frastructure provided by third parties. The damage or failure of the infrastructure could lead
to data losses and disruptions or delays in the services provided by the Group. Internal pro-
cesses have been established by TeamViewer to avoid such failures and disruptions and rem-
edy them as quickly as possible.
TeamViewer’s software enables endpoint connectivity across a wide range of different oper-
ating systems. Updates and the further development of these operating systems, as well as
the introduction of new operating systems, may result in the full or partial malfunction of
TeamViewer’s software solutions. This could have a negative impact on customer relation-
ships and lead to a loss of TeamViewer’s reputation. To mitigate this risk, the Group’s devel-
opment department always monitors updates to the operating systems and is in close
contact with TeamViewer’s customer support in order to be able to swiftly remedy any mal-
functions of TeamViewer software.
Due to the rapidly changing software market, there is a fundamental risk that TeamViewer’s
innovative edge over its competitors could be lost, that the Group’s product development
may not meet market expectations with regard to new trends and innovations and that, as a
result, the Group’s products lose their appeal and customers switch to competitors. In order
to recognise market expectations and to be able to react quickly to them, TeamViewer con-
stantly incorporates customer feedback into product development. Moreover, TeamViewer
uses agile software development methods to allow it to respond more quickly to changes.
The software technology underlying TeamViewer’s products is complex and may include ma-
terial faults or shortcomings, especially when new products are launched, or new functions or
options are unlocked. The costs incurred during the analysis, correction or remedy of material
software bugs or shortcomings may be significant. Although TeamViewer frequently issues
software updates, it is possible that it may not be able to remedy vulnerabilities or errors
promptly or in full, which could harm the Company’s competitive position to a certain degree.
Actual, potential, or perceived shortcomings may lead to disruptions in the availability of the
software and result in lost or delayed market acceptance and sales, forcing TeamViewer to
reimburse customers, or lead in some other way to liability claims. Liability may also result
from the continuing use of older versions of the TeamViewer software by customers.
49 B – Combined Management Report – 6 Opportunity and Risk Report
TeamViewer SE
– Annual Report 2023
Product and IT security
TeamViewer’s business model encompasses solutions that enable end users to securely ac-
cess devices and networks remotely. Any unauthorised access, network disruptions, denial of
service (an attack designed to prevent legitimate users from accessing the services) or simi-
lar damaging third-party influences have the potential to adversely affect the integrity, con-
tinuity, security, and trust in the software, services or systems of TeamViewer or its cus-
tomers. This may result in cost-intensive legal disputes, significant financial liabilities, in-
creased regulatory controls, financial sanctions, and a loss of trust in TeamViewer’s products.
Existing or potential customers could also opt for other IT solutions.
Cyberattacks are becoming increasingly complex and are also originating more and more
from highly professional parties. Cloud-based platform providers of products and services
and remote connectivity product offerings are increasingly attractive targets of such
cyberattacks. In addition to traditional cyberattacks, such as computer hacking, malicious
code (e.g. viruses or worms), employee theft and abuse, and denial-of-service attacks, there
are also reports of highly professional, financially powerful or state/politically motivated play-
ers carrying out cyberattacks. Attacks can aim to damage TeamViewer as well as its users or
be part of external or internal espionage activities or acts of sabotage. It only takes a rumour
of unauthorised access or alleged security vulnerabilities to have a significant impact on
TeamViewer’s reputation and business development.
TeamViewer’s security team continually focuses on improving product security and the un-
derlying infrastructure. To this end, various measures have been taken to detect and prevent
cyberattacks and attempts to gain unauthorised access to TeamViewer’s networks and serv-
ers at an early stage. Potential risks are first assessed regularly by means of threat modelling,
penetration tests, risk classification, audits, and threat profiles. A security operations centre
(SOC) monitors the IT and product infrastructure around the clock to immediately detect any
potential attacks. In addition, TeamViewer’s internal security structures are regularly re-
viewed by internal and external parties and adjusted if necessary.
Disabling older product versions that no longer meet today’s security standards is another
security measure.
There is also a risk that TeamViewer’s products could be misused for unauthorised purposes.
This includes use of the product in connection with malware or fraudulent business models.
Such use may lead to reputational damage to TeamViewer and adversely affect the acquisi-
tion of new customers and customer loyalty. The product security measures described above
also constitute risk-mitigating measures against these events. TeamViewer also works to-
gether with external specialist bodies to identify suspected cases early on and take the ap-
propriate security actions.
Partnerships and product integration
TeamViewer maintains numerous partnerships, including various technology and sales part-
nerships, that are relevant to its continued business success and has successively expanded
these in recent years. The Group now categorises the risks generally associated with partner-
ships as high. In the case of technology and sales partnerships, there is a risk that product
integration or the expansion of sales channels would not be monetised as planned. In the case
of partnerships in the sports arena, the risk due to negative headlines, which primarily repre-
sent reputational risks for TeamViewer, is moderate.
Sales risks
TeamViewer’s success depends to a great extent on its ability to attract new customers as
well as on maintaining and expanding its business relationships with existing customers.
There is a risk that customers may cancel or not renew their licences at the end of their
subscription period or that they may reduce their scope of services. TeamViewer tries to
mitigate these risks using various measures and particularly by maintaining a strong
customer focus, providing excellent customer support during the subscription period,
employing region-specific sales strategies, and using sales partners in a targeted manner.
However, despite these efforts, there is no guarantee that lasting customer loyalty and a
continuous expansion in the use of TeamViewer products by existing customers will take
place in all cases. The high net retention rate (NRR) and customer satisfaction in recent years
are evidence of the high level of customer loyalty, which reflects the success of the sales
activities and the quality of the Group’s product and solutions portfolio.
50 B – Combined Management Report – 6 Opportunity and Risk Report
TeamViewer SE
– Annual Report 2023
Compliance-related risks
TeamViewer defines compliance-related risks as all legal and regulatory risks and corporate
governance risks.
General legal and regulatory risks
TeamViewer defines general legal and regulatory risks as those resulting from violations of
legal provisions and from contractual obligations. TeamViewer is subject to a large number of
different laws and underlying legal frameworks in different jurisdictions, including those that
regulate internet use, privacy, data protection, IT security, consumer protection, and the
labour market. These underlying legal provisions are subject to change and may have a
substantial impact on TeamViewer’s business activities or its expansion into new areas of
business.
Due to the continuous growth in its customer base and sales models, TeamViewer is
increasingly exposed to contractual liability risks and product requirements of enterprise
customers. This may lead to deviations from the standard end-user licence agreement, the
negotiation and ongoing checking of which may tie up significant resources at TeamViewer
and delay the sales cycle. Furthermore, their technical integration into the operational
requirements of enterprise customers is often complex and necessitates individually agreed
development work. Breaches of contractual obligations may lead to liability claims from
customers with respect to the damages suffered, including reputational damage. To mini-
mise these risks where possible, TeamViewer’s legal department scrutinises enterprise and
service agreements in-depth prior to their conclusion.
TeamViewer offers its products to many customers all over the world, often without personal
contact and via the internet. This entails the risk of a breach of sanctions or export control
restrictions. Such breaches may result in the payment of penalties, legal consequences, and
reputational damage. TeamViewer has established comprehensive compliance mechanisms
to mitigate this risk.
Financial risks
TeamViewer defines financial risks as all risks resulting in connection with financial resources,
accounting, reporting, and taxes.
Foreign currency risk
TeamViewer conducts business in around 180 countries and approximately 40 currencies. A
change in the exchange rate of these currencies against the euro therefore harbours a
foreign currency risk for the Group. Contracts denominated in US dollars contributed a
particularly high proportion of the Group’s billings, revenue, and net income in the 2023 fiscal
year. TeamViewer uses derivative financial instruments (forward transactions) to hedge the
risk of the most important currency pairs, whereby the net risk can be mitigated to a medium
level. With the global expansion of our business activities, TeamViewer sees the significance
of this risk increasing.
Inflation risk
Inflation risk can have direct financial effects, but even more importantly, it can have indirect
and macroeconomic effects. We refer to the above comments on macroeconomic risks.
Overall risk assessment
It is the Management Board’s conviction that the risks identified do not currently pose a
threat to the continued existence of the Group or any of its material subsidiaries, either
individually or in the aggregate.
TeamViewer’s risk-bearing capacity defines its ability to bear all of the potential losses from
the risks inherent in the business so that business operations can be maintained.
51 B – Combined Management Report – 6 Opportunity and Risk Report
TeamViewer SE
– Annual Report 2023
6.4 Accounting-related internal
control system and internal
audit
The objective of the accounting-related internal control system is to identify, assess and
manage all risks that may have a material impact on the proper preparation of the annual and
consolidated financial statements. The following elements are covered by the control
system:
• Functions that are material to the accounting process are separated, and responsibilities
are clearly assigned.
• Statutory amendments and new accounting standards are analysed at regular intervals.
• Financial statements across the Group are prepared using standard accounting policies,
and the principle of dual control is observed in all relevant processes.
• The administration of accounts receivable and accounts payable, as well as internal
recharging within the Group, are managed centrally.
• The individual companies are consolidated centrally using standard consolidation
software.
• In the course of monthly report preparation, reporting figures are reviewed internally on
a monthly basis.
• Invoice-relevant measures are covered in the risk management system and in the
internal control system.
• The Code of Conduct moreover describes the principles of correct and responsible action
with respect to financial reporting; a corresponding set of policies has been implemented.
The internal control system is a crucial element of corporate governance within the
TeamViewer Group to ensure full and correct financial and other reporting. Based on the risks
outlined in the risk management system, the internal control system ensures that the
financial risks are mitigated by means of relevant controls.
Internal Audit
The Internal Audit department is an active part of TeamViewer Group’s corporate governance.
It ensures that internal processes and organisational structures are audited and legally com-
pliant, appropriate, and economically efficient. It also seeks to create added value for the
TeamViewer Group by assessing the effectiveness and efficiency of business processes.
Internal Audit has been transferred to an internal unit, the Internal Audit team, which is
supported by external service providers in the implementation of individual projects (“co-
sourcing”). Internal Audit reports directly to the Management Board and the Audit Committee
and operates worldwide. Together with the Management Board, the divisions and issues to
be analysed for the upcoming fiscal year are defined and submitted to the Audit Committee,
which approves the annual audit programme. The Audit Committee is kept regularly informed
of the progress of the projects. The implementation status of the measures agreed to is
continually monitored and communicated to the Management Board and the Audit
Committee every six months and as part of a yearly report. The implementation of the
findings is verified in a follow-up audit.
52 B – Combined Management Report – 7 Outlook
TeamViewer SE
– Annual Report 2023
7 Outlook
Expected macroeconomic and sector environment
The Kiel Institute for the World Economy (IfW Kiel) expects global economic output to grow
by around 2.9 % in 2024, compared to 3.1 % in 2023.
16
Global inflation is forecast to decline
rapidly, with the expectation that key central banks will cut interest rates as early as the first
half of 2024. An economic upturn however is not expected. High uncertainty concerning the
economic environment is weighing on advanced economies, while fiscal stimulus is set to fade
as pandemic-related crisis measures come to an end.
17
Unemployment in the advanced
economies is anticipated to rise slightly in the near term but remain at historically low levels.
18
For Germany and the United States, TeamViewer’s two most important markets, economists
at International Monetary Fund (IMF) see differing trends. Germany’s gross domestic product
is forecast to grow by 0.5 % in 2024, following a decline of 0.3 % in 2023.
19
No major impetus
is expected to come from the global economy. In addition, according to IfW Kiel, the
anticipated consolidation of Germany’s federal budget following a decision by the German
Federal Constitutional Court would have a dampening effect.
20
For the US, the IMF is
predicting a slowdown in economic momentum in 2024, but with projected GDP growth of
2.1 % (2023: 2.5 %), it will still grow faster than the German economy as a whole.
21
US growth
is expected to benefit from business investment in construction and rising consumer
spending, as IfW Kiel explains.
22
According to market research institute Gartner, global IT spending in 2024 is expected to
increase sharply year-on-year by 6.8 % (2023: 3.3 %) to a market volume of around USD 5.0 trillion
(2023: USD 4.7 trillion).
23
Two segments that are particularly relevant to TeamViewer are
16
IfW Kiel – Kiel Economic Reports No. 109 (2023-Q4), p. 2: https://www.ifw-kiel.de/fileadmin/Dateiverwaltung/IfW-
Publications/fis-import/6bf368c2-c935-48e4-8f28-098420e6c252-KKB_109_2023-Q4_Welt_DE.pdf
17
IfW Kiel – Kiel Economic Reports No. 109 (2023-Q4), p. 6: https://www.ifw-kiel.de/fileadmin/Dateiverwaltung/IfW-
Publications/fis-import/6bf368c2-c935-48e4-8f28-098420e6c252-KKB_109_2023-Q4_Welt_DE.pdf
18
IfW Kiel – Kiel Economic Reports No. 109 (2023-Q4), p. 2: https://www.ifw-kiel.de/fileadmin/Dateiverwaltung/IfW-
Publications/fis-import/6bf368c2-c935-48e4-8f28-098420e6c252-KKB_109_2023-Q4_Welt_DE.pdf
19
IMF – World Economic Outlook Update, January 2024, p. 6: https://www.imf.org/-
/media/Files/Publications/WEO/2024/Update/January/English/text.ashx
20
IfW Kiel – Kiel Economic Reports No. 110 (2023-Q4), p. 2: https://www.ifw-kiel.de/fileadmin/Dateiverwaltung/IfW-
Publications/fis-import/6c4fd05f-bb55-42f7-b7a4-96b9fc631caf-KKB_110_2023-Q4_Deutschland_DE.pdf
21
IMF – World Economic Outlook Update, January 2024, p. 6: https://www.imf.org/-
/media/Files/Publications/WEO/2024/Update/January/English/text.ashx
projected to drive this growth: software, which is expected to grow 12.7 % year-on-year to
USD 1.0 trillion (2023: USD 0.9 trillion), and IT services, which is set to increase 8.7 % to around
USD 1.5 trillion (2023: USD 1.4 trillion).
24
According to Gartner, the major growth drivers will
be investments in projects for organisational efficiency and optimisation – an area that
TeamViewer primarily serves with its products.
25
In addition to the broader application of
artificial intelligence, Gartner analysts also see other topics particularly relevant to
TeamViewer, including digital technologies promoting sustainability and solutions for an
augmented connected workforce, among the top ten IT trends in the coming year.
26
Future development of the Group
From the Management’s point of view, TeamViewer will also benefit from these trends. With
the increasing sustainability efforts of businesses, the ongoing digital transformation of
industry, and the persistent skills shortage, we expect demand for our Remote Support,
Enterprise Connectivity, and Frontline Productivity solutions to remain strong. At the same
time, we will continue to leverage the strong cross-selling and upselling potential of our broad
user base. A particular focus of our sales efforts will be on further expanding the customer
base for our enterprise solutions.
TeamViewer expects a continued high level of demand for its products in the 2024 fiscal year
despite a challenging macro environment outlook. Based on the average FX rates of 2023, the
Management Board forecasts revenue in a range of EUR 660 to 685 million. In addition,
growth momentum will be influenced by adverse exchange rate effects related to the
previous year’s billings, which are reflected in revenue only after a time lag.
22
IfW Kiel – Kiel Economic Reports No. 109 (2023-Q4), p. 7: https://www.ifw-kiel.de/fileadmin/Dateiverwaltung/IfW-
Publications/fis-import/6bf368c2-c935-48e4-8f28-098420e6c252-KKB_109_2023-Q4_Welt_DE.pdf
23
Gartner, Inc. – Worldwide IT Spending Expectations: https://www.gartner.com/en/newsroom/press-releases/01-17-
2024-gartner-forecasts-worldwide-it-spending-to-grow-six-point-eight-percent-in-2024
24
Gartner, Inc. – Worldwide IT Spending Expectations: https://www.gartner.com/en/newsroom/press-releases/01-17-
2024-gartner-forecasts-worldwide-it-spending-to-grow-six-point-eight-percent-in-2024
25
Gartner, Inc. – Worldwide IT Spending Expectations: https://www.gartner.com/en/newsroom/press-releases/01-17-
2024-gartner-forecasts-worldwide-it-spending-to-grow-six-point-eight-percent-in-2024
26
Gartner, Inc. –The 10 Most Important Strategic Technology Trends 2024: https://www.gartner.com/en/newsroom/press-
releases/2023-10-16-gartner-identifies-the-top-10-strategic-technology-trends-for-2024
53 B – Combined Management Report – 7 Outlook
TeamViewer SE
– Annual Report 2023
For the 2024 fiscal year, the Management Board expects profitability to increase to an
adjusted EBITDA margin of at least 43 % (2023: 42 %). Following the revised partnership with
Manchester United, the Management Board expects that a larger part of the expected
savings will positively affect margins in the second half of the year 2024. A part of the savings
will also be re-invested into strategic growth initiatives that will already be put in motion in
the first half of the year.
Guidance 2024
In EUR million Guidance 2024 Fiscal Year 2023
Revenue (IFRS) 660-685
1
(corresponds to +7-11 % cc YoY)
626.7
Adjusted EBITDA margin at least 43 % 42 %
1
Based on the average FX rates of 2023.
As described in Chapter “1.3 Management System”, TeamViewer has prioritised revenue as its
primary performance indicator since the beginning of the 2023 fiscal year, with billings now
regarded as a secondary performance indicator. Consequently, billings guidance is no longer
published.
In December 2023, the TeamViewer Management Board decided to initiate a new share
buyback programme with the approval of the Supervisory Board. The programme began on
13 December 2023 and is expected to be completed in 2024. During this period, up to a
maximum of 10,658,374 company treasury shares valued up to EUR 150 million (excluding
incidental acquisition costs) are expected to be repurchased.
Overall assessment of future development
TeamViewer’s products enable customers to securely control IT and OT devices and work
processes remotely. This should not only lead to considerable increases in efficiency, but also
to a better sustainability profile thanks to reduced travel. In times of skilled worker shortages,
TeamViewer’s product portfolio becomes even more relevant by helping to centralise
support tasks. The Management Board therefore expects to continue its successful cross-
selling and upselling activities to win new customers and continually expand the enterprise
business in 2024.
The positive growth outlook for the technology sector will be dampened by the overall
economic conditions. In addition, Company-specific effects are impacting the development
of the primary performance indicators. Taking into account the overall positive signals from
customers, the Management Board expects continued revenue growth and a further im-
provement in profitability for the fiscal year.
54 B – Combined Management Report – 8 Remuneration Report
TeamViewer SE
– Annual Report 2023
8 Remuneration Report
The following remuneration report summarises the basic principles of the remuneration sys-
tem for members of the Management Board and Supervisory Board and describes the
amount of individual remuneration granted or owed to the members of the Management
Board and Supervisory Board of TeamViewer SE in the 2023 fiscal year. TeamViewer complies
with the legal requirements of § 162 of the German Stock Corporation Act (AktG) as well as
the recommendations of the German Corporate Governance Code (GCGC) in the version
dated 28 April 2022. The Remuneration Report has been published on the TeamViewer web-
site at https://ir.teamviewer.com/remuneration/. The Management Board’s remuneration
system and the Supervisory Board’s remuneration system are also available at that link. The
Management Board and Supervisory Board have prioritised clear, comprehensible and trans-
parent reporting in preparing the Remuneration Report. The Remuneration Report was
formally and factually audited by the auditor in accordance with § 162 AktG.
Review of the 2023 fiscal year from a
remuneration perspective
Business development in 2023
TeamViewer grew profitably in the 2023 fiscal year despite the ongoing geopolitical and
macroeconomic challenges. TeamViewer’s focus during the year was on further
implementing its growth strategy along the defined growth dimensions, revising its Remote
and Tensor software, integrating additional partner applications (e.g. Ivanti, Lansweeper),
and appointing a task force to strengthen Frontline activities.
As a result, billings increased 7 % to EUR 678.0 million and revenue grew 11 % to EUR 626.7 million,
meeting the published guidance for “double-digit revenue growth of 10 % to 14 %” for the 2023
fiscal year. Adjusted (billings) EBITDA increased by 4 % to EUR 311.8 million, yielding an adjusted
(billings) EBITDA margin of 46 % for the 2023 fiscal year. Adjusted (revenue) EBITDA, which is
relevant for the margin forecast, increased 13 % to EUR 260.5 million, resulting in an adjusted
(revenue) EBITDA margin of 42 %. This also met the guidance for an “adjusted (revenue) EBITDA
margin of around 40 %”.
Changes in corporate governance
Mei Dent was appointed as a member of the Management Board and Chief Product and
Technology Officer (CPTO) of TeamViewer with effect from 31 August 2023. Her mandate will
run until August 2026. In October 2023, Oliver Steil was appointed Chairman of the
Management Board and CEO of the Company for a further five-year term.
Swantje Conrad and Christina Stercken joined as new members of the Supervisory Board in
May 2023. They were elected to the Supervisory Board at the ordinary Annual General
Meeting 2023 as part of the expansion of the Company’s Supervisory Board to eight members.
The Annual General Meeting also confirmed the appointment of Ralf W. Dieter as Chairman
of the Supervisory Board for a four-year term. Stefan Dziarski stepped down from the
Supervisory Board prematurely, with effect from 11 December 2023. Other than those
mentioned, there were no other changes to the Management Board or Supervisory Board of
TeamViewer SE.
Resolution on the approval of the remuneration report
The Remuneration Report 2022 was prepared in accordance with § 162 AktG, formally
audited by the auditor in accordance with § 162 (3) sentences 1 and 2 AktG and approved by
the Annual General Meeting on 24 May 2023 with a majority of 96.25 %. In view of the broad
acceptance of the remuneration report, the Remuneration Report 2023 also follows a similar
structure.
Principles of Management Board
remuneration
The current remuneration system for the members of the Management Board of TeamViewer
SE was adopted by the Supervisory Board on 6 April 2023 at the recommendation of its
Nomination and Remuneration Committee. The remuneration system was approved by the
Company’s Annual General Meeting on 24 May 2023, with 96.63 % of the votes cast. The
remuneration system applies to all active members of the Management Board in the 2023
55 B – Combined Management Report – 8 Remuneration Report
TeamViewer SE
– Annual Report 2023
fiscal year and complies with both the requirements of the German Stock Corporation Act
(AktG) and the recommendations of the German Corporate Governance Code (GCGC). The
remuneration system replaces, but is largely consistent with, the remuneration system
approved by the Annual General Meeting on 15 June 2021. In line with financial reporting, the
performance indicators “revenue” and “adjusted (revenue) EBITDA” will take priority over the
previous indicators “billings” and “adjusted (billings) EBITDA”. In the 2023 fiscal year, the
Supervisory Board did not make use of the options set out in the remuneration system in
accordance with the legal requirements to temporarily deviate from the remuneration
system.
Objective of the remuneration system
The Management Board’s remuneration system is designed to gear remuneration towards
advancing the Company’s business strategy and long-term development. The remuneration
defined in the remuneration system is specifically intended to provide effective incentives for
growth and increasing profitability as well as the achievement of non-financial targets, which
should also include sustainability aspects (environmental, social, governance – ESG). From the
perspective of the Supervisory Board and the Management Board, the remuneration system
should aim to make an important contribution to the successful implementation of the
growth strategy pursued by TeamViewer. The individual tasks and performance of the
members of the Management Board and TeamViewer’s business success should be
appropriately taken into account.
Structure of Management Board remuneration
The remuneration of the Management Board encompasses a mix of fixed, short-term, and
long-term variable remuneration components. The latter two are intended to effectively
promote the execution TeamViewer’s corporate strategy and long-term development by
setting appropriate targets that include both financial and non-financial performance
targets. The long-term remuneration components are largely based on TeamViewer’s share
price performance and intended to ensure that the interests of the Management Board and
the shareholders are aligned. The obligation of Management Board members to buy and hold
TeamViewer shares also contributes to this alignment of interests.
In determining the Management Board’s remuneration, the Supervisory Board also takes the
remuneration and employment conditions of TeamViewer’s senior management as well as its
workforce into account.
Process for determining, implementing, and reviewing the Management Board
remuneration system
The Supervisory Board is responsible for determining, implementing, and reviewing the
Management Board remuneration system and is supported by the Nomination and
Remuneration Committee in performing these tasks. The Nomination and Remuneration
Committee is responsible for formulating recommendations for the Management Board’s
remuneration that take into account the aforementioned principles and the recommen-
dations of the GCGC as amended. The remuneration system, prepared by the Nomination
and Remuneration Committee, as well as all other matters relating to the remuneration of
individual Management Board members, are discussed and resolved by the Supervisory
Board. When necessary, both the Nomination and Remuneration Committee and the
Supervisory Board may consult an independent external remuneration expert to assist in
developing the Management Board’s remuneration system and assessing the appropri-
ateness of the remuneration.
The Supervisory Board regularly reviews the remuneration system and makes any changes
deemed necessary. In accordance with the requirements of § 120a AktG, the remuneration
system is resubmitted to the Annual General Meeting for approval no later than every four
years and in the event of significant changes. Should the Annual General Meeting reject the
remuneration system, a revised remuneration system is submitted to the subsequent Annual
General Meeting for approval.
The Supervisory Board’s Rules of Procedure set out requirements for avoiding conflicts of
interest when determining, implementing, and reviewing the Management Board’s
remuneration.
Appropriateness of Management Board remuneration
In the opinion of the Supervisory Board, the remuneration appropriately reflects the
individual tasks and performance of the members of the Management Board as well as the
economic situation, success, and future prospects of TeamViewer.
56 B – Combined Management Report – 8 Remuneration Report
TeamViewer SE
– Annual Report 2023
The Nomination and Remuneration Committee shall regularly review the appropriateness of
Management Board remuneration and, if necessary, propose adjustments to the Supervisory
Board in order to comply with regulatory requirements and ensure that remuneration is in
line with the market. In the 2023 fiscal year, the committee did not identify any indications of
an inappropriate development of remuneration or any need for an adjustment. When assess-
ing the appropriateness of remuneration, the Nomination and Remuneration Committee
considers the amount of remuneration using a horizontal and vertical comparison.
For the horizontal comparison, the Supervisory Board selects a group of comparable compa-
nies based on the country, company size and sector. When determining the remuneration of
Management Board members, the comparison group consists of the companies in the MDAX
and is supplemented by a peer group of international technology companies of similar size.
This ensures the appropriateness of remuneration compared to similarly sized companies in
Germany as well as to international companies in the same sector. The Supervisory Board
reviews and considers the following aspects in particular:
• Mode of action of the individual fixed and variable remuneration components, including
methodology and performance parameters
• Relative weighting of the components, i.e. the ratio of the fixed basic remuneration to
the short-term and long-term variable components
• Amount of target total remuneration, consisting of the annual base salary and fringe
benefits, the short-term incentive (STI) and the long-term incentive (LTI)
• Potential maximum amount of remuneration granted
For the vertical (internal) comparison, the Management Board’s remuneration is analysed for
appropriateness in relation to the remuneration and employment conditions of TeamViewer’s
upper management circle and workforce. The Supervisory Board determines how senior
management and the workforce are to be differentiated for the comparison.
On 25 October 2023, the Nomination and Remuneration Committee last reviewed the
appropriateness and customary nature of the remuneration of TeamViewer’s Management
Board in connection with the extension of Oliver Steil’s appointment as CEO. The peer group
used as a basis for this review continued to consist of the companies listed in the MDAX,
supplemented by a peer group of international technology companies of similar size
(selected international companies from the software and security sectors and particularly
from the STOXX 600 Technology index). The Nomination and Remuneration Committee also
reviewed the ratio of Management Board remuneration to the remuneration of TeamViewer’s
senior management and the workforce as a whole. The changes in remuneration over time
were also taken into account. The vertical comparison was based on the remuneration of the
senior leadership team as the upper management circle. From this comparison, the Nomination
and Remuneration Committee determined that the remuneration of the Management Board
is in line with market conditions and is appropriate.
58 B – Combined Management Report – 8 Remuneration Report
TeamViewer SE
– Annual Report 2023
The remuneration of Management Board members comprises fixed (non-performance-
based) and variable (performance-based) remuneration components, the total amount of
which determines the respective overall target remuneration of each Management Board
member.
Fixed remuneration consists of an annual base salary as well as fringe benefits, which may
vary from year to year depending on events and the particular individual. Variable
remuneration comprises short-term variable remuneration (short-term incentive – STI) and
long-term variable remuneration (long-term incentive – LTI).
The short-term incentive (STI) is the short-term variable remuneration element with a term
of one year. The calculation of the STI for a respective fiscal year – subject to any reduction or
clawback (malus and clawback) – is as follows:
Entitlement to receive an annual bonus to be paid out in cash is contingent upon the
achievement of certain financial targets. For the fiscal years up to and including 2023, these
financial targets were billings and adjusted (billings) EBITDA; starting with the 2024 fiscal
year, they will be revenue and adjusted (revenue) EBITDA. Entitlement to the annual bonus
may additionally be dependent upon certain Company non-financial targets. For each
performance target (financial targets and, optionally, certain non-financial targets), the
Supervisory Board also sets a target which, if met, results in 100 % target achievement. The
Supervisory Board also defines – to the extent possible – a minimum value for each of the
performance targets as the lower end of the target corridor, at which 50 % of the target is
achieved. In addition, a maximum value is set that, if reached or exceeded, results in target
achievement of 200 %. If the value achieved with regard to a performance target falls below
the minimum value, the degree of target achievement for this performance target is 0 %. If
the value achieved with regard to a performance target reaches or exceeds the maximum
value, the degree of target achievement is 200 %. Target achievement within these values is
determined by linear interpolation, whereby all target values are adjusted for exchange rate
effects before determination.
The amount of the STI also depends on the assessment of the personal performance criteria
set individually for each Management Board member by the Supervisory Board at the
beginning of the fiscal year. These are weighted on a percentage basis. The Supervisory Board
determines the achievement of the personal modifier within a range of 0.8 to 1.2 at its
reasonable discretion, depending on the target achievement of the respective defined
criteria. There is no guaranteed minimum target achievement, which means a payout may be
omitted entirely. If the respective employment contract begins or ends during the year, the
STI is calculated on a pro rata temporis basis for the period of the employment in the
respective fiscal year, whereby the target achievement is determined according to the
originally defined parameters even in the event of a departure during the year and is paid out
on the regular due date. The STI is due for payment six weeks after the adoption of the
consolidated financial statements, insofar as an entitlement to the payment exists.
The long-term incentive (LTI) is the long-term variable remuneration element. The LTI is
share-based and structured as performance shares with a four-year performance period. The
calculation of the LTI – subject to any reduction or clawback (malus and clawback) – is as
follows:
59 B – Combined Management Report – 8 Remuneration Report
TeamViewer SE
– Annual Report 2023
With each fiscal year, a new performance period begins in accordance with the terms of the
applicable LTI. The achievement of certain predefined targets is measured after the end of
the performance period. At the beginning of each performance period, the Supervisory
Board determines the initial number of performance shares for each individual
Management Board member based on the LTI target amount and the average share price.
The Supervisory Board also defines a target for each of at least three performance targets
(financial targets, relative TSR, non-financial targets), the achievement of which results in
target achievement of 100 %. Where possible, the Supervisory Board also sets a minimum
value for each of the performance targets as the lower end of the target corridor, which, if
achieved, results in target achievement of 50 %. In addition, a maximum value is set that, if
reached or exceeded, results in 200 % target achievement. If the value achieved for a
performance target falls below the minimum value, the degree of target achievement for
this performance target is 0 %. If the value achieved for a performance target reaches or
exceeds the maximum value, the degree of target achievement is 200 %. The performance
shares are merely a calculation figure, the allocation of which does not yet result in any
entitlement to a payment in connection with the LTI.
When measuring target achievement for the respective performance period, the
performance targets are weighted according to the current remuneration system as follows:
• 30 % financial performance targets “average revenue growth” and “average adjusted
(revenue) EBITDA growth” (equally weighted) (for tranches allocated before and in the
2023 fiscal year, this is “average billings growth” and “average adjusted (billings) EBITDA
growth” (equally weighted));
• 50 % relative total shareholder return (TSR), measured against the two peer groups
“STOXX® 600 Technology” and “MDAX” (equally weighted) or other peer groups or share
indices determined by the Supervisory Board for comparison; and
• 20 % non-financial performance targets, particularly sustainability aspects
(environmental, social, governance – ESG aspects).
At the end of the respective performance period, the initial number of performance shares is
multiplied by the target achievement and rounded up to the next full share. This calculation
results in the final number of performance shares. The final number of performance shares is
then multiplied by the final share price, resulting in the payout amount. This amount is limited
to 200 % of the allocation value (cap). If the employment contract begins or ends during the
year, the allocation value is reduced on a pro rata temporis basis.
If a Management Board member leaves the Company before the end of the respective LTI
performance period, the target achievement is determined and the payment is made on the
scheduled date, provided the entitlement is not forfeited.
To reinforce the pay-for-performance principle, the remuneration system prescribes that the
majority of the target total remuneration for each Management Board member should
consist of variable, performance-based components. To ensure that remuneration is aligned
with TeamViewer’s sustainable, long-term development, the percentage share of long-term
incentives outweighs the percentage share of short-term incentives.
60 B – Combined Management Report – 8 Remuneration Report
TeamViewer SE
– Annual Report 2023
The percentage of fixed remuneration as a share of total target remuneration ranges
between 30 % and 40 %. The annual base salary accounts for 90 % to 100 % of fixed
remuneration, and fringe benefits amount to up to 10 %. The percentage of variable
remuneration as a share of total target remuneration is between 60 % and 70 %, of which STI
ranges from 30 % to 47 % of the total and LTI from 53 % to 70 %. Subsequent changes to the
target values or comparison parameters set by the Supervisory Board in each case for the
upcoming fiscal year are excluded.
To attract qualified candidates to the Management Board, the remuneration system also
provides the option to grant new Management Board members an appropriate, market-
competitive compensation payment, for example, for remuneration forfeited from the
previous employer. For members of the Management Board who receive this type of
compensation payment upon joining the Company, the proportion of the individual
components may vary within the legally permissible framework from the aforementioned
percentages.
Management Board remuneration in
the 2023 fiscal year
Non-performance-based fixed remuneration components
Annual base salary
All Management Board members were granted a fixed, non-performance-based annual base
salary in cash, payable in twelve equal monthly instalments.
Management Board member
Annual base salary
in EUR
Annual base salary
pro rata temporis
in EUR
Oliver Steil
1
922,500 922,500
Michael Wilkens 700,000 700,000
Mei Dent
2
(since 31 August 2023) 500,000 168,011
Peter Turner
3
464,958 464,958
1
Oliver Steil’s base salary was increased from EUR 900,000 p.a. to EUR 1,035,000 p.a., effective 25 October 2023, as part
of his extended term of office as Chairman of the Management Board and CEO of the Company.
2
The annual base salary was paid to Mei Dent on a pro rata basis.
3
Peter Turner’s fixed remuneration is subject to the annual EUR/GBP exchange rate adjustment, effective 1 January,
starting as of 1 January 2023. The contractually agreed annual base salary amounted to EUR 475,000.
Fringe benefits
Management Board members were also granted fringe benefits in kind. These consisted
mainly of lump-sum payments of up to EUR 2,000 per month for the use of a private car for
business trips, contributions to the (private or statutory) health and long-term care insurance
(in the amount of the lawful employer contributions to the statutory health and long-term
care insurance or a maximum of half of the contribution actually expended), continued salary
payments in the event of work incapacity due to illness or death, and accident insurance in
the event of death or disability. All Management Board members are insured against third-
party liability claims through a D&O insurance policy at the Company’s expense with a
deductible in accordance with the provisions of corporate law amounting to 10 % of the
damage but no more than 150 % of the annual base salary.
61 B – Combined Management Report – 8 Remuneration Report
TeamViewer SE
– Annual Report 2023
The Company reimbursed Peter Turner up to an amount of EUR 5,000 plus VAT (p.a.) for the
costs of a tax advisor to prepare his tax returns in Germany upon provision of proof. The
Company also reimbursed him up to an amount of EUR 3,000 plus VAT (p.a.) for the added
costs of a tax advisor to prepare the tax returns in the United Kingdom required as a result of
receiving foreign income upon furnishing proof thereof.
Performance-based fixed remuneration components
The Supervisory Board already set the target values for the performance parameters for the
2023 fiscal year in January 2023. As the values set cannot be changed retrospectively, the
relevant performance parameters for STI 2023 and LTI 2020–2023 to LTI 2023–2026 will
continue to be “billings” and “adjusted (billings) EBITDA” even after the approval of the
remuneration system by the 2023 Annual General Meeting.
Short-term variable remuneration (short-term incentive/STI)
STI target amount
In the case of 100 % target achievement, the STI target amount for the 2023 fiscal year would
be as follows:
STI target amount for 100 %
target achievement in FY 2023
STI target
amount p.a.
in EUR
STI target
amount pro rata temporis
in EUR
Oliver Steil
900,000.00
900,000.00
Michael Wilkens 700,000.00
700,000.00
Peter Turner
1
430,697.56 430,697.56
Mei Dent
2
(since 31 August 2023)
500,000.00
168,010.75
1
For Peter Turner, the STI target amount is subject to the annual adjustment of the EUR/GBP exchange rate with effect
from 1 January of each year, starting as of 1 January 2023. The contractually agreed STI target bonus in EUR is EUR
440,000.
2
The STI target amount for Mei Dent is a pro rata calculation based on the active service period.
Target achievement in percent in relation to the financial and (where applicable)
non-financial targets
On 31 January 2023, the Supervisory Board set the target values for the STI performance
criteria for the 2023 fiscal year for Oliver Steil, Michael Wilkens, Peter Turner and, on 26 June
2023, for Mei Dent. In addition to the financial performance targets for billings and adjusted
(billings) EBITDA, which are each weighted at 50 %, it also determined individual personal
performance criteria for each Management Board member.
STI 2023 target achievement for financial performance criteria:
Performance
criterion
Lower limit
at 50 %
target
achievement
Target value
for 100 %
target
achievement
Upper limit
at 200 %
target
achievement
Results
2023
Target
achievement
in %
Billings
1
(50 %)
660.0 695.0 722.5 703.5
131 %
Adjusted
(billings)
EBITDA
1
(50 %)
302.0 308.0 333.0 322.1
157 %
Target achievement in % 144 %
1
Adjusted for exchange rate effects.
62 B – Combined Management Report – 8 Remuneration Report
TeamViewer SE
– Annual Report 2023
Personal performance criteria/modifier
Management
Board member
Individual targets
Target
achievement
in %
Modifier
Oliver Steil Individual target achievement was assessed
particularly based on building a leading
global tech brand, strengthening the
organisational structure and processes,
developing a medium-term strategy and
M&A agenda for 2023-2025, communicating
the corporate strategy, the growth initiative
in the enterprise business in IT and OT,
increasing growth and innovation in the
SMB business, and further improving ESG
ratings.
116.25 % 1.1625
Michael Wilkens Individual target achievement was assessed
particularly based on strengthening the
positioning of TeamViewer as part of the
capital market strategy, defining the budget
and financing for 2023, improving corporate
and product safety, further developing and
strengthening the legal, compliance and
internal audit departments, and further
improving the ESG ratings.
114.75 %
1.1475
Peter Turner Individual target achievement was assessed
particularly based on the establishment of a
first-class CCO organisation focused on lead
generation and commercial excellence,
accelerating SMB growth via the webshop,
improving sponsorship activities and cost
control, and further improving the ESG
ratings.
116.75 % 1.1675
Mei Dent
Individual target achievement was assessed
based on a smooth onboarding process,
developing a first-class organisation and
strategy for product management and the
R&D department, and further improving the
ESG ratings.
116.25 % 1.1625
The STI payout amounts for the 2023 fiscal year were calculated as follows:
Management
Board member
Target
achievement
in %
STI target amount
in EUR
Modifier STI for FY 2023
in EUR
Oliver Steil 144 % 900,000 1.1625 1,506,076.88
Michael
Wilkens 144 % 700,000 1.1475
1,156,278.38
Peter Turner 144 % 430,697.56 1.1675 723,837.32
Mei Dent
144 % 168,010.76 1.1625
281,152.36
Long-term variable remuneration (long-term incentive/LTI)
LTI for the 2023 to 2026 performance period
The performance period 2023 to 2026 applies to the LTI granted in the 2023 fiscal year. Due
to the still ongoing performance period, no payments from the LTI 2023-2026 were made or
earned in 2023; accordingly, the LTI 2023-2026 was not “granted and owed” in the 2023 fiscal
year as defined by § 162 AktG.
The Supervisory Board has defined the following target components:
Targets Weighting Conditions
1. Long-term
financial target
30 % 50 %: Average billings growth 2023–2026
1
50 %: Average adjusted (billings) EBITDA growth 2023–
2026
1
2. Non-financial
strategic target
20 % 50 %: Net promoter score
50 %: Proportion of women in management positions
3. Share price/
return-based
target
50 % 50 %: Relative stock return vs. STOXX® 600 Technology
50 %: Relative stock return vs. MDAX®
1
Average of the four annual growth rates for the years 2023 to 2026.
63 B – Combined Management Report – 8 Remuneration Report
TeamViewer SE
– Annual Report 2023
LTI target amount for 100 % target
achievement for LTI 2023–2026
Target amount
p.a. in EUR
Target amount
pro rata temporis in EUR
Oliver Steil 1,000,000.00 1,000,000.00
Michael Wilkens 830,000.00
830,000.00
Mei Dent
1
(since 31 August 2023)
700,000.00 233,333.33
Peter Turner
2
587,314.86 587,314.86
1
The LTI target amount for Mei Dent is a pro rata calculation based on the respective active service period.
2
For Peter Turner, the target amount is subject to the annual adjustment of the EUR/GBP exchange rate with effect from
1 January of each year, starting as of 1 January 2023. The contractually agreed LTI target amount in EUR is EUR 600,000.
LTI for the 2020–2023 performance period
The performance period 2020 to 2023 applied to the LTI granted in the 2020 fiscal year. The
Supervisory Board set the following target components for the LTI 2020–2023:
Targets Weighting Conditions
1. Long-term
financial target
30 % 50 %: Average billings growth 2020–2023
1
50 %: Average adjusted (billings) EBITDA growth
2020–2023
1
2. Non-financial
strategic target
20 % 100 %: Net promoter score (assessed externally)
3. Share price/
return-based
target
50 % 50 %: Relative TSR vs. STOXX® 600 Technology
50 %: Relative TSR vs. MDAX®
1
Average of the four annual growth rates for the years 2020 to 2023.
LTI 2020–2023 target achievement
Performance
criterion
Minimum
at 50 %
target
achievement
Target level
for 100 %
target
achievement
Maximum
at 200 %
target
achievement
Result
2023
Target
achievement
in %
Average
billings
growth
2020–2023
1
24 % 27 % 33 % 21 %
0 %
Average
adjusted
(billings)
EBITDA
growth
2020–2023
1
27 % 30 % 36 % 15.5 %
0 %
Net promoter
score
43 47 55 0.6
0 %
Relative TSR
vs. STOXX®
600
Technology
+0 % +6.67 % +20 % –99 %
0 %
Relative TSR
vs. MDAX®
+0 % +6.67 % + 20 % –52 %
0 %
Total target achievement in % 0 %
The following payout amounts were calculated for the LTI 2020–2023:
Management
Board
member
Initial
number of
performance
shares
Total target
achievement
in %
Final number
of
performance
shares
Share price LTI payout
for FY 2023
in EUR
Oliver Steil 38,095 0 0 14.36 0
Stefan Gaiser 20,952 0 0 14.36 0
Only Oliver Steil and Stefan Gaiser participated in the LTI 2020–2023, as they were no other
members of the Management Board in the 2020 fiscal year.
64 B – Combined Management Report – 8 Remuneration Report
TeamViewer SE
– Annual Report 2023
Malus and clawback
The STI and LTI are subject to malus and clawback conditions. This means that before
determining the payout amount of an STI or LTI, the Supervisory Board reviews as to whether
a malus provision justifies a reduction or even the omittance of the variable remuneration
amount.
Malus events are those that occur during the respective performance period of the relevant
variable remuneration component. A reduction or even a complete omittance of the variable
remuneration component can be determined at the reasonable discretion of the Supervisory
Board when one of the circumstances described below applies. In the case of the LTI, the
malus applies to each performance period in the year in which the malus occurs:
(a) The Management Board member, through grossly negligent or intentional acts or
omissions, was to blame for a material financial loss (which may occur later) or a
significant regulatory/official sanction, such as a sanction imposed by a data
protection authority (which may occur later), to the detriment of the Company or
another company of the TeamViewer Group. An indication of material financial
damage is if the amount is equal to at least 1.0 % of the Company’s balance sheet
equity, based on the audited annual financial statements for the year preceding the
year in which the damage occurred.
(b) The Management Board member has committed a criminal offence in connection
with his/her activities for the Company (e.g. fraud, bribery, embezzlement, theft,
breach of trust, balance sheet manipulation).
(c) The Management Board member has committed a serious breach of duty which, once
known, leads to extraordinary termination with legal effect or merely justifies an
extraordinary termination (§ 626 of the German Civil Code – BGB).
Variable remuneration amounts already paid out can be reclaimed in full or in part at the
reasonable discretion of the Supervisory Board for the relevant performance period if a malus
event is subsequently discovered within a clawback period. For each variable remuneration
component, the clawback period begins at the end of the performance period on which the
component is based and ends two years after this date. The clawback is the net amount
actually paid and the assignment of all claims for tax refunds that the Management Board
member may have against the tax authorities in this context.
In the 2023 fiscal year, there was no cause for reductions or clawbacks of variable remune-
ration components.
Shareholding obligations
Management Board members are obliged to hold a certain number of shares in TeamViewer
(restricted shares) for the duration of their appointment on the Company’s Management
Board. Members must also provide evidence at the end of each fiscal year that they have
fulfilled this obligation. This obligation arises for the first time no later than four years after
the initial appointment to the Management Board or at an earlier date as agreed in the
individual contract. Under the remuneration system, the investment volume amounts to
200 % of the gross annual base salary for the Chair of the Management Board and 100 % of
the gross annual base salary for ordinary Management Board members. Restricted shares are
acquired accordingly before the end of the fourth year after the initial appointment to the
Management Board (or at an earlier date agreed in the individual contract). The full number
of restricted shares must be held after the end of the fourth year (or by an earlier date agreed
in the individual contract). The number of shares to be held by Oliver Steil is calculated by
dividing (i) two times the annual base salary by (ii) the value of the Company’s shares at the
time of the IPO. The number of shares to be held by Michael Wilkens, Mei Dent and Peter
Turner is calculated as (i) the annual base salary divided by (ii) the value of the Company’s
shares at the time of their initial appointment to the Management Board, commercially
rounded to full units. The shares granted by the Company’s main shareholder to redeem
previous participation commitments to participate in the increase in value of the Company
can be used for this purpose.
Shares held by members of the Management Board as at 31 December 2023:
Management
Board member
No. of shares
to be acquired
No. of shares held End of the
acquisition phase
Oliver Steil 78,857 2,720,000 31 December 2023
Michael Wilkens 73,176 73,300 31 December 2023
Mei Dent 35,386 10,000 31 December 2025
Peter Turner 49,244 50,321 31 December 2023
65 B – Combined Management Report – 8 Remuneration Report
TeamViewer SE
– Annual Report 2023
The compliance of the Management Board members with the shareholding obligations as at
31 December 2023 was determined based on the above-listed shareholdings. Mei Dent was
not subject to the shareholding requirement in her first year on the Management Board.
Benefits in the event of early termination of employment
In the event of the early revocation of their appointment, Management Board members may
be entitled to a severance payment in certain circumstances. The severance payment is
based on a severance payment basis, consisting of the annual base salary and the STI
calculated for the previous year. If the Supervisory Board comes to the conclusion, at its due
discretion, that it is inappropriate to use the previous fiscal year as a basis for determining the
STI as part of the severance payment, the expected STI for the current fiscal year may be used
instead. The maximum severance payment is 200 % of the severance payment amount but is
limited to the remuneration for the remaining term of the employment contract.
The Management Board member shall not receive any severance payment if the revocation
of the appointment is based on the inability to properly manage the Company as defined in
§ 84 AktG, on a gross breach of duty, or on any other good cause for which the Management
Board member is responsible, or if there is a good cause for which the Management Board
member is responsible as defined in § 626 BGB that would have authorised the Company to
terminate the employment contract for good cause.
If a Management Board member’s term of office ends early due to death, the Company pays
the sum of the fixed remuneration and any STI bonus for the month of death and three
subsequent calendar months on a pro rata basis. This sum is paid to the surviving spouse or
registered partner or, if the Management Board member is unmarried or in a civil partnership,
to any first-order heirs.
Benefits in the event of regular termination of employment
In the event of the regular termination of employment, no severance payment or other com-
parable benefits are promised to the members of the Management Board. If during the year
the member leaves the Management Board, or the employment contract is terminated, or the
member is released from his or her obligation, the degree of target achievement and the
modifier are calculated and determined based on defined target parameters (financial
targets and modifier criteria) at the usual time (after the end of the fiscal year).
Benefits in the case of a post-contractual non-compete clause
For the duration of a post-contractual non-compete period, the Management Board member
shall receive compensation amounting to 50 % of the last contractual benefits received. Any
statutory fees on this amount shall be borne by the Management Board member. Any
compensation during the non-compete period is reduced by income the Management Board
member earned through other use of the member’s services or as a benefit according to the
German Social Security Code (SGB) III during the period for which the non-compete com-
pensation is paid, provided the non-compete compensation would exceed 110 % of the
contractual benefits last received by the member when this amount is added. Any severance
payment shall be credited against the non-compete compensation.
Stefan Gaiser and the Supervisory Board reached a mutual agreement in October 2021 on
the expiry of Mr Gaiser’s employment contract on 18 August 2022. Stefan Gaiser was
subject to a twelve-month non-compete clause following the termination of his em-
ployment contract. During the non-compete period, Stefan Gaiser received compensation
amounting to 50 % of the last agreed remuneration, consisting of the annual base salary,
STI and LTI, totalling EUR 506,275. The compensation thus totalled EUR 42,189 per month
and was paid monthly for a period of twelve months following the termination of the
employment contract. All payments are to be understood as instalments due to the variable
remuneration components. The instalment payment was included in the table “Remu-
neration granted and owed to the former member of the Management Board” as remu-
neration granted or owed in 2022 and 2023 in accordance with § 162 (1) AktG. After the end
of all performance periods, the remuneration is adjusted in line with the actual target
achievement.
Remuneration granted and owed
The tables that follow show the remuneration granted and owed to current and former
members of the Management Board in the past fiscal year in accordance with § 162 (1)
sentence 1 AktG. Remuneration granted in this sense includes all remuneration components
whose underlying activity was completed in full in the reporting year and whose performance
criteria were met in full. Remuneration is owed if the Company has a legal obligation to the
board member in the fiscal year for which the remuneration report is prepared that is due but
not yet fulfilled. This applies regardless of whether the payment was made in the 2023 fiscal
year or not until a later time.
66 B – Combined Management Report – 8 Remuneration Report
TeamViewer SE
– Annual Report 2023
Using the STI as an example, the remuneration attributable to this is recognised accordingly
in the 2023 fiscal year, even if payment is not made until the beginning of the 2024 fiscal year.
The granted and owed remuneration for the 2023 fiscal year shown in the tables below in
accordance with § 162 AktG includes the annual base salary paid out in the fiscal year, the
fringe benefits accrued in the fiscal year, the paid sign-on bonus, the STI determined for the
fiscal year (to be paid out in the 2024 fiscal year), the LTI 2020-2023, and the advance
payment on the compensation for the post-contractual non-compete clause. The Company
does not have any current pension expenses.
In addition to the above information, the proportions of all fixed and variable remuneration
components relative to total remuneration (TR) in the respective fiscal year are shown in the
tables in accordance with § 162 (1) sentence 2 no. 1 AktG.
67 B – Combined Management Report – 8 Remuneration Report
TeamViewer SE
– Annual Report 2023
Remuneration granted and owed to the current Management Board members in accordance with § 162 (1) sentence 1 AktG for the 2023 fiscal year
(1 January – 31 December 2023), Part I
Oliver Steil
Chairman of the Board/CEO
since 19 August 2019
Michael Wilkens
Chief Financial Officer/CFO
since 1 September 2022
2022
in EUR
2022
in % TR
2023
in EUR
2023
in % TR
2022
in EUR
2022
in % TR
2023
in EUR
2023
in % TR
Annual base salary 900,000 49.73 % 922,500 37.24 % 233,333 36.27 % 700,000 37.23 %
Fringe benefits 22,307 1.23 % 48,668 1.96 % 8,000 1.24 % 24,000 1.28 %
Other (sign-on bonus) – – – – 150,000
1
23.32 % – –
Total fixed remuneration 922,307 50.96 % 971,168 39.20 % 391,333 60.83 % 724,000 38.50 %
One-year variable remuneration (STI) 887,436 49.04 % 1,506,077 60.80 % 252,000 39.17 % 1,156,278 61.50 %
Multi-year variable remuneration (LTI) – – 0 0 % – – – –
Total variable remuneration 887,436 49.04 % 1,506,077 60.80 % 252,000 39.17 % 1,156,278 61.50 %
Total remuneration (TR; under § 162 AktG) 1,809,743 100 % 2,477,244 100 % 643,333 100 % 1,880,278 100 %
1
One-off compensation payment related to the initial appointment as compensation for forfeited remuneration from the previous employer.
Remuneration granted and owed to the current Management Board members in accordance with § 162 (1) sentence 1 AktG for the 2023 fiscal year
(1 January – 31 December 2023), Part II
Peter Turner
Chief Commercial Officer/CCO
since 11 July 2022
Mei Dent
Chief Product and Technology Officer
since 31 August 2023
2022
in EUR
2022
in % TR
2023
in EUR
2023
in % TR
2022
in EUR
2022
in % TR
2023
in EUR
2023
in % TR
Annual base salary 224,306 54.84 % 464,958 38.96 % – – 168,011 33.02 %
Fringe benefits 168 0.04 % 4,752 0.40 % – – 26,282 5.17 %
Other (sign-on bonus) – – – – – – 33,333
1
6.55%
Total fixed remuneration 224,474 54.88 % 469,709 39.35 % – – 227,626 44.74 %
One-year variable remuneration (STI) 184,545 45.12 % 723,837 60.65 % – – 281,152 55.26 %
Multi-year variable remuneration (LTI) – – – – – – –
–
Total variable remuneration 184,545 45.12 % 723,837 60.65 % – – 281,152 55.26 %
Total remuneration (TR; under § 162 AktG) 409,018
100 % 1,193,547 100 % – – 508,778 100 %
1
Compensation payment related to the initial appointment as compensation for forfeited remuneration from the previous employer. The compensation payment amounts to a one-off payment of EUR 100,000 and is paid in three equal annual
instalments, subject to the effective existence of an employment relationship at the respective time of payment, starting with the first payroll.
68 B – Combined Management Report – 8 Remuneration Report
TeamViewer SE
– Annual Report 2023
Remuneration granted and owed to former Management Board member in
accordance with § 162 (1) sentence 1 AktG for the 2023 fiscal year
(1 January – 31 December 2023)
Stefan Gaiser, Chief Financial Officer/CFO
19 August 2019 to 18 August 2022
2022
in EUR
2022
in % GV
2023
in EUR
2023
in % GV
Annual base salary 348,333 38.59 % – –
Fringe benefits 42,343 4.69 % 3,377 1.04 %
Total fixed remuneration 390,676 43.28 % 3,377 1.04 %
One-year variable remuneration (STI) 326,290 36.15 % – –
Multi-year variable remuneration (LTI) – – 0 0 %
Non-compete compensation 185,634
1
21 % 320,641
1
98.96 %
Total variable remuneration 511,924 56.72 % 320,641 98.96 %
Total remuneration
(TR; under § 162 AktG) 902,600 100 % 324,018 100 %
1
Benefits based on post-contractual non-compete clause.
Maximum remuneration for Management Board members
The remuneration to be granted to Management Board members for a given fiscal year is
capped in order to avoid unrestricted and excessive Management Board remuneration. This
applies regardless of whether the remuneration is paid out in the fiscal year or at a later date.
Remuneration is limited in two respects: First, the payment of the variable remuneration
components is limited to 200 % of the target amount for both the STI and the LTI. Second, the
Supervisory Board has set a maximum remuneration for Management Board members in
accordance with § 87a (1) sentence 2 no. 1 AktG. The maximum remuneration includes all
payments stipulated in the employment contract, which include the annual base salary, fringe
benefits, the STI and LTI, sign-on bonuses, and non-compete compensation. The maximum
remuneration that can be realised for a given fiscal year may not exceed EUR 9,800,000 p.a.
for each Management Board member. If the defined maximum remuneration for a given fiscal
year is exceeded, the amount paid out under the LTI is reduced accordingly. A final report on
the adherence to the maximum remuneration for the 2023 fiscal year is not possible until the
end of the LTI 2023–2026 performance period. That said, reaching the maximum remuner-
ation is already mathematically impossible under all current Management Board contracts
due to the 200 % cap on STI and LTI.
Once the LTI 2020–2023 performance period has ended, it will be possible to report on the
maximum remuneration for the 2020 fiscal year for the first time. This will include as
remuneration components the STI 2020 and the LTI 2020–2023, all fringe benefits and the
fixed remuneration for the 2020 fiscal year. There was no restriction on the maximum
remuneration in the 2020 fiscal year as defined in § 87a (1) sentence 2 no. 1 AktG, as maximum
remuneration was not introduced until the launch of the new remuneration system for the
Management Board in 2021. Even before the introduction of maximum remuneration,
however, a de facto restriction on remuneration existed due to the 200 % cap on the target
amount of the STI and LTI, which served to rule out inappropriately high remuneration from
the outset.
69 B – Combined Management Report – 8 Remuneration Report
TeamViewer SE
– Annual Report 2023
Remuneration of the
Supervisory Board
The remuneration of Supervisory Board members is governed by § 13 of the Company’s
Articles of Association and the remuneration system of the Supervisory Board. The remuner-
ation system for Supervisory Board members corresponds to the previous provisions of the
Articles of Association on Supervisory Board remuneration in § 13 of the Company’s Articles
of Association. The current remuneration system was approved by the Annual General
Meeting of the Company on 15 June 2021 with 98.71 % of the votes cast and was applied to
all Supervisory Board in the 2023 fiscal year. The remuneration system and the Articles of
Association are both publicly available.
The remuneration of the Supervisory Board consists of fixed annual remuneration only.
Remuneration should take into account the duties and responsibilities of the Supervisory
Board members. Members generally receive fixed remuneration of EUR 75,000. The Chairman
of the Supervisory Board receives fixed remuneration of EUR 187,500, and his deputy receives
fixed remuneration of EUR 165,000. In addition, the Supervisory Board members who are also
members of the Audit Committee receive additional fixed remuneration of EUR 30,000. For
their work on other Supervisory Board committees, Supervisory Board members receive
additional fixed annual remuneration of EUR 25,000 per committee, provided the relevant
committee meets at least once a year to perform its duties. The chairs of the committees
receive twice the above committee remuneration. Remuneration for committee work is taken
into account for a maximum of two committees. The two functions with the highest
remuneration are relevant in the event this limit is exceeded. The above remuneration is
payable in four equal instalments that are due and payable at the end of each quarter for
which the remuneration is paid. Supervisory Board members who hold office on the
Supervisory Board, or on a committee, or hold the office of Chair or Deputy Chair for only part
of the fiscal year receive the corresponding remuneration on a pro rata basis. In addition, the
Company reimburses the Supervisory Board members for their reasonable out-of-pocket
expenses incurred in connection with the exercise of their mandate, as well as for value-
added tax on their remuneration and out-of-pocket expenses.
Supervisory Board members are covered by the Company’s D&O insurance policy.
Partners and employees of the main shareholder who serve as members of the Company’s
Supervisory Board do not receive any additional remuneration for their services as this is
considered to be covered by the contractual remuneration they receive from the main
shareholder. They are generally required to waive any remuneration they may be entitled to
in such position.
Remuneration granted and owed to Supervisory Board members
in accordance with § 162 (1) sentence 1 AktG
Fixed annual
remuneration
Participation
in committees
Total remuneration
In EUR 2022 2023 2022 2023 2022 2023
Supervisory Board
members in office as
at 31 December 2023
Ralf W. Dieter
(Chairman since 24
May 2023) 9,375
143,044 6,875 36,855 16,250 179,899
Dr Abraham Peled
(Deputy Chairman
since 24 May 2023;
formerly the
Chairman) 187,500
173,891 55,000 51,976 242,500 225,867
Axel Salzmann
(Deputy Chairman
until 24 May 2023) 104,837
110,565 110,000 76,734 214,837 187,298
Dr Jörg Rockenhäuser
1
0 0 0 0 0 0
Hera Kitwan Siu 75,000 75,000 30,000 30,000 105,000 105,000
Swantje Conrad
(since 24 May 2023)
–
45,363 – 36,290 – 81,653
Christina Stercken
(since 24 May 2023) –
45,363 – 18,145 – 63,508
Former Supervisory
Board members
Stefan Dziarski
(until 11 December
2023)
1
0 0 0 0 0 0
1
Stefan Dziarski and Dr Jörg Rockenhäuser waived their remuneration for the 2022 and 2023 fiscal years.
70 B – Combined Management Report – 8 Remuneration Report
TeamViewer SE
– Annual Report 2023
Comparative presentation of earnings
development and annual change in
remuneration
In accordance with § 162 (1) sentence 2 no. 2 AktG, the following overview provides a
comparative presentation of the annual change in the remuneration of the current and
former members of the Management Board and Supervisory Board, the development of the
Company’s earnings, and the average remuneration of employees on a full-time equivalent
basis over the last five fiscal years.
For the members of the Management Board and Supervisory Board, the remuneration
granted and owed in the respective fiscal year is presented on an individual basis as defined
by § 162 (1) sentence 1 AktG.
The Company’s earnings performance is presented on the basis of net income/loss. In addition,
the Group’s earnings performance is measured on the basis of billings and adjusted (billings)
EBITDA.
Since TeamViewer SE has not had any employees of its own, aside from the members of the
Management Board, since 1 June 2022, the presentation of the average remuneration of
employees is based on the workforce of the TeamViewer Group in Germany (TeamViewer
Germany GmbH and Regit Eins GmbH). The average employee remuneration includes
personnel expenses for wages and salaries, fringe benefits, employer contributions to social
security, as well as the variable remuneration components attributable to the respective
fiscal year.
In line with the remuneration of the Management Board and Supervisory Board, employee
remuneration therefore generally corresponds to the remuneration granted and owed as
defined by § 162 (1) sentence 1 AktG.
71 B – Combined Management Report – 8 Remuneration Report
TeamViewer SE
– Annual Report 2023
Comparative presentation of the remuneration and earnings development of the employees, the Management Board and the Supervisory Board
in accordance with § 162 (1) sentence 2 no. 2 AktG
Fiscal year 2019 change
1
2020 change 2021 change 2022 change 2023 change
Earnings development of
TeamViewer SE in EUR
Net loss for the year
(HGB) (in EUR million) 2 – 7 +250 % 8 +14 % 14 +75 %
33 +136 %
Earnings development of
the TeamViewer Group in
EUR
Billings (non-IFRS)
(in EUR million) 324.9 – 460.3 +42 % 547.6 +19 % 634.8 +16 %
678.0
+7 %
Adjusted (billings) EBITDA
(non-IFRS)
(in EUR million) 182.1 – 261.4 +44 % 257.0 –1 % 298.7 +16 %
311.8
+4 %
Average remuneration of
employees
Total workforce
TeamViewer SE
(until 2022)
84,489 – 110,942 +31 % 113,160 +2 % – –
– –
Total workforce
TeamViewer Group in
Germany (since 2022) – – – – 92,004 – 95,479 +4 %
105,043 10 %
Management Board
remuneration
Oliver Steil
(since August 2019) 41,292,291
1
– 72,883,940
1
+76 % 22,060,654
1
–69 % 1,809,743 –92 % 2,477,244 +37 %
Michael Wilkens
(since September 2022)
– – – – – – 643,333 –
1,880,278 +192 %
Peter Turner
(since July 2022) – – – – – – 409,018 –
1,193,547 +192 %
Mei Dent
(since August 2023) – – – – – – – –
508,778 –
Former Management
Board members
Stefan Gaiser (August
2019 to August 2022) 20,844,399
1
– 36,757,382
1
+76 % 11,177,638
1
–69 % 902,600 –92 % 324,018 –64 %
72 B – Combined Management Report – 8 Remuneration Report
TeamViewer SE
– Annual Report 2023
Fiscal year 2019 % change
1
2020 % change 2021 % change 2022 % change 2023 % change
Supervisory Board
remuneration
Dr Abraham Peled
(since August 2019) 71,879 – 242,500 +237 % 242,500 0 % 242,500 0 %
225,867 –7 %
Axel Salzmann
(since August 2019) 82,804 – 185,000 +123 % 185,000 0 % 214,837 +16 %
187,298 –13 %
Dr Jörg Rockenhäuser
(since August 2019) 0 0 0 0 0 0 0 0
0 0
Ralf W. Dieter
(since October 2022) – – – – – – 16,250 –
179,899 +1,007 %
Swantje Conrad
(since May 2023) – – – – – – – –
81,653
Christina Stercken
(since May 2023) – – – – – – – –
63,508
Hera Kitwan Siu
(since November 2021)
– – – – 4,688 – 105,000 +2,140 %
105,000 0 %
Former Supervisory
Board members
Stefan Dziarski
(August 2019 to
December 2023) 0 0 0 0 0 0 0 0
0 0
1
The remuneration in the 2019, 2020 and 2021 fiscal years included third-party benefits. These consisted primarily of benefits granted within the scope of an investment agreement concluded in connection with the Company’s IPO (see securities
prospectus dated 11 September 2019). These benefits were granted exclusively by the main shareholder or its affiliated companies and not by the Company.
73 B – Combined Management Report – 9 Takeover-Relevant Information
TeamViewer SE
– Annual Report 2023
9 Takeover-Relevant Information
Composition of subscribed capital
As at 31 December 2023, the share capital of TeamViewer SE amounted to EUR 174,000,000.00
and was divided into 174,000,000 no-par value bearer shares. The change compared to the
previous year resulted from the cancellation of a total of 12,515,856 shares. All shares carry
the same rights. Each share has a notional value of EUR 1.00 in the Company’s share capital.
Each no-par value share grants one vote at the Annual General Meeting. As at 31 December
2023, the Company held 7,650,576 treasury shares.
Restrictions on voting rights and share transfers
There are no restrictions affecting voting rights or the transfer of shares as at 31 December
2023.
Material holdings of shareholders
As at 31 December 2023, Permira Holdings Limited, with its registered office in St. Peter Port,
Guernsey, held a 14.1 % share in the capital of TeamViewer SE through TLO.
The Management Board is not aware of any other direct or indirect interests in the Company’s
capital that exceed 10 % of the voting rights.
Holders of shares with special control rights and type of
voting control of employee shares
There are no shares with special rights conferring powers of control pursuant to § 315a no. 4
and § 289a no. 4 HGB. Employees do not hold shares in the Company’s capital as defined by
§ 315a no. 5 and § 289a no. 5 HGB.
Provisions on the appointment and dismissal of
Management Board members and on amendments to
the Articles of Association
The appointment and dismissal of members of the Management Board are governed by §§ 84
and 85 AktG in conjunction with § 6 of the Articles of Association of TeamViewer SE. The
Supervisory Board determines the actual number of members of the Management Board.
Pursuant to § 179 AktG, amendments to the Articles of Association require at least three-
quarters of the share capital represented at the time of the resolution by the Annual General
Meeting. However, according to § 10 of the Articles of Association of TeamViewer SE, the
Supervisory Board is authorised to adopt amendments to the Articles of Association that only
affect their wording.
Authority of the Management Board to issue and buy
back shares
With a resolution passed by the Annual General Meeting on 3 September 2019, the
Management Board was authorised to increase the Company’s share capital, subject to the
consent of the Supervisory Board, by issuing up to 100,000,000 ordinary bearer shares with
no-par value against cash and/or non-cash contributions in one or several tranches for a total
maximum of EUR 100,000,000 during the period up to 2 September 2024 (Authorised Capital
2019). The dividend entitlement of new shares may be determined by deviation from § 60 (2)
AktG. Existing shareholders must, as a general rule, be granted subscription rights. However,
subject to the consent of the Supervisory Board, the Management Board is authorised to
exclude shareholder subscription rights on one or several occasions in the following cases:
• Insofar as this is necessary to exclude fractional amounts.
• To the extent necessary to grant holders or creditors of convertible or warrant-linked
bonds issued by the Company and/or its direct or indirect majority holding companies
and convertible profit participation rights an option to subscribe to new shares to which
74 B – Combined Management Report – 9 Takeover-Relevant Information
TeamViewer SE
– Annual Report 2023
they would be entitled upon exercise of the conversion or warrant rights, or performance
of the warrant or conversion obligations.
• To the extent that the new shares are issued against cash contributions, and the issue
price of the new shares is not significantly lower than the stock exchange price of the
Company shares already listed at the time of the final determination of the issue price,
which should take place as promptly as possible after placement of the shares. This
authorisation to exclude subscription rights applies only to the extent that the notional
percentage of shares issued under exclusion of the shareholders’ subscription rights
pursuant to § 186 (3) sentence 4 AktG in the share capital does not exceed 10 %, i.e.
neither the share capital in existence at the time this authorisation takes effect nor the
share capital existing at the time this authorisation is exercised.
• To the extent that the new shares are issued against non-cash contributions, particularly
in the form of companies, parts of companies, participations in companies, receivables, or
other assets.
In addition, the Management Board was authorised by a resolution of the Annual General
Meeting, dated 3 September 2019, to issue, with the Supervisory Board’s approval, bearer or
registered convertible and/or warrant-linked bonds or a combination of these instruments
with a total nominal amount of up to EUR 1,400,000,000, with or without fixed maturity, until
2 September 2024, once or multiple times in partial amounts, and to grant the holders of
these bonds conversion or option rights to subscribe to up to 60,000,000 ordinary bearer
shares with no-par value of the Company with a notional interest in the share capital totalling
up to EUR 60,000,000 in accordance with the offering terms of these bonds. The bonds may
provide for a conversion or performance obligation in respect of the warrant by the end of the
term or at an earlier date. The issue of bonds may take place in exchange for cash or non-cash
contributions. The bonds may also be issued by companies in which the Company holds an
indirect or direct majority stake. For this event, the Management Board is authorised, with the
approval of the Supervisory Board, to assume the required guarantees for the obligations
resulting from the bonds and to grant to or impose on the holders or creditors of these bonds
conversion or warrant rights or conversion or warrant obligations on shares of the Company.
The Management Board was also authorised to exclude shareholders’ subscription rights for
issues of bonds under certain circumstances, with the Supervisory Board’s consent, including
issues in exchange for non-cash contributions, particularly for the purpose of acquiring
companies, parts of companies or participations in companies.
The Company’s share capital has been conditionally increased by up to EUR 60,000,000
through the issue of up to 60,000,000 new ordinary bearer shares with no-par value
(Conditional Capital 2019). Conditional Capital 2019 solely serves the purpose of granting
new shares to the owners or holders of bonds, which according to the authorising resolution
adopted by the Annual General Meeting on 3 September 2019, are issued until 2 September
2024 by the Company or affiliated companies in which the Company directly or indirectly
holds a majority interest, in the event that conversion and/or option rights are exercised, or
that conversion and/or option right obligations are met or that the Company exercises its
right to grant shares of the Company instead of pay the amount due in full or in part.
As at 31 December 2023, the Company had utilised Authorised Capital 2019 in the amount of
EUR 1,070,931.00 as part of a capital increase against non-cash contributions that took place
in the 2020 fiscal year. Conditional Capital 2019 has not yet been utilised. Accordingly, as at
31 December 2023, Authorised Capital 2019 amounted to EUR 98,929,069.00, and Conditional
Capital 2019 amounted to EUR 60,000,000.00.
The Management Board has also been authorised until 2 September 2024 to acquire its own
shares for any statutory permitted purposes up to a total of 10 % of the share capital as of the
date of the resolution or – if the amount is lower – as of the time the authority is exercised.
The shares acquired based on this authorisation, together with other shares of the Company
owned by the Company or attributable to it pursuant to §§ 71a et seqq. AktG, must at no time
exceed 10 % of the share capital. The purchase takes place at the Management Board’s
discretion either via the stock exchange through a public offer addressed to all shareholders,
or a public call to issue an offer (acquisition offer), or through the utilisation of derivatives
(put or call options or a combination thereof).
75 B – Combined Management Report – 9 Takeover-Relevant Information
TeamViewer SE
– Annual Report 2023
In the 2023 fiscal year, under the above authorisation and another previously valid
authorisation, TeamViewer repurchased a total of 10,981,653 own shares consisting of the
following:
• A total of 9,993,893 shares repurchased under the SBB 2023 share buyback programme,
which had a total volume of up to EUR 150 million. In the period from 15 February 2023 up
to and including 15 June 2023, 5,078,064 shares totalling EUR 74,999,574.35 were
acquired at an average price of EUR 14.7693 in the first tranche of this programme. The
total volume of this first tranche corresponded to approximately 2.72 % of the share
capital (based on the share capital figure of EUR 186,515,856.00) at the end of the
tranche. In the period from 20 June 2023 up to and including 30 November 2023,
4,915,829 shares with a total value of EUR 75,000,008.20 were acquired at an average
price of EUR 15.2568 in the second tranche of this programme. The total volume of
shares acquired in this second tranche corresponded to approximately 2.73 % of the
share capital (based on the share capital figure of EUR 180,000,000.00) at the end of the
second tranche.
• By 31 December 2023, a total of 987,760 shares with a total value of EUR 13,669,469.55
were repurchased under the new 2023/2024 share buyback programme. The
programme has a total volume of up to EUR 150 million and is scheduled to be completed
in 2024.
Based on the authorisation dated 24 May 2023, the Company cancelled 6,515,856 of the
acquired treasury shares effective 26 June 2023. This resulted in a corresponding reduction in
the share capital from EUR 186,515,856.00 to EUR 180,000,000.00. The cancellation of a further
6,000,000 acquired treasury shares, effective 20 December 2023, resulted in a corresponding
reduction in the share capital from EUR 180,000,000.00 to EUR 174,000,000.00.
Material agreements in the event of a change of control
following a takeover bid
The Senior Facilities Agreement, the promissory note agreements, as well as a bilateral loan
agreement between TeamViewer SE and its lenders, constitute material agreements
containing provisions in the event of a change of control. These provisions grant lenders the
right to terminate and accelerate repayment in the event of a change of control.
Compensation agreements with the Management Board or
employees in the event of a takeover bid
No compensation agreements exist between the Company and the Management Board or
employees in the event of a takeover bid.
76 B – Combined Management Report – 10 Corporate Governance Statement
TeamViewer SE
– Annual Report 2023
10 Corporate Governance Statement
The content of this chapter has not been audited by the auditor.
10.1 Fundamental approach
The TeamViewer Group attaches great importance to good corporate governance.
Transparent and responsible corporate management and a collaboration between the
Management Board and Supervisory Board in the spirit of trust and open capital market
communications form its key elements. TeamViewer SE is guided by the latest version of the
German Corporate Governance Code (GCGC) standards.
The Management Board and Supervisory Board of TeamViewer SE submit the following
corporate governance statement pursuant to § 315d in conjunction with § 289f HGB, which is
part of the combined management report. In the corporate governance statement, they
report jointly on TeamViewer’s corporate governance in accordance with Principle 22 of the
GCGC. This statement is also available on the TeamViewer website together with the
Remuneration Report for the last fiscal year, the auditor’s report in accordance with § 162
AktG, the applicable remuneration system in accordance with § 87a (1) and (2) sentence 1
AktG and the last remuneration resolution in accordance with § 113 (3) AktG.
27
10.2 Management Board
Composition
In accordance with the TeamViewer SE Articles of Association, the Management Board is
appointed and dismissed by the Supervisory Board. As at 31 December 2023, the TeamViewer
SE Management Board consisted of the following four members:
• Oliver Steil, member of the Management Board of TeamViewer SE and Chairman of the
Management Board (CEO), appointed until October 2028. Mr Steil has served as
27
The TeamViewer website is available at https://ir.teamviewer.com
Managing Director of TeamViewer Germany GmbH and CEO of the TeamViewer Group
since January 2018.
• Michael Wilkens, member of the Management Board of TeamViewer SE and Chief
Financial Officer (CFO), appointed until August 2025. Mr Wilkens has been a member of
the Management Board of TeamViewer SE and CFO of the TeamViewer Group since
September 2022.
• Peter Turner, member of the Management Board of TeamViewer SE and Chief
Commercial Officer (CCO), appointed until July 2025. Mr Turner has been a member of
the Management Board of TeamViewer SE and CCO of the TeamViewer Group since July
2022.
• Mei Dent has been appointed as a member of the Management Board of TeamViewer SE
and Chief Product and Technology Officer (CPTO) until August 2026. She has been a
member of the Management Board of TeamViewer SE and CPTO of the TeamViewer
Group since August 2023.
Qualifications profile and diversity concept
The Supervisory Board is of the opinion that, in addition to the professional skills and
experience of the Management Board members, diversity aspects also play an important role
in the successful development of the Company. In accordance with its diversity concept, the
Supervisory Board therefore pays particular attention to diversity in the composition of the
Management Board and strives to form a Management Board in which the members
complement each other with regard to their personal and professional backgrounds, their
experience, and their expertise. This enables the Management Board as a whole to draw on
the broadest possible spectrum of expertise, knowledge and skills.
Each Management Board member should be able to perform the tasks of a board member at
an internationally operating, listed software company and to uphold the Company’s
reputation in the public eye. Members of the Management Board should also have a deep
understanding of the Company’s business and market environment and generally possess
several years of management experience. In view of the Company’s business model, the
following areas should have at least one member of the Management Board with knowledge
in that area:
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• Strategy and strategic leadership
• Technology and Remote as a Service (RaaS) companies, including relevant markets and
customer needs
• Operations and technology, including IT and digitalisation
• Corporate Governance
• Human resource management and development
• Finance, including financing, accounting, controlling, risk management and internal
control procedures
Given the international character of the Company’s activities, at least some of the Board
members should have extensive international experience.
When appointing members to the Management Board, the Supervisory Board is guided by the
principle of equal participation of women and men and actively promotes this goal, for
example, through the targeted search for female candidates for the Management Board. The
Company’s goals with regard to the target number of women on the Management Board, as
well as the status of their implementation, can be found in the corresponding statements on
the targets for the participation of women in management positions. In order to achieve the
defined targets and to promote diversity in general, the Supervisory Board has developed a
comprehensive and detailed diversity concept that it uses as a guideline for appointments
and long-term succession planning.
As a rule, appointments to the Management Board end when a member reaches 65 years of
age. An extension for a maximum of three years is possible. A reappointment before the end
of the year preceding the end of the appointment period and the simultaneous termination
of the current appointment shall only be made in special circumstances. The Company’s aim
to achieve a heterogeneous age structure is secondary to the other criteria mentioned.
Duties
The Management Board has sole responsibility for managing the Company’s operations. In
carrying out this responsibility, the Management Board is guided by the Company’s
interests and committed to ensuring the sustained growth of its enterprise value. The
Management Board sets the Company’s strategic direction, coordinates it with the
Supervisory Board at regular intervals, and ensures its implementation.
The Management Board identifies and evaluates the Company’s risks and opportunities
associated with social and environmental factors, as well as the environmental and social
impacts of the Company’s activities. The Company’s strategy takes long-term economic goals
as well as environmental and social goals into account appropriately. Environmental and social
goals are also given suitable consideration in the corporate strategy, next to the long-term
business goals. Corresponding financial and sustainability-related goals are included in the
corporate planning. The Management Board is responsible for ensuring compliance with legal
provisions and internal guidelines and works towards their observance in the Company.
The basic principles guiding the management, the cooperation of the Management Board,
and the information of the Supervisory Board are laid down in the Rules of Procedure for
the Management Board. The Management Board shall conduct the Company’s business
with the due care and diligence of a prudent and conscientious manager in accordance with
the law, the Articles of Association and the Rules of Procedure. It shall cooperate with the
other bodies of the Company in a collegial and trustworthy manner.
The members of the Management Board are jointly responsible for the Company’s
management. The members of the Management Board lead the business area assigned to
them by the schedule of duties independently and on their own responsibility. The
members of the Management Board work collegially together and advise and brief one
another on a continuous basis. The Management Board meets regularly, generally every
other week. Management Board resolutions are required to be unanimous.
The Management Board collaborates closely with the Supervisory Board. It is the joint task
of the Management Board and Supervisory Board to ensure an adequate supply of
information to the Supervisory Board. The Management Board notifies the Supervisory
Board in a regular, timely and comprehensive manner of all issues of relevance to the
Company and the Group as part of its reporting obligations pursuant to § 90 AktG. This
includes strategy, planning, business performance, the risk situation, risk management, and
compliance. The Management Board addresses deviations in business performance from
the plans and targets set and provides clarification. Relevant documents for the decision-
making process are made available to Supervisory Board members well in advance of the
meetings. The Management Board requires the Supervisory Board’s approval for specific
transactions as set out in the Rules of Procedure.
Conflicts of interest
Members of the Management Board are committed to the interests of the Company. Their
decision-making must not be guided by their own personal interests. While working for the
Company, they are subject to a comprehensive non-compete clause and must not use
business opportunities available to the Company or one of its subsidiaries for their personal
78 B – Combined Management Report – 10 Corporate Governance Statement
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– Annual Report 2023
gain. The members of the Management Board must not demand or accept remuneration or
other benefits for themselves or other persons from third parties or grant unjustifiable
benefits to third parties in connection with their position at the Company. Each member of
the Management Board must disclose conflicts of interest immediately to the chairs of the
Supervisory Board and Management Board and inform the other members of the
Management Board accordingly. All transactions between the Company, its subsidiaries,
Management Board members, or any persons or undertakings personally related to them,
must conform to the standards applicable to transactions with non-related third parties. Any
secondary gainful activities of Management Board members, specifically Supervisory Board
mandates outside the Group, require the Supervisory Board’s approval.
Long-term succession planning
The Management Board, in cooperation with the Supervisory Board, ensures long-term
succession planning. To this end, the Supervisory Board has developed a competence profile
and diversity concept for members of the Management Board. Based on these guidelines, the
Supervisory Board and the Management Board regularly analyse the Company’s needs and
contemplate long-term succession planning. In addition to contingency planning, the
intention is also to ensure that the Company can contact suitable candidates at an early stage.
10.3 Supervisory Board
Composition
In accordance with the Articles of Association, the Supervisory Board of TeamViewer SE
consists of eight members who are elected by the Annual General Meeting (AGM). With the
exception of Hera Kitwan Siu, whose term of office runs until the end of the Annual General
Meeting in 2026, all Supervisory Board members have been appointed until the end of the
Annual General Meeting in 2027. Stefan Dziarski, who had been a member of the Supervisory
Board since 2019, resigned from his position in December 2023 for personal reasons after
consulting with the Supervisory Board.
As at 31 December 2023, the Company’s Supervisory Board consisted of the following seven
members:
• Ralf W. Dieter, Chairman of the Supervisory Board
• Dr Abraham Peled, Deputy Chairman of the Supervisory Board
• Dr Jörg Rockenhäuser, Member of the Supervisory Board
• Axel Salzmann, Member of the Supervisory Board
• Hera Kitwan Siu, Member of the Supervisory Board
• Swantje Conrad, Member of the Supervisory Board
• Christina Stercken, Member of the Supervisory Board
The Supervisory Board of TeamViewer SE has set itself concrete goals for its composition and has
developed a competence profile and diversity concept for the entire body, which are explained in
more detail below. Based on their knowledge, skills and professional experience, the members of
the Supervisory Board should be able to fulfil the tasks of a Supervisory Board member in an
internationally operating software company. Members should ensure that they have sufficient
time to perform their duties diligently and that they generally comply with the maximum number
of permissible mandates in accordance with recommendations C.4 and C.5 of the German
Corporate Governance Code (GCGC). A Supervisory Board member should not be older than 75
years of age at the time of election and, as a rule, should not have been a member of the
Supervisory Board for longer than ten years (see recommendations C.2 and C.3 GCGC).
Overview of the terms of office of Supervisory Board members
Name
Date of initial
appointment
Date of last
appointment
End of term (always at the
end of the ordinary AGM
for the respective year or
upon resignation)
Ralf W. Dieter
17 October 2022
(court-appointed)
24 May 2023
AGM 2027 (4 years)
Dr Abraham Peled
19 August 2019
24 May 2023
AGM 2027 (4 years)
Axel Salzmann
19 August 2019
24 May 2023
AGM 2027 (4 years)
Stefan Dziarski
19 August 2019
24 May 2023
11 December 2023 (effect-
tive date of resignation)
Dr Jörg Rockenhäuser
19 August 2019
24 May 2023
AGM 2027 (4 years)
Hera Kitwan Siu
26 November 2021
17 May 2022
AGM 2026 (4 years)
Swantje Conrad 24 May 2023 24 May 2023 AGM 2027 (4 years)
Christina Stercken
24 May 2023
24 May 2023
AGM 2027 (4 years)
79 B – Combined Management Report – 10 Corporate Governance Statement
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– Annual Report 2023
Targets for Supervisory Board composition
The Supervisory Board pays particular attention to diversity when composing the Board as a
whole. Members must complement each other in terms of their personal and professional
backgrounds, experience, and expertise to ensure that the Board in its entirety can draw upon
the widest possible range of experience and specialised knowledge. The composition of the
Supervisory Board must ensure at all times that its members possess the combined
knowledge, abilities and professional experience required to properly perform the duties of a
supervisory board body. According to § 100 (5) AktG, the Supervisory Board as a whole must
also be familiar with the sector in which TeamViewer SE operates. In addition, at least one
Supervisory Board member must have expertise in the field of accounting, and at least one
other Supervisory Board member must have expertise in the field of auditing. The
competence profile of the Supervisory Board should also include expertise in issues of
sustainability important to the Company. Election proposals of the Supervisory Board to the
Annual General Meeting take these composition objectives into account while striving to fulfil
the competence profile for the entire body.
The Supervisory Board elects a chair from among its members who coordinates the work of
the Supervisory Board and represents the interests of the Supervisory Board externally. The
chair of the Supervisory Board holds discussions with investors on topics specific to the
Supervisory Board within an appropriate framework. The chair of the Supervisory Board is
informed immediately by the chair of the Management Board of important events of material
importance for the assessment of the Company’s situation, development, and management.
The Supervisory Board chair then informs the Supervisory Board and, if necessary, convenes
an extraordinary meeting of the Supervisory Board. Outside of meetings, the Supervisory
Board chair maintains regular contact with the Management Board, and particularly with the
chair of the Management Board, to discuss the Company’s strategy, business development,
risk situation, risk management, and compliance.
Competence profile
The Supervisory Board, in its entirety, should cover all of the fields of competence required
for the effective performance of its duties. These include in-depth knowledge and
experience, particularly
• in the management of an internationally operating company, ideally in the areas of
software, SaaS or technology;
• in supervisory board positions at home or abroad;
• in the areas of strategy and innovation;
• in the corporate development of an internationally operating company;
• in accounting, reporting and auditing, financial reporting, controlling/risk management,
and internal control procedures;
• in corporate governance and compliance; and
• in Company-relevant sustainability issues.
Expertise in the field of accounting encompasses special knowledge and experience in the
application of accounting principles and internal control and risk management systems.
Expertise in the field of auditing encompasses special knowledge and experience in the
auditing of financial statements. Accounting and auditing also include the reporting for the
sustainability report, as well as its audit and confirmation.
In the opinion of the Supervisory Board, the competence profile is fully met by the Board’s
current composition.
In accordance with recommendation C.1 GCGC, the table that follows contains an overview of
the competence and experience of the members of the Supervisory Board.
80 B – Combined Management Report – 10 Corporate Governance Statement
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– Annual Report 2023
Qualifications matrix
Areas of competence Ralf W. Dieter Dr Abraham (Abe)
Peled
Axel Salzmann Dr Jörg Rockenhäuser Hera Kitwan Siu Swantje Conrad Christina Stercken
Member of the
Supervisory Board since
October 2022
August 2019 August 2019
August 2019
No
vember 2021
M
ay 2023 May 2023
Nationality German American German German Hong Kong
Chinese
German German
International leadership
Industry (Software/SaaS,
IT, digitalisation)
Strategy and innovation
Corporate development
Accounting and financial
reporting
Financial statement
auditing
Corporate governance/
compliance
Supervisory Board
activities
Sustainability/ESG
Fundamental knowledge/experience
Advanced knowledge/experience; at least one existing or previous management position at a large company
Numerous years of professional experience at listed companies; several management positions
81 B – Combined Management Report – 10 Corporate Governance Statement
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Independence
The Supervisory Board attaches particular importance to the independence of its members
and ensures comprehensive compliance with the relevant recommendations of the GCGC
on the independence of Supervisory Board members. The Supervisory Board shall take due
account of the ownership structure and is of the opinion that the Supervisory Board, in
accordance with recommendation C.1.6 GCGC, should include at least two shareholder
representatives who are independent of the Company, its Management Board and a
controlling shareholder, as defined by recommendation C.6 GCGC. In the assessment of the
Supervisory Board, Mr Dieter, Mr Peled, Mr Salzmann, Ms Siu, Ms Conrad and Ms Stercken
are independent members as defined by recommendations C.6 and C.9 GCGC. All members
are considered independent of the Company and of the Management Board in accordance
with recommendation C.7 GCGC. The Chairman of the Supervisory Board, Ralf W. Dieter, is
also independent in accordance with recommendation C.10 GCGC.
Diversity
The Supervisory Board shall reflect a balanced degree of diversity, particularly with regard to
the internationality of its members and their professional experience and know-how, as well
as to the proportion of women on the Supervisory Board. In order to reflect the international
character of the Company, the Supervisory Board should, in principle, have at least two
international members with global management or entrepreneurial experience. The
Company’s targets with regard to women on the Supervisory Board and the status of their
achievement are discussed in the corresponding comments (Chapter 10.4) on the targets for
the participation of women in management positions. Furthermore, the Supervisory Board
believes that a balanced level of diversity is ensured in its current composition.
The Supervisory Board is convinced that such a composition ensures independent and effi-
cient advice to and supervision of the Management Board. Therefore, the future nomination
proposals of the Supervisory Board to the Annual General Meeting shall take into account the
aforementioned objectives regarding its composition and, at the same time, strive to meet
the competence profile and diversity concept objectives.
Duties
The Supervisory Board regularly advises and monitors the Management Board in the
management of the Company. It is required to be involved in decisions of fundamental
importance to the Company. Monitoring and advice also encompass sustainability issues.
By resolution of 19 August 2019, including the latest supplement by the resolution of
1 December 2022, the Supervisory Board has adopted Rules of Procedure in accordance with
§ 11 (1) of the Company’s Articles of Association and made them available on TeamViewer’s
website. The Supervisory Board conducts its business in accordance with the statutory
provisions, the Articles of Association and the Rules of Procedure. It shall work closely for the
benefit of the Company and in a spirit of trust with the Company’s other corporate bodies,
particularly with its Management Board. The Supervisory Board has defined the transactions
requiring its approval in the Rules of Procedure for the Management Board.
According to its Rules of Procedure, the Supervisory Board must hold at least two meetings
per calendar half-year. The Supervisory Board also meets regularly without the Management
Board. Additional meetings must be convened if this is necessary in the interest of the
Company or if the convening of a meeting is requested by a member of the Supervisory Board
or Management Board, stating the purpose and reason. Further information on the meetings
of the Supervisory Board during the fiscal year can be found in the Report of the Supervisory
Board.
Conflicts of interest
The members of the Supervisory Board are obliged to act exclusively in the interests of the
Company. In making their decisions, they may neither pursue personal interests nor take
advantage of business opportunities to which the Company or one of its subsidiaries is
entitled to themselves or third parties. Each member of the Supervisory Board is obliged to
disclose any conflicts of interest to the Supervisory Board and provide information on any
conflicts of interest that have arisen and how they have been dealt with in its report to the
Annual General Meeting. Material and not merely temporary conflicts of interest involving a
Supervisory Board member shall result in the termination of that member’s mandate.
Members of the Supervisory Board shall not exercise any executive or advisory functions for
significant competitors of the Company. Advisory agreements and other contracts with the
Company for services or work to be concluded by a Supervisory Board member require the
Supervisory Board’s approval.
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– Annual Report 2023
Committees
In order to perform its duties efficiently, the Supervisory Board has formed an Audit
Committee and a Nomination and Remuneration Committee from among its members. These
committees each consist of at least three members. The Supervisory Board is to receive
regular reports on the work and the results of the discussions in the committees.
Audit Committee
The Audit Committee is specifically responsible for preparing the decision of the Supervisory
Board on the adoption of the annual financial statements and the approval of the
consolidated financial statements; monitoring the accounting and the accounting processes;
overseeing the effectiveness of the internal control system, the risk management system and
the internal audit system; and dealing with audit and compliance issues. Accounting
comprises mainly the consolidated financial statements and the group management report
(including non-financial reporting), interim financial information and separate financial
statements in accordance with the German Commercial Code (HGB). The Audit Committee is
also responsible for all issues related to sustainability.
The Audit Committee prepares the decision of the Supervisory Board to recommend a
particular auditor and monitors the auditor’s independence. In accordance with
recommendation D.8 GCGC, the Audit Committee agrees with the auditor that the auditor
shall inform the committee without delay of all findings and events of importance to the
auditor’s duties that come to the auditor’s attention during the performance of the audit.
Furthermore, in accordance with recommendation D.9 GCGC, the Audit Committee agrees
with the auditor that the auditor will inform the committee and make a note in the audit
report if, during the performance of the audit of the financial statements, the auditor
discovers facts that show a misstatement in the declaration of conformity with the GCGC
issued by the Management Board and the Supervisory Board. The Audit Committee discusses
the assessment of the audit risk, the audit strategy and planning, as well as the audit results,
with the auditor of the financial statements. The chair of the Audit Committee periodically
discusses the progress of the audit with the auditor and reports to the committee. The Audit
Committee also regularly consults with the auditor without the Management Board.
The Audit Committee also deals with the additional services provided by the auditor, the
determination of the audit’s focus, the fee agreement, and awards the audit mandate. The
Audit Committee regularly assesses the quality of the audit and discusses the half-year and
quarterly reports with the Management Board prior to their publication. The Chair of the
Audit Committee, Swantje Conrad, is independent as per the definition in recommendations
C.10 and D.4 GCGC and has special knowledge and experience in the application of
accounting principles and internal control and risk management systems, as well as in the
auditing of the financial statements. The accounting and auditing of the financial statements
also include non-financial reporting and the audit of this reporting. Members of the Audit
Committee Axel Salzmann, Hera Kitwan Siu and Christina Stercken also possess special
knowledge in the field of accounting and auditing.
The Audit Committee as at 31 December 2023 consisted of the following members: Swantje
Conrad (Chair), Axel Salzmann, Hera Kitwan Siu and Christina Stercken. For information on the
meetings of the Audit Committee during the fiscal year, please refer to the statements in the
Report of the Supervisory Board.
Nomination and Remuneration Committee
The Nomination and Remuneration Committee prepares the Supervisory Board’s proposals
for the Annual General Meeting concerning the election of Supervisory Board members,
reviews all aspects of remuneration and employment conditions for the Management Board
and makes recommendations to the Supervisory Board regarding the conclusion, amend-
ments and termination of employment contracts. If necessary, the Nomination and Remuner-
ation Committee is permitted to commission an independent review of the remuneration
principles as well as the remuneration packages paid to the Management Board members. It
shall present an assessment of the performance of the Management Board and make a
recommendation to the Supervisory Board on the terms of employment and remuneration of
the Management Board.
As at 31 December 2023, the Nomination and Remuneration Committee consisted of the
following members: Dr Abraham (Abe) Peled (Chair), Ralf W. Dieter, Axel Salzmann and Dr Jörg
Rockenhäuser. The Chair of the Nomination and Remuneration Committee, Dr Abraham (Abe)
Peled, is independent as defined by recommendation C.10 GCGC. For information on the
meetings of the Nomination and Remuneration Committee during the fiscal year, please refer
to the statements in the Report of the Supervisory Board.
83 B – Combined Management Report – 10 Corporate Governance Statement
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Self-assessment
In accordance with recommendation D.12 GCGC, the Supervisory Board regularly assesses, at
least once every two years, how effective the Supervisory Board as a whole and its com-
mittees fulfil their tasks. In addition to qualitative criteria, which are to be defined by the
Supervisory Board, this self-assessment focuses on the procedures of the Supervisory Board
and its committees, the flow of information between the committees and the plenum, and
the timely and sufficient provision of information to the Supervisory Board and its com-
mittees. Recently, the Supervisory Board conducted a comprehensive self-assessment at its
meeting on 1 December 2022. First, a detailed questionnaire was evaluated, and based on this
evaluation, the members of the Supervisory Board carried out a detailed discussion and
evaluation of all topics deemed to be relevant.
Other supervisory board mandates held by Supervisory Board members
The following table lists the additional mandates held by members of the TeamViewer SE
Supervisory Board on supervisory boards and comparable control bodies as at 31 December 2023.
Member of the
Supervisory Board
Mandate pursuant to § 125 (1) sentence 5 AktG
Ralf W. Dieter
Entrepreneur
Member of the Supervisory Board of Körber AG
(non-listed company)
Member of the Supervisory Board of Schuler Group GmbH
(non-listed company)
Chair of the Advisory Board of ADAMOS GmbH until May 2023
(non-listed company)
Chair of the Advisory Board of Dantherm Group A/S
(non-listed company)
Member of the Advisory Board of Leadec Holding BV
(non-listed company)
Dr Abraham Peled
Partner Peled Ventures
Industrial Advisor
Chair of the Management Board of CyberArmor Ltd.
(non-listed company)
Dr Jörg Rockenhäuser
Partner and Chairman at
Permira
Member of the Advisory Board of Best Secret GmbH
(formerly Schustermann & Borenstein GmbH)
(non-listed company)
Chair of the Advisory Board of Neuraxpharm Arzneimittel GmbH
(non-listed company)
Member of the Advisory Board of Engel & Völkers Holding GmbH
(non-listed company)
Axel Salzmann
CFO BestSecret Group
None
Hera Kitwan Siu
Consultant
Member of the Administrative Board of Goodyear Tire & Rubber
Company (listed company)
Member of the Administrative Board of Vallourec S.A.
(listed company)
Member of the Administrative Board of ASMPT Limited
(listed company)
Swantje Conrad
Independent Consultant
and Supervisory Board
Member
Member of the Supervisory Board of RENK GmbH
(non-listed company)
Member of the Supervisory Board of RENK Group AG
(non-listed company)
Member of the Administrative Board of CT Private Equity Trust Plc
(listed company)
Christina Stercken
Independent Consultant
and Supervisory Board
Member
Member of the Board of Directors of Landis&Gyr Group AG
(listed company)
Member of the Board of Directors of Ansell Ltd.
(listed company)
84 B – Combined Management Report – 10 Corporate Governance Statement
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– Annual Report 2023
10.4 Targets for the participation
of women in executive
positions
TeamViewer’s Supervisory Board and Management Board are very conscious of the special
importance of diversity in filling supervisory and executive positions and particularly of
ensuring the appropriate participation of women in these positions. Accordingly, the
Supervisory Board and Management Board pay particular attention to diversity when filling
executive roles at the Company and aim to increase the participation of women on the
Supervisory Board and Management Board, as well as in the management levels below the
Management Board
28
in the medium term. The table below provides an overview of the targets
set for the participation of women in the respective management levels and the status of
implementation.
As of 31 December 2023
Target
To be reached by
Supervisory
Board
42.86 %
(or 3 of 7 members)
37.50 %
(or 3 of 8 members)
31 December 2027
Management
Board
25.00 %
(or 1 of 4 members)
25.00 %
(or 1 of 4 members)
31 December 2027
Senior Leadership
Team (SLT)
28.57 %
(or 2 of 7 members)
33.33 %
(or 2 of 6 members)
31 December 2027
All other executive
positions in the
Group worldwide
33.65 %
(or 71 of 211 members)
35.07 %
(or 74 of 211 members)
31 December 2027
The target quotas for women’s participation of 25 % for the Management Board, 33 % for the
Supervisory Board and 33 % for management positions in the Group worldwide to be met by
31 December 2023 were all met or exceeded.
28
As the Group parent company, TeamViewer SE has no employees of its own and therefore no management levels below
the Management Board within the meaning of § 76 (4) sentence 1 of the German Stock Corporation Act (AktG). TeamViewer
has set the following targets for women in management positions below the Management Board on a voluntary basis and
10.5 Declaration by the
Management Board and the
Supervisory Board of
TeamViewer SE regarding the
recommendations of the
Government Commission
German Corporate
Governance Code pursuant to
§ 161 German Stock
Corporation Act (AktG)
The Management Board and the Supervisory Board of TeamViewer SE declare that, since its
last declaration dated December 2022, TeamViewer SE has complied with all recommen-
dations of the German Corporate Governance Code in its version of 28 April 2022, published
by the Federal Ministry of Justice and Consumer Protection on 27 June 2022 in the official
section of the Federal Gazette (Bundesanzeiger) (the “Code”), and intends to comply with all
recommendations of the Code in the future.
Göppingen, December 2023
The Management Board
Oliver Steil Michael Wilkens Mei Dent Peter Turner
On behalf of the Supervisory Board
Ralf W. Dieter
includes all employees in the Group worldwide in its assessment. Until 2023, the two levels below the Management Board
were considered uniformly.
85 B – Combined Management Report – 10 Corporate Governance Statement
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– Annual Report 2023
10.6 Financial reporting and audit
of financial statements
TeamViewer SE prepares its consolidated financial statements in accordance with the
International Financial Reporting Standards (IFRS) adopted by the International Accounting
Standards Board (IASB) and the interpretations of the IFRS Interpretation Committee (IFRS IC)
as applicable in the EU, and additionally the applicable commercial and stock corporation
regulations pursuant to § 315e (1) of the German Commercial Code (HGB). The annual financial
statements of TeamViewer SE are prepared in accordance with the principles of the HGB. The
annual financial statements of TeamViewer SE, the consolidated financial statements and the
group management report, which are combined with the Company’s management report, are
drawn up by the Management Board and audited by the independent auditors and the
Supervisory Board. The independent auditors take part in the deliberations of the Audit
Committee and the Supervisory Board about the annual financial statements and consoli-
dated financial statements, report on the audit process and its results and are at hand to
answer questions and provide additional information. The independent auditor for the
2023 fiscal year is PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft (PwC),
Stuttgart, Germany.
10.7 Compliance
Compliance means that all business processes are in line with all relevant laws and internal
company regulations.
Compliance culture
Compliance is an essential pillar of TeamViewer’s corporate culture. Clearly defined compliance
requirements are further deepened by an internal training programme. The aim is to raise the
awareness of compliance-relevant issues in the entire organisation so that all actions are based
on legal requirements, norms, international standards, and internal guidelines.
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Compliance management system
The TeamViewer Group has a compliance management whose central component is a
compliance management system (CMS) aligned to the Group’s risk situation. The CMS covers
all necessary measures and processes to ensure conformity with the law and internal
regulations. It is largely based on the internal Code of Conduct of the TeamViewer Group.
Compliance organisation
The Group-wide compliance organisation is responsible for reviewing, complying with and, if
necessary, improving compliance processes, in addition to assessing and mitigating
compliance risks. The Compliance Board, headed by the Compliance Office, is the central body
of the compliance organisation and reports to the Management Board and the Audit
Committee of the Supervisory Board.
Code of Conduct
The Code of Conduct establishes a binding framework for ethical behaviour in the business
environment. It describes the goal communicated by the Management Board to practice
integrity and transparency and comply with applicable laws and regulations as the basis for
all decision-making.
Essentially, the Code of Conduct contains regulations on internal dealings with each other,
dealings with business partners, combating corruption and behaving responsibly with regard
to security, confidentiality, and the environment.
In addition, the Code of Conduct serves as a framework for other important internal
guidelines and procedures, including in the areas of data protection and IT security.
TeamViewer is very proud of the diversity of its workforce. The Company employs people of
different ages and genders who differ in their nationality, family status, social and ethnic
background, sexual orientation, physical and other personal characteristics. Freedom of
expression is just as important as the acceptance of all political and religious beliefs.
Nevertheless, TeamViewer does not tolerate extremist thinking, offensive behaviour, or
propaganda in any way. In this context, TeamViewer does not support or favour any political
organisations.
Working together with the Compliance Board, the Compliance Office checks that the
regulations of the Code of Conduct are up-to-date and applicable. It also serves as the central
point of contact for all compliance-related issues.
The Code of Conduct is published on the TeamViewer website.
Further compliance documents and guidelines
TeamViewer also expects its business partners to act in accordance with laws and ethical
standards to ensure compliance throughout the value chain.
Following the Code of Conduct, TeamViewer has therefore established the Business Partner
& Supplier Code of Conduct, which is a code for its suppliers and business partners.
Secondary policies supplement the internal compliance framework and include the following:
• Anti-Bribery & Corruption Policy
•
Anti-Money Laundering Policy
• Antitrust and Fair Competition Policy
•
Data Protection – Privacy Handbook
•
Diversity & Inclusion Policy
•
Group Security Dealings Code
•
Health & Safety Policy
• IT Security policies
•
Trade Controls and Sanctions Policy
•
Travel Policy
All policies and guidelines are reviewed regularly and adjusted when necessary. Training
events for all employees, instructions by email and Group-wide meetings ensure that the
guidelines are up-to-date and adhered to. Job-specific policies and procedural guidelines
supplement the set of rules.
TeamViewer also supports international standards designed to protect human rights.
Together with the Code of Conduct, all of the recent global and applicable regulations have
been recognised. Further details on TeamViewer’s commitment can be found in the non-
Financial Report.
87 B – Combined Management Report – 10 Corporate Governance Statement
TeamViewer SE
– Annual Report 2023
Compliance reporting channels
All employees have various channels at their disposal to report compliance violations or
anomalies. The first contact partner is the line manager. Employees also have the option of
notifying the Compliance Office via a separate, dedicated email account or contacting one of
the two people at the Trust Council. A whistleblower and complaints system (SpeakUp) is also
available, giving employees and external whistleblowers worldwide the opportunity to report
rule violations anonymously. The Company is also in constant exchange with external
stakeholders to promote comprehensive compliance through an open dialogue.
All reports are investigated and promptly evaluated. Suitable measures and sanctions are
determined when necessary.
Risk management and internal control system
Through the integrated governance, risk and compliance approach, the Management Board
has devised and implemented a framework for the management of TeamViewer to provide
an appropriate and effective internal control and risk management system. The measures
implemented within this framework are also geared to the effectiveness and appropri-
ateness of the internal control and risk management system and are outlined in more detail
in the opportunity and risk report. Within the framework and statutory requirements, the
approach is accompanied by independent oversight and audits, especially the audits
conducted by the internal audit function and its reports to the Management Board and the
Audit Committee of the Supervisory Board.
From its examination of the internal control and risk management system and the reports of
the internal audit function, the Management Board is not aware of any circumstances that
undermine the appropriateness and efficacy of these systems.
10.8 Managers’ transactions
TeamViewer SE provides information about transactions carried out by members of the
Management Board and Supervisory Board, as well as by the natural persons and legal
entities closely related to them, in accordance with § 19 of the EU Market Abuse Regulation
(MAR). These transactions can be viewed within the legally prescribed time periods on the
Company website.
In the 2023 fiscal year, TeamViewer SE was notified of five transactions pursuant to § 19 MAR.
These transactions are listed on TeamViewer’s IR website.
88 B – Combined Management Report – 11 Non-Financial Reporting
TeamViewer SE
– Annual Report 2023
11 Non-Financial Reporting
TeamViewer prepares a separate non-financial Group report in accordance with §§ 315b to
315c HGB, which is published on the website at https://ir.teamviewer.com/financialresults no
later than four months after the reporting date of the consolidated financial statements.
With the separate non-financial Group report, TeamViewer provides information on the
aspects of environmental concerns, employee concerns, social concerns, combating
corruption and bribery, and respecting human rights, as well as on the focal points to be
reported within the framework of the EU Taxonomy Regulation for the 2023 fiscal year. The
separate non-financial Group report is part of the Annual Report 2023 of TeamViewer and is
presented in Chapter D. If any further relevant non-financial aspects can be derived from the
Company’s economic performance, they are listed in accordance with § 289c (2) HGB.
As a framework in accordance with § 289d in conjunction with § 315c (3) HGB and CSR-RUG,
reporting is carried out in line with the standards of the Global Reporting Initiative (GRI). The
GRI reporting principles for determining report content and report quality were taken into
account. Where useful for comparability and comprehensibility, some chapters also contain
data from the previous year in order to show changes over time. An overview of the GRI
references can be found in the chapter of the report entitled “Further information”.
The aim of the separate non-financial Group report is to meet the relevant needs and
requirements of internal and external stakeholders – shareholders, customers, partners,
employees, suppliers, investors, rating agencies, vulnerable groups, local communities,
non-governmental organisations, further civil society organisations, and others – for
communicating material and relevant non-financial aspects with integrity.
The topic of security and data protection, which is essential for TeamViewer, with the sub-
aspects of IT and product security, can be found as a separate chapter in the management
report.
Non-financial performance indicators in accordance with § 289 (3) HGB on employee and
environmental aspects are listed in the management report and elaborated on in the non-
Financial Report.
The separate non-financial Group report is to be reviewed and approved by the Supervisory
Board of TeamViewer SE in accordance with § 171 (1) of the German Stock Corporation Act
(AktG).
89 B – Combined Management Report – 12 Management Report of TeamViewer SE
TeamViewer SE
– Annual Report 2023
12 Management Report of TeamViewer SE
As a supplement to the reporting on the TeamViewer Group, the development of TeamViewer
SE in the 2023 fiscal year is described below.
TeamViewer SE is the parent company of the TeamViewer Group and based in Göppingen,
Germany. The Company is registered with the District Court of Ulm under registration
number HRB 745906.
The annual financial statements of TeamViewer SE are prepared in accordance with the
provisions of the German Commercial Code (HGB). The consolidated financial statements of
TeamViewer are prepared in accordance with the IFRSs applicable on the reporting date and
the interpretations of the IFRS Interpretations Committee (IFRS IC), the application of which
is mandatory in the EU. This results in differences in accounting and valuation methods.
1. Earnings position
The 2023 fiscal year of TeamViewer SE is the calendar year. For the 2023 fiscal year, the
income statement of TeamViewer SE is as follows:
Profit and loss statement
In EUR million Fiscal year from
1 Jan to 31 Dec 2023
Fiscal year from
1 Jan to 31 Dec 2022
Revenue 4.9 12.4
Personnel expenses (7.6) (9.3)
Other operating expenses (20.4) (12.4)
Interest and similar expenses (10.2) (5.0)
Net loss for the year (33.3) (14.3)
TeamViewer SE generates revenue primarily from the provision of management services to
affiliated companies. Revenue in 2022 additionally included compensation payments from
the transfer of employees to TeamViewer Germany GmbH. Total revenue in the 2023 fiscal
year amounted to EUR 4.9 million (2022: EUR 12.4 million). Revenue declined year-on-year due
to less oncharging of personnel expenses in 2023 following the transfer of the majority of
TeamViewer SE’s employees to a subsidiary in 2022.
The Company’s personnel expenses amounted to EUR 7.6 million in the 2023 fiscal year (2022:
EUR 9.3 million). The decline can be mainly attributed to the aforementioned transfer of the
majority of the workforce to a subsidiary in the first half of 2022. During the fiscal year,
TeamViewer SE employed an average of 4 (2022: 25) employees, including the Management
Board members.
Other operating expenses of EUR 20.4 million (2022: EUR 12.4 million) included mainly the costs
associated with the issue of shares to Group employees who are not employees of the Company
in the amount of EUR 15.1 million (2022: EUR 4.1 million). Other operating expenses also consisted
of legal and consulting fees of EUR 1.5 million (2022: EUR 3.4 million), annual financial statement
preparation costs and audit fees of EUR 0.8 million (2022: EUR 0.8 million), and expenses for the
remuneration of the Supervisory Board of EUR 0.8 million (2022: EUR 0.7 million).
Interest expenses amounted to EUR 10.2 million in the 2023 fiscal year (2022: EUR 5.0 million).
The increase was due to the rise in liabilities to affiliated companies of EUR 178.5 million to
EUR 499.2 million and the higher level of interest rates. TeamViewer SE’s net loss for the year
amounted to EUR 33.2 million (2022: EUR 14.3 million).
The lower income resulting from passing on charges to affiliated companies, the higher costs
from the TeamViewer Group’s employee share programme, and the higher interest rates were
already anticipated at the time of preparing the 2022 annual financial statements. Conse-
quently, the higher net loss for the year is in line with the guidance expectation.
90 B – Combined Management Report – 12 Management Report of TeamViewer SE
TeamViewer SE
– Annual Report 2023
The annual result of TeamViewer SE is dependent on the profit distributions of Regit Eins
GmbH. There were no distributions in the 2023 and 2022 fiscal years, and no distribution is
planned for the 2024 fiscal year.
2. Net assets and financial position
The net assets and financial position of TeamViewer SE as at 31 December 2023 and the
previous year’s reporting date were as follows:
Assets and financial position
In EUR million 31 Dec 2023 31 Dec 2022
Financial assets 4,048.7 4,048.7
Non-current assets 4,048.7 4,048.7
Receivables and other assets 0.0 0.0
Bank balances 0.8 0.3
Current assets 0.8 0.3
Prepaid expenses 0.1 0.0
Total assets 4,049.6 4,049.0
Equity 3,523.1 3,716.4
Provisions 23.3 9.0
Liabilities (trade payables to affiliated companies
and other liabilities)
503.2 323.6
Total equity and liabilities 4,049.6 4,049.0
The total assets of TeamViewer SE amounted to EUR 4,049.6 million as at 31 December 2023
(31 December 2022: EUR 4,049.0 million).
Financial assets accounted for an unchanged EUR 4,048.7 million as at 31 December 2023
(31 December 2022: EUR 4,048.7 million). These are attributable to the shares in Regit Eins
GmbH, which in turn holds 100 % of the shares in TeamViewer Germany GmbH.
In the 2023 fiscal year, capital was reduced by EUR 12.5 million, and the capital reserve was
reduced by EUR 144.9 million. Treasury shares amounting to EUR 102.9 million are offset
against the capital reserve. Taking into account these effects and the net loss for the year of
EUR 33.2 million (31 December 2022: EUR 14.3 million), TeamViewer SE’s equity decreased to
EUR 3,523.1 million as at 31 December 2023 (31 December 2022: EUR 3,716.4 million).
The provisions of EUR 23.3 million as at 31 December 2023 (31 December 2022: EUR 9.0
million) consisted primarily of personnel-related provisions for the year 2023. The increase
stemmed mainly from the share programme for the employees of the TeamViewer Group.
The Company’s liabilities totalled EUR 503.2 million (31 December 2022: EUR 323.6 million), of
which EUR 482.0 million (31 December 2022: EUR 316.0 million) resulted from loans to
affiliated companies. Liabilities to affiliated companies increased year-on-year due to the
receipt of new loans from an affiliated company granted for the purpose of financing the
share buyback programme. Other liabilities also include payment obligations from the share
buyback programme in the amount of EUR 1.3 million (31 December 2022: EUR 0.0 million).
91 B – Combined Management Report – 12 Management Report of TeamViewer SE
TeamViewer SE
– Annual Report 2023
3. Risks and opportunities
Due to its function as a holding company, the business development of TeamViewer SE is
generally subject to the same opportunities and risks as the TeamViewer Group.
TeamViewer SE participates fully in the opportunities and risks of the direct and indirect
subsidiaries. The opportunities and risks and risk management system of the Group are
presented in the Opportunities and Risks Report. Adverse effects on TeamViewer SE’s
direct and indirect subsidiaries may lead to an impairment of the participation in Regit Eins
GmbH in TeamViewer SE’s annual financial statements and reduce the Company’s net
result for the year.
4. Outlook
For the 2024 fiscal year, TeamViewer SE expects an increase in costs from the share
programme for employees of the TeamViewer Group and a higher interest expense related
to affiliated companies. Due to the expansion of the Management Board in the course of 2023,
a slight increase in management services and a corresponding slight increase in sales revenue
is expected at the TeamViewer SE level, but not enough to offset cost increases. As a result, a
sharply higher net loss is expected for 2024 compared to the previous year. For a detailed
presentation of the expected future development of the TeamViewer Group, please refer to
the Group’s outlook in the chapter entitled “Outlook”.
Göppingen, 8 March 2024
Oliver Steil Michael Wilkens Mei Dent Peter Turner
93 C – Consolidated Financial Statements – 1 Consolidated Statement of Profit and Loss and Other Comprehensive Income from 1 January to 31 December
TeamViewer SE
– Annual Report 2023
1 Consolidated Statement of Profit and
Loss and Other Comprehensive Income
from 1 January to 31 December
In EUR thousands 2023 2022 Note
Revenue 626,689 565,874
Cost of sales (81,743) (81,298)
Gross profit 544,946 484,577
Research and development (80,138) (69,538)
Marketing (138,699) (128,408)
Sales (106,691) (99,051)
General and administrative
29
(49,381) (53,475)
Bad debt expenses (8,506) (12,400) (12)
Other income 8,537 23,319 (21c)
Other expenses (3,506) (1,299)
Operating profit 166,562 143,725
Finance income 1,381 4,267 (7)
Finance costs (16,864) (25,782) (7)
Foreign currency result (3,624) (5,522) (7)
Profit before tax 147,455 116,689
In EUR thousands 2023 2022 Note
Income taxes (33,440) (49,088) (8)
Net income 114,015 67,600
Earnings per share, basic (in EUR) 0.66 0.37 (26)
Earnings per share, diluted (in EUR) 0.66 0.37 (26)
Other comprehensive income
Other comprehensive income for the
period, reclassified to profit or loss in
subsequent periods
1,161 51
Hedge reserve 2,549 (1,632) (15)
Exchange differences on the
translation of foreign operations
(1,389) 1,683 (15)
Total comprehensive income 115,175 67,651
29
In 2023, costs for human resource management in the amount of EUR 7,955 thousand were allocated to the individual
functional areas (of which cost of sales: EUR -517 thousand; research and development: EUR –2,839 thousand; marketing:
EUR -727 thousand; and sales: EUR –3.872 thousand). In the previous year, human resource management costs were
mainly reported under general and administrative.
94 C – Consolidated Financial Statements – 2 Consolidated Statement of Financial Position as at 31 December
TeamViewer SE
– Annual Report 2023
2 Consolidated Statement of Financial
Position
as at 31 December
Assets
In EUR thousands
2023
2022
Note
Non-current assets
Goodwill 667,662 667,929 (9)
Intangible assets 175,736 212,864 (9)
Property, plant and equipment 43,261 50,265 (10)
Financial assets 27,280 18,537 (11), (21)
Other assets 19,530 11,922 (13)
Deferred tax assets 18,596 2,126 (8)
Total non-current assets 952,065 963,644
Current assets
Trade receivables 21,966 18,295 (12)
Other assets 52,366 19,392 (13)
Tax assets 2,892 3,335 (8)
Financial assets 9,423 7,038 (11), (21)
Cash and cash equivalents 72,822 160,997 (14)
Total current assets 159,468 209,057
Total assets 1,111,533 1,172,702
Liabilities
In EUR thousands
2023
2022
Note
Equity
Issued capital 174,000 186,516 (15)
Capital reserve 105,234 236,849 (15)
Accumulated losses (95,188) (209,203) (15)
Hedge reserve 929 (1,620) (15)
Foreign currency translation reserve 1,614 3,003 (15)
Treasury shares (102,929) (100,263) (15)
Total equity attributable to the shareholders of TeamViewer SE 83,660 115,282
Non-current liabilities
Provisions 389 530 (20)
Financial liabilities 432,149 519,346 (16)
Deferred revenue 41,367 24,151 (17)
Deferred and other liabilities 2,486 2,081 (19)
Other financial liabilities 13 3,119 (16)
Deferred tax liabilities 39,693 33,852 (8)
Total non-current liabilities 516,098 583,079
Current liabilities
Provisions
9,503
9,013
(20)
Financial liabilities
97,274
113,295
(16)
Trade payables
8,016
8,875
(18)
Deferred revenue
314,797
288,138
(17)
Deferred and other liabilities
73,067
42,385
(19)
Other financial liabilities
8,125
11,537
(16)
Tax liabilities
993
1,098
(8)
Total current liabilities
511,775
474,341
Total liabilities
1,027,873
1,057,420
Total equity and liabilities
1,111,533
1,172,702
95 C – Consolidated Financial Statements – 3 Consolidated Statement of Cash Flows from 1 January to 31 December
TeamViewer SE
– Annual Report 2023
3 Consolidated Statement of Cash Flows
from 1 January to 31 December
In EUR thousands 2023 2022 Note
Profit before tax 147,455 116,689
Depreciation, amortisation and impairment of
non-current assets
55,358 53,741 (9), (10)
Increase/(decrease) in provisions 349 7,285 (20)
Non-operational foreign exchange
(gains)/losses
758 5,887 (7)
Expenses for equity-settled share-based
compensation
21,842 27,632 (6)
Net financial costs 15,483 21,514 (7)
Change in deferred revenue 43,875 61,714 (17)
Changes in other net working capital and other (9,630) (43,705)
Income taxes paid (45,624) (46,413) (8)
Cash flows from operating activities 229,865 204,343
Payments for tangible and intangible assets (5,607) (8,845) (9), (10)
Payments for financial assets (15,881) –
Payments for acquisitions (8,073) (1,977)
Cash flows from investing activities (29,561) (10,821)
In EUR thousands 2023 2022 Note
Repayments of borrowings (100,000) (470,376) (16)
Proceeds from borrowings – 184,323 (16)
Payments of the capital element of lease
liabilities
(11,079) (9,461) (16)
Interest paid on borrowings and lease liabilities (14,409) (14,200) (7), (16)
Purchase of treasury shares (161,902) (300,088) (15)
Cash flows from financing activities (287,390) (609,802)
Net change in cash and cash equivalents (87,087) (416,280)
Net foreign exchange rate difference (1,088) 25,551
Net change from risk provisioning – 1,193
Cash and cash equivalents at beginning
of period
160,997 550,533 (14)
Cash and cash equivalents at end of period 72,822 160,997 (14)
96 C – Consolidated Financial Statements – 4 Consolidated Statement of Changes in Equity
TeamViewer SE
– Annual Report 2023
4 Consolidated Statement of Changes in
Equity
In EUR thousands Issued capital Capital reserve Accumulated losses Hedge reserve Foreign currency
translation reserve
Treasury shares Total equity Note
Status as at 1 January 2023 186,516 236,849 (209,203) (1,620) 3,003 (100,263) 115,282
Profit/(loss) for the period – – 114,015 – – – 114,015
Other comprehensive income – – – 2,549 (1,389) – 1,161
Share-based compensation – 21,842 – – – – 21,842 (6)
Reissuance of treasury shares under
share-based payments – (3,187) – – – 3,187
–
Purchase of treasury shares – (6,737) – – – (161,902) (168,639) (15)
Cancellation of treasury shares (12,516) (143,533) – – – 156,049 – (15)
Balance as at 31 December 2023 174,000 105,234 (95,188) 929 1,614 (102,929) 83,660
In EUR thousands Issued capital Capital reserve Accumulated losses Hedge reserve Foreign currency
translation reserve
Treasury shares Total equity Note
Status as at 1 January 2022 201,071 394,487 (276,803) 12 1,320 – 320,087
Profit/(loss) for the period – – 67,600 – – 67,600
Other comprehensive income – – – (1,632) 1,683 51
Share-based compensation – 27,632 – – – 27,632 (6)
Purchase of treasury shares – – – – (300,088) (300,088) (15)
Cancellation of treasury shares (14,555) (185,270) – – – 199,825 – (15)
Balance as at 31 December 2022 186,516 236,849 (209,203) (1,620) 3,003 (100,263) 115,282
97 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
5 Notes to the Consolidated Financial
Statements
1. Company information
TeamViewer SE (former TeamViewer AG) is a listed stock corporation headquartered in
Göppingen, Germany. The Company is registered at the District Court of Ulm under the
commercial register number HRB 745906. TeamViewer SE, Göppingen, is the parent
company of the TeamViewer Group (“TeamViewer” or the “Group”). At its meeting on 11
March 2022, the Supervisory Board of TeamViewer SE approved the proposal of the Mana-
gement Board to prepare the conversion of the Company from an AG (“Aktiengesellschaft”)
into a European stock corporation (Sociateas Europaea, or SE) under the name TeamViewer
SE. The shareholders also accepted the conversion at the Annual General Meeting of 17 May
2022. The conversion took place on March 15, 2023.
TeamViewer SE’s principal shareholder, with a shareholding of 14.08 % as at 31 December 2023
(31 December 2022: 20.10 %), is TigerLuxOne S.à.r.l. (TLO), a company registered in Luxembourg.
TeamViewer SE’s registered office is Göppingen, Germany. The registered office is located at
Bahnhofsplatz 2, 73033 Göppingen, Germany. The Group’s fiscal year is the calendar year.
In the following, “Company” refers to TeamViewer SE.
TeamViewer is a global technology company headquartered in Germany. TeamViewer's soft-
ware solutions (TeamViewer Remote and TeamViewer Tensor) provide remote access and
support for information technology (IT) devices such as computers, mobile phones and tab-
lets, as well as for non-standardised operation technology (OT) devices such as industrial
equipment, robots, medical and other devices. TeamViewer also offers solutions based on
augmented reality (AR) and mixed reality (MR) to increase the productivity of manual pro-
cesses in logistics, manufacturing and aftersales (TeamViewer Frontline). Through its prod-
ucts, TeamViewer aims to increase user efficiency and productivity. In addition to a large
number of private users who are offered the free version of the software (Free User Commu-
nity), TeamViewer's global customer base consists of small and medium-sized companies
(SMB) to large corporations (Enterprise) from a wide range of industries.
2. Basis of preparation
(a) Statement of compliance
These consolidated financial statements have been prepared in accordance with the Interna-
tional Financial Reporting Standards (IFRS) issued by the International Accounting Standards
Board (IASB) applicable as at the reporting date and as adopted by the European Union (EU)
pursuant to EU Regulation No. 1606/2002 of the European Parliament and of the Council on
the application of international accounting standards, as well as the additional requirements
of German stock corporation and commercial law pursuant to § 315e (1) of the German Com-
mercial Code (Handelsgesetzbuch – HGB). The term “IFRS” also includes the International Ac-
counting Standards (IAS) still in force. All binding interpretations of the IFRS Interpretations
Committee (IFRS IC) required for the year 2023 have also been taken into account.
The Management Board of TeamViewer SE on 8 March 2024 approved the submission of
these consolidated financial statements to the Supervisory Board.
(b) Basis of measurement
The consolidated financial statements are prepared based on the principle of historical cost,
with the exception of the following items measured at fair value:
• Derivative financial instruments
• Liabilities for cash-settled share-based compensation
• Contingent purchase price liabilities from business combinations
98 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
Monetary assets and liabilities denominated in foreign currencies are translated at the
closing rates as at the reporting date.
(c) Basis of preparation of the consolidated statements
of profit and loss and other comprehensive income
and the consolidated statement of financial position
The consolidated statement of profit and loss and other comprehensive income is prepared
using the cost of sales method. The structure of the consolidated financial statements complies
with the requirements of IAS 1. The presentation of the consolidated statement of financial
position distinguishes between current and non-current assets and liabilities. Assets and
liabilities are classified as current if they are realised or settled within one year. Liabilities are
also classified as current if there is no unconditional right to defer settlement of the liability for at
least twelve months after the reporting date. Deferred taxes are always classified as non-current.
In order to provide a clearer and more meaningful picture, some items in the consolidated
statement of profit and loss and other comprehensive income and the consolidated state-
ment of financial position have been combined, with more detailed explanations provided in
the notes to the consolidated financial statements.
The Company’s internal management system also encompasses financial and non-financial
performance indicators that are not defined in accordance with IFRS. The financial
performance indicators can be reconciled to the key figures included in the IFRS consolidated
financial statements and should not be viewed in isolation but as supplementary information
for assessing the results of operations.
(d) Basis of preparation of the consolidated statement
of cash flows
The Group reports cash flows from operating activities using the indirect method using
“profit before tax” as a starting point.
Cash flows from financing activities include interest paid on loans, borrowings and leases.
Other interest payments (from other than financing activities) are presented in cash flows
from operating activities. Interest received from financial assets is reported in cash flows
from investing activities.
Proceeds from and payments for short-term financial investments with a high turnover rate,
high amounts and short maturities are shown in the consolidated statement of cash flows on
a net basis.
(e) Presentation currency
The consolidated financial statements are presented in euros (EUR), which is the Company’s
presentation currency. Unless otherwise stated, all amounts are rounded to the nearest
thousand euros (EUR thousand), with the effect that rounding differences may occur when
individual amounts are added together. The same also applies to the addition of percentages.
(f) Use of judgements and estimates
In preparing the consolidated financial statements, management is required to make
estimates and assumptions that affect the reported amounts of income, expenses, assets,
liabilities, related disclosures and the disclosure of contingent liabilities. Uncertainty about
these assumptions and estimates could result in outcomes that require a material adjust-
ment to the carrying amounts of assets or liabilities in future periods.
Judgements
In the process of applying the Group’s accounting policies, management has made the
following judgements that have a material effect on the amounts recognised in the consoli-
dated financial statements:
Recognition and measurement of assets – In particular, on the recognition and measurement
of intangible assets/goodwill and liabilities arising from the purchase price allocation at the
date of initial consolidation. See Note 9 Goodwill and intangible assets.
Other intangible assets and goodwill – Goodwill has been allocated to cash-generating units
and an annual impairment test has been performed. The key assumption for impairment
testing is the determination of the recoverable amount per cash-generating unit. See Note
9 Goodwill and intangible assets.
Leases – Renewal and termination options are taken into account when determining the lease
terms. If the Company has a unilateral renewal or termination option, the probability of the
option being exercised is also taken into account when determining the term. The Group
assumes a term that is longer than the original term only when the Group is reasonably certain
99 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
that it will extend or not terminate the contract. If both parties have a renewal or termination
option, the contract’s term is determined based on the probability of these options being
exercised and any potential economic disadvantages that may be incurred by either party.
Estimates and assumptions
Described below are the Group’s key assumptions about the future as at the reporting date
as well as other primary sources of uncertainty related to estimates that have a significant
risk of causing a material adjustment to the carrying amounts of assets and liabilities within
the next fiscal years. The Group based its assumptions and estimates on the parameters
available at the time of preparing the consolidated financial statements. The prevailing
circumstances and assumptions about future developments may change however, due to
changes in the market or circumstances beyond the Group’s control. Such changes are
reflected in the assumptions as they occur.
For revenue, see Note 3 (b) Revenue.
For impairment, see Note 3 (p) Impairment.
For contingent purchase price liabilities from business combinations, see Note 21(a) Classifi-
cation and fair values.
Share Appreciation Rights Programme/EPP Programme – The fair value of share-based
compensation on the grant date was estimated using applicable valuation models. The
vesting period must also be estimated in order to recognise the EPP bonus expense. See
Note 6 Personnel expenses.
Phantom Share Programme for long-term performance-based compensation (Long-term
Incentive Plan, LTIP) – In estimating the fair value of the LTIP, assumptions are used that
incorporate the expected volatility of the Company’s share price. The determination of the
final payout amount additionally depends on the achievement of performance targets and
the future closing share price. Changes in these assumptions or outcomes that differ from
these assumptions could result in substantial adjustments to the carrying amounts of related
liabilities. The most critical assumption in estimating the fair value of the LTIP is the expected
volatility. In calculating the payout amount, the most critical factor is the closing share price.
See Note 6 Personnel expenses.
Recognition of deferred tax assets – The prerequisite for recognising deferred tax assets is
the availability of future taxable profits against which tax losses carried forward can be
offset. See Note 8 Income taxes.
Tax-related liabilities – The Group calculates and pays income taxes in accordance with the
applicable tax laws.
The Group measures its ongoing tax refund claims/liabilities for the current and prior periods
at the amount expected to be paid to or recoverable from the tax authorities. Estimating this
amount involves uncertainties in the application of complex tax laws and regulations in a
multitude of jurisdictions across the global operations.
Uncertain tax positions – The application of tax rules to complex transactions is often open to
interpretation by both the Group and the tax authorities. Tax authorities may challenge
positions taken by the Group when determining current income tax expenses and may
require additional payments. Interpretations of tax laws that are subject to interpretation are
generally referred to as uncertain tax positions.
For the measurement of uncertain tax positions, the Group first assesses whether the
position should be measured separately or together with other uncertain tax positions. The
decision is based on whether a relationship exists between the items that makes it probable
that the uncertainty for the items will be resolved together. On the assumption that the tax
authorities will review the uncertain tax position on a fully informed basis, a subsequent
assessment is made as to whether the tax authority will accept the Group’s handing of the tax
treatment. If it is probable that the authority will accept the Group’s tax treatment, this will
then be the only assessment used as the basis for the uncertain tax position. Otherwise, the
uncertain tax position is measured on the basis of the most likely amount or through the
application of the expected value method. If the possible outcomes are binary or concen-
trated around one value, the uncertain tax position is measured on the basis of the most likely
amount, otherwise through the application of the expected value method.
The strong inflation has no material impact on the planning, estimates, assumptions or
measurements.
100 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
(g) IFRS 13 – Fair values
The Group measures financial instruments such as derivatives at fair value as at each
reporting date. Fair value-related disclosures for financial instruments and non-financial
assets that are measured at fair value or for which fair values are reported are summarised in
the following notes:
• 16 Financial liabilities
• 21 Financial instruments – fair values and risk management
Fair value is the price as at the measurement date that would be received when selling an
asset or paid when transferring a liability in an orderly transaction between market
participants. Fair value measurement is based on the presumption that the sale of the asset
or the transfer of the liability will be successful and
• takes place in the principal market for the asset or liability, or
• in the most advantageous market for the asset or liability when no principal market
exists.
The principal or most advantageous market must be a market that is accessible to the Group.
The fair value of an asset or liability is determined using the same assumptions that market
participants would use in pricing the asset or liability and assumes that market participants
act in their best economic interest.
The Group uses valuation techniques that are appropriate in the circumstances and for which
sufficient data are available to measure fair value, while seeking to maximise the use of
relevant observable inputs and minimise the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial
statements are categorised according to the fair value hierarchy levels described below,
based on the lowest level that is significant to the fair value measurement as a whole:
• Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities
• Level 2: Inputs other than quoted prices included within Level 1 that are observable for
the asset or liability, either directly (e.g. in the form of prices) or indirectly (e.g. derived
from prices)
• Level 3: Inputs for the asset or liability that are not based on observable market data
(unobservable inputs)
For assets and liabilities that are recognised at fair value on a recurring basis in the financial
statements, the Group determines whether transfers between hierarchy levels have
occurred by reassessing categorisation (based on the lowest level that is significant to the
fair value measurement as a whole) as at the end of each reporting period.
To disclose fair values, the Group has defined different classes of assets and liabilities based
on their nature, characteristics and risks and their respective level in the fair value hierarchy
(as described above).
Interest rate caps and currency options are measured using an option pricing model that
takes into account market volatilities.
The fair values of debt instruments assigned to Level 2 are calculated as the present value of
the payments associated with the debt instrument based on the applicable yield curves and
TeamViewer current credit spreads.
The fair values of debt instruments allocated to Level 3 are calculated using the discounted
cash flow model based on significant unobservable inputs, such as expected contractually
defined ratios and a weighted average cost of capital. Trade receivables, receivables from
affiliates and other associates and investments, loan receivables and cash and cash
equivalents generally have short-term maturities. Trade payables, liabilities due and other
non-financial liabilities also generally have short-term maturities, resulting in their carrying
amounts as at the reporting date being almost equal to their fair values.
101 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
3. Significant accounting policies
The accounting policies set out below have been applied consistently by the Group com-
panies throughout the periods presented in these consolidated financial statements.
(a) Basis of consolidation
Business combinations – The Group accounts for business combinations using the acquisition
method in accordance with IFRS 3 as at the date on which the Group obtained control. The
consideration transferred in an acquisition is generally measured at fair value, as are the net
identifiable assets acquired. Any goodwill arising from business combinations is tested
annually for impairment. Gains resulting from an acquisition made at a price below fair value
are recognised immediately in the income statement. Transaction costs are expensed in full
as incurred.
Subsidiaries – In accordance with IFRS 10, subsidiaries are those entities that are controlled
by TeamViewer SE. The Company controls an entity when it is subject to or has rights to
variable returns from its involvement with the investee and has the ability to affect those
returns through its power over the investee. The financial statements of subsidiaries are
included in the consolidated financial statements as at the date that control commences until
the date that control ceases.
Loss of control – When the Group loses control of a subsidiary, it derecognises the assets and
liabilities of the subsidiary, as well as any relevant non-controlling interests or other equity
components. Any resulting gain or loss is recognised in profit or loss. An interest retained in
the former subsidiary is measured at fair value as at the date control was lost.
Transactions eliminated through consolidation – Intragroup balances, transactions and all
resulting income, expenses and cash flows are eliminated upon consolidation. Intragroup
losses are eliminated in the same way as intragroup gains.
Fiscal year – The fiscal year of all consolidated companies corresponds to the fiscal year of the
parent company, with the exception of TeamViewer India Pvt. Ltd., which uses an April
through March fiscal year. When fiscal years differ, financial information is used for Group
consolidation that refers to the same reporting date as the financial statements of the parent
company.
(b) Revenue
Revenue is generated mainly from the provision of connectivity services on the basis of
software licences. In addition, TeamViewer offers services for the implementation of more
complex solutions, for example in the enterprise, IoT (Internet of Things), or augmented
reality (AR) environments. Hardware sales are made in the AR area in order to offer customers
a holistic solution. The Group uses direct sales to end customers, indirect sales via distribution
partners, and sales via original equipment manufacturers (OEMs). Our contracts with
customers often include various products and services.
For connectivity solutions that are based on temporary software licences (subscription
model), the most appropriate method of revenue recognition is a pro rata temporis, straight-
line basis over the term of the contract since the Group has to provide services over the full
term of the contract. The subscription period is usually one year, but also other periods (i.e.
multi-year contracts (MYD)) are agreed with customers on case-by-case basis.
Connectivity solutions based on software product licences are generally billed at a fixed
amount set at the inception of the contract. The line item “deferred revenue” in the
statement of financial position therefore includes the amount of revenue still unrealised as
the related services have not yet been provided to the customer (contract liability to the
customer as defined by IFRS 15). Deferred revenue is usually recognised as revenue on a
straight-line basis over the performance period.
The Group generally grants customers a payment term of 14 days. Payment terms can also be
agreed individually for larger customers.
Revenue from contracts with customers is recognised when it can be assumed that the
corresponding contracts will actually be performed. Above all, it must be reasonable to
assume that the customer intends to pay the consideration owed. This assessment involves a
degree of judgement. Criteria such as the customer’s historical behaviour in terms of contract
compliance, as well as the intensity of the customer relationship, are used to make this
assessment. To arrive at its assessment, the Group uses historical data obtained from
contract portfolios but also takes into account expected future developments that differ
from past experience. The assessment can sometimes lead to recognising revenue only after
a payment is made for certain contract portfolios.
In rare cases, the promised consideration in a contract includes a variable amount. TeamViewer
uses then the expected value approach to estimate the amount of the consideration.
102 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
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– Annual Report 2023
To provide additional information on its revenues, TeamViewer also uses billings as a financial
performance indicator.
Billings represent the value (net) of goods and services invoiced to customers within a
specific period and which constitute a contract as defined by IFRS 15.
In distinguishing between the different customer groups, TeamViewer uses the following
categories:
SMB customers mean customers with ACV (Annual Contract Value; is defined as the
annualised value of one SMB/Enterprise contract) across all products and services of less
than EUR 10,000 within the last twelve-month period. If the threshold is exceeded, the
customer will be reallocated.
Enterprise customers mean customers with ACV across all products and services of at least
EUR 10,000 within the last twelve-month period. Customers who do not reach this threshold
will be reallocated.
(c) Employee benefits
Accounting for equity-settled share-based compensation
Expenses from equity-settled share-based compensations are determined using the fair
value at the grant date. See Note 6 Personnel expenses.
Service and vesting conditions that are not market conditions are not considered in
determining the fair value of the awards at the grant date. The probability that these
conditions will be met however is still considered by the Company when making its best
estimate of the number of equity instruments that will ultimately vest and is adjusted for at
each reporting date. Detailed information on the vesting conditions that are not market
conditions can be found in Note 6 Personnel expenses.
In contrast to service and vesting conditions, market conditions are considered in
determining the fair value at the grant date. Other conditions attached to a compensation
award that are not service or vesting conditions are treated as non-vesting conditions. Non-
vesting conditions are included in the grant date fair value of a compensation award.
If executives acquire an unconditional right to share-based compensation already at the
grant date, the related expenses are also recognised at the grant date. Otherwise, the
expenses are recognised over the service period or the period over which the performance
conditions are expected to be fulfilled (the vesting period), as appropriate (Note 6 Personnel
expenses). The cumulative expense recognised for equity-settled transactions on each
reporting date until the vesting date reflects the extent to which the expected vesting period
has expired on the reporting date, as well as the Company’s best estimate of the number of
equity instruments that will ultimately vest. The expense recognised in the reporting period
equals the change in the cumulative expense recognised between the beginning and the end
of the relevant period. A corresponding increase in additional paid-in capital is recognised
that is equal to the amount of the expense.
103 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
Amendments to equity-settled share-based compensation
In the case of an amendment made to an existing compensation award, the fair value of the
original award determined at the original grant date is recognised as an expense when the
services are rendered, i.e., the amendment to the existing contract does not affect the
previous accounting treatment. In addition, the effects from the amendment that result in an
increase in the total fair value of the share-based compensation arrangements on the date of
the amendment are accounted for as if a new agreement had been entered into, which is then
measured at the additional fair value on the amendment’s date.
Share-based compensations accounted for as cash-settled share-based
compensation
Expenses from cash-settled share-based compensations are determined using the fair value
at reporting date. See Note 6 Personnel expenses.
If employees acquire an unconditional right to a cash-settled share-based compensation
already at the grant date, the related expenses are also recognised at the grant date.
Otherwise, the expenses are recognised over the service period or the period over which the
performance conditions are expected to be fulfilled (the vesting period), as appropriate
(Note 6 Personnel expenses). The vesting period encompasses the period from the grant date
to the vesting date. The cumulative expense recognised on each reporting date reflects the
extent to which the vesting period has expired as at the reporting date.
Service and vesting conditions that are not market conditions are not considered in
determining the fair value of the awards. The probability that these conditions will be met is
still however taken into account as part of the Company’s best estimate of the number of
virtual equity instruments that will ultimately vest. Market conditions are also included in the
determination of the fair value. Other conditions attached to a compensation award that are
not service conditions or vesting conditions are treated as non-vesting conditions. Non-
vesting conditions are included in the fair value of an award.
Calculating employee headcount
The average number of employees (headcount) is determined on the basis of the number of
employees as at each quarter-end.
The number of full-time equivalents (FTEs) is determined by dividing the hours worked by an
employee on a contract basis by the regular working hours of a full-time employee.
(d) Finance income and finance expenses
The Group’s finance income and finance expenses include the following items:
• Interest income
• Interest expenses
• Financing costs
• Shares in earnings of associates
• Gains and losses on currency translation of financial assets and liabilities
(e) Income taxes
Income tax expenses include current and deferred income taxes and are recognised in profit
or loss in accordance with IAS 12 unless they arise in connection with an acquisition or relate
to an item recognised directly in equity or in other comprehensive income.
Current taxes – Current taxes on income include the taxes expected to be paid or refunded
on the taxable income for the current year as well as related adjustments from previous years.
They are measured using tax rates enacted or substantively enacted as at the reporting date.
Deferred taxes – Deferred taxes on income are recognised for temporary differences that
arise between the carrying amounts of assets and liabilities recognised for financial reporting
purposes and those recognised for tax purposes. Deferred taxes are not recognised for
104 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
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– Annual Report 2023
• temporary differences arising on initial recognition of assets and liabilities in a
transaction that is not a business combination and that affects neither accounting profit
or loss nor taxable profit or loss;
• temporary differences relating to investments in subsidiaries, if the Group is able to
control the timing of the reversal of the temporary differences and it is probable that the
reversal will not occur in the foreseeable future; and
• taxable temporary differences arising from the initial recognition of goodwill.
Upon initial recognition of leases, the Group recognises deferred tax assets in connection
with lease liabilities and deferred tax liabilities in connection with right-of-use assets.
Deferred tax assets are recognised for unused tax loss carryforwards, unused interest
carryforwards, unused tax credits and deductible temporary differences, when it is probable
that there will be future taxable profits available against which they can be used. Deferred
tax assets are reviewed on each reporting date and reduced to the extent that it is no longer
probable that the related tax benefit can be utilised.
Deferred taxes are measured at the tax rates expected to be applicable to temporary
differences when they reverse using tax rates enacted or substantively enacted as at the
reporting date.
The measurement of deferred taxes reflects the Group’s expectations as at the reporting
date as to the extent to which it expects to recover or settle the carrying amounts of its assets
and liabilities.
Deferred taxes resulting from transactions recognised in other comprehensive income are
also recognised in other comprehensive income.
Deferred tax items are offset if there is a legally enforceable right to offset current tax assets
against current tax liabilities, and the deferred income taxes relate to the same entity and the
same taxation authority.
(f) Intangible assets and goodwill
Goodwill – Goodwill arising from the acquisition of a business is measured at cost less any
accumulated impairment losses.
Research and development (R&D) – Expenses for research and development activities are
recognised in profit or loss in the year they are incurred.
Other intangible assets – Other intangible assets acquired by the Group with finite useful lives
are measured at cost less accumulated scheduled amortisation and impairment losses in
accordance with IAS 38. Other intangible assets with indefinite useful lives acquired by
the Group are measured at cost and tested for impairment at least annually in accordance
with IAS 36.
Amortisation – Amortisation of intangible assets with a finite useful life is calculated on the
basis of the acquisition cost of the assets less their estimated residual value using the
straight-line method over their estimated useful lives. They are generally recognised in profit
or loss. Goodwill is not amortised on a scheduled basis.
The estimated useful lives of intangible assets were unchanged from the previous year and
are as follows:
Years
Goodwill Indefinite
“TeamViewer” trademark Indefinite
Customer relationships 4–10
Software 3–10
The useful life of the “TeamViewer” trademark is classified as indefinite because the use of
the trademark does not depend on the product life cycle of the software, and it can be used
as a trademark independently of the technology in place. The Group determined the
indefinite useful life of the trademark based on the following significant factors in
accordance with IAS 38.90:
• The Group expects to continue to use its company trademark for an indefinite period.
The commercial usage of the trademark does not depend on specific executives of the
management team.
105 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
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– Annual Report 2023
• There are no indications of any commercial obsolescence of the trademark. The brand’s
recognition has increased since the Company was acquired.
• There are currently no indications of declining market demand in the respective industry.
Intangible assets with an indefinite useful life are tested for impairment at least annually in
accordance with IAS 36, applying the procedure described in Note 3 Significant accounting
policies. The impairment test of the trademark is performed in combination with the goodwill
impairment test as the trademark does not generate cash inflows on a standalone basis, and
all products of the Group are sold under the “TeamViewer” trademark.
Amortisation methods, useful lives and residual carrying amounts are reviewed at each
reporting date and adjusted if necessary.
(g) Property, plant and equipment
In accordance with IAS 16, property, plant and equipment are carried at cost less accumulated
depreciation and any accumulated impairment losses. Cost includes expenditures directly
attributable to the acquisition of the asset. For property, plant and equipment acquired in a
business combination, the cost is equal to the fair value resulting from the respective
purchase price allocation.
Subsequent expenditures – Subsequent expenditures are capitalised only when it is probable
that the future economic benefits associated with the expenditure will flow to the Group.
Depreciation – Scheduled depreciation is calculated on the cost of property, plant and
equipment, less their estimated residual value, using the straight-line method over their
estimated useful lives. They are generally recognised in profit or loss. Land is not depreciated.
The estimated useful lives of property, plant and equipment were unchanged from the
previous year and are as follows:
Years
Office equipment 3–13
IT equipment 3–8
Improvements in third-party premises 3–10
An item of property, plant and equipment is derecognised upon disposal or when no future
economic benefits are expected from its use or disposal. Gains or losses arising from the
derecognition of the asset (calculated as the difference between the net disposal proceeds
and the carrying amount of the asset) are recognised as profit or loss in the year the asset is
derecognised.
The depreciation methods, useful lives, and residual carrying amounts are reviewed on each
reporting date and adjusted if necessary.
(h) Associates
Associates are companies where TeamViewer has the opportunity to exercise significant
influence on business and financial policy. This is usually done through indirect or direct
voting rights of 20% to 50% or the right to appoint members of the highest management
body.
Associated companies are accounted for in the consolidated financial statements using the
equity method and initially recognised at acquisition cost.
TeamViewer's share of the associated company's earnings after acquisition is recorded in the
financial result of the consolidated income statement, and the share of changes in equity that
do not affect profit or loss is recorded directly in consolidated equity. The cumulative changes
after the acquisition date also include effects from adjustments to the fair value and increase
or decrease the carrying amount of the investment. If the losses of an associated company
that are attributable to TeamViewer equal or exceed the value of the share in this company,
no further shares of the loss are recognised unless TeamViewer has entered into obligations
for the company or has made payments for the company.
TeamViewer checks associated companies for impairment if there is objective evidence of
this, for example a significant or prolonged decline in the fair value below the amortised cost
of the investment. TeamViewer also uses the same principles to check whether the reasons
for an impairment loss recorded in previous periods no longer exist or lead to a reduction in
impairment. If this is the case, an impairment loss is reversed in accordance with the increase
in the recoverable amount, up to a maximum of the carrying amount that would result if no
impairment loss had been recognised in previous periods. Impairment losses and reversals
involve discretionary decisions.
106 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
(i) Trade receivables
The Group only recognises trade receivables if it has an unconditional right to consideration.
Customers generally have the right to return the purchased licences within a trial period of
seven days from the date of purchase. During this period, the Group has no unconditional
right to consideration. In these cases, the amount of the contract asset recognised corre-
sponds to the amount of the services already rendered. The Group only recognises trade re-
ceivables that are not due to the extent the services have already been rendered.
The Group’s loss allowance for trade receivables is recognised in accordance with IFRS 9. For
this, the expected credit loss model (ECL) is used. The simplified approach under IFRS 9 is used
to calculate expected credit losses over the term. The loss allowance for trade receivables
(without sales tax/value-added tax) is recognised based on the category size of the receivable
(invoiced amount), the region of the customer and by the ageing of the receivable based on
historical credit losses. Management evaluates quarterly whether adequate and supportable
qualitative information is available to adjust the historical loss rates using forward-looking
information. Due to the short time period, the time value of money has no material impact on
the allowances.
Overdue trade receivables are subject to various enforcement measures. Due to the Group’s
business model (annual subscription) Trade receivables are derecognised after one year
(payment default) if no further realisation of the receivable is expected.
(j) Capitalised costs from customer contracts
Capitalised costs from customer contracts are reported under other assets in the statement of
financial position. The capitalised incremental cost of obtaining contracts consists of sales com-
missions for sales representatives. Generally, TeamViewer either does not pay sales commis-
sions for the renewal of customer contracts, or these commissions do not correspond to the
commissions paid for new contracts. Consequently, the commissions paid for new contracts
with renewal options are also based on the expected renewals of these contracts. Sales com-
missions for new customer contracts are therefore amortised on a straight-line basis over the
expected life of the contract and include expected contract renewals. Incremental contract ac-
quisition costs are expensed as incurred if it is probable that the amortisation period will not
exceed one year. The determination of the expected term of the contract requires judgement
and is exercised uniformly for all customer contracts. Since 1 October 2023, capitalised costs
under customer contracts are amortised over five years (until 30 September 2023: four years).
The amortisation of capitalised contract acquisition costs is classified as selling expenses.
(k) Advance payments for sponsorship activities
Advance payments for sponsorship activities are recognised as accruals under other current
assets until the services are received and are expensed in full after they are received.
Significant expenses for sponsorship activities are expensed on a straight-line basis over the
expected term of the sponsorship.
(l) Cash and cash equivalents
Cash and cash equivalents comprise cash at banks, cash in hand and short-term deposits with
original maturities of three months or less. Cash and cash equivalents are defined as cash in
hand, demand deposits and short-term, highly liquid investments readily convertible to
known amounts of cash and subject to an insignificant risk of changes in value. For cash and
cash equivalents, the Group calculates a risk provision for expected credit losses in line with
IFRS 9 using an expected credit loss model. Expected credit loss of cash and cash equivalents
is calculated based on the probability of default and recovery rates derived from CDS spreads
or external credit ratings of the counterparties. The Group also monitors the risk on a
quarterly basis to determine if a significant deterioration in credit risk has occurred. When a
bank’s credit rating is downgraded to below investment grade, the Group considers this a
significant deterioration in credit risk. A default is assumed to have occurred when a bank’s
credit rating falls below C.
107 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
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– Annual Report 2023
(m) Issued capital
The Company’s issued capital is divided into no-par value ordinary bearer shares classified as
equity. Costs directly attributable to the issue of new shares are recognised as a deduction
from equity, net of any tax effects.
(n) Provisions
According to IAS 37, provisions are recognised if a present legal or constructive obligation to
third parties has arisen as a result of a past event, if payment is probable and if the amount of
the payment can be estimated reliably. They are measured using the best estimate of the
resources required to settle the obligation as at the reporting date, considering past
experience. They are recognised at the most likely amount of the obligation. The amount of
the provision is regularly adjusted if new information becomes available or if circumstances
change. Non-current provisions are recognised as at the reporting date at the present value
of expected settlement amounts, taking into account the development of prices and costs.
Discount rates are regularly adjusted to prevailing market interest rates.
(o) Financial instruments
All financial liabilities are initially recognised at the fair value of the consideration received
less directly attributable transaction costs. After initial recognition, financial liabilities are
subsequently measured at amortised cost using the effective interest method. The
amortisation of transaction costs through profit or loss is included in finance costs. Financial
liabilities include both loans and lease liabilities.
Financial liabilities are derecognised when the obligation is discharged, cancelled or expired.
Where existing financial liabilities have been replaced by the lender on substantially different
terms, or the terms of existing liabilities have been substantially modified, such an exchange
or modification is treated as an extinguishment of the original obligations accompanied by
the recognition of new liabilities. The difference in the respective carrying amounts is
recognised in profit or loss.
The Group measures non-derivative financial assets that are held to collect contractual cash
flows that are solely payments of principal and interest at amortised cost.
The Group classifies non-derivative financial liabilities at amortised cost. This particularly
includes financial liabilities, as well as other financial liabilities, including trade payables.
Non-derivative financial assets
The Group initially recognises non-derivative financial assets at the point in time the Group
companies become party to the contractual provisions of the instrument. Purchases or sales
of financial assets are recognised as at the trading date.
The Group derecognises a financial asset when the contractual rights to the cash flows from
the asset expire or it transfers the rights to receive the contractual cash flows in a transaction
in which substantially all risks and rewards of ownership of the financial asset are transferred
or it neither transfers nor retains substantially all of the risks and rewards of ownership but
does not retain control over the transferred asset. Any interest in such transferred financial
assets that are created or retained by the Group is recognised as a separate asset or liability.
Moreover, trade receivables are derecognised when the Group has no reasonable expectation
of recovering the receivable.
108 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
Financial assets and liabilities are offset and the net amount presented in the statement of
financial position when the Group has a legal right to offset the amounts and intends either
to settle them on a net basis or to realise the asset and settle the liability simultaneously.
Non-derivative financial liabilities, trade receivables and other financial liabilities are initially
recognised at fair value plus or less any directly attributable transaction costs. Subsequent to
initial recognition, these financial instruments are measured at amortised cost using the
effective interest method.
Derivative financial instruments
The Group holds derivative financial instruments to hedge against interest rate and currency
risks. Embedded derivatives are separated from the host contract and accounted for
separately if certain criteria are met.
These criteria include the conditions that the economic risks and characteristics of the
embedded derivative are not closely related to those of the host contract, that a standalone
instrument with the same contractual terms would meet the definition of a derivative, and
that the hybrid (compound) financial instrument is not measured at fair value through profit
or loss.
Derivatives that are not designated to an effective hedging relationship are measured at fair
value through profit or loss.
Derivatives are initially recognised at fair value. All directly attributable transaction costs are
recognised in profit or loss as incurred. Subsequently, derivatives are measured at fair value,
and changes in fair value are generally recognised immediately in profit or loss. Derivatives
are recognised as financial assets if the fair value is positive, and as financial liabilities if the
fair value is negative.
Hedge accounting
The Group applies the hedge accounting requirements set out in IFRS 9. When a derivative is
designated as a cash flow hedging instrument, the effective portion of changes in the fair
value of the derivative is recognised in OCI and accumulated in the hedging reserve. Any
ineffective portion of changes in the fair value of the derivative is recognised immediately in
profit or loss. Fair value changes regarding the time value of an option that hedges a time
period-related hedged item are recognised in a separate component of OCI and amortised on
a rational and systematic basis. The amount accumulated in equity in the cash flow hedge is
retained in OCI and is reclassified to profit or loss in the same period in which the hedged item
affects profit or loss.
If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold,
terminated or exercised, or the hedge designation is revoked, then hedge accounting is
discontinued prospectively. If the forecast transaction is no longer expected to occur, then
the amount accumulated in the cash flow hedge is reclassified to profit or loss.
(p) Impairment
Non-financial assets – In accordance with IAS 36, the Group reviews assets with a finite useful
life for impairment if there are indications that those assets may be impaired. Moreover,
intangible assets with an indefinite useful life, intangible assets not yet ready for use and
goodwill are tested for impairment at least annually.
At each reporting date, the Group reviews the carrying amounts of its non-financial assets
(other than deferred tax assets) to determine whether there is any indication of impairment.
If such an indication exists, the asset’s recoverable amount is estimated. Goodwill and the
TeamViewer trademark with an indefinite useful life are tested at least annually for
impairment and whenever there is an indication of impairment.
For impairment testing, assets are grouped together into the smallest group of assets that
includes the asset and generates cash inflows from continuing use that are largely
independent of the cash inflows of other assets or cash-generating units (CGUs). Goodwill
arising from the acquisition of a company is allocated to CGUs or groups of CGUs that are
expected to benefit from the synergies of the combination.
109 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
The recoverable amount of an asset or CGU is the higher of its value in use and its fair value
less costs of disposal. The value in use is based on the estimated future cash flows, discounted
to their present value using a discount rate that reflects current market assessments of the
time value of money and the risks specific to the asset or CGU. To determine fair value less
costs of disposal, an appropriate valuation model is used. These calculations are corroborated
by valuation multiples, quoted share prices for comparable publicly traded companies or
other available fair value indicators.
An impairment loss is recognised when the carrying amount of an asset or CGU exceeds its
recoverable amount. Impairment losses are recognised in profit or loss. They are allocated
first to reduce the carrying amount of any goodwill allocated to the CGU and then to reduce
the carrying amounts of the other assets in the CGU on a pro rata basis. The carrying amounts
of each of the other assets in the CGU will not be reduced to lower than the higher of their fair
value less costs of disposal (if measurable), their value in use (if determinable) or zero. The
amount of the impairment loss that cannot be allocated due to this lower limit is allocated to
the other assets in the CGU on a pro rata basis.
An impairment loss on goodwill cannot be reversed. For other assets, an impairment loss is
reversed only to the extent that the asset’s carrying amount does not exceed the carrying
amount that would have been determined net of depreciation or amortisation if no impair-
ment loss had been recognised.
Financial assets – The Group recognises an allowance for expected credit losses (ECLs) for all
debt instruments not held at fair value through profit or loss. ECLs are based on the difference
between the cash flow the Group is contractually entitled to and all the cash flows that the
Group expects to receive, discounted at an approximation of the original effective interest
rate. The expected cash flows include cash flows from the sale of collateral held or other
guarantees that are an integral part of the contractual conditions.
ECLs are recognised as follows:
a) For credit exposures for which there has not been a significant increase in credit risk since
initial recognition, ECLs are recognised for default events that are possible within the next
12 months (a 12-month ECL).
b) For those credit exposures for which there has been a significant increase in credit risk
since initial recognition, a loss allowance is recognised for credit losses expected over the
remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
See Note 21 Financial instruments – fair values and risk management.
For trade receivables and contract assets, included within other current assets, the Group
applies a simplified approach in calculating ECLs (see Note 3 (i) Trade receivables). Therefore,
the Group does not track changes in credit risk but instead recognises a loss allowance based
on lifetime ECLs at each reporting date. See Note 12 Trade receivables.
(q) Rental/lease payments
The Group applies IFRS 16 to rental and lease agreements. Lease payments represent rentals
payable by the Group for certain buildings, servers and motor vehicles.
Right-of-use assets
The Group recognises right-of-use assets at the commencement date. The right-of-use asset
is initially measured at cost, which consists of the initial amount of the respective lease
liability adjusted for any prepayment done at or before the commencement less any lease
incentive received. The right-of-use asset is adjusted for any changes in the lease contract.
The recognised right-of-use assets are depreciated on a straight-line basis during the lease
term and are subject to impairments.
110 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
Lease liabilities
The lease liabilities are measured initially at the present value of lease payments that are not
paid at the commencement date and are expected to be made during the remaining lease
term, discounted using the Company’s incremental borrowing rate. The incremental borrow-
ing rate used matches the lease term. The lease payments include the fixed payments
(including in-substance fixed payments) less any incentives receivable, variable lease
payments (which are linked to an index or rate) and any amount expected to be paid under
residual value guarantees.
Subsequently, the lease liabilities are measured at amortised cost using the effective interest
method. They are remeasured when there is a change in future lease payments arising from
a change in the index or rate, a change in the estimate related to the amount expected to be
payable under a residual value guarantee, or if the Group changes its assumption regarding
its right to exercise the purchase, renewal or termination option. For any change in the value
of the lease liability, the carrying amount of the respective right-of-use asset is adjusted
accordingly.
At the commencement of a lease for which the Company is the lessee, it recognises
• a deferred tax asset related to the lease liability to the extent that it is probable that
taxable profit will be available against which the deductible temporary difference can be
utilised; and
• a deferred tax liability related to the right-of-use asset.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases (i.e.,
those leases that have a lease term of 12 months or less from the commencement date and
do not contain a purchase option). It also applies the lease of low-value assets recognition
exemption to leases that are considered of low value (i.e. TeamViewer assets with a value
below EUR 5,000). Lease payments on short-term leases and leases of low-value assets are
recognised as expense on a straight-line basis over the lease term.
Significant judgement in determining the lease term of contracts with renewal and
termination options
Periods resulting from the exercise of a renewal option by the lessee are included in the term
of a lease if the exercise of the renewal option by the lessee is reasonably certain. The same
applies to periods by which the lease is extended by not exercising a termination option.
These periods are also included in the lease term if it is reasonably certain that the lessee will
not exercise the termination option. In the case of mutual termination options that can be
exercised without the consent of the other contractual party, these periods are only included
in the term of the lease if the termination is associated with more than only minor economic
disadvantages for both contractual parties.
(r) Foreign currencies
Foreign currency transactions and foreign operations are accounted for in accordance with
IAS 21.
Foreign currency transactions – Transactions in foreign currencies are translated into the
respective functional currencies of Group companies at exchange rates as at the transaction
dates. Monetary assets and liabilities denominated in foreign currencies are translated into
the functional currency with the exchange rate as at the reporting date. Non-monetary assets
and liabilities that are measured at fair value in a foreign currency are translated into the
functional currency with the exchange rate as at the measurement date. Foreign currency
differences are generally recognised in profit or loss. Non-monetary items that are measured
based on the historical exchange rate at their time of addition will not be remeasured.
Foreign operations – Since the euro is the reporting currency of the parent company, the
assets and liabilities of foreign operations, including goodwill and fair value adjustments
arising from acquisitions, are translated from the functional currencies of Group companies
into euro at exchange rates at the reporting date. The functional currencies of subsidiaries
are the euro, US dollar, British pound, Australian dollar, Japanese yen, Indian rupee, Singapore
dollar, Chinese renminbi, Mexican peso, Canadian dollar and Armenian dram. For reasons of
simplification, the income and expenses of foreign operations are translated into euros at the
average exchange rate for the year.
111 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
Foreign currency differences arising from the translation of a foreign operation are recog-
nised in OCI and accumulated in the translation reserves. When a foreign operation is
disposed of in its entirety or partially such that control is lost, the cumulative amount in the
translation reserve related to that foreign operation is reclassified to profit or loss as part of
the gain or loss on disposal.
The following relevant exchange rates were applied as at the reporting date:
Closing rates Average rate for year
Currency ISO code 31 December
2023
31 December
2022
2023 2021
Armenian dram AMD 447.96 422.35 424.59 460.80
Australian dollar AUD 1.62 1.58 1.63 1.52
Canadian dollar CAD 1.46 1.46 1.46 1.37
Chinese yuan CNY 7.83 7.40 7.66 7.08
Pound sterling GBP 0.87 0.89 0.87 0.85
Indian rupee INR 92.03 88.76 89.34 82.73
Japanese yen JPY 155.90 140.64 151.97 138.00
Mexican peso MXN 18.76 20.90 19.19 21.21
Singapore dollar SGD 1.46 1.44 1.45 1.45
US dollar USD 1.11 1.07 1.08 1.05
(s) Contingent liabilities
According to IAS 37, contingent liabilities are liabilities that must be borne by the Group
depending on the outcome of an uncertain future event. A contingent liability is disclosed
unless the outflow of economic resources is unlikely.
(t) Segment
The Group has only one segment, with the TeamViewer platform as the reporting entity. The
Group defines the Management Board for TeamViewer SE as the “chief operating decision-
makers”. The Management Board is responsible for allocating resources and assessing
performance based on discrete financial information at a consolidated level.
(u) Standards, interpretations and amendments to
existing published standards issued and applied
The following amendments or improvements to standards have been applied by the Group
and were mandatory for the first time for annual periods beginning on or after 1 January 2023
but have no or no material impact on the Group:
• Amendments to IFRS 17 – Insurance Contracts
• Amendments to IAS 1 – Disclosure of Accounting Policies
• Amendments to IAS 8 – Definition of Accounting Estimates
• Amendments to IAS 12 Income Taxes – Deferred Taxes Related to Assets and Liabilities
arising from a Single Transaction
• Amendments to IAS 12 Income Taxes – International tax reform – pillar two model rules
The first-time application of the accounting pronouncements listed in the table had no or no
material impact on the presentation of the net assets, financial position and results of
operations.
112 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
(v) Standards, interpretations and amendments to
published standards that have not yet been applied
A number of new standards and amendments to standards and interpretations are effective
for fiscal years beginning on or after 1 January 2024.
The following new or amended standards should not have a material impact on the
consolidated financial statements:
• Amendments to IFRS 16 – Lease liability in a Sale and Leaseback (from 1 January 2024)
• Amendments to IAS 1 – Classification of Liabilities as Current or Non-current
(from 1 January 2024)
• Amendments to IAS 7 and IFRS 7 Supplier finance (from 1 January 2024)
• Amendments to IAS 21 – Lack of Exchangeability (from 1 January 2025)
4. Structure of the Group
Name and registered office of entity Shareholding
Regit Eins GmbH, Germany 100%
TeamViewer Germany GmbH, Germany 100%
TeamViewer India Pvt. Ltd., India 100%
TeamViewer Greece Epe, Greece 100%
TeamViewer UK Limited, United Kingdom 100%
TeamViewer Singapore Pte. Ltd., Singapore 100%
TeamViewer Pty. Ltd., Australia 100%
TeamViewer Japan KK, Japan 100%
TeamViewer Information Techn. (Shanghai) Co., Ltd, China 100%
TeamViewer Armenia CJSC, Armenia 100%
TeamViewer US, Inc., USA 100%
TeamViewer Mexico S.A. de. CV, Mexico 100%
TeamViewer Portugal, Unipessoal Lda., Portugal 100%
TeamViewer Austria GmbH, Austria 100%
TeamViewer Canada, Inc., Canada
founded in 2022
100%
(a) Group structure as at 31 December 2023
As at 31 December 2023, the Group consisted of TeamViewer SE, headquartered in
Göppingen, Germany, as the parent company, and 15 fully consolidated companies.
In June 2022, TeamViewer Germany GmbH founded TeamViewer Canada Inc, Toronto, Canada.
The company provides Sales and Marketing services for TeamViewer Germany GmbH.
113 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
(b) Investment in associates
In 2023 TeamViewer invested in several associates. TeamViewer owns less than 20% of the
equity interest and less than 20% of the voting rights in each but has a right to solely
designate a member to the boards of directors and can therefore participate in significant
financial and operating decisions. Therefore, TeamViewer has determined that it has
significant influence over those entities.
Individually material associates
In November 2023 TeamViewer invested in Sight Machine Inc. (Sight Machine), which is
considered material to the Group and disclosed below. Sight Machine Inc., which has its
principal place of business located in the USA, provides remote connection and analysing tool
for Manufacturing.
Summarised financial information
(since investment date)
In EUR thousands
Sight Machine
2023
Revenue 715
Profit for the period
(1,569)
Other comprehensive income
–
Total comprehensive income
(1,569)
In EUR thousands
Sight Machine
2023
Net assets as of investment date
49,687
Profit for the period since investment date
(1,569)
Foreign exchange rate difference
(462)
Net assets as of 31 December 47,656
In EUR thousands
(unless otherwise stated)
Sight Machine
31 December 2023
Non-current assets
46,505
Current assets
11,025
Non-current liabilities 3,868
Current liabilities
6,006
Net assets
47,656
Ownership interest, in %
13,71
TeamViewer share in net assets
6,533
Goodwill
2,909
Transaction costs
33
Carrying amount
9,475
114 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
Individually immaterial associates
In addition to the interest in associates disclosed above, the Group also has interests in
several, individually immaterial associates.
In EUR thousands 31 December 2023 31 December 2022
Aggregated carrying amount of
interest in associates
5,914 –
Aggregated amounts of the
group’s share of:
–
Profit (252) –
Other comprehensive income – –
Total comprehensive income (252) –
5. Category of expenses
Cost elements
In EUR thousands 2023 2022
Personnel expenses (187,497) (172,055)
Purchases/services received from third parties and others (213,797) (205,974)
Depreciation and amortisation (55,358) (53,741)
Allowances for trade receivables (8,506) (12,400)
Other expenses (3,506) (1,299)
Total expenses (468,665) (445,468)
6. Personnel expenses
Personnel expenses consist of the following items:
Personnel expenses
In EUR thousands 2023 2022
Wages and salaries 136,432 121,274
thereof pension insurance 6,727 6,308
Social security contributions 26,990 22,255
Equity-settled share-based compensation 21,842 27,632
thereof EPP Programme 3,879 13,223
thereof Ubimax 3,349 10,283
thereof RSU 14,614 4,125
Cash-settled share-based compensation 1,829 861
thereof LTIP 896 740
thereof PSU
1
933 121
Expenses for M&A 405 33
Total personnel expenses 187,497 172,055
1
Including social security contributions RSU.
Employees by region
2023 2022
Region Average
headcount
FTEs as at
31 Dec
Average
headcount
FTEs as at
31 Dec
EMEA 978 998 1,002 947
AMERICAS 265 268 244 260
APAC 191 195 170 179
Total 1,434 1,461 1,416 1,386
115 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
EPP Programme
In August 2019, TLO launched a programme to grant share appreciation rights (SARs) for
selected executives of the Group (in the following “EPP Programme”) in order to create a
long-term incentive for the executives with regard to the value appreciation of the Company.
Vesting conditions
An IPO (in the following “IPO event”) results in a partial payment at the date of the IPO
(Tranche 1) and another partial payment at the date of the full sell-down, i.e. when the last
share in TeamViewer SE is sold by TLO (Tranche 2). In addition, a discretionary bonus may be
granted 30 days after the full sell-down by TLO (Tranche 3).
The beneficiaries are entitled to this settlement only if they are employed at the Group when
the IPO occurs (Tranche 1) or when the full sell-down occurs (Tranche 2 and Tranche 3). If
beneficiaries have terminated their employment relationship prior to these dates, the claim
for the respective tranche lapses only if they are bad leavers as defined in the contract, e. g.
termination of employment by the beneficiaries without cause.
Amount of the EPP bonus
The settlement amount is based on the EPP value, which represents the total settlement
amount that might be paid out to executives and is divided into 12,000,000 EPP units, of
which 10,780,000 units were granted to employees in August 2019.
The EPP value equals 1.63 % of the proceeds from the sale of 100 % of the shares in the
Company, less:
• any third-party debt, exit fees, costs, taxes or other liabilities;
• liabilities under PECs, shareholder loans and comparable shareholder instruments,
including repayment of nominal amounts and accrued interest; and
• amounts contributed as equity to the Company by the shareholder.
Partial payments
If an IPO event occurs, the payment for each tranche is determined as follows:
Tranche 1:
A total of 30 % of the preliminary EPP value per EPP unit, with a maximum payout amount of
EUR 50 million (upper limit – cap). The preliminary EPP value is determined at the time of the
IPO under the assumption that TLO places all shares of TeamViewer SE in the IPO.
Tranche 2:
The final EPP value per EPP unit based on the actual proceeds from the sale of the shares by
TLO after TLO no longer has an interest in the Company and subject to the cap, less the
payment from Tranche 1.
Tranche 3:
To the extent that the final EPP value exceeds the cap, TLO may award compensation equal
to the final, unrestricted EPP value per EPP unit less the cap (EUR 50 million) per EPP unit to
selected executives at its sole discretion upon the complete sale of its interest in the
Company.
Since TLO has already promised the selected executives the unlimited EPP value, this
discretionary compensation commitment (Tranche 3) is considered a de facto commitment.
Accounting
Although only TLO is obliged to settle the share-based compensation, the Group of
TeamViewer SE, as the recipient of the executives’ service, must also recognise an equity-
settled share-based compensation for the EPP bonus agreement because it is a transaction
between companies of the superordinate TLO Group as at the grant date (see Note
3 Significant accounting policies (c) Employee benefits).
The performance of services by the respective selected executives until all shares are sold
constitutes a vesting condition. The estimated vesting period for the second and third
tranches ends on 31 December 2024 (prior year: 31 December 2023), as a complete sale of the
TeamViewer shares by TLO is not expected before that date. The expense recognised in the
fiscal year corresponds to the change in the cumulative expense between 31 December 2023
and 31 December 2022. For some participants, the EPP was adjusted and terminated early in
the fiscal year 2022 and 2023. As there was no increase in the fair value of the share-based
compensation at the time of termination, the expenses from these programmes were
expensed in full until the termination. For some participants, the EPP programme was
116 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
adjusted in the fiscal year 2023 and 2023. Those participants received additional EPP units
and were paid an additional non-recoverable advance payment in the fiscal year in
connection with the sale of shares by the TLO. The fair value of the additional EPP units is
EUR 1.1 million (2022: EUR 5.6 million). The fair value was determined using the TeamViewer
SE share price at the grant date (2023: EUR 15.40; 2022: EUR 9.52).
Ubimax
In connection with the acquisition of Ubimax, the Company issued 1,070,931 new shares from
authorised capital in a capital increase against contribution in kind. The transfer of these
shares is accounted for as a separate equity-settled share-based compensation transaction.
The shares issued were pledged to the Company, with 356,977 shares scheduled to vest on
each of the dates of 20 August 2021, 20 August 2022 and 20 August 2023. The vesting of the
shares depended on the performance of work by the founders.
The fair value of the share-based compensation as at the grant date was measured based
on the Company's share price on 20 August 2020 (EUR 44.21) and amounts to
EUR 47,346 thousand. The vesting period for each of 356,977 shares results from the grant
date of the share-based compensation and the respective vesting date.
The programme ended in the fiscal year 2023. No shares were forfeited and all expenses were
recognised.
Long-term Incentive Plan (LTIP)
For the performance-based compensation of executives, TeamViewer introduced a Long-
term Incentive Plan (LTIP) in fiscal year 2020, which will be granted in yearly tranches.
Plan description
The LTIP serves to secure the long-term commitment of the Management Board and selected
executives and is intended to align the compensation structure with sustainable corporate
development. From the 2022 fiscal year, the programme will only apply to the Management
Board. The performance period for the LTIP shall be four calendar years for all tranches,
starting on 1 January of the calendar year in which the tranche in question was granted.
Payment of the performance-based compensation based on the LTIP is made in the calendar
year following the end of the performance period for the respective tranche. The amount of
the remuneration is calculated according to the following formula:
The allocation amount in euros for the respective tranche is contractually agreed with the
employees individually and is the basis for calculating the initial number of performance
shares of the respective tranche. The allocation amount is divided by the arithmetic mean of
the Xetra closing prices of the TeamViewer share on the 60 trading days prior to the start of
the respective tranche (initial share price) or, for the first tranche, by the issue price, and
results in the initial number of performance shares for the respective tranche. At the end of
the performance period, these are multiplied by the overall target achievement level to give
the final number of performance shares. The total target achievement level is capped at 200 %.
The final number of performance shares is multiplied by the final share price to give the
payout amount. The final share price is the arithmetic mean of the Xetra closing prices of
TeamViewer shares for the last 60 trading days prior to the end of the respective perfor-
mance period. The payout amount is limited to twice the allocation amount.
117 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
Different performance targets with different weightings have been defined for the perfor-
mance period. These are financial targets (average billings or adjusted EBITDA growth), non-
financial targets (net promoter score and ESG targets) and total shareholder return (TSR)
targets (TSR compared with Stoxx Europe 600 and MDAX). The ESG targets apply to the
Management Board only.
The overall degree of target achievement is calculated from the weighted average of the
individual performance targets. Minimum and maximum target achievement values of 50 %
and 200 %, respectively, are set for each performance target. If the minimum value is not
achieved, the corresponding target achievement is 0 %. If the maximum value of 200 % is
exceeded, the target achievement is capped at 200 %. The following performance targets
and weightings have been defined:
Weighting of single performance targets
Target LTIP
2023
LTIP
2022
LTIP
2021
LTIP
2020
ø Billings growth p.a. 15 % 15 % 15 % 15 %
ø Adjusted (billings) EBITDA growth p.a. 15 % 15 % 15 % 15 %
Net promoter score (NPS) –
Management Board
10 % 10 % 10 % 20 %
Net promoter score (NPS) –
other employees
– – 20 % 20 %
ESG target (solely Management Board) 10 % 10 % 10 % –
TSR vs. STOXX® 600 Technology 25 % 25 % 25 % 25 %
TSR vs. MDAX® 25 % 25 % 25 % 25 %
The entitlements under the LTIP lapse if a bad leaver event occurs before the end of the
vesting period (particularly termination of employment). The vesting periods of the first and
second tranches for the CEO end on 31 December 2023, respectively 31 December 2024, for
the former CFO on 18 August 2022, for all other employees on 31 December 2021, respectively
on 31 December 2022. The vesting period for the second tranche for the former CMO ended
on 31 December 2021. The vesting period of the third tranche ends for the Management
Board on 31 December 2025. The vesting period of the fourth tranche ends for the
Management Board on 31 December 2026.
LTIP valuation as at 31 December 2023
LTIP 2023 LTIP 2022 LTIP 2021 LTIP 2020
Disclosures on the
determination of fair
value at the
measurement date
Option price model Monte
Carlo
Monte
Carlo
Monte
Carlo
N/A
Share price EUR 14.06 14.06 14.06 14.36
Risk-free interest
rate depending on
term % 2.125 2.475 3.113 –
Expected volatility % 51.03 43.25 36.28 –
Expected dividend
yield % 0.0 0.0 0.0 –
Remaining term of
the performance
shares
Years 3 2 1 –
Fair value EUR
thousands 2,679 1,996 294 –
Total carrying amount
of liabilities
EUR
thousands 636 1,113 277 –
Thereof vested EUR
thousands – 340 225 –
118 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
LTIP valuation as at 31 December 2022
LTIP 2022 LTIP 2021 LTIP 2020
Disclosures on the
determination of fair value
at the measurement date
Option price model Monte Carlo Monte Carlo Monte Carlo
Share price EUR 12.05 12.05 12.05
Risk-free interest rate
depending on term % 2.507 2.569 2.424
Expected volatility % 58.17 58.17 58.17
Expected dividend yield % 0.0 0.0 0.0
Remaining term of the
performance shares Years 3 2 1
Fair value EUR thousands 1,592 252 388
Total carrying amount of
liabilities EUR thousands 542 222 365
Thereof vested EUR thousands – 193 297
In estimating the fair value of the LTIP, assumptions are applied that take, among others, the
expected volatility of the share price into consideration. The final payout amount additionally
depends on the achievement of performance targets and the future share price. Changes in
these assumptions and outcomes that differ from these assumptions could result in
significant adjustments to the carrying amount of the liabilities. For the payout amount, the
most crucial factor is the final share price.
Restricted Stock Unit Plan (RSU) and Phantom Stock Unit Plan (PSU)
In May 2022, TeamViewer introduced a Restricted Stock Unit Plan (RSU 2022) and a Phantom
Stock Unit Plan (PSU 2022) for the performance-based remuneration of employees. In
addition, TeamViewer introduced in June 2023 a new Restricted Stock Unit Plan (RSU 2023)
and a Phantom Stock Unit Plan (PSU 2023). The purpose of the RSU or PSU is to attract, retain
and motivate employees by enabling them to participate in the Company’s success.
Employees participate in either the RSU or the PSU.
RSU 2022 and RSU 2023
Plan description
The RSU grants the employees TeamViewer shares after vesting. Under the RSU 2023
programme, TeamViewer grants, in addition, certain employees additional shares, including
a performance condition that billings targets in 2023 need to be reached. These entitlements
are granted to the employees in the respective fiscal year and vests in four equal parts every
31 December. After each vesting period, the shares are transferred to the employees. The
employee is not entitled to dividends or voting rights before the shares are transferred. The
employee’s entitlement expires upon termination of the employment relationship.
Valuation and accounting
The fair value of one share of the RSU is based on the Company’s share price and is EUR 10.33
(RSU 2022), respective EUR 15,37 (RSU 2023). RSUs granted, whose vesting is dependent on
vesting conditions that are not market conditions, are only recognised if it can be assumed at
the reporting date, that the vesting conditions will be met. An adjustment for the lack of
dividend entitlement was not made, as no dividend payments are expected. The RSU 2022 is
accounted for as an equity-settled share-based payment transaction. To the extent that
TeamViewer incurs expenses for social security contributions on the granting of shares, these
are accounted for as cash-settled share-based payments.
119 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
PSU 2022 and PSU 2023
Plan description
The PSU has the same terms and conditions as the RSU but is settled in cash instead of shares.
The cash settlement is calculated based on the average price of the TeamViewer share over
the last 60 trading days before vesting.
Valuation and accounting
The fair value of a virtual share of the PSU on the measurement date was determined solely
based on the Company’s share price. An adjustment for the missing dividend entitlement of
the virtual shares was not made, as no dividend payment is expected. The PSU is accounted
for as a cash-settled share-based payment.
PSU valuation as of 31 December 2023
PSU 2023 PSU 2022
Stock price EUR 14.06 14.06
Total carrying amount of liabilities
1
In EUR thousands 849 162
Thereof vested In EUR thousands 464 86
1
Including social security contributions RSU.
PSU valuation as of 31 December 2022
PSU 2022
Stock price EUR 12.05
Total carrying amount of liabilities
1
In EUR thousands 121
Thereof vested In EUR thousands 88
1
Including social security contributions RSU.
Development of the number of RSU shares/virtual PSU shares
In units RSU PSU
31 December 2021 – –
Granted 991,109 18,090
Forfeited 43,048 2,037
31 December 2022 pending 948,061 16,053
Excercised (vested 31 December 2022) 237,452 4,041
Excercied (vested Q1 2023) 21,063 –
Granted 2,039,310 68,598
Forfeited 417,138 13,476
31 December 2023 pending 2,311,718 67,134
thereof vesting on 31 December 2023 629,150 17,553
thereof vesting on 31 December 2024 628,578 17,536
thereof vesting on 31 December 2025 627,924 17,467
thereof vesting on 31 December 2026 426,066 14,578
120 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
7. Finance income and expenses
Exchange rate fluctuations
In EUR thousands 2023 2022
From operating activities (2,867) 365
From cash and cash equivalents (758) 25,112
From financial liabilities – (31,000)
Foreign currency result (3,624) (5,522)
thereof income 6,296 35,984
thereof expenses (9,921) (41,506)
Finance income and expenses
In EUR thousands 2023 2022
Finance income 1,381 4,267
Finance expenses (16,864) (25,782)
Interest for bank loans and promissory notes
1
(13,276) (20,708)
Other finance costs (3,589) (5,073)
Net financing costs (15,483) (21,514)
1
The 2022 fiscal year includes a one-time effect of EUR 5.9 million related to refinancing.
Finance income consists primarily of interest income on short-term financial assets and bank
deposits (2022: income from realised gains of the interest rate cap and gains from lower
valuation allowance for cash and cash equivalents).
Other finance costs consist mainly of provision fees of the revolving credit facility, interest
not related to debt, interest on leases and shares in earnings of associates. See Note 21
Financial instruments – fair values and risk management.
8. Income taxes
Total income tax benefit/(expense)
In EUR thousands 2023 2022
Current tax benefit/(expense) (46,237) (44,933)
thereof from current year (48,867) (41,942)
thereof from previous years 2,630 (2,991)
Deferred tax benefit/(expense) 12,797 (4,156)
thereof from current year 2,105 (6,337)
thereof from previous years 10,692 2,181
thereof from temporary differences 17,281 3,315
thereof from interest and tax loss carryforwards (4,484) (7,471)
Total income tax benefit/(expense) (33,440) (49,088)
The Group is domiciled in Germany. The parent company is subject to a tax rate of 28.6 %
(2022: 28.6 %). The income tax rates for other countries ranges between 17 % and 33 %
(2022: 17 % and 33 %).
Pillar Two has been fully or substantially implemented in countries where the Group has
business activities.
Pillar Two includes a global minimum taxation for multinationals with an annual turnover of
at least EUR 750,000 thousand. In case this minimum tax rate is not guaranteed by national
taxation, a so-called supplementary tax is levied within the group. The aim is to ensure that
company profits are taxed at an effective rate of at least 15 % in order to limit international
tax competition and create more tax justice.
As the Group's turnover does not exceed the threshold of EUR 750,000 thousand, Pillar Two
regulations do not apply to the Group.
121 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
Reconciliation of expected to actual income tax expense
In EUR thousands 2023 2022
Profit before taxes 147,455 116,689
Group tax rate (in %) 28.6 % 28.6 %
Expected income tax expense (42,172) (33,373)
Differences due to differing tax rates (304) (189)
Tax income (tax expense) from (non-) recognition
of tax interest and tax loss carryforwards
8,289 (3,804)
Non-deductible expenses from share-based
compensation
(2,067) (6,864)
Permanent differences
(tax-exempt income and non-deductible expenses)
(2,233) (3,975)
Current and deferred taxes from prior years 5,033 (810)
Other 14 (74)
Actual income tax benefit/(expense) (33,440) (49,088)
Effective tax rate (in %) 22.7 % 42.1 %
Due to the specific planning of a profit loss transfer agreement between Regit Eins GmbH and
TeamViewer SE, there will be future taxable profits at the level of TeamViewer SE which can
be offset against existing tax interest and tax loss carryforwards. As a result, the existing tax
interest and tax loss carryforwards as well as the temporary differences at TeamViewer SE
level in the amount of EUR 8,289 thousand (2022: EUR 0 thousand) is capitalised.
The income from previous years in the amount of EUR 5,033 thousand results from final tax
audit assessments plus subsequent effects in a total amount of EUR 2,780 thousand and
other adjustments from previous years in the total amount of EUR 2,353 thousand.
Deferred taxes from temporary differences
In EUR thousands 31 Dec 2023 31 Dec 2022
Deferred tax assets
Intangible assets 390 627
Lease liabilities 6,204 6,882
Property, plant and equipment 292 447
Trade receivables 1,727 461
Provisions 6,667 2,824
Tax interest carryforward for tax purposes 14,119 26,874
Tax loss carryforward for tax purposes 8,272 –
Employee benefit 5,054 –
Deferred tax assets before netting 42,724 38,116
Netting (24,128) (35,989)
Total deferred tax assets 18,596 2,126
Deferred tax liabilities
Intangible assets
– subject to scheduled amortisation
(13,921) (21,693)
Intangible assets
– not subject to scheduled amortisation
(30,689) (30,689)
Leasing right-of-use assets (6,260) (6,694)
Inventory (1,073) (683)
Capitalised costs from customer contracts (7,403) (4,715)
Financial liabilities (4,475) (5,366)
Deferred tax liabilities before netting (63,822) (69,841)
Netting 24,128 35,989
Total deferred tax liabilities (39,693) (33,852)
Net deferred taxes (21,098) (31,726)
122 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
Change in net deferred taxes
In EUR thousands 2023 2022
As at 1 January (31,726) (29,268)
Deferred tax benefit/(expense) 12,797 (4,156)
Recognised in other comprehensive income (2,104) 1,720
From acquisitions
(see Note 4 Structure of the Group)
– –
From currency translation (66) (22)
As at 31 December (21,098) (31,726)
As at 31 December 2023 a total tax interest carryforward of EUR 54,869 thousand (2022:
EUR 104,003 thousand) is recognised based on current profit forecast and tax planning.
At the TeamViewer SE level, a tax loss carryforward of EUR 28,922 thousand (2022: EUR 0) and
temporary differences of EUR 17,670 thousand (2022: EUR 0) were capitalised in full on the
basis of planning and expected profit.
The underlying tax interest and tax loss carryforwards can be carried forward indefinitely in
accordance with tax regulations.
In the current year, the existing tax interest and tax loss carryforwards, as well as temporary
differences at the level of TeamViewer SE, were fully recognised with reference to the
planned profit loss transfer agreement between Regit Eins GmbH and TeamViewer SE. The
profit loss transfer agreement requires the approval of the annual general meeting.
Unrecognised deferred tax assets
In EUR
thousands
31 December 2023 31 December 2022
Base amount of
unrecognised
deferred taxes
Unrecognised
deferred tax
assets
Base amount of
unrecognised
deferred taxes
Unrecognised
deferred tax
assets
Tax loss
carryforwards
– – 20,654 5,907
Temporary
amounts
– – 4,164 1,191
Interest loss
carryforwards
– – 4,948 1,252
As in the prior year, no deferred tax liabilities were recognised on retained earnings of
subsidiaries of around EUR 290,717 thousand (2022: EUR 389,350 thousand), as the time of
the reversal of the temporary difference is under the control of the Company, and a reversal
of the temporary difference is assessed not to be probable over a foreseeable period of time.
The application of IFRIC 23 resulted in a liability for potential tax risks in the amount of
EUR 1,036 thousand (2022: EUR 2,614 thousand).
The liability includes possible additional tax payments, with EUR 1,036 thousand (2022:
EUR 970 thousand) relating to the establishment of permanent establishments abroad as
well as the allocation of divergent profits at existing permanent establishments in the
course of tax audits. Furthermore, the liability includes amounts for a deviating profit
allocation in the case of cross-border transactions.
For the current year, no further tax amounts are recognised related to a tax audit (2022:
EUR 1,666 thousand; this prior year liability includes a liability for potential tax payments
with EUR 2,957 thousand, together with an offsetting deferred tax asset with EUR 1,292
thousand).
In determining the amount of the liability, expected refunds as well as exemption and credit
amounts under double taxation agreements were taken into account accordingly.
123 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
9. Goodwill and intangible assets
Goodwill and intangible assets 2023
In EUR thousands Gross carrying
amount as at
1 Jan 2023
Additions Reclassi-
fications
Exchange
rate effects
Gross carrying
amount as at
31 Dec 2023
Accum.
amortisation
and impairment
losses as at
1 Jan 2023
Additions Exchange
rate effects
Accum.
amortisation and
impairment as at
31 Dec 2023
Net carrying
amount as at
31 Dec 2023
Net carrying
amount
as at
1 Jan 2023
Goodwill 667,929 – – (267) 667,662 – – – – 667,662 667,929
TeamViewer trademark 105,100 – – – 105,100 – – – – 105,100 105,100
Customer relationships 257,217 – – – 257,217 (204,903) (25,830) – (230,733) 26,483 52,313
Software 110,959 1,454 2,041 (40) 114,415 (56,748) (13,566) 37 (70,277) 44,138 54,211
Construction in progress 1,241 816 (2,041) – 15 – – – – 15 1,241
Total 1,142,445 2,270 – (307) 1,144,408 (261,651) (39,395) 37 (301,010) 843,398 880,793
Goodwill and intangible assets 2022
In EUR thousands Gross carrying
amount as at
1 Jan 2022
Additions Reclassi-
fications
Exchange
rate effects
Gross carrying
amount as at
31 Dec 2022
Accum.
amortisation
and impairment
losses as at
1 Jan 2022
Additions Exchange
rate effects
Accum.
amortisation and
impairment as at
31 Dec 2022
Net carrying
amount as at
31 Dec 2022
Net carrying
amount
as at
1 Jan 2022
Goodwill 667,224 – – 705 667,929 – – – – 667,929 667,224
TeamViewer trademark 105,100 – – – 105,100 – – – – 105,100 105,100
Customer relationships 257,217 – – – 257,217 (179,074) (25,830) – (204,903) 52,313 78,143
Software 108,341 2,514 – 104 110,959 (43,425) (13,233) (90) (56,748) 54,211 64,917
Construction in progress – 1,241 – 1,241 – – – – 1,241 –
Total 1,137,882 3,754 – 809 1,142,445 (222,498) (39,063) (90) (261,651) 880,793 915,383
124 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
Impairment test – The impairment test was performed on the basis of the TeamViewer cash-
generating unit.
The recoverable amount was derived based on the value in use determined by discounting
expected future cash flows to be generated from continuing use. In accordance with IAS 36,
five years of projected cash flows were included in the discounted cash flow model. The
discount rate was calculated using a pre-tax weighted average cost of capital (WACC), which
includes cost of debt with a credit spread to consider borrowing costs from a market
participant’s view and the cost of equity from a market perspective. The cost of equity is
derived from market data on the basis of a peer group of companies, which is made up of
companies that are comparable to the Group’s risk profile with respect to their business
model, size and geographic distribution of sales. Major components used in determining the
cost of equity are the market risk premium, the risk-free rate and an unlevered beta which
incorporates the two-year average of the Group’s peer group. A country risk premium was
taken into account to reflect the geographical risks to which the Company is exposed. Key
assumptions used in the impairment test were discount rate, revenue growth rate, terminal
value growth rate and EBITDA margin.
The business plan was approved by TeamViewer’s Management Board and represents the
most current planning available as at the measurement date (31 December 2023) for a period
of five years. The planned EBITDA is based on expectations regarding future results, taking
into account empirical values. Revenue and EBITDA are expected to grow in fiscal years 2024-
2028. The planned revenue growth is driven by disproportionate growth in enterprise
customers. This growth results from an increase in NRR (LTM), the ongoing advancement of
small and medium-sized businesses into the enterprise segment, and new enterprise
customers.
Measurement parameters/assumptions
2023 2022
Annual revenue growth rate 10.1 % 9.4%
Discount rate (before tax) 12.5 % 10.8%
Credit spread 1.9 % 3.6%
Market risk premium 7.0 % 7.0%
Risk-free interest rate 2.7 % 2.0%
Unlevered beta 0.98 0.89
Weighted country risk premium 0.6 % 0.7%
Terminal value growth rate 2.0 % 2.0%
Adjusted EBITDA margin* (terminal value) 50.0 % 53.0 %**
*Adjusted EBITDA margin means adjusted EBITDA (see Note 22 Operating segments) as a percentage of revenue. Since the beginning of the
2023 fiscal year, TeamViewer has been reporting according to a revised system of key performance indicators, in which a greater emphasis is
placed on revenue (IFRS). As a result, the definition of adjusted EBITDA has changed from a billings to a revenue perspective.
**Previous year shown 54.9 % based on adjusted (billings) EBITDA.
The recoverable amount was greater than the carrying amount, therefore no impairment loss
was recognised. Changes in key assumptions of the impairment test considered possible by
management would not result in an impairment loss.
125 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
10. Property, plant and equipment
Property, plant and equipment 2023
In EUR thousands Gross
carrying
amount
as at
1 Jan 2023
Additions Reclassi-
fications
Disposals Exchange
rate effects
Gross carrying
amount as at
31 Dec 2023
Accum.
depreciation
as at
1 Jan 2023
Additions Disposals Exchange
rate
effects
Accum.
depreciation
as at
31 Dec 2023
Net carrying
amount as at
31 Dec 2023
Net carrying
amount as at
1 Jan 2023
Improvements in
third-party buildings
9,742 328 – – (50)
10,020 (2,712) (1,078) – 48 (3,742) 6,278 7,031
IT equipment
15,385 2,428 – – (244)
17,570 (9,921) (3,783) – 206 (13,498) 4,072 5,464
Office furniture and
equipment
6,613 581 – – (69)
7,124 (2,909) (515) – 40 (3,383) 3,741 3,704
Assets under
construction
– – – – –
– – – – – – – –
Total property, plant
and equipment 31,740 3,337 – – (363) 34,714 (15,541) (5,376) – 294 (20,623) 14,091 16,199
Property, plant and equipment 2022
In EUR thousands Gross
carrying
amount
as at
1 Jan 2022
Additions Reclassi-
fications
Disposals Exchange
rate effects
Gross carrying
amount as at
31 Dec 2022
Accum.
depreciation
as at
1 Jan 2022
Additions Disposals Exchange
rate
effects
Accum.
depreciation
as at
31 Dec 2022
Net carrying
amount as at
31 Dec 2022
Net carrying
amount as at
1 Jan 2022
Improvements in
third-party buildings 8,063 750 794 – 135 9,742 (1,254) (1,383) – (75) (2,712) 7,031 6,809
IT equipment 11,300 3,560 – – 526 15,385 (6,292) (3,282) – (347) (9,921) 5,464 5,008
Office furniture and
equipment
5,665 780 – – 168 6,613 (2,191) (636) – (81) (2,909) 3,704 3,473
Assets under
construction
745 – (794) – 49 – – – – – – – 745
Total property, plant
and equipment 25,773 5,090 – – 877 31,740 (9,737) (5,301) – (503) (15,541) 16,199 16,036
126 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
Right-of-use assets in 2023
In EUR thousands
Gross carrying
amount as at
1 Jan 2023
Additions Disposals
Exchange
rate effects
Gross carrying
amount as
at 31 Dec 2023
Accum.
Deprecia-
tion as at
1 Jan 2023
Additions Disposals
Exchange
rate effects
Accum.
depreciation as
at
31 Dec 2023
Net carrying
amount as at
31 Dec 2023
Net carrying
amount as at
1 Jan 2023
Buildings 37,245 2,884 (431) (366) 39,332 (12,265) (5,363) 431 227 (16,971) 22,362 24,980
IT equipment 18,379 2,969 (2,858) (35) 18,454 (9,293) (5,223) 2,858 12 (11,646) 6,808 9,086
Total right-of-use assets 55,624 5,852 (3,289) (401) 57,787 (21,558) (10,587) 3,289 239 (28,617) 29,170 34,066
Right-of-use assets in 2022
In EUR thousands Gross carrying
amount as at
1 Jan 2022
Additions Disposals Exchange
rate effects
Gross carrying
amount as
at 31 Dec 2022
Accum.
Deprecia-
tion as at
1 Jan 2022
Additions Disposals Exchange
rate effects
Accum.
depreciation as
at
31 Dec 2022
Net carrying
amount as at
31 Dec 2022
Net carrying
amount as at
1 Jan 2022
Buildings 28,170 8,482 (77) 670 37,245 (7,267) (4,836) 77 (238) (12,265) 24,980 20,903
IT equipment 13,299 5,091 – (11) 18,379 (4,754) (4,541) – 2 (9,293) 9,086 8,545
Total right-of-use assets 41,469 13,572 (77) 659 55,624 (12,021) (9,377) 77 (237) (21,558) 34,066 29,448
127 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
11. Financial assets
Financial assets 2023
In EUR thousands Current Non-current 31 Dec 2023
Total
Derivatives 8,559 7,107 15,666
Investment in Associates – 15,414 15,414
Lease deposits and other assets 864 4,759 5,623
Total financial assets 9,423 27,280 36,703
Financial assets 2022
In EUR thousands Current Non-current 31 Dec 2022
Total
Derivatives 7,038 13,771 20,809
Lease deposits and other assets – 4,766 4,766
Total financial assets 7,038 18,537 25,575
12. Trade receivables
As at 31 December 2023 and 31 December 2022, only current trade receivables exist.
Age structure of trade receivables
In EUR thousands 31 December 2023 31 December 2022
Past due <31 days 22,108 19,524
31–60 days past due 2,818 2,457
61–90 days past due 1,575 2,041
91–120 days past due 1,362 1,273
121–150 days past due 1,528 1,119
More than 150 days past due 6,881 7,688
Total before valuation allowance 36,271 34,101
Valuation allowance (14,305) (15,806)
Trade receivables 21,966 18,295
128 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
Expected credit losses on trade receivables as at 31 December
2023 2022
Past due In EUR
thousands
Expected
default rate in %
In EUR
thousands
Expected
default rate in %
Up to 30 days (3,041) 16 (3,718) 22
31–60 days (1,348) 49 (1,390) 58
61–90 days (1,128) 74 (1,284) 64
91–120 days (1,024) 79 (1,105) 89
121–150 days (1,264) 85 (1,069) 99
More than 150 days (6,499) 99 (7,241) 99
Total valuation
allowance (14,305) (15,806)
Dev
elopment of valuation allowance on trade receivables
In EUR thousands 31 December 2023 31 December 2022
Valuation allowance at the beginning of
fiscal year
(15,806) (17,115)
Release/(additions) (8,506) (13,604)
Utilisation 10,007 14,913
Total valuation allowance at the
end of fiscal year
(14,305) (15,806)
On
average, invoices in fiscal year 2023 were paid 39 days after invoicing (2022: 37 days).
In
formation about the Group’s exposure to credit and market risks for trade receivables is
provided in Note 21 Financial instruments – fair values and risk management.
13. Other assets
Other assets 2023
In EUR thousands Current Non-current 31 Dec 2023
Total
Other receivables 9,175 642 9,817
Capitalised costs from
customer contracts 6,466 18,889
25,354
Advance payments 36,318 – 36,318
Inventories 403 – 403
VAT receivables 4 – 4
Total other assets 52,366 19,530 71,896
Other assets 2022
In EUR thousands Current Non-current 31 Dec 2022
Total
Other receivables 5,866 574 6,440
Capitalised costs from
customer contracts 4,799 11,348 16,147
Advance payments 8,336 – 8,336
Inventories 388 – 388
VAT receivables 4 – 4
Total other assets 19,392 11,922 31,315
Am
ortisation of capitalised costs from customer contracts in the fiscal year amounted to
EUR 6.3 million (2022: EUR 2.8 million).
129 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
14. Cash and cash equivalents
Cash and cash equivalents as at 31 December
In EUR thousands 2023 2022
Short-term deposits 12,025 85,013
Bank accounts 60,263 75,217
From payment service providers 531 763
Cash in hand 4 4
Total cash and cash equivalents 72,822 160,997
As at the reporting dates of 31 December 2023 and 31 December 2022, no impairment was
recognised for cash and cash equivalents due to immateriality.
15. Equity
Equity as at 31 December
In EUR thousands 2023 2022
Issued capital 174,000 186,516
Capital reserve 105,234 236,849
Accumulated losses (95,188) (209,203)
Hedge reserve 929 (1,620)
Foreign currency translation reserve 1,614 3,003
Treasury shares (102,929) (100,263)
Total equity 83,660 115,282
Number of shares
In thousands Subscribed capital Treasury shares
31 December 2021 201,071 –
Purchase of treasury shares – (24,094)
Cancellation of treasury shares (14,555) 14,555
31 December 2022 186,516 (9,539)
Purchase of treasury shares – (10,886)
Reissuance of treasury shares under
share-based payments – 259
Cancellation of treasury shares (12,516) 12,516
31 December 2023 174,000 (7,651)
Issued capital – As at 31 December 2023, the subscribed capital comprised the share capital
of TeamViewer SE in the amount of EUR 174,000,000 and is divided into ordinary
174,000,000 no-par value ordinary bearer shares (no-par value shares).
Authorised capital – The Management Board is authorised to increase the issued capital on
one or more occasions until 2 September 2024 by up to EUR 98,929,069 (Authorised Capital
2020). The subscription rights of existing shareholders may be excluded under certain
conditions.
By resolution of the Annual General Meeting on 3 September 2019, the Management
Board was authorised, with the approval of the Supervisory Board, to increase the
Company’s share capital once or several times in the period up to 2 September 2024 by
up to a total of EUR 100,000,000 by issuing up to 100,000,000 no-par value bearer shares
in return for cash contributions and/or contributions in kind (Authorised Capital 2019).
The profit entitlement of new shares may be determined in deviation from § 60 (2) AktG.
Shareholders are in principle to be granted subscription rights. However, the Management
Board is authorised, in each case with the approval of the Supervisory Board, to exclude
shareholders’ subscription rights on one or more occasions in the following cases:
• Insofar as this is necessary to compensate for fractional amounts.
• Insofar as this is necessary to grant holders or creditors of convertible bonds, bonds with
warrants or convertible profit participation rights issued by the Company and/or by its
directly or indirectly majority-owned subsidiaries subscription rights to new shares to the
130 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
extent to which they would be entitled after exercising their conversion or option rights
or after, fulfillment of their option exercise or conversion obligations.
• Insofar as the new shares are issued against cash contributions and the issue price of the
new shares is not significantly lower than the stock market price of the shares of the
Company already listed at the time of the final determination of the issue price, which
should be as close as possible to the placement of the shares. This authorisation to
exclude subscription rights shall only apply insofar as the notional interest in the share
capital attributable to the shares issued with the exclusion of subscription rights
pursuant to § 186 (3) Sentence 4 AktG does not exceed a total of 10 % of the share capital,
neither at the time this authorisation becomes effective nor at the time this authorisation
is exercised.
• Insofar as the new shares are issued against contributions in kind, particularly in the form
of companies, parts of companies, interests in companies, receivables or other assets.
As at 31 December 2023, the Company had utilised Authorised Capital 2019 in the amount of
EUR 1,070,931.00 in the context of a capital increase against contribution in kind, which took
place in the 2020 fiscal year. Authorised Capital 2019 amounted to EUR 98,929,069.00 as at
31 December 2023.
Conditional Capital – The Company’s share capital is conditionally increased by up to
EUR 60,000 thousand through the issue of up to 60,000,000 new no-par value bearer shares
(Conditional Capital 2019). Conditional Capital 2019 serves exclusively to grant new shares to
the holders or creditors of bonds issued by the Company or other companies in which the
Company directly or indirectly holds a majority interest until 2 September 2024 in accordance
with the authorisation resolution of the Annual General Meeting on 3 September 2019, in the
event that conversion or option rights are exercised or conversion or option obligations are
fulfilled or the Company exercises its right to grant shares in the Company in whole or in part
instead of payment of the cash amount due. The Conditional Capital 2019 has not been
utilised to date.
In addition, by resolution of the Annual General Meeting on 3 September 2019, the Management
Board was authorised, with the approval of the Supervisory Board, to issue bearer or registered
convertible bonds and/or bonds with warrants, or a combination of these instruments, on one
or more occasions in partial amounts until 2 September 2024, for a total nominal amount of
up to EUR 1,400,000,000, in each case with or without a limited term, and to grant the holders
of these bonds conversion or option rights to subscribe for up to 60,000,000 no-par value
bearer shares in the Company with a notional interest in the share capital of up to
EUR 60,000,000 in total in accordance with the more detailed provisions of the terms and
conditions of issue of these bonds. The bonds may provide for an obligation to convert or
exercise an option at the end of the term or at an earlier point in time. The bonds may be
issued against cash or non-cash contributions. The bonds may also be issued by companies in
which the Company directly or indirectly holds a majority interest. In this case, the
Management Board is authorised, with the approval of the Supervisory Board, to assume the
necessary guarantees for the obligations arising from the bonds on behalf of the Company
and to grant or impose conversion or option rights or conversion or option exercise
obligations for shares in the Company on the holders or creditors of these bonds.
The Management Board was also authorised, with the approval of the Supervisory Board, to
exclude shareholders’ subscription rights when issuing bonds under certain circumstances,
including issuance in return for non-cash contributions, in particular for the purpose of
acquiring companies, parts of companies or equity interests in companies.
Capital reserve – The decrease in the capital reserve in the fiscal year results mainly from the
purchase of treasury shares and the cancellation of treasury shares (see Note 6 Personnel
expenses).
Hedge reserve – The reserve for cash flow hedges includes the effects of an interest rate cap.
The following table shows the movement of the hedge reserve during the year:
131 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
In EUR thousands 2023 2022
Hedge reserve at the beginning of
fiscal year
(1,620) 12
Total movement during the period in OCI 2,549 (1,632)
thereof change in fair value 4,252 (3,420)
thereof reclassified to profit and loss (1,703) 1,788
Hedge reserve at the end of fiscal year 929 (1,620)
Foreign currency translation reserve – The currency translation reserve results from the
translation of foreign operations into euros.
Treasury shares – The Management Board was authorised by the Company’s Annual General
Meeting on 3 September 2019, until 2 September 2024, to buy treasury shares for any
purpose permitted by law, up to a total of 10 % of the share capital existing at the time of the
resolution or – whichever is less – to purchase the existing share capital at the time this
authorisation is exercised. This authorisation was renewed and replaced by the Company’s
Annual General Meeting on 17 May 2022, and subsequently renewed and replaced by the
Company’s Annual General Meeting on 24 May 2023, so that the Management Board is now
authorised, with the approval of the Supervisory Board, to acquire treasury shares up to a
total of 10 % of the share capital until 23 May 2028. If the share capital is lower at the time this
authorisation is exercised, this lower value shall apply. The shares acquired on the basis of the
authorisation, together with other shares in the Company that the Company has already
acquired and still owns, may at no time account for more than 10 % of the respective existing
share capital. The acquisition takes place via the stock exchange by means of a public offer to
buy or sell addressed to all shareholders of the Company, using derivatives or from a credit or
financial institution.
On 2 February 2022, the Management Board of TeamViewer SE approved a share buyback
programme with a volume of up to EUR 300 million or, if higher, up to 20,000,000 shares. This
began on 3 February 2022 and was amended by resolution on 2 August 2022 so that the
maximum number of shares to be purchased is up to 30,000,000 shares. The programme was
implemented under the authorisations set out above and was completed on 26 September
2022. A total of 24,093,675 shares were acquired.
On 6 February 2023, the Management Board of TeamViewer SE resolved a share buyback
programme (SBB 2023) with a total volume of up to EUR 150 million (without ancillary costs)
and was completed on 30 November 2023. The buyback was concluded in two independent
tranches via the stock exchange. The first tranche with a volume of up to EUR 75 million
started on 15 February 2023 and ended on 15 June 2023. In total 5,078,064 shares have been
purchased as part the first tranche. The second tranche of the SBB 2023 started on 20 June
2023 and ended on 30 November 2023. 4,915,829 shares have been purchased as part of the
second tranche.
On 7 December 2023, the Management Board of TeamViewer SE, with the approval of the
Supervisory Board, resolved a new share buyback programme (SBB 2024) of up to EUR 150
million (without ancillary costs). The buyback programme started in 2023 and will end in 2024.
Initially, the company makes use of the existing authorisation, granted by the Annual General
Meeting in May 2023, to purchase up to 10.7 million shares. The remainder of the programme
is subject to the renewal of the buyback authorisation by the Annual General Meeting in June
2024. By 31 December 2023, the Company had acquired 892,454 shares under the SBB 2024
programme. In addition, 95,306 shares were acquired by a trustee by 31 December 2024 as
part of the SBB 2024. These will be transferred to TeamViewer in the 2024 fiscal year.
In the first quarter 2023, 258,515 shares were transferred to the employees under the RSU
programme.
Effective 13 June 2022, 14,555,075 shares have been cancelled, effective 26 June 2023,
6,515,856 shares and effective 20 December 2023 6,000,000 shares have been additionally
cancelled. The Company’s issued capital was reduced accordingly to 174,000,000 EUR. The
remaining shares will initially be held by the Company for later use for all purposes permitted
under stock corporation law, in particular the “RSU” programme. As at 31 December the
company held 7,650,576 treasury shares (31 December 2022: 9,538,600).
The item “Treasury share reserve” as at 31 December 2023 contains the acquisition costs for
7,650,576 treasury shares (31 December 2022: 9,538,600 treasury shares).
132 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
16. Financial liabilities
In EUR thousands 31 December 2023
Current Non-current Total
Financial liabilities 97,274 432,149 529,424
thereof from loans 87,835 412,401 500,236
thereof from lease liabilities 9,439 19,748 29,188
Other financial liabilities 8,125 13 8,138
Total 105,399 432,162 537,562
In EUR thousands 31 December 2022
Current Non-current Total
Financial liabilities 113,295 519,346 632,641
thereof from loans 101,664 496,380 598,044
thereof from lease liabilities 11,632 22,966 34,598
Other financial liabilities 11,537 3,119 14,656
Total 124,832 522,465 647,297
(a) Maturity and repayment structure
Liabilities to banks
In EUR thousands 31 December 2023
Currency Year of
maturity
Nominal
value
Carrying
amount
Loan
2022 syndicated loan in EUR EUR 2025 100,000 99,652
2022 syndicated loan –
revolving credit facility EUR 2027
– (1,895)
2021 bilateral bank loan in EUR EUR 2025 100,000 100,000
Promissory notes
3-year fixed promissory note EUR 2024 27,000 27,078
3-year variable promissory note EUR 2024 58,000 58,923
5-year fixed promissory note EUR 2026 118,000 118,274
5-year variable promissory note EUR 2026 75,000 76,148
7-year fixed promissory note EUR 2028 13,000 13,031
10-year fixed promissory note EUR 2031 9,000 9,024
Total 500,000 500,236
133 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
Liabilities to banks
In EUR thousands
31 December 2022
Currency Year of
maturity
Nominal value Carrying amount
Loan
2022 syndicated loan in EUR EUR 2025 100,000 99,301
2022 syndicated loan –
revolving credit facility EUR 2027 100,000 97,636
2021 bilateral bank loan in EUR EUR 2025 100,000 100,000
Promissory notes
3-year fixed promissory note EUR 2024 27,000 27,054
3-year variable promissory note EUR 2024 58,000 58,347
5-year fixed promissory note EUR 2026 118,000 118,218
5-year variable promissory note EUR 2026 75,000 75,438
7-year fixed promissory note EUR 2028 13,000 13,028
10-year fixed promissory note EUR 2031 9,000 9,023
Total 600,000 598,044
The interest payment dates are currently three months rolling. The interest payment period
can be extended after each interest payment date to periods between one and twelve
months.
The carrying amounts of the respective loans include directly attributable transaction costs
that are amortised over the term of the respective loans using the effective interest method.
The Group has the unconditional right to prepay the loans in part or in full at any time.
The revolving credit facility is undrawn as at 31 December 2023 (31 December 2022: EUR 100
million). Utilisation is possible up to an amount of EUR 450 million (2022: EUR 450 million).
The payment structure of the financial liabilities from loans is as follows, based on the
assumption at the reporting date of repayment as agreed in the loan agreement:
Future cash flows as at 31 December 2023
In EUR thousands Payable
within
3 months
Payable in
3 –12 months
Payable in
more than
12 months
Total amount
outstanding
Loans 1,549 4,768 203,145 209,462
2022 syndicated loan in EUR 1,296 4,004 102,895 108,195
2022 syndicated loan –
revolving credit facility – – –
–
2021 bilateral bank loan 253 764 100,250 101,267
Promissory notes 89,360 2,805 224,400 316,565
3-year fixed promissory note 27,128 – – 27,128
3-year variable promissory note 59,448 – – 59,448
5-year fixed promissory note 679 679 120,036 121,393
5-year variable promissory note 1,948 1,969 80,843 84,760
7-year fixed promissory note 88 88 13,614 13,790
10-year fixed promissory note 70 70 9,907 10,046
Total future payments 90,909 7,573 427,545 526,027
134 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
Future cash flows as at 31 December 2022
In EUR thousands Payable
within
3 months
Payable in
3 –12 months
Payable in
more than
12 months
Total amount
outstanding
Loans 1,957 5,943 318,778 326,678
2022 syndicated loan in EUR 873 2,680 105,759 109,312
2022 syndicated loan –
revolving credit facility 835 2,502 111,752 115,089
2021 bilateral bank loan 250 761 101,267 102,278
Promissory notes 2,588 2,588 310,867 316,043
3-year fixed promissory note 135 135 27,135 27,405
3-year variable promissory note 657 657 58,657 59,970
5-year fixed promissory note 708 708 121,540 122,956
5-year variable promissory note 925 925 79,636 81,486
7-year fixed promissory note 91 91 13,819 14,001
10-year fixed promissory note 72 72 10,080 10,224
Total future payments 4,545 8,531 629,645 642,721
For additional information on risk management with regard to interest rate and liquidity risk,
see Note 21 Financial instruments – fair values and risk management.
(b) Syndicated loan 2022
On 14 July 2022, the Group improved the conditions of its credit facilities by lowering the
interest margins and extending the maturity profile. The Group entered into a new loan
contract (2022 syndicated loan) with several lenders to replace the 2019 syndicated loan with
the following conditions:
• New term loan in EUR 150 million
• Revolving Credit Facility (RCF) in EUR 450 million
• Decrease of the interest rates
(c) Promissory notes
In February 2021, TeamViewer entered into an agreement to issue a promissory note of EUR
300 million, comprising variable and fixed rate tranches with different maturities. All tranches
were issued at par and are bullet. Interest coupons are paid semi-annually. The reference
interest rate (6M EURIBOR) is floored at 0 % for the variable tranches totalling EUR 133 million.
The interest margins are linked to the Company’s net leverage ratio and the ESG rating.
(d) Bilateral bank loan
In March 2021, TeamViewer entered into a fixed-interest loan agreement in the amount of
EUR 100 million. The loan has a bullet maturity and matures on 31 March 2025. The interest
rate is 1.00 % p.a. Interest are paid quarterly in arrears at the end of each calendar quarter.
(e) Credit covenants
Under the terms of the 2022 syndicated loan and the bilateral bank loan, the Group must
comply with certain leverage ratio covenants (equivalent to net debt/pro forma EBITDA, each
as defined in the credit agreement).
As at 31 December 2023, there were no violations of the terms and conditions of the loan.
135 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
(f) Financial management
TeamViewer’s financial management is designed to ensure the Group’s financial stability,
flexibility and liquidity. It comprises capital structure management and corporate financing,
cash and liquidity management, and the monitoring and management of market price risks
such as exchange rate and interest rate risks. TeamViewer’s financing structure is geared
towards maintaining financial room for manoeuvre in order to take advantage of business
and investment opportunities.
(g) Lease liabilities
Development of lease liabilities
In EUR thousands 2023 2022
1 January 34,598 30,129
Additions 4,094 13,141
Interest expense 841 745
Lease payments (11,920) (10,206)
Exchange rate effects (244) 566
Modifications & adjustments 1,820 (516)
Additions from business combinations – 738
31 December 29,188 34,598
Lease payments for short-term leases and for low-value leased assets in fiscal year 2023
amounted to EUR 591 thousand (2022: EUR 532 thousand).
Maturity analysis of lease obligations
In EUR thousands As at
31 December 2023
As at
31 December 2022
Undiscounted contractual cash flows
< 1 year 9,914 11,751
1–3 years 14,391 15,998
3–5 years 4,900 4,609
> 5 years 1,945 3,748
Total undiscounted lease liabilities 31,150 36,106
Lease liabilities recognised in the statement of
financial position
29,188 34,598
thereof current 9,439 11,632
thereof non-current 19,748 22,966
136 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
17. Deferred revenue
Development of deferred revenue in the statement of financial position
and bridge to profit or loss
In EUR thousands 2023
As at
1 January
Additions/
billings
Reversals/
revenue
As at
31 December
Deferred revenue in
statement of financial
position 312,289 677,993 (634,119)
356,164
Other n/a (0) 7,430
30
n/a
Change recognised in
profit or loss n/a 677,993 (626,689)
n/a
In EUR thousands 2022
As at
1 January
Additions/
billings
Reversals/
revenue
As at
31 December
Deferred revenue in
statement of financial
position
250,575 634,774 (573,060) 312,289
Other
n/a (0) 7,186
30
n/a
Change recognised in
profit or loss n/a 634,774 (565,874) n/a
30
This amount mainly includes billings that are not yet recognised as trade receivables. Please refer to our comments under
Note 3 (i) Trade receivables.
Deferred revenue
In EUR thousands 31 December 2023 31 December 2022
Non-current 41,367 24,151
Current 314,797 288,138
Total deferred revenue 356,164 312,289
18. Trade payables
Age structure of trade payables
In EUR thousands 31 December 2023 31 December 2022
Up to 30 days 7,703 8,169
31–60 days – –
61–90 days 148 92
More than 90 days 165 613
Total trade payables 8,016 8,875
137 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
19. Deferred and other liabilities
The Group expects the following deferred and other liabilities to be settled within one year:
Deferred and other liabilities
In EUR thousands 31 December 2023 31 December 2022
Employee-related liabilities 36,119 24,891
Purchases/services received from third
parties and others
27,474 8,008
Payroll-related taxes and social security 2,487 2,629
VAT liabilities 6,987 6,857
Deferred and other liabilities 73,067 42,385
Employee-related liabilities include items relating to performance-based compensation,
vacation entitlements, severance payments and garden leave.
20. Provisions
Provisions 2023
In EUR thousands Personnel Taxes Other Total
Balance as at 1 January 628 692 8,224 9,543
Additions – 201 2,314 2,516
Utilisation (96) (18) (729) (843)
Reversals (44) (322) (166) (532)
Exchange rate effects – – (792) (792)
Balance as at 31 December 488 553 8,851 9,892
thereof long-term 389 – – 389
Provisions 2022
In EUR thousands Personnel Taxes Other Total
Balance as at 1 January 412 590 1,257 2,259
Additions 277 692 8,204 9,173
Utilisation (62) (590) (1,237) (1,888)
Reversals – – – –
Balance as at 31 December 628 692 8,224 9,543
thereof long-term 530 – – 530
As part of the global developments in the taxation of digital business models, an ever-growing
number of countries are classifying the sale of software as a taxable transaction, even in the
absence of a physical presence. In such cases, the foreign entrepreneur is obliged to collect
the corresponding sales tax from the local customer and pay it to the responsible tax office.
The interpretation of the newly introduced laws is still being clarified in many cases. TeamViewer
checks the respective interpretation and application. If necessary, corresponding registra-
tions and the payment of sales tax will be made. Provisions in the amount of EUR 0.3 million
138 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
(2022: EUR 0.7 million) have been recognised in the statement of financial position as at
31 December 2023 for potential payment obligations.
In addition to the accruals recognised in the statement of financial position, further payment
obligations in the low single-digit million range may arise if the competent tax authorities
disagree. As the Company believes that the probability of these amounts being utilised is low,
no further provisions have been recognised in the statement of financial position.
The addition to the other provisions in the fiscal year 2023 is mainly due to legal and
consultancy fees and customer rebates (2022: mainly due to ongoing legal cases).
21. Financial instruments – fair values
and risk management
(a) Classification and fair values
All assets and liabilities for which a fair value is determined or recognised are categorised as
follows:
• Level 1: Quoted prices in active markets for identical assets or liabilities.
• Level 2: Inputs other than quoted prices included within Level 1 that are observable for
the asset or liability, either directly or indirectly.
• Level 3: Inputs for the asset or liability that are not based on observable market data.
The following table shows the carrying amounts and fair values of financial assets and
liabilities with their respective level in the fair value hierarchy.
Carrying amount and fair value level
31 December 2023
In EUR thousands Carrying amount Fair value level*
Classification according to IFRS 9 At fair value
through
profit or loss
At
amortised
cost
Fair value Level
Financial assets – thereof derivatives
thereof derivatives 15,666 2
Trade receivables
21,966
Cash and cash equivalents
72,822
Other financial assets
21,036
Total financial assets 15,666 115,824
Derivatives 1,031 2
Other financial liabilities: Contingent
purchase price payments 371 3
Trade payables
8,016
Lease liabilities
29,188
Liabilities to banks
500,236 483,272 2
Other financial liabilities
6,737
Total financial liabilities 1,402 544,177
* If no fair value level was noted, the book values as of the reporting date are almost equal to their fair values.
139 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
Carrying amount and fair value level
31 December 2022
In EUR thousands Carrying amount Fair value level*
Classification according to IFRS 9 At fair value
through
profit or loss
At
amortised
cost
Fair value Level
Financial assets
thereof derivatives 20,809 2
Trade receivables
18,295
Cash and cash equivalents
160,997
Other financial assets
4,766
Total financial assets 20,809 184,059
Derivatives 5,892 2
Other financial liabilities: Contingent
purchase price payments 4,490 3
Trade payables
8,875
Lease liabilities
34,598
Liabilities to banks
598,044 590,973 2
Other financial liabilities
4,273
Total financial liabilities 10,382 645,789
*If no fair value level was noted, the book values as of the reporting date are almost equal to their fair values.
Non-current other financial assets consist mainly of rent deposits for rented office space and
specifically for the Group’s new headquarters.
31
Change in contingent purchase price liability based on a +/- 10% change in contractually defined earn-out relevant
billings.
(b) Fair value measurement
The fair value of derivatives as of the valuation date is calculated using an option pricing
model in which the most relevant factors are interest yield curves and, in the case of foreign
currency derivatives, the appropriate forward rates.
The fair values of financial liabilities allocated to Level 2 are calculated as the present value
of the payments associated with the liabilities.
Trade receivables, loans receivable and cash and cash equivalents all generally have short-
term maturities. Trade payables, liabilities due and other financial liabilities also generally
have short-term maturities. For this reason, their carrying amount at the reporting date is
almost equal to their fair value.
The fair value of the outstanding contingent consideration for business combinations (Level
3) is measured using a discounted cash flow model based on significant unobservable inputs.
The significant unobservable inputs are the contractually defined earn-out relevant billings.
The significant unobservable inputs related to a fair value measurement classified within
Level 3 of the measurement hierarchy, together with a quantitative sensitivity analysis, were
as follows as at 31 December 2022:
Valuation of contingent purchase price payments as at 31 December 2023
Measurement
method
Relevant
unobservable
input factors
Earn-out
relevant billings
(in EUR million)
Sensitivity
analysis
+/– 10 %
31
(in EUR million)
Contingent
purchase price
payment for
Viscopic acquisition
DCF method Contractually
defined billings
1.2 +/– 0.0
140 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
Valuation of contingent purchase price payments as at 31 December 2022
Measurement
method
Relevant
unobservable
input factors
Earn-out
relevant billings
(in EUR million)
Sensitivity
analysis
+/– 10 %
32
(in EUR million)
Contingent
purchase price
payment for Upskill
acquisition
DCF method Contractually
defined billings
0.0 +/– 0.0
Contingent
purchase price
payment for Xaleon
acquisition
DCF method Contractually
defined billings
8.1 +/– 0.0
Contingent
purchase price
payment for
Viscopic acquisition
DCF method Contractually
defined billings
1.2 +/– 0.0
The main input factors are in line with expectations as at the reporting date.
Th
e estimates of the fair values of the liabilities for the outstanding contingent purchase
price payments are also based on the contractually defined factors that the future payments
are based on and the expectations that the Group has for these factors (Level 3). The Group
assesses the probability based on the achievement of the defined targets and their timing.
The assumptions made are reviewed at regular intervals.
32
Change in contingent purchase price liability with +/– 10% change in contractually defined earn-out relevant billings.
The changes in the fair values of financial instruments classified in Level 3 in fiscal year 2022
are presented below:
In EUR thousands Outstanding contingent purchase
price payments for acquisitions
1 January 2023 4,490
Additions –
(Other income)/other expenses
14
Payouts
(4,133)
31 December 2023 371
There were no transitions between fair value levels in 2023 and 2022.
(c) Derivatives
Foreign currency cash flows are hedged partly with FX forwards. The overall portfolio for
2024 amounts to EUR 155 million, including forwards in USD (66 %), GBP (16 %), CHF (10 %)
and JPY (8 %). For 2025, forwards of EUR 75 million hedge USD cash flows until
31 December 2025. The derivatives are not designated as hedges.
Another portfolio of FX forwards is designated as a hedging instrument for contractual
agreed GBP prepayments. The derivatives mitigate the risk of unfavourable currency
movements totalling GBP 12.0 million until May 2025. The hedge ratio is 1:1. The existing FX
forward derivatives hedging the USD contractual prepayments were settled due to the
contract changes.
In
July 2022, four interest rate cap agreements were incepted to hedge the cash flows for the
floating rate promissory notes with maturities in March 2024 (EUR 58 million) and March 2026
(EUR 75 million). All contracts are with a strike of 2 % on the 6-month EURIBOR, which is
inversely proportional to the floating rate promissory notes with the same benchmark rate.
141 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
Net gains/(losses) – Net gains/(losses) by category of financial instruments in accordance
with IFRS 7.20 are as follows:
Net gains/(losses)
In EUR millions From 1 January to
31 December 2023
From 1 January to
31 December 2022
Financial assets and liabilities measured at
fair value through profit or loss
1.0 19.8
33
Financial assets measured at amortised cost (11.2) 15.4
thereof impairment of trade receivables (8.5) (12.4)
thereof impairment of cash and cash
equivalents
– 1.2
thereof exchange rate gains/(losses) (3.6) 25.5
thereof interest income and other 0.9 1.1
Financial liabilities measured at amortised
cost
(15.8) (56.5)
thereof exchange rate gains/(losses) – (31.0)
thereof interest expense for bank loans (13.3) (14.8)
thereof interest expense for leasing and
other
(2.6) (10.7)
Total net gain/(loss) (26.0) (21.3)
33
This category includes the unrealised fair value gain of the foreign currency forward portfolio not designated as cash
flow hedge in the amount of EUR 16.4 million This is reported in the consolidated statement of comprehensive income as
other income, as the derivatives economically hedge the operating currency risk.
(d) Financial risk management
The Group is exposed to the following risks arising from financial instruments:
• Credit risk
• Liquidity risk
• Market risk
The Group’s risk management strategy aims to identify and analyse the risks to which the
Group is exposed and to set appropriate risk limits and controls to monitor risks and
compliance with risk limits.
With regard to assets, liabilities and future transactions, TeamViewer SE and its subsidiaries
are exposed to risks arising from fluctuations in exchange rates and interest rates, among other
things. Based on risk assessments, selected hedging instruments are used to limit these risks.
The use of derivatives is constantly monitored by the management. This includes the func-
tional separation of trading, settlement and posting and the authorisation of only a few
qualified employees to enter into such transactions. The Group enters into derivative
financial instruments for hedging purposes only.
Further explanations on risk concentration and diversification are provided in the opportu-
nities and risks report in the Group management report.
Credit risk – Credit risk is the risk of financial losses to the Group if a customer or counterparty
fails to meet its payment obligations.
The Group is exposed to credit and counterparty risk through its financing and business
activities. The carrying amount of financial assets in the statement of financial position repre-
sents the credit risk.
Trade receivables – Credit risks for the Group arise mainly from the economic environment of
the customers.
142 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
The Group seeks to minimise credit risks by imposing creditworthiness requirements on
business partners and continuously monitoring the receivables portfolio. The credit risk is
limited to the nominal value of the receivable.
Software licences and services are sold subject to payment to give the Group the ability to
block the licence in the event of non-payment. The Group does not otherwise require collate-
ral for trade receivables or other receivables.
The Group establishes an allowance corresponding to the expected losses related to trade
and other receivables (see Note 3 [i] Trade receivables).
Cash and cash equivalents – As at 31 December 2023, the Group held cash and cash equivalents
of EUR 72,822 thousand (31 December 2022: EUR 160,997 thousand).
Derivatives – Derivative financial instruments are solely held for hedging purposes and only
entered into with financial institutions possessing an “Investment Grade” credit rating.
Liquidity risk – Liquidity risk is the risk that the Group will no longer be able to service its
financial obligations fully and on time. The Group’s approach to liquidity management is to
maintain sufficient cash and cash equivalents to meet its obligations as they fall due, under
both normal and stressed conditions, without incurring unacceptable losses or damage to the
Group’s reputation.
The Group aims to maintain cash or cash equivalents in excess of the weekly expected cash
flows to service its financial liabilities (excluding trade payables). Together with the expected
cash outflows from trade payables and other liabilities, the Group also monitors the amount
of expected cash inflows from trade and other receivables. Possible extreme effects, such as
natural disasters that cannot be predicted under normal circumstances, are not taken into
account.
The Group’s credit agreements include an unsecured revolving credit facility of
EUR 450 million. As at 31 December 2023, the revolving credit facility was not utilised
(31 December 2022: EUR 100 million) (see Note 15 Financial liabilities).
Exposure to liquidity risk – The following presents the contractual maturities of financial
liabilities at the reporting date. The amounts are gross, undiscounted and include estimated
interest payments but do not include the effects of netting arrangements.
Liquidity risk as at 31 December 2023
Contractual cash flows
In EUR thousands Carrying
amount
Total < 1 year 1–5
years
More
than
5 years
Financial liabilities 500,236 526,027 98,482 418,196 9,349
IFRS 16 lease liabilities 29,188 31,150 9,914 19,291 1,945
Trade payables 8,016 8,016 8,016 – –
Other financial liabilities 371 371 371 – –
Total non-derivative financial
liabilities 537,811 534,445 106,879 418,215 9,351
Liquidity risk as at 31 December 2022
Contractual cash flows
In EUR thousands Carrying
amount
Total < 1 year 1–5
years
More
than
5 years
Financial liabilities 598,044 642,721 13,076 607,050 22,595
IFRS 16 lease liabilities 34,598 36,106 11,751 20,607 3,748
Trade payables 8,875 8,875 8,875 – –
Other financial liabilities 8,764 8,764 8,764 – –
Total non-derivative financial
liabilities 650,279 696,465 42,465 627,657 26,343
Foreign currency amounts were translated in each case at the closing rate on the reporting
date. The variable interest payments arising from financial instruments were calculated
using the interest rate most recently determined in December 2022.
Future cash flows may differ from the amounts in the table above due to changes in interest
rates and exchange rates.
143 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
Market risk – Market risk is the risk that changes in market prices, such as changes in foreign
exchange rates or interest rates, will negatively affect the Group’s earnings or the value of its
financial instruments. The objective of market risk management is to limit and control
exposure to market risk within certain ranges while optimising returns.
The Group uses derivative financial instruments to limit market risks. As a matter of principle,
the Group strives for hedge accounting in order to limit the volatility of the result.
Currency risks – Currency risk is the risk that the Group may incur losses due to changes in
exchange rates.
The Group is exposed to currency risk to the extent that currencies in which sales, purchases
and borrowings are denominated, and the respective functional currencies of Group entities
may differ. The Group’s exposure to significant foreign currency risk is limited in the fiscal
year 2023 to the US dollar (USD) and the Pound sterling (GBP), as the other currencies do not
account for more than 3 % of total monetary assets and liabilities. In the fiscal year 2022, the
exposure to significant foreign currency risk was limited to the US dollar (USD).
Level of currency risks – The Group’s exposure to currency risks is as follows:
Exposure to currency risk
In USD thousands 31 December 2023 31 December 2022
Cash 8,783 17,717
Trade receivables 10,278 9,094
Financial liabilities – –
Derivatives – –
IFRS 16 lease liabilities (3,483) (4,756)
Other financial liabilities – –
Trade payables (3,239) (1,713)
Net exposure in statement of financial position 12,339 20,343
In GBP thousands 31 December 2023 31 December 2022
Cash 1,326 1,939
Trade receivables 865 1,310
Other assets 3,000 –
Trade payables (202) (125)
Net exposure in statement of financial position 4,988 3,125
Sensitivity analysis – A possible appreciation (depreciation) of the euro against the US dollar
or the pound sterling as at 31 December 2023 would have affected the valuation of financial
instruments denominated in a foreign currency and affected equity and profit or loss by the
amounts shown below. Other foreign currencies would not have had a significant impact on
profit or loss or equity. This analysis assumes that all other variables and, above all, interest
rates, remain constant and excludes the impact of forecasted purchases and sales.
144 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
If the euro had been 10 % stronger (weaker) against the US dollar, assuming that all other risk
factors had remained unchanged, net income/loss would have been EUR 1.1 million
(EUR 1.1 million) (2022: EUR 1.9 million (EUR 1.9 million)) higher (lower).
If the euro had been 10 % stronger (weaker) against the pound sterling, assuming that all
other risk factors had remained unchanged, net income/loss would have been EUR 0.6 million
(EUR 0.6 million) (2022: EUR 0.4 million (EUR 0.4 million)) higher (lower).
Interest rate risk – Interest rate risks are understood as the negative effects of changing
interest rates on the Group’s earnings. A distinction is made between financial instruments with
fixed interest rates and those with variable interest rates. In the case of financial instruments
with a fixed interest rate, a fixed market interest rate is agreed for the entire term of the
financial instrument. The risk is that if market interest rates change, the fair value of the
financial instrument will change (fair value risk due to changing interest rates). The fair value
is based on the present value of future payments (interest payment plus repayment of the
loan amount) discounted at the prevailing market interest rate at the end of the reporting
period for the remaining term of the respective payment. The risk related to the fair value
due to changing interest rates then leads to a gain or loss if the financial instrument is sold
before maturity.
For financial instruments with variable interest rates, the interest rate is adjusted using
the respective market interest rates. There is a risk that there will be fluctuations in interest
rates resulting in changes in future interest payments (cash flow risk due to changes in
interest rates).
Interest rate caps were used to hedge interest rate risks in fiscal year 2023. The decision on
whether to use derivative financial instruments is based on the estimated interest rate risk
and the level of debt. The interest rate hedging strategy is regularly reviewed, and targets
are adjusted as necessary.
Exposure to interest rate risk – Financial liabilities from loans carry fixed and variable interest
rates. Financial liabilities from leasing carry a fixed interest rate.
Sensitivity analysis for variable rate financial instruments – The interest rate sensitivity
analysis presented below shows the hypothetical effects that a change in the market interest
rate at the end of the reporting period would have had on profit before income taxes and
equity. In this simplified analysis, it is assumed that the charge at the end of the reporting
period is representative of the full year. In the calculations, it is further assumed that all other
variables, in particular foreign currency exchange rates, remain constant.
A movement in the interest yield curve of +150/–150 basis points would have had a cash
flow effect on the loans over the subsequent twelve months of EUR (1.5) million/+1.5 million
(2022: EUR (0.1) million/+1.7 million (movement in the interest yield curve of +50/–50 basis
points)) and an effect on the net income/loss and consequently on the equity of EUR (1.5)
million/+1.5 million (2022: EUR (0.1) million/+1.7 million (movement in the interest yield
curve of +50/–50 basis points)).
145 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
(e) Change in liabilities from financing activities
The following table shows the change in liabilities resulting from financing activities:
Change in liabilities from financing activities
In EUR thousands 1 January 2023 Cash flows Exchange rate
effects
Changes in fair
value
Interest and
amortised cost
Additions from
acquisitions
Other 31 December
2023
2022 syndicated loan 196,936 (105,322) – – 6,142 – – 97,757
Promissory notes 301,107 (6,530) – – 7,901 – – 302,479
Bilateral bank loan 100,000 (1,014) 1,014 100,000
Lease liabilities 34,598 (11,920) (178) (66) 841 4,094 1,820 29,188
Other financial liabilities 8,764 (8,407) – 14 – – 6,737 7,107
Total 641,405 (133,193) (178) (53) 15,899 4,094 8,557 536,531
Change in liabilities from financing activities
In EUR thousands 1 January 2022 Cash flows Exchange rate
effects
Changes in fair
value
Interest and
amortised cost
Additions from
acquisitions
Other 31 December
2022
2019 syndicated loan 446,989 (491,135) 31,000 – 13,151 – (5) –
2022 syndicated loan – 194,659 – – 2,277 – – 196,936
Promissory notes 300,349 (3,508) – – 4,267 – – 301,107
Bilateral bank loan 100,000 (1,014) – – 1,014 – – 100,000
Lease liabilities 30,129 (10,206) 423 143 745 13,141 222 34,598
Other financial liabilities 14,680 (2,214) – (3,702) – – – 8,764
Total 892,147 (313,418) 31,423 (3,558) 21,453 13,141 217 641,405
146 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
22. Operating segments
The Group is managed as a single-segment company with the TeamViewer platform as the
basis for segmentation. The decision for segmentation was based on the internal organisation,
which is based on the platform as the single reporting line. The platform´s reporting is based
on the different geographical regions as reporting units, namely “Europe, Middle East and
Africa” (EMEA), “North, Central and South America” (AMERICAS), and “Asia-Pacific” (APAC).
As there is no other segment, the consolidated statement of profit and loss and other
comprehensive income already shows the segment revenue and expenses, while the
consolidated statement of financial position already shows the segment assets and segment
liabilities. All revenue reported in the consolidated statement of profit and loss and other
comprehensive income was generated with external customers.
Non-current assets relate mainly to Germany.
The management analyses the revenue based on regional and customer group level. The
performance is measured by the management based on adjusted EBITDA.
Revenue by regions
In EUR thousands 2023 2022
EMEA 332,410 301,047
AMERICAS 222,753 198,837
APAC 71,526 65,990
Revenue 626,689 565,874
Revenue by country
In EUR thousands 2023 2022
USA 175,943 157,873
Germany 101,625 89,012
Great Britain 35,481 33,128
France 33,997 31,138
Other countries 279,642 254,724
Revenue 626,689 565,874
Revenue is allocated to individual countries based on the location of the respective customer.
Revenue by customer group
In EUR thousands 2023 2022*
SMB customers 504,639 467,244
Enterprise customers 122,051 98,631
Revenue 626,689 565,874
* Since FY 2023, the effects of multi-year deals are considered more precisely in the revenue split calculation. Prior year's
comparable figures (2022 reported: For SMB, EUR 457,897 thousand; for Enterprise, EUR 107,977 thousand) were
adjusted accordingly.
The Group has a very diversified customer base, with no single customer accounting for more
than 10 % of revenue.
147 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
Adjusted EBITDA is calculated as follows:
In EUR thousands 2023 2022
Operating profit (EBIT) 166,562 143,725
Depreciation and amortisation 55,358 53,741
EBITDA 221,920 197,466
Other items for adjustment 38,580 32,376
Adjusted EBITDA 260,499 229,842
Other items for adjustment comprise the following:
In EUR thousands 2023 2022
Expenses for share-based compensation (23,671) (28,439)
Further items for adjustment (14,909) (3,937)
Total (38,580) (32,376)
23. Related party disclosures
Relation to companies with significant influence
For TigerLuxOne S.à r.l. (TLO), which is majority-owned by Permira Holdings Limited, the
shareholding in TeamViewer SE decreased by 6.02 % from 20.10 % to 14.08 % in the fiscal
year 2023, after having increased its ownership interest from 19.97 % to 20.10 % in 2022. The
decrease in the fiscal year 2023 was mainly the result of selling 13 million shares to
institutional investors (2022: cancellation of own shares) (see Note 15 Equity). Currently,
81.52 % (2022: 79.90 %) of the shares are in free float.
Transactions with other related parties
In EUR thousands 2023 2022
Sales to related parties 198 272
Purchases from related parties 4,808 4,015
Open balance as at 31 December 2023 31 December 2022
Trade receivables from related parties 60 55
Trade payables to related parties 43 0
There were no further material related-party transactions in fiscal years 2023 and 2022
beyond those presented in these notes.
148 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
Transactions with key management personnel
Management Board remuneration in accordance with IFRS
In EUR thousands 31 Dec 2023 31 Dec 2022
Short-term employee benefits 6,063 3,579
Severance benefits – 510
Share-based compensation 1,119 606
Total 7,183 4,695
Share-based compensation includes expenses related to the Long-term Incentive programme
(LTIP) of EUR 1.1 million (2022: EUR 0.6 million) and liabilities as at 31 December 2023 of
EUR 1.9 million (31 December 2022: EUR 1.1 million). In addition, there are outstanding
liabilities from short-term employee benefits under the Short-term Incentive Program (STIP)
amounting to EUR 3.7 million (31 December 2022: EUR 1.7 million).
Management Board remuneration (1 January 2022–31 December 2022)
In EUR thousands 2023 2022
Fixed remuneration 2,225 1,706
Fringe benefits 104 73
Other 33 –
Total 2,393 1,779
Third-party benefits – –
One-year variable remuneration 3,667 1,650
Multi-year variable remuneration 2,128 1,342
Other – 660
Subtotal variable remuneration 5,795 3,652
Pension costs – –
Total compensation current Management Board members 8,188 5,431
In the fiscal year 2023, the above tables contains remuneration of a former member of the
Management Board in the amount of EUR 0.0 million (2022: EUR 0.5 million).
Further details on share-based compensations/third-party benefits granted to key manage-
ment personnel are provided in Note 6 Personnel expenses.
There were no other transactions with key employees during the period (as in 2022) and no
outstanding balances as at 31 December 2021 or 31 December 2022.
In addition to the abovementioned programmes, expenses for share-based compensations
from the Employee Participation Programme (EPP) amounting to EUR 3.9 million (2022:
EUR 13.2 million) for employees outside the Management Board were also recognised in fiscal
year 2023.
The compensation paid to the Supervisory Board consisted of short-term benefits in the
amount of EUR 843 thousand (2022: EUR 720 thousand), with liabilities or provisions amoun-
ting to EUR 0 thousand (2022: EUR 0 thousand) as at 31 December 2023. No consulting
services were provided by a member of the Supervisory Board in 2023 or 2022.
149 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
The members of the Supervisory Board are active in the following comparable supervisory
bodies:
Supervisory Board
member
Occupation Company and type of mandate
Ralf W. Dieter
(Chairman of the
Supervisory Board)
Entrepreneur
and managing
partner of RWD
Vermögens-
und
Beteiligungs-
gesellschaft
mbH
Member of the Supervisory Board of Körber AG
Member of the Supervisory Board of Schuler
Group GmbH
Chairman of the Advisory Board of ADAMOS GmbH
Chairman of the Advisory Board of Dantherm Group A/S
Member of the Advisory Board Leadec Holding BV
Dr Abraham Peled
(Deputy Chairman
of the Supervisory
Board)
Partner at Peled
Ventures LLC
and industry
advisor to Hg
Capital Private
Equity
Chairman of the Board of Directors of CyberArmor Ltd.
Axel Salzmann
(Deputy Chairman
of the Supervisory
Board)
Member of the
Management
Board and Chief
Financial Officer
at BestSecret
GmbH
None
Swantje Conrad
(since May 2023)
Self-employed
consultant and
non-executive
director
Member of the Supervisory Board of RENK GmbH
Member of the Supervisory Board of RENK Group AG
(since September 2023)
Non-Executive Director at CT Private Equity Trust Plc
Stefan Dziarski
(until 11 December
2023)
Partner at
Permira
Member of the Supervisory Board of P&I Personal &
Informatik AG
Member of the Advisory Board of FlixMobility GmbH
Member of the Board of Directors of McAfee TopCo, Inc
(since February 2022)
Hera Kitwan Siu
Consultant Member of the Board of Directors of
Goodyear Tire & Rubber Company
Member of the Board of Directors of Vallourec S.A.
Member of the Board of Directors of ASMPT Limited
Supervisory Board
member
Occupation Company and type of mandate
Dr Jörg
Rockenhäuser
Partner and
Chairman at
Permira
Member of the Advisory Board of Best Secret GmbH
Chairman of the Advisory Board of Neuraxpharm
Arzneimittel GmbH
Member of the Advisory Board of Engel & Völkers
Holding GmbH
Christina Stercken
(since May 2023)
Self-employed
consultant and
non-executive
director
Member of the Board of Directors of Landis&Gyr
Group AG
Member of the Board of Directors of Ansell Ltd.
24. Events after the reporting date
After the end of the 2023 fiscal year, the following events occurred that could have a material
effect on the future net assets, financial position and result of operations of TeamViewer:
In January 2024, TeamViewer entered into an additional revolving credit facility of up to
EUR 75 million. This revolving credit facility is not drawn so far.
In February 2024, TeamViewer drew an amount of EUR 90 million from the existing revolving
credit facility (syndicated loan 2022). TeamViewer utilised this amount for the scheduled
repayment of a tranche of the promissory note loan in March 2024.
There were no other events of material significance after the 31 December 2023 reporting date.
150 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
25. Contractual obligations and
contingent liabilities
Other financial obligations
TeamViewer has other financial obligations in connection with sponsorship agreements. The
remaining terms of these contracts are as follows:
Contractual obligations arising from sponsorship agreements
In EUR thousands 31 December 2023 31 December 2022
Due within one year 37,646 66,422
Due in 1– 5 years 51,234 209,915
Due in more than five years – –
Total 88,880 276,338
Contractual obligations arising from other contracts
In EUR thousands 31 December 2023 31 December 2022
Due within one year 18,290 27,338
Due in 1– 5 years
25,187
23,970
Due in more than five years – –
Total 43,477 51,308
The o
ther contractual obligations and contingent liabilities consist primarily of leasing costs
for IT infrastructure.
The
re were no contingent liabilities as at 31 December 2023 or 31 December 2022.
26. Earnings per share
For the purpose of calculating basic earnings per share, net income/loss attributable to the
parent company’s ordinary shares is divided by the weighted average number of ordinary
shares outstanding during the year.
Earnings per share (basic)
In EUR 2023 2022
Group net income/(loss) for the period 114,014,729 67,600,265
Shares issued as at 31 December 174,000,000 186,515,856
Effect of clawback of Ubimax share-based
compensation
(226,900)
(583,877)
Weighted effect of treasury shares (1,632,904) (1,313,442)
Weighted average number of shares outstanding 172,140,196 184,618,537
Earnings per share
(Net income/(loss)/number of shares)
0.66 0.37
In determining basic earnings per share, 1,070,931 ordinary shares issued by TeamViewer to
the seller in connection with the acquisition of Ubimax GmbH are excluded as long as they are
subject to potential clawback for lack of vesting. These new shares were subject to a clawback
in the event that they were not vested under the “Ubimax” share-based compensation
because the founders do not perform the required work. They were pledged to TeamViewer
SE and were subject to a vesting period of three years. These were vested under share-based
compensation on 21 August 2021 (first tranche: 356,977 shares), on 21 August 2022 (second
tranche: 356,977 shares) and on 21 August 2023 (third tranche: 356,977 shares) and
consequently released. For additional information on the share-based compensation
transaction “Ubimax”, see Note 6 Personnel expenses.
151 C – Consolidated Financial Statements – 5 Notes to the Consolidated Financial Statements
TeamViewer SE
– Annual Report 2023
For the purpose of calculating diluted earnings per share, net income/loss attributable to
ordinary equity holders of TeamViewer SE is divided by the weighted average number of
ordinary shares outstanding, plus the weighted average number of ordinary shares that
would result from the conversion of all potentially dilutive ordinary shares into ordinary shares.
Earnings per share (diluted)
In EUR 2023 2022
Group net income/(loss) for the period 114,014,729 67,600,265
Weighted average number of shares
outstanding
172,140,196 184,618,537
Dilutive effect of Ubimax share-based
compensation
– 293,297
Dilutive effect of RSU share-based
compensation
840,257 149,030
Weighted average number of shares
outstanding adjusted for dilutive effect
172,980,453 185,060,864
Earnings per share
(Net income/(loss)/number of shares)
0.66 0.37
For the calculation of diluted earnings per share, the weighted average number of shares
outstanding is increased by the number of potentially dilutive shares from the “Ubimax” and
“RSU” share-based compensation. The number of potentially dilutive shares is determined as
the difference between the following two figures:
a) the weighted average number of ordinary shares issued but not yet vested under the
“Ubimax” and “RSU” share-based compensation plan
b) the number of ordinary shares that would have been issued at their average market price
during the period
To determine the latter figure, it is assumed that an amount equal to the future expense still
to be incurred from the share-based compensation transaction is used to repurchase the
issued ordinary shares at their average market price during the period (so-called treasury
stock method).
Between the reporting date and the publication date of the consolidated financial
statements, further shares were purchased under the SBB 2024 programme (see Note
15 Equity).
27. Auditor’s fees
The fees for the services of the Group’s auditor, PricewaterhouseCoopers GmbH Wirtschafts-
prüfungsgesellschaft, Stuttgart, totalled EUR 729 thousand in fiscal year 2023 (2022: EUR 475
thousand) and include audit services in the amount of EUR 696 thousand (2022: EUR 470
thousand) and other consulting (consulting with regards to taxonomy, access to online IFRS
training) in the amount of EUR 34 thousand (2022: EUR 5 thousand). The aforementioned
statements also correspond to the information for the entire PwC network. In addition to the
audit of the consolidated financial statements and the annual financial statements of
TeamViewer SE, the audit services also include the statutory and voluntary audits of
subsidiaries and audit reviews of interim financial statements.
28. Declaration of Conformity
with the German Corporate
Governance Code
In December 2023, the Management Board and Supervisory Board of TeamViewer SE issued
the declaration of conformity required by § 161 of the German Stock Corporation Act
(Aktiengesetz, AktG) and made it available on the Company’s Investor Relations website under
the “Governance & ESG” chapter, section “Policies & Statutes”.
152 C – Consolidated Financial Statements – 6 Release Date for Publication
TeamViewer SE
– Annual Report 2023
6 Release Date for Publication
The consolidated financial statements were released for publication on 8 March 2024.
8 March 2024
The Management Board
Oliver Steil Michael Wilkens Mei Dent Peter Turner
153 C – Consolidated Financial Statements – 7 Responsibility Statement
TeamViewer SE
– Annual Report 2023
7 Responsibility Statement
To the best of our knowledge, and in accordance with the applicable reporting principles, the
consolidated financial statements give a true and fair view of the earnings, assets, and
financial position of the Group, and the Group management report, which is combined with
the management report of TeamViewer SE, includes a fair review of the development and
performance of the business and the position of the Group, together with a description of the
material opportunities and risks associated with the expected development of the Group.
Göppingen, 8 March 2024
The Management Board
Oliver Steil Michael Wilkens Mei Dent Peter Turner
154 C – Consolidated Financial Statements – 8 Independent Auditor’s Report
TeamViewer SE
– Annual Report 2023
8 Independent Auditor’s Report
To TeamViewer SE, Göppingen
REPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS AND OF
THE GROUP MANAGEMENT REPORT
Audit Opinions
We have audited the Consolidated Financial Statements of TeamViewer SE (formerly
TeamViewer AG), Göppingen, and its subsidiaries (the Group), which comprise the consoli-
dated statement of financial position as at 31 December 2023, and the consolidated state-
ment of profit and loss and other comprehensive income, consolidated statement of changes
in equity and consolidated statement of cash flows from 1 January 2023 to 31 December 2023,
and notes to the consolidated financial statements, including material accounting policy in-
formation. In addition, we have audited the group management report of TeamViewer SE,
which is combined with the Company’s management report, including the remuneration re-
port pursuant to § [Article] 162 AktG [Aktiengesetz: German Stock Corporation Act], including
the related disclosures, included in section “8 Remuneration Report” for the financial year
from 1 January to 31 December 2023. In accordance with the German legal requirements, we
have not audited the content of the statement on corporate governance pursuant to § 289f
HGB [Handelsgesetzbuch: German Commercial Code] and
§ 315d HGB.
In our opinion, on the basis of the knowledge obtained in the audit,
• t
he accompanying consolidated financial statements comply, in all material respects,
with the IFRSs as adopted by the EU and the additional requirements of German com-
mercial law pursuant to § 315e Abs. [paragraph] 1 HGB and, in compliance with these re-
quirements, give a true and fair view of the assets, liabilities, and financial position of the
Group as at 31 December 2023, and of its financial performance for the financial year
from 1 January to 31 December 2023, and
• the accompanying group management report as a whole provides an appropriate view of
the Group’s position. In all material respects, this group management report is consistent
with the consolidated financial statements, complies with German legal requirements
and appropriately presents the opportunities and risks of future development. Our audit
opinion on the group management report does not cover the content of the statement
on corporate governance referred to above.
Pursuant to § 322 Abs. 3 Satz [sentence] 1 HGB, we declare that our audit has not led to any
reservations relating to the legal compliance of the consolidated financial statements and of
the group management report.
Basis for the Audit Opinions
We conducted our audit of the consolidated financial statements and of the group manage-
ment report in accordance with § 317 HGB and the EU Audit Regulation (No. 537/2014, re-
ferred to subsequently as “EU Audit Regulation”) in compliance with German Generally
Accepted Standards for Financial Statement Audits promulgated by the Institut der
Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Our responsibilities under
those requirements and principles are further described in the “Auditor’s Responsibilities for
the Audit of the Consolidated Financial Statements and of the Group Management Report“
section of our auditor’s report. We are independent of the group entities in accordance with
the requirements of European law and German commercial and professional law, and we
have fulfilled our other German professional responsibilities in accordance with these re-
quirements. In addition, in accordance with Article 10 (2) point (f) of the EU Audit Regulation,
we declare that we have not provided non-audit services prohibited under Article 5 (1) of the
EU Audit Regulation. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinions on the consolidated financial statements
and on the group management report.
Key Audit Matters in the Audit of the Consolidated Financial Statements
Key audit matters are those matters that, in our professional judgment, were of most signifi-
cance in our audit of the consolidated financial statements for the financial year from 1 Janu-
ary to 31 December 2023. These matters were addressed in the context of our audit of the
consolidated financial statements as a whole, and in forming our audit opinion thereon; we do
not provide a separate audit opinion on these matters.
155 C – Consolidated Financial Statements – 8 Independent Auditor’s Report
TeamViewer SE
– Annual Report 2023
In our view, the matters of most significance in our audit were as follows:
❶ Recoverability of goodwill and the trademark
❷ Share-based payment
❸ Measurement of deferred tax assets
Our presentation of these key audit matters has been structured in each case as follows:
① Matter and issue
② Audit approach and findings
③ Reference to further information
Hereinafter we present the key audit matters:
❶ Recoverability of goodwill and the trademark
① In the Company's consolidated financial statements goodwill amounting in total to EUR
667.9 million (60% of total assets) is reported under the "Goodwill" item in the consoli-
dated statement of financial position. In addition, the trademark in the total amount of
EUR 105.1 million (9% of total assets) is reported under the "Intangible assets" item in the
consolidated statement of financial position. Goodwill and the trademark are tested for
impairment by the Company once a year or when there are indications of impairment to
determine any possible need for write-downs. The impairment test is carried out at the
level of the individual cash-generating unit or at the level of the Company's trademark. In
the context of the impairment test, both for goodwill and for the trademark, the carrying
amount of the cash-generating unit (including goodwill) and the carrying amount of the
trademark are compared with the corresponding recoverable amount. The recoverable
amount is generally determined using the value in use. The present value of the future
cash flows from the cash-generating unit or the trademark normally serves as the basis of
valuation. The present value is calculated using a discounted cash flow model. For this pur-
pose, the adopted medium-term business plan of the Group forms the starting point
which is extrapolated based on assumptions about long-term rates of growth. Expecta-
tions relating to future market developments and assumptions about the development of
macroeconomic factors are also taken into account. The discount rate used is the
weighted average cost of capital for the cash-generating unit. The impairment test deter-
mined that no write-downs were necessary.
The outcome of this valuation is dependent to a large extent on the estimates made by the
executive directors with respect to the future cash inflows from the cash-generating unit
and the trademark, the discount rate used, the rate of growth and other assumptions, and
is therefore subject to considerable uncertainty. Against this background and due to the
complex nature of the valuation, this matter was of particular significance in the context
of our audit.
② As part of our audit, we assessed the methodology used for the purposes of performing
the impairment test, among other things. After matching the future cash flows used for
the calculation against the adopted medium-term business plan of the Group, we as-
sessed the appropriateness of the calculation, in particular by reconciling it with general
and sector-specific market expectations. In the knowledge that even relatively small
changes in the discount rate applied can have a material impact on the value of the entity
and of the trademark calculated in this way, we focused our testing in particular on the
parameters used to determine the discount rate applied, and assessed the calculation
model. In order to reflect the uncertainty inherent in the projections, we evaluated the
sensitivity analyses performed by the Company. Taking into account the information avail-
able, we determined that the carrying amounts of the cash-generating unit (including the
allocated goodwill) and of the trademark were adequately covered by the discounted fu-
ture cash flows.
156 C – Consolidated Financial Statements – 8 Independent Auditor’s Report
TeamViewer SE
– Annual Report 2023
Overall, the measurement inputs and assumptions used by the executive directors are in
line with our expectations and are also within the ranges considered by us to be reasona-
ble.
③ The Company's disclosures on goodwill and the trademark are contained in section 9 of
the Notes to the Consolidated Financial Statements.
❷ Share-based payment
① The total expense for equity-settled share-based payment transactions for 2023
amounted to EUR 21.8 million (EUR 1.1 million for cost of sales, EUR 6.6 million for research
and development costs, EUR 2.4 million for marketing costs, EUR 6.9 million for sales costs,
EUR 4.9 million for general and administrative costs). In financial years 2019 to 2023, vari-
ous share-based payment programmes were launched for employees, executives and the
Management Board. From our perspective, two programmes were of particular
significance in the financial year. Prior to the IPO conducted by the then parent company
of TeamViewer SE, TigerLuxOne S.à r.l. (TLO) in financial year 2019, a program to grant
share appreciation rights (referred to as "EPP units") was launched for selected Group
executives (EPP Program). The payout was broken down into various partial payments
(tranches). The first partial payment (first tranche) was made on the date of the IPO. The
second and third tranches are linked to the sale of the shares that TLO still holds in
TeamViewer SE. Recognition of the related expense is subject to the estimate of the ex-
pected vesting period, since the respective executives only receive their second and third
tranches if they are still employed at TeamViewer when TLO sells its shares. The expected
vesting period for the second and third tranches ends on 31 December 2024, as a complete
sale of TeamViewer shares by TLO is not expected before that date. In this and the previ-
ous financial year, the program was adjusted for some executives and additional EPP units
were granted. An additional non-recoverable advance payment was made to these exec-
utives in this financial year in connection with the sale of shares by TLO. In addition, the
Company launched a restricted stock unit (RSU) plan in May 2022 to grant staff perfor-
mance-related remuneration. The claim to shares of the Company under the plan is
granted to staff in the respective financial year. Of that, one quarter respectively vests at
the end of that financial year and then at the end of each of the following three financial
years. The grant in this financial year was made in June 2023. The fair value of the shares
granted in financial year 2023 was calculated based on the share price as of the grant date.
In this financial year, the framework agreement and the granting process were adjusted,
which will apply from the coming financial year.
Given the estimation of the expected vesting period, the modification of the EPP Program,
the adjustment of the RSU plan and the amount by which these programs impact profit or
loss, we consider the accounting treatment of share-based payment transactions to be a
key audit matter.
② As part of our audit, we assessed, among other things, the Company's procedure to iden-
tify new or adjusted share-based payment programs. In this context, we also inspected the
minutes of meetings of the Remuneration Committee.
We also obtained and inspected the related documents such as award letters, the plan
terms of the programs including the measurement parameters, and the market values
provided by the executive directors for the underlying data such as share prices used to
measure fair value as of the date of awards under the program. Together with our valua-
tion specialists, we assessed the models used by the executive directors to measure fair
value. To assess the assumptions in the models, we compared the relevant data such as
grant date, number of units granted and vesting date with the contractual bases and
award letters, and reconciled the underlying share price with observable stock market
data. To assess the underlying vesting period for the EPP Program, we obtained, as audit
evidence, a written confirmation from the executive directors of TLO concerning the esti-
mated timing of the complete sale of TeamViewer shares. In addition, we reconciled the
calculations with the underlying accounting documents.
We were able to satisfy ourselves that the estimates and assumptions made by the exec-
utive directors are substantiated and sufficiently documented for the purpose of recog-
nizing expenses under share-based payment programs.
③ The Company's disclosures relating to share-based payment are contained in section 6 of
the Notes to the Consolidated Financial Statements.
157 C – Consolidated Financial Statements – 8 Independent Auditor’s Report
TeamViewer SE
– Annual Report 2023
❸ Measurement of deferred tax assets
① Deferred tax assets amounting to EUR 18.6 million after netting are reported in the consol-
idated financial statements of the Company. Deferred tax assets amounting to EUR 42.7
million were recognized before netting with matching deferred tax liabilities. Of this
amount, EUR 14.1 million relates to a tax interest carryforward in Germany and a tax loss
carryforward of EUR 8.3 million in Germany. These items were measured in the extent to
which the executive directors consider it probable that taxable profit will be available in
the foreseeable future which will enable the deductible temporary differences, unused
tax losses and interest carryforwards to be utilized. For this purpose, insofar as sufficient
deferred tax liabilities are not available, future taxable profits are projected on the basis
of the adopted business plan. Deferred tax assets were recognized for the first time in re-
spect of deductible temporary differences and unused tax interest and loss carryforwards
of EUR 29.8 million in total, since it has become probable that they will be utilized for tax
purposes in the foreseeable future due to the planning of a profit and loss transfer agree-
ment between Regit Eins GmbH, Göppingen, and TeamViewer SE, which was specified in
the reporting year.
From our point of view, the measurement of deferred tax assets was of particular signifi-
cance in the context of our audit, as it depends to a large extent on the estimates and as-
sumptions made by the executive directors and is therefore subject to uncertainties.
② As part of our audit, we assessed, among other things, the internal processes and controls
for recording tax matters as well as the methodology used for the determination, account-
ing treatment and measurement of deferred taxes. We also assessed the recoverability of
the deferred tax assets relating to deductible temporary differences, unused tax losses
and interest carryforwards on the basis of the Company's internal forecasts of its future
earnings situation, and the appropriateness of the underlying estimates and assumptions.
Based on our audit procedures, we were able to satisfy ourselves that the estimates and
assumptions made by the executive directors are substantiated and sufficiently docu-
mented.
③ The Company's disclosures relating to deferred taxes are contained in section 8 of the
Notes to the Consolidated Financial Statements.
Other Information
The executive directors are responsible for the other information. The other information
comprises the statement on corporate governance pursuant to § 289f HGB and § 315d HGB
as an unaudited part of the group management report.
The other information comprises further
• the separate non-financial group report to comply with §§ 315b to 315c HGB
• all remaining parts of the annual report – excluding cross-references to external infor-
mation – with the exception of the audited consolidated financial statements, the au-
dited group management report and our auditor’s report
Our audit opinions on the consolidated financial statements and on the group management
report do not cover the other information, and consequently we do not express an audit opin-
ion or any other form of assurance conclusion thereon.
In connection with our audit, our responsibility is to read the other information mentioned
above and, in so doing, to consider whether the other information
• is materially inconsistent with the consolidated financial statements, with the group
management report disclosures audited in terms of content or with our knowledge ob-
tained in the audit, or
• otherwise appears to be materially misstated.
Responsibilities of the Executive Directors and the Supervisory Board for the Consolidated
Financial Statements and the Group Management Report
The executive directors are responsible for the preparation of the consolidated financial
statements that comply, in all material respects, with IFRSs as adopted by the EU and the ad-
ditional requirements of German commercial law pursuant to § 315e Abs. 1 HGB and that the
consolidated financial statements, in compliance with these requirements, give a true and
fair view of the assets, liabilities, financial position, and financial performance of the Group. In
addition, the executive directors are responsible for such internal control as they have deter-
mined necessary to enable the preparation of consolidated financial statements that are free
from material misstatement, whether due to fraud (i.e., fraudulent financial reporting and
misappropriation of assets) or error.
158 C – Consolidated Financial Statements – 8 Independent Auditor’s Report
TeamViewer SE
– Annual Report 2023
In preparing the consolidated financial statements, the executive directors are responsible for
assessing the Group’s ability to continue as a going concern. They also have the responsibility
for disclosing, as applicable, matters related to going concern. In addition, they are responsible
for financial reporting based on the going concern basis of accounting unless there is an inten-
tion to liquidate the Group or to cease operations, or there is no realistic alternative but to do so.
Furthermore, the executive directors are responsible for the preparation of the group man-
agement report that, as a whole, provides an appropriate view of the Group’s position and is,
in all material respects, consistent with the consolidated financial statements, complies with
German legal requirements, and appropriately presents the opportunities and risks of future
development. In addition, the executive directors are responsible for such arrangements and
measures (systems) as they have considered necessary to enable the preparation of a group
management report that is in accordance with the applicable German legal requirements,
and to be able to provide sufficient appropriate evidence for the assertions in the group man-
agement report.
The supervisory board is responsible for overseeing the Group’s financial reporting process
for the preparation of the consolidated financial statements and of the group management
report.
The executive directors and the supervisory board are further responsible for the preparation
of the remuneration report, including the related disclosures, which is included in a separate
section of the group management report and complies with the requirements of § 162 AktG.
They are also responsible for such internal control as they determine are necessary to enable
the preparation of a remuneration report, including the related disclosures, that is free from
material misstatement, whether due to fraud or error.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements and of
the Group Management Report
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements as a whole are free from material misstatement, whether due to fraud or error,
and whether the group management report as a whole provides an appropriate view of the
Group’s position and, in all material respects, is consistent with the consolidated financial
statements and the knowledge obtained in the audit, complies with the German legal require-
ments and appropriately presents the opportunities and risks of future development, as well
as to issue an auditor’s report that includes our audit opinions on the consolidated financial
statements and on the group management report.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit con-
ducted in accordance with § 317 HGB and the EU Audit Regulation and in compliance with
German Generally Accepted Standards for Financial Statement Audits promulgated by the
Institut der Wirtschaftsprüfer (IDW) will always detect a material misstatement. Misstate-
ments can arise from fraud or error and are considered material if, individually or in the ag-
gregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these consolidated financial statements and this group management
report.
We exercise professional judgment and maintain professional skepticism throughout the au-
dit. We also:
• Identify and assess the risks of material misstatement of the consolidated financial
statements and of the group management report, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our audit opinions. The risk of not de-
tecting a material misstatement resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery, intentional omissions, misrepresenta-
tions, or the override of internal controls.
• Obtain an understanding of internal control relevant to the audit of the consolidated fi-
nancial statements and of arrangements and measures (systems) relevant to the audit
of the group management report in order to design audit procedures that are appropri-
ate in the circumstances, but not for the purpose of expressing an audit opinion on the
effectiveness of these systems.
159 C – Consolidated Financial Statements – 8 Independent Auditor’s Report
TeamViewer SE
– Annual Report 2023
• Evaluate the appropriateness of accounting policies used by the executive directors and
the reasonableness of estimates made by the executive directors and related disclo-
sures.
• Conclude on the appropriateness of the executive directors’ use of the going concern ba-
sis of accounting and, based on the audit evidence obtained, whether a material uncer-
tainty exists related to events or conditions that may cast significant doubt on the
Group’s ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in the auditor’s report to the related disclosures
in the consolidated financial statements and in the group management report or, if such
disclosures are inadequate, to modify our respective audit opinions. Our conclusions are
based on the audit evidence obtained up to the date of our auditor’s report. However, fu-
ture events or conditions may cause the Group to cease to be able to continue as a going
concern.
• Evaluate the overall presentation, structure and content of the consolidated financial
statements, including the disclosures, and whether the consolidated financial state-
ments present the underlying transactions and events in a manner that the consolidated
financial statements give a true and fair view of the assets, liabilities, financial position
and financial performance of the Group in compliance with IFRSs as adopted by the EU
and the additional requirements of German commercial law pursuant to § 315e Abs. 1
HGB.
• Obtain sufficient appropriate audit evidence regarding the financial information of the
entities or business activities within the Group to express audit opinions on the consoli-
dated financial statements and on the group management report. We are responsible for
the direction, supervision and performance of the group audit. We remain solely respon-
sible for our audit opinions.
• Evaluate the consistency of the group management report with the consolidated finan-
cial statements, its conformity with German law, and the view of the Group’s position it
provides.
• Perform audit procedures on the prospective information presented by the executive di-
rectors in the group management report. On the basis of sufficient appropriate audit evi-
dence we evaluate, in particular, the significant assumptions used by the executive
directors as a basis for the prospective information, and evaluate the proper derivation
of the prospective information from these assumptions. We do not express a separate
audit opinion on the prospective information and on the assumptions used as a basis.
There is a substantial unavoidable risk that future events will differ materially from the
prospective information.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with
the relevant independence requirements, and communicate with them all relationships and
other matters that may reasonably be thought to bear on our independence, and where ap-
plicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the consolidated financial statements
of the current period and are therefore the key audit matters. We describe these matters in
our auditor’s report unless law or regulation precludes public disclosure about the matter.
OTHER LEGAL AND REGULATORY REQUIREMENTS
Report on the Assurance on the Electronic Rendering of the Consolidated Financial State-
ments and the Group Management Report Prepared for Publication Purposes in Accord-
ance with § 317 Abs. 3a HGB
Assurance Opinion
We have performed assurance work in accordance with § 317 Abs. 3a HGB to obtain reasona-
ble assurance as to whether the rendering of the consolidated financial statements and the
group management report (hereinafter the “ESEF documents”) contained in the electronic
file Teamviewer_SE_KA+KLB_ESEF-2023-12-31.zip and prepared for publication purposes
complies in all material respects with the requirements of § 328 Abs. 1 HGB for the electronic
reporting format (“ESEF format”). In accordance with German legal requirements, this assur-
ance work extends only to the conversion of the information contained in the consolidated
financial statements and the group management report into the ESEF format and therefore
relates neither to the information contained within these renderings nor to any other infor-
mation contained in the electronic file identified above.
In our opinion, the rendering of the consolidated financial statements and the group manage-
ment report contained in the electronic file identified above and prepared for publication
purposes complies in all material respects with the requirements of § 328 Abs. 1 HGB for the
electronic reporting format. Beyond this assurance opinion and our audit opinion on the ac-
companying consolidated financial statements and the accompanying group management
160 C – Consolidated Financial Statements – 8 Independent Auditor’s Report
TeamViewer SE
– Annual Report 2023
report for the financial year from 1 January to 31 December 2023 contained in the "Report on
the Audit of the Consolidated Financial Statements and on the Group Management Report"
above, we do not express any assurance opinion on the information contained within these
renderings or on the other information contained in the electronic file identified above.
Basis for the Assurance Opinion
We conducted our assurance work on the rendering of the consolidated financial
statements and the group management report contained in the electronic file identified
above in accordance with § 317 Abs. 3a HGB and the IDW Assurance Standard: Assurance
Work on the Electronic Rendering of Financial Statements and Management Reports,
Prepared for Publication Purposes in Accordance with § 317 Abs. 3a HGB (IDW AsS 410
(06.2022)) and the International Standard on Assurance Engagements 3000 (Revised). Our
responsibility in accordance therewith is further described in the “Group Auditor’s
Responsibilities for the Assurance Work on the ESEF Documents” section. Our audit firm
applies the IDW Standard on Quality Management: Requirements for Quality Management
in the Audit Firm (IDW QMS 1 (09.2022)).
Responsibilities of the Executive Directors and the Supervisory Board for the
ESEF Documents
The executive directors of the Company are responsible for the preparation of the ESEF doc-
uments, including the electronic rendering of the consolidated financial statements and the
group management report in accordance with § 328 Abs. 1 Satz 4 Nr. [number] 1 HGB and for
the tagging of the consolidated financial statements in accordance with § 328 Abs. 1 Satz 4
Nr. 2 HGB.
In addition, the executive directors of the Company are responsible for such internal control
as they have considered necessary to enable the preparation of ESEF documents that are free
from material non-compliance with the requirements of § 328 Abs. 1 HGB for the electronic
reporting format, whether due to fraud or error.
The supervisory board is responsible for overseeing the process for preparing the ESEF doc-
uments as part of the financial reporting process.
Group Auditor’s Responsibilities for the Assurance Work on the ESEF Documents
Our objective is to obtain reasonable assurance about whether the ESEF documents are free
from material non-compliance with the requirements of § 328 Abs. 1 HGB, whether due to
fraud or error. We exercise professional judgment and maintain professional skepticism
throughout the assurance work. We also:
• Identify and assess the risks of material non-compliance with the requirements of § 328
Abs. 1 HGB, whether due to fraud or error, design and perform assurance procedures re-
sponsive to those risks, and obtain assurance evidence that is sufficient and appropriate
to provide a basis for our assurance opinion.
• Obtain an understanding of internal control relevant to the assurance work on the ESEF
documents in order to design assurance procedures that are appropriate in the circum-
stances, but not for the purpose of expressing an assurance opinion on the effectiveness
of these controls.
• Evaluate the technical validity of the ESEF documents, i.e., whether the electronic file
containing the ESEF documents meets the requirements of the Delegated Regulation
(EU) 2019/815 in the version in force at the date of the consolidated financial statements
on the technical specification for this electronic file.
• Evaluate whether the ESEF documents provide an XHTML rendering with content equiv-
alent to the audited consolidated financial statements and to the audited group man-
agement report.
• Evaluate whether the tagging of the ESEF documents with Inline XBRL technology
(iXBRL) in accordance with the requirements of Articles 4 and 6 of the Delegated Regula-
tion (EU) 2019/815, in the version in force at the date of the consolidated financial state-
ments, enables an appropriate and complete machine-readable XBRL copy of the XHTML
rendering.
Further Information pursuant to Article 10 of the EU Audit Regulation
We were elected as group auditor by the annual general meeting on 24 May 2023. We were
engaged by the supervisory board on 6 July 2023. We have been the group auditor of the
TeamViewer SE, Göppingen, without interruption since the financial year 2022.
We declare that the audit opinions expressed in this auditor’s report are consistent with the
additional report to the audit committee pursuant to Article 11 of the EU Audit Regulation
(long-form audit report).
161 C – Consolidated Financial Statements – 8 Independent Auditor’s Report
TeamViewer SE
– Annual Report 2023
REFERENCE TO AN OTHER MATTER– USE OF THE AUDITOR’S REPORT
Our auditor’s report must always be read together with the audited consolidated financial
statements and the audited group management report as well as the assured ESEF docu-
ments. The consolidated financial statements and the group management report converted
to the ESEF format – including the versions to be filed in the company register – are merely
electronic renderings of the audited consolidated financial statements and the audited
group management report and do not take their place. In particular, the “Report on the Assur-
ance on the Electronic Rendering of the Consolidated Financial Statements and the Group
Management Report Prepared for Publication Purposes in Accordance with § 317 Abs. 3a
HGB” and our assurance opinion contained therein are to be used solely together with the as-
sured ESEF documents made available in electronic form.
GERMAN PUBLIC AUDITOR RESPONSIBLE FOR THE ENGAGEMENT
The German Public Auditor responsible for the engagement is Jürgen Schwehr.
Stuttgart, 8 March 2024
PricewaterhouseCoopers GmbH
Wirtschaftsprüfungsgesellschaft
Jürgen Schwehr ppa. Jens Rosenberger
Wirtschaftsprüfer Wirtschaftsprüfer
(German Public Auditor) (German Public Auditor)
163 D – Non-financial Report – 1 Fundamentals of the Non-financial Report
TeamViewer SE
– Annual Report 2023
1 Fundamentals of the Non-financial
Report
TeamViewer prepares a separate Group non-financial report in accordance with §§ 315b to 315c
HGB. This is published on the TeamViewer website at https://ir.teamviewer.com/financialresults
no later than four months after the reporting date of the consolidated financial statements.
In this separate Group non-financial report, TeamViewer provides information about the aspects
of environmental concerns, employee concerns, social concerns, combating corruption and
bribery as well as respect for human rights and the facts to be reported within the framework
of the EU Taxonomy Regulation for the 2023 fiscal year. If further relevant non-financial
aspects can be derived from the economic performance of the Company, these are listed in
accordance with § 289 c (2) HGB.
In preparing the separate Group non-financial report, the reporting principles set out by the
Global Reporting Initiative (GRI) were taken into account in determining the content and
quality of the report. Where useful for comparability and comprehensibility, some chapters
also include data from the previous year in order to show changes over time. An overview of
the GRI references can be found in Chapter E (Further Information) in the Annual Report 2023.
The aim of the separate Group non-financial report is to transparently meet the relevant
information needs and requirements of TeamViewer’s stakeholders, including shareholders,
customers, partners, employees, suppliers, rating agencies, vulnerable groups, local
communities, non-governmental organisations and other civil society organisations, and to
communicate material and relevant non-financial aspects with integrity.
The topic of security and data protection is material for TeamViewer, along with the sub-
aspects of infrastructure and product security, which can be found as a separate chapter in
the combined management report (Chapter B_1.6 “Security and data protection”). Non-
financial performance indicators as defined by § 289 (3) of the German Commercial Code
(HGB) on the aspects of employees and the environment are also listed in the combined
management report and dealt with in greater detail in the Company’s separate non-financial
report.
The separate Group non-financial report is to be reviewed and approved by the Supervisory
Board of TeamViewer SE in accordance with § 171 (1) AktG.
164 D – Non-financial Report – 2 Sustainability at TeamViewer
TeamViewer SE
– Annual Report 2023
2 Sustainability at TeamViewer
As a global technology company, TeamViewer offers a cloud-based platform to connect
computers, machines and industrial equipment and digitally supports work processes along
the entire value chain in both the industrial and service sectors. Through the products and
services of its core business, the Company makes a valuable contribution to a more sustain-
able world:
• TeamViewer connects people who help others with private applications worldwide –
millions of times every day, free of charge.
• TeamViewer helps businesses and their workforces employ flexible work models to
achieve a better work-life balance.
• TeamViewer’s solutions enable millions of corporate customers and free users to
maintain or increase their productivity despite physical distance.
• TeamViewer enables users to avoid travel, thereby reducing climate-damaging
greenhouse gas emissions.
A detailed description of TeamViewer’s business model can be found in Chapter B_1.1 “Group
fundamentals” in the combined management report.
Protecting the environment, achieving the climate international goals and fully respecting
human rights are at the centre of our sustainable business practices. These fundamental
principles form the foundation of our sustainability efforts and reflect our commitment to
environmental and social responsibility. By pursuing a coherent and effective environment-
tal strategy, we are actively reducing our ecological footprint and working to conserve
natural resources. We also take our responsibility towards human rights seriously and are
committed to a fair and inclusive work culture. These endeavours are complemented by
good corporate governance and respect for social responsibility. Our aim is not only to be
successful as a company, but also to make a positive contribution to a sustainable and
equitable world.
34
https://sdgs.un.org/goals
Our customers’ trust in the security of their personal data and critical information, as well as
the reliability and availability of our software solutions and services, are the foundations for
our business growth. We consider it our greatest responsibility to guarantee these require-
ments at all times. We describe how we fulfil this responsibility in Chapter B_1.6 “Security and
data protection” contained in the combined management report.
As a signatory to the UN Global Compact, TeamViewer supports the ten principles of the UN
Global Compact and the Sustainable Development Goals (SDGs
34
) of the United Nations. The
SDGs are a central conceptual framework for our materiality analysis and our sustainability
goals and form important guidelines for the Group’s sustainability strategy.
TeamViewer is moreover committed to the UN Women’s Empowerment Principles (UN-WEP)
and is a signatory of the Diversity Charter and the #positvarbeiten initiative of the German
Aids Association.
Double materiality analysis
In preparation for the EU Corporate Sustainability Reporting Directive (CSRD), TeamViewer
evolved its materiality analysis into a double materiality analysis (DWA) in the 2023 fiscal year.
The DWA is used to identify and prioritise the sustainability issues material to TeamViewer.
Double materiality is distinguished by the fact that it takes both an “inside-out” perspective
(which determines the positive and negative effects of TeamViewer’s actions on the environ-
ment and society) and an “outside-in” perspective (financial materiality). This analyses the
opportunities and risks resulting from sustainability aspects that may impact the corporate
strategy and, in turn, the Company’s future viability.
165 D – Non-financial Report – 2 Sustainability at TeamViewer
TeamViewer SE
– Annual Report 2023
A preliminary selection of all potentially material sustainability topics for TeamViewer was
made based on the material topics to date and an internal market analysis. This resulted in
the identification of the following topics:
• Access to the information society
Promotion of greater access and inclusivity in the digital world.
• Biodiversity and ecosystems
Identification and monitoring of negative and positive impacts on biodiversity in
TeamViewer’s value chain.
• Mitigation and adaptation to the impacts of climate change
Mitigation: Process of reducing greenhouse gas emissions to limit the increase in global
average temperature to 1.5 °C.
Adaptation: Process of preparing for actual and expected climate change and its
impacts.
• Societal impact
Social responsibility includes the protection of economic, social and cultural interests,
and the rights of minorities in particular.
• Diversity, equality & inclusion
Equal treatment and equal opportunities for all, including gender equality and equal pay
for work of equal value.
• Employee engagement
Degree of emotional engagement, dedication, and enthusiasm employees have for their
work and their organisation.
• Good corporate governance
Compliance with global regulations and standards, disclosure obligations, whistleblower
protection, political engagement, anti-corruption and bribery, fair competition, and fair
tax practices.
• Pollution
Air pollution (e.g. CO₂ emissions), water pollution, soil pollution, microplastics or
chemicals of concern.
• Data privacy
Protection of personal and all data from loss or misuse.
• Responsible use of technology
Impact of technology on sustainability, including ethical issues around artificial
intelligence and technological solutions to societal challenges.
• Product, data and IT security
Security of products and data, and readiness to combat fraud and cybercrime.
• Sustainable use of resources
Responsible and balanced use of natural resources.
• Sustainable supply chain
Integration of sustainability aspects into the entire supply chain, specifically labour
conditions and human rights.
• Working conditions
Above all, workplace amenities, remote work and flexibility, work hours and project
deadlines, compensation and benefits, job security and stability, career development and
advancement, innovation and creativity, team dynamics and collaboration, workload and
stress management, (mental) health and safety.
As part of a survey, internal and external stakeholders had the opportunity to add further
topics and identify positive or negative impacts and evaluate the financial opportunities and
risks for each of the 14 topics. The identified impacts, opportunities and risks were then
assessed by internal experts based on the probability of occurrence and the extent of the
impact on the environment, society and human rights. Once the assessment process was
completed, the results were validated by internal and external stakeholders and finally
approved by the Management Board (CEO, CFO, CCO, CPTO).
The following non-financial topics were identified as material in relation to at least one of the
two perspectives (outside-in/inside-out):
166 D – Non-financial Report – 2 Sustainability at TeamViewer
TeamViewer SE
– Annual Report 2023
Sustainability topic Definition Impact
materiality
(inside-out)
Financial
materiality
(outside-in)
Climate change mitigation
and adaption
Reduction of greenhouse gas emissions & preparation for impact of climate change.
Diversity, equality & inclusion
1. Diversity: Recognition and respect for the diverse individual differences of employees, including differences in ethnicity
,
gender, age, sexual orientation, physical ability, socioeconomic status, religious beliefs and cultural backgrounds.
2. Equality: Assurance of fairness and impartiality in the treatment of all employees, while recognising that different peopl
e
may need different resources or support to reach their full potential.
3. Inclusion: Creating a work environment in which every employee feels valued and respected and is able to bring their
unique perspectives to the table. It’s not just about representation, but also about fostering a sense of belonging.
Employee engagement Employee engagement refers to employees’ level of emotional engagement, dedication and enthusiasm towards their work
and organisation. Engaged employees are not only satisfied with their work, they also feel deeply connected to it, have a
sense of purpose and pride in their contribution, and are motivated to go above and beyond to help the organisation achieve
its goals.
Good corporate governance Good corporate governance seeks to harmonise the interests of all Company stakeholders, increase the long-term value of
the Company, and ensure that the Company acts ethically and responsibly.
Air pollution Air pollution refers to the air pollution caused by CO₂ emissions.
Data privacy Data privacy, also known as information security, refers to the protection of personal information and data from
unauthorised access, use, disclosure, alteration or destruction.
Product, data and IT security Product, data and IT security refer to the wide-ranging measures and practices used to protect IT systems, software
products and data from unauthorised access, breaches, fraud and other security threats. These areas are critical to
protecting the confidentiality, integrity and availability of digital data and ensuring that sensitive information is handled
securely.
Responsible use of
technology
Responsible use of technology refers to the ethical and conscientious application of technological tools, systems and
innovations with the aim of minimising negative impacts on individuals, society and the environment. It is about considering
the broader implications and consequences of technological advances and making decisions that prioritise ethical
considerations, human well-being and sustainability. The key principles and aspects include ethical considerations,
sustainability, openness and transparency, human-centred design, regulatory compliance, and ongoing assessment.
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Based on the double materiality analysis, resources such as time, effort and budget are
allocated to the material non-financial topics in order to achieve further progress on the
relevant topics in the future. They therefore characterise the sustainability strategy and our
reporting. This separate Group non-financial report also reports on non-financial topics that
are not classified by the materiality analysis as relevant, as TeamViewer feels particularly
committed to these issues.
Sustainability targets
The 2030 Agenda for Sustainable Development, adopted by all United Nations member states
in 2015, is an action plan for people, planet and prosperity. TeamViewer is committed to the
Sustainable Development Goals (SDGs) and recognises the importance of all 17 goals.
TeamViewer believes that potential technological innovation is fundamental to leading our
society to a more sustainable way of working and living.
To optimally deploy its energies and resources, TeamViewer has defined the following eight
SDGs where the Company can make a significant contribution:
1. Quality Education (SDG #4)
2. Gender Equality (SDG #5)
3. Decent Work and Economic Growth (SDG #8)
4. Industry, Innovation and Infrastructure (SDG #9)
5. Reduced Inequalities (SDG #10)
6. Responsible Consumption and Production (SDG #12)
7. Climate Action (SDG #13)
8. Partnerships for the Goals (SDG #17)
Based on the eight focus SDGs, TeamViewer is working to achieve the following key
sustainability targets with concrete measures and, in some cases, a binding timeframe:
• Removing carbon dioxide (CO₂) from the atmosphere from 2023 onwards
• Reducing own CO₂ emissions by 90 % by 2040 compared to 2021 and removal of
remaining emissions from the atmosphere (net zero emissions)
• Promoting women in management positions (target ratio of 35 % by 31 December 2027)
• Improving access to technology and education
• Supporting our customers in achieving their climate protection goals through the use of
our technologies
Sustainability management
TeamViewer considers corporate responsibility as fundamental to all aspects of sustain-
ability, particularly climate protection and equal opportunities. The deep integration of these
topics into TeamViewer’s sustainability management is guaranteed through targeted
measures and a dedicated budget for Group-wide sustainability activities. The measures
already implemented include the c-a-r-e sustainability programme, the monitoring of sustain-
ability management in the Supervisory Board, participation in the UN-WEPs programme and
the UN Global Compact, as well as the introduction of emissions reduction targets approved
by the Science Based Targets Initiative (SBTi), which envisages net zero emissions by 2040.
To achieve this target, a designated budget for managing our greenhouse gas emissions has
been established to provide the financial means for implementing greenhouse gas manage-
ment measures.
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TeamViewer’s Sustainability department reports directly to the Chief Financial Officer (CFO)
and reports half-yearly to the Supervisory Board and Sustainability Committee. The direct
reporting line to TeamViewer’s two highest corporate bodies underscores the priority the
Group assigns to the topic of sustainability. Regular written reports to the Management
Board and the Supervisory Board on the progress and planning surrounding the main
sustainability topics allow to promptly address the set priorities. The Sustainability depart-
ment acts as an interface and coordinates the non-financial topics; submits analyses, decision
papers and recommendations; facilitates strategic and operational development; and
ensures sustainability reporting in cross-functional dialogue. It is also the point of contact for
ESG rating agencies.
To strategically manage sustainability topics, the Group-wide Senior Leadership Team,
consisting of the Management Board and the first management level below the Management
Board, assumes the function of a Sustainability Steering Board. The Audit Committee of the
Supervisory Board also functions as a sustainability committee and is responsible for
approving the relevant key indicators.
As part of our ongoing commitment to sustainability and environmental protection, we are
planning to have our sustainability management externally certified and are seeking ISO
14001 certification. This process will ensure that our sustainability practices meet the
highest international standards. This initiative is another milestone in our endeavour to build
a sustainable future and demonstrates our firm commitment to environmental stewardship
and responsible corporate governance. We are confident that this certification will create
sustainable value for our stakeholders and the environment as a whole.
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Sustainability programme c-a-r-e
TeamViewer’s sustainability programme c-a-r-e is designed to communicate the Group-wide
sustainability priorities in a targeted, easy-to-understand and consistent manner, linked to
clear commitments, targets and measures.
The word c-a-r-e is an acronym for the terms
• c – Collaboration (We want to master global sustainability challenges together.)
• a – Access (We empower people to help others through technology).
• r – Reduction (We reduce our carbon footprint and enable our customers to avoid
emissions).
• e – Equity (We promote a diverse and inclusive work environment without
discrimination).
c-a-r-e combines TeamViewer’s vision of contributing to a more efficient and sustainable
world with a corporate culture shaped by a sense of responsibility and sustainable thinking
and action.
Following the launch of our c-a-r-e sustainability programme in 2020, we made revisions to
the programme in the 2023 fiscal year and adapted it to the current sustainability challenges.
As part of this process, we communicated the following specific measures and targets:
• C – Collaboration:
1. By 2025, TeamViewer will have established a supplier engagement plan and begun
engaging at least 30 % of its supplier base in achieving the sustainability targets.
2. By 2026, TeamViewer will engage at least 67 % of its supplier base in achieving
sustainability targets.
3. By 2028, TeamViewer will require its suppliers to set scope 1-3 targets directed at
achieving a net zero pathway by 2050, as well as to disclose emissions and ensure
equivalent systematic emission reductions.
• A – Access
1. Free use of TeamViewer solutions for private and socially beneficial purposes.
2. Increased access to education and technology.
• R – Reduction
1. Help customers avoid emissions.
2. 100 % use of renewable energy to provide products.
3. Net zero CO₂ emissions by 2040.
• E – Equity (Equality)
1. Increase the representation of women at all management levels.
2. Recognition of cultural diversity with a zero-tolerance policy towards
discrimination.
In internal company workshops, TeamViewer employees get actively involved in developing
and implementing sustainability measures to achieve the targets. In this process, all material
sustainability topics are covered by the following working groups:
• Female Empowerment (promotion of women)
• Climate Action (climate protection)
• LGBTQIA+ (lesbian, gay, bisexual, transgender, queer, inter, asexual, +)
• Parents@TeamViewer (parents at TeamViewer)
• Cultural Diversity (launched in 2023)
• Accessibility@TeamViewer (barrier-free access – launched in 2023)
Four of these groups were active in the 2023 fiscal year: Female Empowerment, Climate
Action, LGBTQIA+, Parents @TeamViewer. The groups are open to all TeamViewer employees
and are led by at least two volunteer “ambassadors”. Participation in the groups is at the
employees’ own initiative and takes place alongside the respective main job at
TeamViewer, but may also be integrated into regular working hours. A total of 390 employees
worldwide took part in the first meetings of these groups. The following is a brief overview of
the four groups, including their agenda and activities:
Female Empowerment (promotion of women)
This Female Empowerment group is dedicated to the visibility and targeted promotion and
networking of women at TeamViewer. The group’s offers and activities are not just aimed at
women but all genders and are primarily intended to raise awareness. The group focuses on
promoting women to fill management positions and dissolving role models at various levels
in everyday work life.
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Through its “She Leads” initiative, the group increases the internal and external visibility of
women at the Company and offers information on a variety of career paths. It also raises the
awareness of the problem of unconscious bias, organises local and global networking events
and offers a mentoring programme in collaboration with other working groups.
Climate Action (climate protection)
The focus of the Climate Action group is to raise awareness of climate protection issues and the
question of how each employee and TeamViewer as a company can behave (more) sustainably.
The group conducts awareness campaigns on the topics of saving energy, recycling, and the use
of resources. It also regularly organises waste clean-ups in collaboration with local NGOs, where
employees collect waste and rubbish around the offices and dispose of it properly. Also in 2023,
the employees at our Ioannina site in Greece planted over 60 trees in a local recreation area.
LGBTQIA+ (lesbian, gay, bisexual, transgender, queer, inter, asexual, +)
The LGBTQIA+ group aims to promote an inclusive workplace for employees from the
LGBTQIA+ community. In June 2022, the group launched an internal and external visibility
campaign in honour of Pride Month (traditionally celebrated in the LGBTQIA+ community
with campaigns, marches, celebrations, among others, to honour the LGBTQIA+ movement).
In 2023, the Group commissioned UHLALA Group, an external service provider, to evaluate the
current status of various LGBTQIA+ issues at TeamViewer. In the evaluation, TeamViewer
achieved an overall score of up to 90 % or 4.5 out of 5 points in the Pride Index 2023, making
it an LGBTQIA+ friendly employer. The group also organised various local events and
presented TeamViewer as an LGBTQIA+-friendly company at Christopher Street Day 2023 in
Stuttgart. For LGBTQIA+ community employees with any doubts or questions, the group also
acts as a point of contact. This service was what prompted the idea of establishing a
mentoring programme in collaboration with the Female Empowerment group.
Parents@TeamViewer
The Parents@TeamViewer group is primarily concerned with the issue of work-life balance.
The group identifies initiatives that improve the work environment for parents and
contribute to greater flexibility. The group is deliberately aimed at fathers and mothers,
which separates it in terms of content from the Female Empowerment group. The focus of
the Parents@TeamViewer group is on supporting parents in finding childcare options,
effective onboarding after parental leave, and providing information on all aspects of
parenthood.
Sustainability opportunities and risks
The opportunities and risk assessment associated with sustainability topics at TeamViewer
are derived from the Company-wide opportunity and risk management as well as the
materiality analysis of non-financial topics.
Chapter B_6 “Opportunity and risk report” in the combined management report lists only
material risks. This non-financial report supplements that chapter with the addition of all non-
financial topics. The risk quantification follows the same assessment logic used to recognise
and assess financial risks.
Climate change
Risks from climate change will affect our lives and the economy even more in the future.
The impact on the business environment and products of TeamViewer is currently rated as
“medium”. By taking climate protection measures, such as the commitment to the SBTi
goals, TeamViewer is assuming an active role in keeping the impacts of climate change as
low as possible. At the same time, opportunities arise when TeamViewer actively invests in
climate protection, as this makes the “TeamViewer” brand more attractive to employees
and customers alike.
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Net zero CO₂ emissions
Net zero CO₂ emissions means that the carbon emissions generated by an activity are
reduced to the unavoidable minimum, and the remainder is offset by carbon-absorbing
activities. The risk that TeamViewer will not achieve its net zero targets within the target
timeframe is assessed as “low”. Failure to achieve these targets could lead to a loss of
reputation. Many other companies have their own net zero strategy, which presents
TeamViewer with an opportunity to help its partners and customers achieve their own net
zero goals.
Diversity and anti-discrimination
With its “Diversity, Inclusion & Non-Discrimination Policy”, TeamViewer has set its own
standards leading to an open and inclusive corporate culture. The positive effects of this can
be observed in the daily interaction between employees, as well as with partners and
customers. This is accompanied by the risk of not fulfilling the Company’s own policy. This risk
is rated as “medium”. Regular training of employees reduces this risk.
Unethical behaviour
Our corporate culture is underpinned by our corporate values and the Company-wide Code of
Conduct and an important element in our engagement with employees. Unethical behaviour
that ignores our values and violates our Code of Conduct represents a “medium” risk. Regular
training of our employees reduces this risk.
Disclosure of confidential information
The disclosure of confidential information and the associated possible competitive
disadvantages is classified as a risk and rated as “medium”. This risk is mitigated by employing
high security standards and providing regular training for employees.
Regulatory framework
Particularly within the realm of sustainability reporting, the regulatory framework is in a
constant process of change. Especially in the global context, this requires continuous moni-
toring of the relevant regulations and amending the Company’s own disclosures. The risk of
not meeting the revised standards is rated as “medium”. Continuous internal training and the
inclusion of external expertise reduce this risk.
Social responsibility
TeamViewer is aware of its social responsibility and is involved in numerous projects (see
Chapter D_7 “Social Responsibility”). The risk of a loss of reputation due to insufficient social
commitment is rated “low”.
No high or significant non-financial risks with a potential impact on our business, revenue and
cost base were identified in the risk analysis we conducted in the 2023 fiscal year. The
definition of the risk classes can be found in the risk report.
Risk assessments
Non-financial risks Group risk assessment
(gross risk)
Trend
1
(net risk)
Climate change Medium
Net zero CO₂ emissions Low
Diversity and anti-discrimination Medium
Unethical behaviour Medium
Disclosure of confidential information Medium
Official regulations Medium
Social responsibility Low
1
Trend: Net risk level compared to the previous year.
Legend:
Decreased net risk
Unchanged net risk
Increased net risk
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EU Taxonomy
In view of advancing climate change, the European Union (EU) has committed itself to
strengthen climate protection and a sustainable growth strategy through the European
Green Deal. The EU Sustainable Finance Taxonomy (EU Taxonomy) aims to guide investment
flows into environmentally sustainable economic activities and, as such, represents an EU-
wide classification system for sustainable economic activities.
The first step is an examination of Taxonomy eligibility by analysing whether a company’s
economic activity is listed in the delegated act of the EU Taxonomy. If this is the case and the
Company’s business activity contributes to the potential achievement of at least one of the
following six environmental objectives defined in the EU Taxonomy, the economic activity can
be considered Taxonomy-eligible. The following are the environmental objectives as defined
by the EU Taxonomy:
• Climate change mitigation (CCM)
• Climate change adaptation (CCA)
• Water and marine resources (WTR)
• Circular economy (CE)
• Pollution prevention and control (PPC)
• Biodiversity and ecosystems (BIO)
The second step is to assess Taxonomy alignment. An economic activity is considered
Taxonomy-aligned if the following three conditions are met:
• Substantial contribution to at least one of six environmental targets through alignment
with the defined technical evaluation criteria for the respective economic activity (e.g.
CO₂ emissions saved for the environmental target of climate protection).
• Significant harm to the other five environmental objectives is excluded by complying
with the Do No Significant Harm (DNSH) criteria of the EU Taxonomy.
• A minimum level of protection (Minimum Safeguards) of human and consumer rights,
anti-corruption, taxation and fair competition is observed.
Taxonomy-eligible activities
We have examined all of the TeamViewer Group’s business activities and assessed whether
they are taxonomy-eligible within the meaning of the EU Taxonomy. We analysed the
Delegated Climate Regulation (Delegated Regulation 2021/2139, Delegated Regulation
2022/1214 and Delegated Regulation 2023/2485) and the Delegated Environmental
Regulation (Delegated Regulation 2023/2486). In 2023, we broadened our perspective on
taxonomy-eligible activities. Previously, we had analysed this from a turnover perspective
and included CapEx and OpEx for turnover-related activities. Starting in 2023, we no longer
distinguish between core and non-core economic or business activities. As a result, a total of
four activities were added for the 2023 reporting year in comparison to the previous
reporting year.
For TeamViewer as a provider of data-based remote connectivity solutions, a total of five
economic activities listed in the EU Taxonomy are considered relevant in terms of turnover,
OpEx and CapEx:
• Data-based solutions to reduce greenhouse gas emissions
(CCM 8.2. in Annex I of Delegated Regulation (EU) 2021/2139)
• Data processing, hosting and related activities
(CCM 8.1 in Annex I of Delegated Regulation (EU) 2021/2139)
• Acquisition and ownership of buildings
(CCM 7.7 in Annex I of Delegated Regulation (EU) 2021/2139)
• Electricity generation from hydropower
(CCM 4.5 in Annex I of Delegated Regulation (EU) 2021/2139)
• Manufacture of electrical and electronic equipment
(CE 1.2 in Annex II of Delegated Regulation (EU) 2023/2486)
In the case of TeamViewer’s solutions, the economic activity “CCM 8.2 – Data-based solutions to
reduce greenhouse gas emissions” covers remote access, remote control and remote
maintenance that works with almost all desktop and mobile platforms, including Windows,
macOS, iOS and Android. TeamViewer’s solutions enable computers, mobile devices and
equipment – in other words, technical devices that have a data connection to the Internet – to
be remotely controlled and used anywhere in the world. This activity is “Taxonomy-eligible”
given its potential to reduce travel and the associated greenhouse gas emissions, provided
these economic activities are primarily intended to provide data and analyses to reduce
greenhouse gas emissions. The avoidance of climate-damaging CO₂ emissions is an important
ESG indicator for TeamViewer (“emissions avoided” per year). We have been collecting this data
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since 2020 and began having it verified by external experts in 2023. It measures how many
(business) trips are actually avoided and calculates the CO₂ emissions saved.
• E
conomic activity CCM 8.1 Data processing, hosting and related activities is relevant
because TeamViewer incurs expenses for hosting to provide our data-based solutions.
• Economic activity CCM 7.7 Acquisition and ownership of buildings is relevant as
TeamViewer incurs expenses for renting office space.
• Economic activity CCM 4.5 Generation of electricity from hydropower is relevant as
TeamViewer has concluded ongoing power purchase agreements (PPAs) for electricity
from hydropower for the Göppingen, Berlin and Bremen sites.
• Economic activity CE 1.2 Manufacture of electrical and electronic equipment refers to
the electronic equipment used by TeamViewer, such as laptops and monitors.
W
e allocate the turnover (as defined by EU Taxonomy), operating expenses (OpEx as
defined by EU Taxonomy), and investments (Taxonomy-aligned CapEx) associated with
our products and solutions to the environmental goal of “climate protection” and “circular
economy: CE” as defined by EU Taxonomy.
T
eamViewer has no non-taxonomy-compliant economic activities in the area of nuclear
energy or fossil gas.
Taxonomy eligibility of economic activities
Turnover OpEx as defined
by EU Taxonomy
CapEx as defined
by EU Taxonomy
CCM 8.2 Data-based solutions to
reduce greenhouse gas emissions
(in EUR m) 603.5 34.4
CCM 8.1 Data processing, hosting
and related activities 24.8 3.0
CCM 7.7 Acquisition and ownership
of buildings
0.9 3.
2
CCM 4.5 Electricity generation
from hydropower
0.2
CE 1.2 Manufacture of electrical
and electronic equipment
0.7 2
.4
Taxonomy-non-eligible activities
(in EUR m) 23.2 305.1 2.9
(in EUR m) 626.7 366.2 11.5
Share of Taxonomy-eligible
activities (in %) 96.3 % 16.7 % 75.1 %
T
he EU Taxonomy Regulation and the related delegated act comprise formulations and terms
that are still subject to considerable interpretation uncertainties. For the allocation of
activities and the respective calculation of the KPIs, other evaluations may arise in
subsequent years as a result of interpretation decisions.
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Taxonomy-aligned activities
The following analysis relates to the activity “Data-based solutions to reduce greenhouse gas
emissions” (CCM 8.2). All newly identified Taxonomy-eligible activities this year have not yet
been assessed for alignment, as CCM 8.2 was given priority due to its relevance to turnover.
The assessment of new activities will be completed next year.
Significant contribution to climate protection
In accordance with EU Taxonomy, an assessment must be made as to whether the
information and communication technology solution is used primarily to reduce greenhouse
gas emissions and what significant greenhouse gas emission savings can be achieved
through the use of TeamViewer solutions compared to the “best performing alternative
solution”. The key contribution criteria of activity CCM 8.2 were not met in the 2023 fiscal year
because the data availability was insufficient to allow for a comparison with the “best
performing alternative solution”. TeamViewer began conducting a GHG life cycle assessment
in 2023 and will continue to work on providing evidence of the reduction in greenhouse gas
emissions as part of a peer-group comparison in 2024.
Do No Significant Harm (DNSH) and minimum safeguards
As the contribution criteria for climate protection of activity CCM 8.2 were not met in the 2023
fiscal year, no further examination of the DNSH criteria and “minimum safeguards” was
carried out. The economic activity is therefore classified as Taxonomy-eligible but not
Taxonomy-aligned.
KPIs according to the EU Taxonomy Regulation
The EU Taxonomy defines turnover, OpEx and CapEx as the KPIs required for reporting.
Mandatory disclosures on Taxonomy eligibility and alignment are to be made for the 2023
fiscal year. The financial data relevant for TeamViewer are derived from its consolidated
financial statements for the 2023 fiscal year.
Turnover in the 2023 fiscal year
Turnover is determined based on the Group’s turnover according to IFRS of EUR 626.7 million,
as reported in the consolidated financial statements of TeamViewer (Chapter_1 – “Consoli-
dated statement of profit and loss and other comprehensive income”); details of the
accounting policies relating to net turnover might be found in Note 5.3 “Significant
accounting policies”. TeamViewer develops and distributes software for remote access
to/remote connectivity of devices to digitise industrial work processes, increase process
efficiency on the customer side and help to avoid travel and GHG emissions. However, some
of our solutions focus primarily on increasing efficiency and quality assurance rather than
avoiding travel (e.g. in the context of workflow optimisation in logistics). As a result, only the
use cases for remote access, remote control, and remote management solutions were
classified as Taxonomy-eligible. These account for around 96.3 % of total Group turnover (see
table: “Taxonomy eligibility of economic activities”).
Operating expenses (OpEx) in the 2023 fiscal year
The consolidated financial statements according to IFRS are the basis for determining
operating expenses (OpEx) as defined by EU Taxonomy. Operating expenses largely consist
of the following:
• A
ll direct, non-capitalised research and development costs.
• Non-capitalised lease expenses for short-term leases in accordance with IFRS 16.
• Maintenance and repair costs and other direct expenses relating to the day-to-day
servicing of property, plant and equipment, determined on the basis of our internal cost
centres.
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At 94 %, direct, non-capitalised research and development costs of EUR 49 million accounted
for the largest share of operating expenses for the economic activity CCM 8.2 Data-based
Solutions to reduce greenhouse gas emissions as defined by the EU Taxonomy. Of this, around
83 % was attributable to personnel expenses. About 36 % of the employees (measured in full-
time equivalents) in the Research & Development department focus on developing solutions
that do not substantially contribute to a reduction in greenhouse gas emissions. As a result,
TeamViewer only determined 64 % (EUR 31.4 million) of the operating expenses of around
EUR 49 million as Taxonomy-eligible. This results in a total of EUR 34.4 million in operating
expenses within the meaning of the EU Taxonomy (see the table: “Taxonomy eligibility of eco-
nomic activities”).
Capital expenditures (CapEx) in the 2023 fiscal year
Capital expenditure (CapEx), as defined by the EU Taxonomy, is determined based on the
consolidated financial statements according to IFRS. In particular, this includes additions to
intangible assets and property, plant and equipment. This data can be found in Chapter C_3
“Consolidated statement of cash flows”.
In the 2023 fiscal year, additions totalled EUR 11.5 million. This comprises the reported
investments in property, plant and equipment and intangible assets of EUR 2.3 million,
supplemented by the capitalised rights of use in accordance with IFRS 16 of EUR 5.9 million.
The breakdown of additions to intangible assets and property, plant and equipment is as
follows:
• EUR 2.3 million additions to intangible assets
• EUR 9.2 million additions to property, plant and equipment
Further details on our accounting policies for additions under IAS 16, IAS 38 and IFRS 16 are
described in Note 5.3 “Significant accounting policies” in the notes to the consolidated
financial statements.
Further details on our economic activities can be found in the following reporting tables for
turnover, operating expenditure (OpEx) and capital expenditure (CapEx) as defined by the EU
Taxonomy.
Legend:
• Y - Yes, taxonomy-eligible activity that is taxonomy-compliant with the relevant
environmental objective;
• N - No, taxonomy-eligible activity, but not taxonomy-compliant with the relevant
environmental objective;
• N/EL - 'not eligible', activity not taxonomy-compliant for the relevant environmental
objective
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Turnover 2023
Substantial contribution criteria DNSH criteria (Do No Significant Harm)
Economic activities (1)
Code(s) (2)
Turnover 2023 (3)
Proportion of Turnover 2023 (4)
Climate Change Mitigation (5)
Climate Change Adaption (6)
Water (7)
Pollution (8)
Circular Economy (9)
Biodiversity (10)
Climate Change Mitigation (11)
Climate Change Adaption (12)
Water (13)
Pollution (14)
Circular Economy (15)
Biodiversity (16)
Minimum Safeguards (17)
Proportion of
Taxonomy-
aligned (A.1.)
or -eligible
(A.2.)
turnover
2023 (18)
Proportion of
Taxonomy-
aligned (A.1.)
or -eligible
(A.2.)
turnover
2022
(19)
Category
enabling
activity
(20)
Category
transitional
activity
(21)
In EUR m
%
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities
(Taxonomy-aligned)
0 0 % 0 % 0 %
Turnover of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
0 0 %
Of which enabling 0 0 %
Of which transitional 0 0 %
A.2. Turnover of Taxonomy-eligible but not
environmentally sustainable activities (not
Taxonomy-aligned activities)
603.5 96.3 % 0 % 0 % 0 %
Data-based solutions to reduce greenhouse
gas emissions
CCM
8.2
603.5 96.3 % N
Turnover of Taxonomy-eligible but not
environmentally sustainable activities (not
Taxonomy-aligned activities) (A.2)
603.5 96.3 %
0 %
0 % 0 %
Turnover of Taxonomy-eligible activities
(A.1+A.2) (A)
B. TAXONOMY- NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible activities (B) 23.2 3.7 %
Total (A + B) 626.7 100 %
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Operating expenditures (OpEx)
Substantial contribution criteria DNSH criteria (Do No Significant Harm)
Economic activities (1)
Code(s) (2)
OpEx 2023 (3)
Proportion of OpEx 2023
(4)
Climate Change
Mitigation (5)
Climate Change
Adaption (6)
Water (7)
Pollution (8)
Circular Economy (9)
Biodiversity (10)
Climate Change
Mitigation (11)
Climate Change
Adaption (12)
Water (13)
Pollution (14)
Circular Economy (15)
Biodiversity (16)
Minimum Safeguards
(17)
Proportion of
Taxonomy-
aligned (A.1.)
or -eligible
(A.2.) OpEx
2023
(18)
Proportion of
Taxonomy-
aligned (A.1.)
or -eligible
(A.2.) OpEx
2022
(19)
Category
enabling
activity
(20)
Category
transitional
activity
(21)
In EUR m
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
% Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities
(Taxonomy-aligned)
0 0 % 0 % 0 %
OpEx of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
0 0 %
Of which enabling 0 0 %
Of which transitional 0 0 %
A.2. Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities)
61.1 16.7 % 0% 0 % 0 %
Data-based solutions to reduce greenhouse
gas emissions
CCM
8.2
34.4 9.4 % N
Data processing, hosting and related activities
CCM
8.1
24.8 6.8 % N
Acquisition and ownership of buildings CCM
7.7
0.9 0.2 % N
Electricity generation from hydropower CCM
4.5
0.2 0.1 % N
Manufacture of electrical and electronic devices CE 1.2 0.7 0.2 % N
OpEx of Taxonomy-eligible but not
environmentally sustainable activities (not
Taxonomy-aligned activities) (A.2)
61.1 16.7 % 0% 0 % 0 %
OpEx of Taxonomy-eligible
activities(A.1+A.2) (A)
B. TAXONOMY- NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible activities (B) 305.1 83.3 %
Total (A + B) 366.2 100 %
178 D – Non-financial Report – 2 Sustainability at TeamViewer
TeamViewer SE
– Annual Report 2023
Capital expenditures (CapEx) 2023
Substantial contribution criteria DNSH criteria (Do No Significant Harm)
Economic activities (1)
Code(s) (2)
CapEx 2023 (3)
Proportion of CapEx 2023 (4)
Climate Change Mitigation (5)
Climate Change Adaption (6)
Water (7)
Pollution (8)
Circular Economy (9)
Biodiversity (10)
Climate Change Mitigation (11)
Climate Change Adaption (12)
Water (13)
Pollution (14)
Circular Economy (15)
Biodiversity (16)
Minimum Safeguards (17)
Proportion of
Taxonomy-
aligned (A.1.)
or -eligible
(A.2.) CapEx
2023
(18)
Proportion of
Taxonomy-
aligned (A.1.)
or -eligible
(A.2.) CapEx
2022
(19)
Category
enabling
activity
(20)
Category
transitional
activity
(21)
In EUR m
% Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y /N Y /N Y /N Y/N Y/N Y/N Y/N % % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities
(Taxonomy-aligned)
0 0 % 0 % 0 %
CapEx of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
0 0 %
Of which enabling 0 0 %
Of which transitional 0 0 %
A.2. Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned
activities)
8.6 75.1 % 0 % 0 %
Data processing, hosting and related activities
CCM
7.7
3.2 28.0 %
Acquisition and ownership of buildings CCM
8.1
3.0 25.9 %
Manufacture of electrical and electronic devices CE 1.2 2.4 21.2 %
CapEx of Taxonomy-eligible but not
environmentally sustainable activities (not
Taxonomy-aligned activities) (A.2)
8.6 75.1 % 0 % 0 %
CapEx of Taxonomy-eligible
activities (A.1+A.2)
B. TAXONOMY- NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible activities (B)
2.9 24.9 %
Total (A + B)
11.5 100 %
179 D – Non-financial Report – 2 Sustainability at TeamViewer
TeamViewer SE
– Annual Report 2023
Sustainability ratings
TeamViewer uses ESG ratings and the annual feedback process as part of the review and
revision of the rating results to comprehensively assess and optimise its own sustainability
efforts. The Company critically evaluates the independent rating analyses and derives
measures for improvement based on this evaluation. In 2023, TeamViewer’s performance in
the areas of environmental, social and governance (ESG), among others, was rated by the
following ESG rating agencies:
• MSCI: TeamViewer was able to reaffirm the excellent ESG rating it received in the prior
year from the global analysis institute MSCI. For 2023, TeamViewer again received a AAA
rating (2022: AAA), keeping it in the highest category. With this rating, TeamViewer is
among the top 11 % of companies in the software and services industry worldwide. The
rating analyses companies’ business practices with respect to “Environmental”, “Social”
and “Governance” aspects and rates each of these pillars with a score from 0 to 10. For
2023, TeamViewer received a score of 6.4 for its environmental activities, 6.0 for social
aspects and 7.5 for its governance practices.
• Sustainalytics: TeamViewer improved its ESG risk rating again in the 2023 fiscal year
awarded by Morningstar Sustainalytics, an independent ESG market research and rating
company. Sustainalytics’ ESG risk rating assesses a company’s exposure to material
industry-specific ESG topics and evaluates how well the company manages the identified
risks. With this multi-dimensional measurement, Sustainalytics arrives at an overall ESG
risk score that is comparable across all industries. Companies are classified in five
different risk categories, ranging from negligible (0 to 10), low (10 to 20), medium (20 to
30) and high (30 to 40) to severe (40+). In 2023, Sustainalytics awarded TeamViewer an
ESG risk rating of 8.6 points (2022: 9.9 points; 2021: 12.8). This rating reflects Sustain-
alytics’ assessment that the risk of TeamViewer facing material adverse financial effects
from ESG factors is negligible. With this rating, TeamViewer is now the leader among 431
companies rated within the industry “Enterprise & Infrastructure Software”.
• ISS ESG: In 2021, TeamViewer was awarded “Prime” status under the ISS ESG Corporate
Rating and has since maintained this rating. The rating is expected to be updated in 2024.
• CDP: The Carbon Disclosure Project (CDP) is an independent, non-profit organisation that
encourages companies and governments to disclose their environmental impact, par-
ticularly regarding greenhouse gas emissions, climate change risks and environmental
protection measures. Climate protection and climate stewardship play a central role in
TeamViewer’s ESG endeavours. The CDP rating increases the transparency and com-
parability of companies’ climate data and targets worldwide. TeamViewer was rated B in
the 2023 fiscal year. TeamViewer thus maintains its rating in the global climate ranking
(2022: B, 2021: B-), which is above the industry average and underlines the importance of
effective climate protection for the Company.
• EcoVadis: The EcoVadis ESG rating focuses on the upstream and downstream supply
chains of companies and analyses their transparency. In 2023, TeamViewer achieved an
overall score of 42/100. For the update in 2024, TeamViewer aims to improve this score,
for example, by collecting additional data points.
180 D – Non-financial Report – 3 Governance and Integrity
TeamViewer SE
– Annual Report 2023
3 Governance and Integrity
Good corporate governance
At TeamViewer, we believe it is our responsibility to maintain and deepen the trust of our
shareholders, customers and employees in line with our high standards of corporate
governance and responsibility. This trust is an essential prerequisite for our entrepreneurial
success. Further details on this topic can be found in Chapter B_10 “Corporate Governance
Statement” in the combined management report.
Respect for human rights
As a responsible global company, TeamViewer is committed to ensuring that human rights
are fully respected and protected at all times in its own operations, throughout the value
chain and by its own products. TeamViewer respects the international standards for
protecting human rights and is committed to observing these standards within its scope of
influence. The provisions to this effect are set out in our Code of Conduct and Supplier and
Business Partner Code of Conduct, which must be recognised by all suppliers and other
business partners.
35
They are also encouraged to analyse and assess their own conduct, and
TeamViewer reserves the right to conduct its own random checks. In the past fiscal year, there
were no anomalies that required taking action.
TeamViewer is guided by the human rights standards highlighted in the United Nations
Universal Declaration of Human Rights (UDHR), the European Convention for the Protection
of Human Rights and Fundamental Freedoms, the UN Guiding Principles on Business and
Human Rights (UNGP) and the International Labour Organization (ILO) Declaration on
Fundamental Principles and Rights at Work. As a signatory to the United Nations Global
Compact, the world’s largest and most important initiative for sustainable and responsible
corporate governance, TeamViewer also reaffirms its commitment to the integration of the
ten universal principles of the UN Global Compact (focus areas: Human Rights, Labour,
35
The current version can be viewed at https://ir.teamviewer.com/websites/teamviewer/English/4700/sustainability-and-
corporate-social-responsibility.html.
Environment and Anti-Corruption) into its own business activities, in particular the principles
relating to compliance with human rights standards.
TeamViewer’s Code of Conduct formalises these beliefs and commitments for all entities and
employees. It reflects existing policies to ensure basic standards of business conduct. The aim
is to prevent potential human rights violations. Several departments at TeamViewer are
tasked with conducting ongoing human rights due diligence processes. They identify and
prevent human rights abuses in the Company and in the value chain wherever possible, report
risks and actual abuses, eliminate potential negative human rights impacts of our business
activities, and seek redress when necessary.
TeamViewer employees receive periodic training on human rights policies and procedures at
least once annually. The Company also has a whistleblower system in place to make it possible
for TeamViewer and third-party employees to anonymously report potential human rights
violations or other incidents.
In the 2023 fiscal year, as in the prior year, there were no significant incidents of human rights
violations reported at TeamViewer.
181 D – Non-financial Report – 3 Governance and Integrity
TeamViewer SE
– Annual Report 2023
Combating corruption and bribery
TeamViewer is committed to complying with the applicable laws and guidelines when con-
ducting its business activities. The Company has adopted mandatory internal guidelines in
an effort to combat any forms of corruption and bribery.
Ethical and transparent conduct in business and between employees, suppliers and
business partners is an absolute must. Alongside compliance with statutory anti-corruption
provisions, this also includes fairness in business, marketing and competition. The princi-
ples, processes and reporting channels are set out in the Code of Conduct, the Anti-Bribery
and Corruption Policy, the Supplier and Business Partner Code of Conduct, and the Anti-
trust and Fair Competition Policy. All employees receive routine training at least once
annually. Performing due diligence on our suppliers and partners is also intended to ensure
regulatory compliance.
To ensure compliance with the principles of the Anti-Bribery and Corruption Policy, the heads
of the Compliance department carry out a review as part of their regular reporting activities.
Observations and violations can also be reported anonymously via the whistleblower system
or through other channels.
In the 2023 fiscal year, as in the prior year, TeamViewer was not aware of any identified or
reported material cases of violations of the provision of the Anti-corruption and Bribery Policy.
Transparency and collaboration
It is TeamViewer’s strong conviction that behind every successful business lies transparent
communication and open cooperation with the relevant organisations and authorities.
TeamViewer aims to consistently maintain the highest level of transparency and disclosure
possible in all aspects of its business activities, while complying with regulatory requirements.
Information security and privacy are of particular importance in this context (see also Chapter
B_1.6 “Security and data protection” in the combined management report). Communication
with external stakeholders, such as ESG rating agencies, will also continue in an open and
transparent manner.
Tax transparency
Tax payments are an important part of TeamViewer’s economic and social contribution to
society. In the 2023 fiscal year, the TeamViewer Group paid a total of EUR 45.6 million in
income taxes. Fair and equitable tax systems play an essential role for TeamViewer in every
country in which the Company operates. TeamViewer takes a transparent and responsible
approach to all tax matters and ensures this by paying its fair share of taxes and cooperating
with local tax authorities worldwide in a spirit of trust.
TeamViewer supports the goals of a global tax system that promotes stability and fair taxes
for all the countries and companies involved. TeamViewer monitors tax developments,
particularly at the OECD level, and aligns its tax strategy accordingly.
Tax strategy
The Company’s tax strategy encompasses the following main principles:
• Compliance with applicable tax laws
• Establishment of an organisational structure suitable for the Company’s size to ensure
adequate tax management
• Application of effective tax risk and compliance management
• Acting as a responsible taxpayer
The tax strategy is in line with TeamViewer’s business and sustainability strategies. Paying its
“fair share” of taxes has an indirect influence on the Company’s achievement of its sustain-
ability goals in the respective countries. TeamViewer rejects tax practices that contradict
these goals. As part of this approach, the Company has incorporated the following practices
described below:
No aggressive tax planning
TeamViewer applies the current tax regulations based on their prevailing interpretation. This
also applies to the avoidance of double taxation through corresponding intergovernmental
agreements.
182 D – Non-financial Report – 3 Governance and Integrity
TeamViewer SE
– Annual Report 2023
The tax practices applied by TeamViewer, as well as transactions with and between Group
companies, are disclosed to the respective tax authorities in the context of tax returns and
other notification requirements. The Company also ensures that the pricing of intercompany
activities is in line with the OECD arm’s length principle and local transfer pricing rules to
ensure it pays the appropriate taxes on profits in the countries involved. TeamViewer does
not practice aggressive tax planning, such as creating entities without an underlying business
purpose or substantial economic substance.
No engagement in tax havens
TeamViewer does not relocate business activities to tax havens in order to avoid taxes that
would be incurred elsewhere. The term “tax haven” refers to those jurisdictions contained in
the EU’s “List of Non-Cooperative Tax Jurisdictions”.
Tax governance, tax compliance and tax risk management
Tax governance
TeamViewer’s Tax function is the responsibility of the Finance function, which reports to
the CFO. The Tax function monitors compliance with the overall tax strategy, ensures
alignment on tax issues across the Group, and coordinates local tax requirements within
the Group. The remuneration of the employees working in the Tax function is in no way
influenced by the Company’s tax rate.
Tax compliance
TeamViewer operates in most countries worldwide. In addition to paying taxes on its own
income, TeamViewer also withholds sales taxes and other withholding taxes on customer
and supplier payments. Tax payments therefore represent a significant portion of the
Company’s contribution to society. The internal Tax Department provides guidance to the
entire Group on how to comply with local tax regulations.
The Company’s employees also have access to Group-wide mechanisms, such as a
whistleblowing system, to report existing unethical or unlawful behaviour and activities
with tax relevance.
Tax risk management
Tax risk management is integrated into the overall Group-wide risk management. The internal
tax department identifies, assesses, monitors and manages potential tax risks. The Tax
Department exchanges regularly with the Head of Finance regarding tax risks, and external
tax experts are consulted in the event of uncertainties.
Stakeholder dialogue and advocacy
TeamViewer believes that responsible tax compliance also benefits economic and social
development. TeamViewer supports efforts to sustain a better and more equitable tax
system domestically and internationally to balance the different interests of society, politics
and the economy. The Company underscores this belief by working cooperatively with the
responsible tax authorities.
The Group’s responsible persons are not currently members of any tax interest groups or
have any related political exchanges.
183 D – Non-financial Report – 4 Employees
TeamViewer SE
– Annual Report 2023
4 Employees
Human resources management and
corporate culture
In an era of general skilled labour shortages, TeamViewer’s future success is determined more
than ever by its ability to attract, develop and, above all, retain highly qualified and motivated
employees. The unique skills, creativity and commitment of our teams are not just the driving
force behind our current performance, but also form the foundation for a sustainable future.
It is therefore our responsibility to create a work environment that not only attracts talented
professionals, but also fosters their personal and professional development. Fostering an
inclusive, supportive and inspiring work environment is at the heart of our endeavours as a
company, and we are committed to recognising and developing the individual strengths of
each individual employee. Through this sustainable focus, we not only strengthen our
organisation, but also contribute to creating a positive social and economic impact.
A
t TeamViewer, we strive to create a work environment that is centred on openness and
honesty. This promotes a dynamic atmosphere that gives our employees the freedom to
thrive in a digital work environment. Our commitment to this vision is reflected not only in the
way we work, but also in the everyday interaction between employees, our leadership team,
and managers throughout the organisation.
Employee headcount development
As at 31 December 2023, the TeamViewer Group employed 1,461 FTEs worldwide (31 December
2022: 1,386 FTEs). Consequently, the number of employees was approximately 5 % higher
than at the year-end reporting date in the prior year.
Employees by function
Function 2023 2022 YoY change
Sales 584 572 +2 %
Research & Development 399 404 –1 %
Administration 283 243 +16 %
Marketing 113 98 +15 %
Technical Customer Service 83 69 +20 %
Total FTEs 1,461 1,386 +5 %
As at 31 December 2023 in full-time equivalents (FTEs).
Employees by region
Region 2023 2022 YoY change
EMEA 998 947 +5 %
AMERICAS 268 260 +3 %
APAC 195 179 +8 %
Total FTEs 1,461 1,386 +5 %
As at 31 December 2023 in full-time equivalents (FTEs).
184 D – Non-financial Report – 4 Employees
TeamViewer SE
– Annual Report 2023
Employee retention
The retention of our employees is an extremely high priority at TeamViewer. They are often
the foundation of our knowledge base, and inducting new team members requires a
significant amount of time and resources. However, this is not the only reason why it is
important to us to retain and motivate as many of our employees as possible. In addition to
competitive remuneration, attractive supplemental pay for additional or irregular working
hours, and additional benefits, we also offer flexible work schedules, an inspiring and dynamic
work environment, and individual development opportunities. Our packages are designed to
attract and retain the best talent, both globally and locally.
W
e offer a Company-wide bonus linked to the achievement of our operational and financial
targets to ensure that all employees share in the Company’s success (sales employees have a
separate bonus system). In addition, we introduced an employee share programme for the
first time in 2022. As part of this programme, employees worldwide (provided they are still
employed by the TeamViewer Group) receive shares in stages over a four-year period, which
are initially subject to a vesting period. When the shares are transferred to the employee, all
restrictions cease.
I
n 2023, we continued to gradually grant and later transfer shares to our employees and will
continue to do so once annually in the future. This process enables employees to receive
additional shares on an ongoing basis.
T
he flexible work scheduling programmes introduced by TeamViewer in 2021 also turned out
to be a major competitive advantage in the recruitment market in 2023. The hybrid work
model is particularly advantageous for attracting and retaining employees, but the offer to
work part of the year away from home was also popular in 2023. A total of 254 employees
worldwide took advantage of this offer. We were able to extend this offer to many more
locations in 2023, provided this was permitted under the applicable local regulations.
I
n addition to location flexibility, our part-time programme also offers time flexibility. At the
end of the 2023 fiscal year, 93 employees were participating in this programme.
F
ollowing a decline in 2021 and 2022 in line with the trend of the overall industry, employee
retention recovered significantly in 2023. With a retention rate of 91 % and a voluntary
attrition rate of 9 %, we are back to pre-Covid levels. We calculate employee turnover by
dividing the number of employees who actively terminate their employment with TeamViewer
by the average monthly number of employees.
Diversity and anti-discrimination
With the publication of a Company-wide Diversity, Inclusion and Non-Discrimination Policy,
participation in the UN Global Compact’s Target Gender Equality Programme, and the signing
of the United Nations Women Empowerment Principles, TeamViewer laid an important
foundation for diversity and non-discrimination in the 2021 fiscal year.
Gender equality at all levels is of fundamental importance to TeamViewer. In 2023, we
continued to recruit women whenever possible, especially in previously underrepresented
areas. TeamViewer applies the principle of equal treatment in all recruitment activities and
grants equal pay regardless of gender. We also use inclusive language in our job adver-
tisements and continuously train our employees and managers involved in recruitment on
equal treatment and inclusivity. In addition to providing equal pay for new hires, TeamViewer
is committed to reviewing gender-specific pay each year and achieving equal pay. As part of
our Diversity, Inclusion and Non-Discrimination Policy, we are committed to taking concrete
action when the salary difference for a comparable group of employees with the same quali-
fications, professional experience, company affiliation and regional location is more than 3 %.
A
s at 31 December 2023, the proportion of women in our global workforce was 34.03 % and
largely unchanged compared to the prior year. Our goal is to continue to increase the
number of women in our workforce and be a leader in our industry.
2023 in % 2022 in %
Women 519 34.03 % 493 34.3 %
Men 1,006 65.97 % 943 65.7 %
1,525 100 % 1,436 100 %
Note: The ratio of women and men as a percentage of the total workforce is based on TeamViewer’s total headcount.
T
eamViewer attaches particular importance to the promotion of women in management
positions and has therefore set itself ambitious targets to promote the proportion of
women in management positions in the Group worldwide. The table below shows that
185 D – Non-financial Report – 4 Employees
TeamViewer SE
– Annual Report 2023
TeamViewer has met or exceeded all its targets for women in management positions
36
as
at 31 December 2023. We have thus taken another important step towards a balanced
gender representation for more diversity and inclusion.
T
his achievement resulted from the Company’s current recruitment and promotion initiati-
ves, which include a target of at least 33 % women in management training. In the 2023 fiscal
year, 28 % of women were promoted based on their career and management training. In
addition, the proportion of women hired across all hierarchies was 38 %, as in the prior year.
2023 Target Achievement deadline
Supervisory Board 42.86 % 33.00 % 31 December 2023
Management Board 25.00 % 25.00 % 31 December 2023
Women in management
positions worldwide in the
Group
33.49 % 33.00 % 31 December 2023
TeamViewer has once again set itself ambitious targets for the proportion of women in
management positions in the Group worldwide in the coming years. The management levels
and target values have been defined as follows:
As at 31 Dec 2023 Target Achievement deadline
Supervisory Board 42.86 %
(or 3 of 7)
37.50 %
(or 3 of 8)
31 December 2027
Management Board 25.00 %
(or 1 of 4)
25.00 %
(or 1 of 4)
31 December 2027
Senior Leadership Team
(SLT)
28.57 %
(or 2 of 7)
33.33 %
(or 2 of 6)
31 December 2027
All other management
positions in the Group
worldwide
33.65 %
(or 71 of 211)
35.07 %
(or 74 of 211)
31 December 2027
36
As the Group parent company, TeamViewer SE has no employees of its own and therefore no management levels below
the Management Board within the meaning of § 76 (4) sentence 1 AktG. The targets for the proportion of women at the
levels below the Management Board are therefore set on a voluntary basis.
Employee training and development
In 2023, employees participated in virtual and face-to-face training for an average of 11.8
hours. New employees undergo a training programme that lasts an average of two months.
For us, the (further) qualification and development of our employees is a decisive building
block for the security and sustainability of the Group. Through our learning management
system, we provide our employees globally with both mandatory online training and content
for self-directed online learning on a central platform. The content is presented so that the
various target groups can easily find relevant topics. Content includes our own internal
training on our products, solutions and systems, as well as content from external providers. In
this learning environment, employees have access to a catalogue of various topics to choose
from. Examples of these topics include the following:
Compliance training
Employees received a total average of four hours of compliance training in 2023. As part of
the onboarding process, we make it mandatory for newly hired employees to complete all
existing courses – provided they are still current – and to start all learning curricula. During
this training, employees are informed about data protection, the Code of Conduct and
TeamViewer’s diversity policy.
Security training
All TeamViewer employees are required to participate regularly in IT security training to gain
essential knowledge about IT security and learn best practices. Employees are provided with
guidelines that include information on the use of various software solutions, networks and
devices.
Diversity, equality and inclusion training
In the 2023 fiscal year, employees and managers were offered training on unconscious bias.
This training supports more positive interaction in the workplace by identifying common
examples of unconscious bias to minimise its negative effects and create a more inclusive
work culture.
Training for junior managers
This programme is intended for employees who have recently taken on a management role
or are expected to do so in the near future. Since 2022, the focus of the programme has
186 D – Non-financial Report – 4 Employees
TeamViewer SE
– Annual Report 2023
shifted to up-and-coming managers to ensure that a growing number of young managers can
start their new role well prepared. In 2023, a total of 28 junior managers took part in the
programme, 36 % of whom were women.
Training for experienced managers
This hybrid programme offers experienced managers in-depth development opportunities in
various full-day modules covering all areas of employee management and mastering an agile
environment. In 2023, twelve experienced managers took part in this programme; 42 % of the
participants were female, representing a six percentage point increase over the prior year.
All our leadership programmes are interdisciplinary and global in nature. This approach
promotes networking across departments and disciplines as well as across our different
locations.
S
ince 2023, we have also provided LinkedIn Learning to all our employees worldwide. It offers
topic-specific e-learning courses and lectures for every department, as well as a variety of
soft-skill training opportunities.
Health and well-being
In 2023, we once again organised the TeamViewer Health Days event in collaboration with
various external partners, including health insurance companies and the company physician.
Employees at our headquarters in Göppingen had the opportunity to undergo various general
and preventive medical checkups on-site. The event also included virtual events on various
health topics such as stress management, nutrition, and exercise, as well as practical courses
such as yoga classes, which were also open to all employees.
Flexible work models
At TeamViewer, flexible work models are an integral part of the offers provided by desirable
employers. Examples include flexible work schedules, attractive part-time offers and a hybrid
work model. With the hybrid work model, employees have an opportunity to find the right
balance between working from home and from the respective office location. They also have
the option to work part of the year independently away from their place of residence. In order
to promote the compatibility of family and career, TeamViewer offers various forms of paren-
tal leave within the scope of the legal possibilities and, depending on the location,actively
promotes the reintegration of mothers and fathers after their return to work. Further details
can be found in the chapter on employee retention.
Feedback and employee engagement
Engagement opportunities in the form of structured feedback are important and highly
desirable factors for our motivated and committed employees. At 82 %, the participation of
permanent employees in our annual employee survey continued to be very high in 2023.
TeamViewer used the comprehensive and diverse insights gained from the survey to create
a Company-wide action plan at several levels, both locally and globally. This plan was
implemented in 2023 in the form of various optimisation projects.
187 D – Non-financial Report – 4 Employees
TeamViewer SE
– Annual Report 2023
At TeamViewer, our central and global feedback processes aim to evaluate individual
performance, express appreciation, and provide employees with constructive feedback on
development potential. Our managers receive comprehensive training on how to give
individual feedback and evaluate performance. All non-managerial staff have also been fully
informed of the process, especially to enable them to effectively use the self-reflection phase
that is part of the process. In the 2023 fiscal year, we continued to develop our feedback
processes and tailored them even more specifically to individual roles and career paths. In
the 2024 fiscal year, we plan to continue this process for all departments and incorporate our
feedback processes into our recently introduced HR system.
Openness and organisational transparency are important to us to ensure our employees are
up-to-date on both strategic and operational issues. We use routine staff meetings (all-hands
meetings) to help accomplish this. Frequent interaction within teams and across
departments is important for employee engagement. We encourage this interaction through
our collaboration platforms. Regular updates allow employees to network on a global level
and develop a better sense of the open and diverse TeamViewer culture.
T
o ensure active employee participation, TeamViewer established a World Works Council in
fiscal year 2023 to represent the specific local interests of employees vis-à-vis the
management at all TeamViewer locations around the world. The council was formed to
complement the existing works council for the TeamViewer companies located in Göppingen,
Germany.
188 D – Non-financial Report – 5 Environmental and Climate Protection
TeamViewer SE
– Annual Report 2023
5 Environmental and Climate Protection
Climate strategy
Protecting the environment and the climate are important concerns for TeamViewer and
were categorised as material for the Company in the materiality analysis. Climate and
environmental protection are also given high priority as part of our c-a-r-e sustainability
programme.
As a provider of remote connectivity software, we recognise the significant potential to make
a positive contribution to the decarbonisation of the economy. We realise this by helping
customers to reduce CO₂ emissions and by making our own business operations environ-
mentally friendly. Our goal is to use 100 % renewable energy along the entire value chain.
With the inclusion of environmental and climate concerns in our own opportunity and risk
management, climate protection has become particularly important for TeamViewer.
Accordingly, the corporate and product-related carbon footprint (Scope 1, 2, 3) has been
calculated since the 2019 fiscal year.
Together with the Science Based Target Initiative (SBTi), we have set specific, fixed-term
absolute targets for reducing greenhouse gas emissions at the corporate level. Our short-
term target (SBTi short-term target) includes a commitment to reduce our absolute Scope 1
and 2 greenhouse gas emissions by 50 % by 2030 compared to the base year 2021. In addition,
we aim to reduce absolute Scope 3 GHG emissions from purchased goods, services and capital
goods by 37.8 % in the same period. As a long-term target (SBTi long-term target), we are
committed to reducing greenhouse gas emissions in scopes 1, 2 and 3 by 90 % by 2040
compared to the base year 2021. This commitment means that TeamViewer has set itself the
goal of achieving net zero greenhouse gas emissions across the entire value chain by 2040 –
ten years earlier than recommended by the SBTi. The SBTi categorises targets based on long-
term temperature trajectories of well below 2°C and 1.5°C. The SBTi validation team has
reviewed TeamViewer’s target ambitions in Scope 1 and 2 and found them to be in line with
the 1.5 °C trajectory. By publishing our SBTi reduction targets, we are committing to review-
ing our climate targets according to scientific standards and thus fulfilling our contribution
to limiting global warming in line with the Paris Agreement.
I
n 2023, we created the first version of our Climate Transition Plan, which fleshes out our
decarbonisation strategy. This plan sets clear targets to ensure we meet our short-, medium-
and long-term environmental goals. The Climate Transition Plan is the foundation of our
efforts to ensure that we act consistently and transparently, and it reaffirms our commitment
to taking corporate responsibility for active climate protection. Building on this, we began
investing in the long-term storage of carbon dioxide emissions in 2023.
We follow industry standards and undergo regular external audits to ensure the validity of
our climate strategy. Our participation in the Carbon Disclosure Project (CDP) reporting since
2021 and the improvement of our score from “B” to “B+” in 2023 confirm TeamViewer’s active
environmental management.
Environmental protection
Environmental protection is an important issue throughout TeamViewer’s value chain. Our
Code of Conduct, as well as our Supplier and Business Partner Code of Conduct, outline basic
principles for resource-efficient behaviour. TeamViewer strives to use energy, water, and
other natural resources responsibly throughout its operations. The Company optimises its
energy efficiency and favours renewable energy sources. Education is seen as a key factor for
future improvements in environmental protection. Employees are trained internally about
ways to save resources.
I
n 2023, no environmentally relevant incidents occurred and no corresponding fines were
imposed.
189 D – Non-financial Report – 5 Environmental and Climate Protection
TeamViewer SE
– Annual Report 2023
Climate protection and the path to
net zero greenhouse gas emissions
TeamViewer was founded in 2005 with the primary goal of transcending physical distance by
enabling users to connect to computers and other devices remotely. Not only does this create
efficiencies in the form of time and cost savings for our customers, but it also helps reduce
carbon emissions by eliminating travel.
Our overarching environmental goal is to enable companies and individuals to reduce their
carbon footprint by providing user-friendly technology that allows people to connect from
anywhere, any time. As a company, TeamViewer is committed to reducing its own emissions
and plans to remove the remaining emissions from the atmosphere and store them for the
long term in accordance with the Science Based Target Initiative.
In 2023, we began investing in a portfolio of diverse carbon dioxide removal (CDR) methods
to remove a portion of our greenhouse gas emissions (2,695 metric tonnes of CO₂e) from the
atmosphere for long-term storage. This measure is not included in the calculation of the
corporate carbon footprint (CCF). As shown in the chart “TeamViewer’s pathway to net zero
emissions”, we plan to significantly increase the volume of CDR from 2025 onwards.
190 D – Non-financial Report – 5 Environmental and Climate Protection
TeamViewer SE
– Annual Report 2023
Emission reduction measures
TeamViewer has defined five key measures to achieve its reduction targets:
1
. Renewable energy
• Sourcing data services with 100 % renewable energy
• Office buildings powered by 100 % renewable energy
2
. Influence the supply chain
• Require suppliers to define carbon emission reduction targets
3. I
ncrease product efficiency
• Reduce the data intensity of our services, thereby reducing energy requirements
along the entire value chain
4
. Emission-efficient business travel
• Increase use of rail and public transport and avoid short-haul flights
5
. Hybrid workplace model
• Reduce emissions from work commuting by working 60 % from home
B
eyond these five measures, TeamViewer is investing substantially in improving data quality.
This will involve increasing the proportion of primary data from the Company’s own
operations and supply chain, as well as improving the quality of the carbon footprint
calculation.
T
eamViewer also strengthens its commitment to achieving its reduction goals by linking
Management Board compensation to clearly defined ESG targets. Starting in fiscal year 2023,
clearly measurable reductions in CO₂ emissions have been defined as personal performance
criteria for the individual members of the Management Board. This is in addition to the ESG
targets of employee satisfaction, proportion of women, compliance, and safety (see Chapter
B_8 “Remuneration report”).
Sustainable supply chain
TeamViewer lives up to its responsibility towards society and shareholders by consistently
and sustainably modernising its own supply chain and the associated procurement processes.
The goal is to create an end-to-end sustainable supply chain and anchor it in the procurement
processes.
The targeted realignment of structures is based on a multi-stage approach. It encompasses
the areas of sustainability and environment, and specifically the carbon footprint of the
supply chain; labour and human rights, as regulated in the Supply Chain Duty of Care Act,
among others; and compliance aspects, such as corruption, data protection and others.
In addition to longstanding measures to satisfy minimum legal requirements, a
comprehensive review of the current situation is underway. This includes the involvement of
leading platforms for quantifying the status of sustainability in the various areas.
W
e are also holding discussions and meetings with our largest suppliers, including cloud
providers, in order to promptly begin implementing improvements. These will involve areas
such as energy and resource consumption, as well as ensuring that TeamViewer’s partners
also pursue clear and realistic sustainability goals. The basis for discussions is TeamViewer’s
Code of Conduct for Suppliers and Business Partners, which all suppliers are required to sign.
The next steps will be to embed all the principles in revised procurement processes and
guidelines, and to provide annual training to employees in these areas. This will ensure that
sustainability factors are considered just as carefully in the future for procurement as they
are in purely commercial terms.
Reporting based on the data collected will ultimately allow TeamViewer to make targeted
and continuous improvements. This will reduce the risk of engaging with the wrong
partners, generate significant mid-term economic benefits, and drive a progressive
approach to meeting sustainability goals.
191 D – Non-financial Report – 5 Environmental and Climate Protection
TeamViewer SE
– Annual Report 2023
TeamViewer technology protects the environment
Remote connectivity can have a significant positive impact on achieving global climate
targets. To quantify this effect, TeamViewer, together with external consultants, quantified
for the first time the CO₂ savings attributable to the use of TeamViewer products in the year
2019.
The study of our CO₂ savings was repeated in fiscal 2023. It was based on the CCF (Corporate
Carbon Footprint) as defined by the Greenhouse Gas (GHG) Protocol and a product carbon
footprint (PCF) derived from it. An analysis of anonymous connection data was then
combined with feedback from private and commercial users on their usage and associated
travel patterns. This was further verified by additional expert interviews. According to the
results, TeamViewer helped non-commercial users and customers to avoid between 15.6 and
44.8 million tonnes of CO₂ emissions in 2022. As studies of this nature are largely based on
assumptions, a further sensitivity analysis of the results was carried out. The scenario
deemed most realistic by internal and external experts corresponds to an avoidance of
41 million tonnes of CO₂. The entire study was critically reviewed by TÜV SÜD.
Carbon footprint
In the 2023 fiscal year, TeamViewer continued to record its greenhouse gas emissions in
compliance with the GHG Protocol and plans to continue to do so annually. The calculation of
the carbon footprint for 2023 was performed in cooperation with external consultants and
subsequently verified by third parties.
T
he emissions determined in tCO₂e are distributed across scopes 1 to 3 as follows:
Development of CO₂ emissions
In CO₂e tonnes 2021 2022 2023 YoY change
Scope 1 222 353 202 –43 %
Scope 2 255 54 31 –41 %
Scope 3 38,665 28,443 24,276 –15 %
Total CO₂ footprint 39,142 28,850 24,510 –15 %
Development of CO₂ emissions per EUR m in revenue
In CO₂e tonnes /EUR m 2021 2022 2023 YoY change
Scope 1 0.4 0.6 0.3 –48 %
Scope 2 0.5 0.1 0.05 –47 %
Scope 3 77.2 50.3 38.7 –23 %
Total CO₂ footprint 78.1 51.0 39.1 –23 %
In the 2023 fiscal year, TeamViewer’s total net CO
2
emissions decreased by 15 % year-on-year,
corresponding to a reduction of approximately 4,300 metric tonnes of CO₂e. A key factor in
this reduction was our close cooperation with our suppliers, who are also committed to
reducing emissions. The reduction was also due to a considerable improvement in the quality
of the incoming data. Where possible, we also ensure that our electricity consumption is fully
sourced from renewable energy sources. Our primary goal is to purchase renewable energy
directly. In cases where this was not yet possible in fiscal year 2023, we used electronically
documented Energy Attribute Certificates (EACs) as verification.
S
tarting with the 2023 fiscal year, we are aligning our calculation and disclosure with the SBTi
requirements. The prior-year figures have been adjusted accordingly.
192 D – Non-financial Report – 6 Energy, Waste and Water Management
TeamViewer SE
– Annual Report 2023
6 Energy, Waste and Water Management
Energy
Year Absolute
energy
consumption
(in kWh)
YoY
change
(in %)
Relative
energy
consumption
per employee
(in kWh)
YoY
change
(in %)
Relative energy
consumption
per EUR m in
revenue
(in kWh)
YoY
change
(in %)
2023 4,329,313 33 % 2,963 26 % 6,908 20 %
2022 3,256,292 –2 % 2,349 4 % 5,754 –13 %
2021 3,328,197 –23 % 2,306 –44 % 6,643 –29 %
2020 4,309,053 –1 % 4,088 –44 % 9,386 –29 %
2019 4,336,024 – 5,036 –19 % 11,112 –16 %
In line with the achievement of our reduction targets, we also oblige our suppliers to achieve
greater efficiency and a rapid transition to renewable energy sources. This is monitored
through a due diligence process as part of the globally binding Supplier & Business Partner
Code of Conduct.
Waste
Waste separation options have been introduced at all German sites in recent years and are
increasingly being rolled out and optimised globally. To avoid single-use plastics, we provide
washable and reusable dishes, cutlery, drinking cups and water dispensers at nearly all
locations.
Extending the lifetime of our IT and electrical equipment is particularly important to us. After
three years on average, our equipment is sorted but not scrapped. Instead, it is sold to
secondary recycling partners (or, in some cases, donated locally) and reused after undergoing
a technical and data protection overhaul.
Year Absolute
waste
volume
(in kg)
YoY
change
(in %)
Relative waste
volume per
employee
(in kg)
YoY
change
(in %)
Relative waste
volume per
EUR m revenue
(in kg)
YoY
change
(in %)
2023 38,063 7 % 26 7% 61 7 %
2022 35,408 –5 % 24 –5 % 56 –5 %
2021 37,274 1 % 26 1 % 59 1 %
2020 36,817 –18 % 25 –52 % 59 –49 %
2019 44,864 – 52 – 115 –
193 D – Non-financial Report – 6 Energy, Waste and Water Management
TeamViewer SE
– Annual Report 2023
Water management
Year Absolute
wastewater
volume
(in m
3
)
YoY
change
(in %)
Relative
wastewater
volume per
employee
(in m
3
)
YoY
change
(in %)
Relative
wastewater
volume per
EUR m
revenue
YoY
change
(in %)
2023 7,179 –36 % 5 –40 % 11 –43 %
2022 11,275 –2 % 8 –49 % 20 –57 %
2021 11,550 83 % 16 167 % 46 229 %
2020 6,298 +1 % 6 –14 % 14 –13 %
2019 6,257 – 7 – 16 –
The use of fresh water was also calculated globally for all offices for the first time in 2023:
Year Absolute
fresh water
volume
(in m
3
)
YoY
change
(in %)
Relative fresh
water volume
per employee
(in m
3
)
YoY
change
Relative fresh
water volume
per EUR m
revenue
(in m
3
)
YoY
change
(in %)
2023 3,377 – 2 – 5 –
194 D – Non-financial Report – 7 Social Responsibility
TeamViewer SE
– Annual Report 2023
7 Social Responsibility
Our understanding
As a global company, TeamViewer assumes responsibility worldwide for its business activities,
for the climate and the environment, for its employees and, most of all, for the local communities
in which our offices are located. Our social commitment is based on the principles of our
sustainability programme c-a-r-e: collaboration, access, reduction and equity.
The aim of all our social activities is to strengthen the community, promote exchange
between people and thereby build a foundation for cultural diversity and participation.
By actively supporting schools and universities, we increase the educational opportuni-
ties of young people and young adults through better access to technology.
Our external actions go hand in hand with our internal sustainability projects, which are
described in the c-a-r-e sustainability programme section of this non-financial report.
Our contribution
TeamViewer’s commitment comprises three dimensions, from indirect support for organisa-
tions and the targeted promotion of selected local initiatives to the personal commitment of
TeamViewer employees on-site.
The first dimension includes our “TeamViewer for Good” programme. We offer licences for
our solutions to charitable institutions worldwide at significantly reduced prices and some-
times even free of charge. We donated more than 1,500 licences this way in 2023.
At a local level, we have a partnership with the University of Applied Sciences, located in
Göppingen, where TeamViewer is headquartered, particularly to support the technology
degree programmes. We award several scholarships each year to students for science
degree programmes in order to carry out research. We also support the Girls’ Digital Camp
of the University, which aims to get young girls interested in STEM subjects (mathematics,
computer science, natural sciences and technology). In addition, we sponsor several
initiatives aimed at giving pupils better access to technology, including Tech4Girls, an
initiative by the non-profit organisation TechEducation, which aims to bridge the gender
gap in IT. With the help of a donation from TeamViewer, two schools in low-income areas
of Berlin can now participate in this programme.
We are also engaged at our locations in Germany, Greece, Australia and the USA to
strengthen the local community. Through donations, we support smaller sports clubs,
mental health initiatives and social programmes, as well as organisations that promote
climate protection, diversity and integration.
Our employees were also personally active last year in contributing their knowledge and
experience to their communities. In Armenia and Greece, for example, we invited grade
school and high school girls to our offices to give them a first-hand impression of career
opportunities in the tech sector. At our headquarters in Göppingen, colleagues offered a
programming workshop in collaboration with a local initiative, in which participants were
able to gain their first experience in creating applications.
196 E – Further Information – 1 Index for GRI, SDG, UN Global Compact, WEPs and SASB
TeamViewer SE
– Annual Report 2023
1 Index for GRI, SDG, UN Global Compact,
WEPs and SASB
Chapter in Non-financial Report GRI SDGs UNGC
Principles
WEPs
01 Fundamentals of the Non-financial Report
02 Sustainability at TeamViewer
Double materiality analysis 3, 102–
15 103–1
201–2
4, 5, 7, 8,
9, 10, 12,
13, 16, 17
1, 2,
3, 4
Sustainability targets 4, 5, 7, 8,
9, 10, 12,
13, 16, 17
8, 9 2, 7
Sustainability management 102–29
103–2
4, 5, 7, 8,
9, 10, 12,
13, 16, 17
7, 8 1, 7
03 Governance and integrity
Respect for human rights
407, 408,
409
5, 8, 10 1, 2, 3, 4, 5, 6 2
Combating corruption and bribery 205, 206 16, 17 10
Transparency and collaboration 207 16, 17
04 Employees
Human resource management and corporate
culture
102–8 8, 10 6, 8, 10 1, 2
Employee headcount development 2-7, 405,
406
5, 8 6 1, 7
Employee retention 5, 8, 10 6
Diversity and anti-discrimination 405, 406 5, 8, 10 6 1, 2, 5,
6, 7
Employee training and development 404 4, 8 6 1, 2,
4, 7
Chapter in Non-financial Report GRI SDGs UNGC
Principles
WEPs
Health and well-being 403 3, 8 3
Flexible work models 401–2 8 2, 3
Feedback and employee engagement 102–43
403–4
8 2
05 Environment and climate protection
Climate strategy 103–2
308
12, 13, 17 7, 8
Environmental protection 302, 305 12, 13 7, 8
Climate protection and the path to net zero
greenhouse gas emissions
302, 305 13, 17 7
Carbon footprint 302, 305 12, 13 7
06 Energy management, waste management
and water management
Energy 302 7, 12, 13,
15
7
Waste 306 12, 13, 15 7
07 Social responsibility
Our understanding 413 4, 5, 8, 10,
12, 13, 17
1, 8 1, 2,
4, 6
Our contribution 413 4, 5, 17 8 1, 2,
4, 6
197 E – Further Information – 1 Index for GRI, SDG, UN Global Compact, WEPs and SASB
TeamViewer SE
– Annual Report 2023
Overview of the references to relevant Sustainability Accounting Standards Board (SASB) Standards
Annual Report 2023 chapter references SASB
Group fundamentals (Combined management report) TC-SI-000.A
Financial statement TeamViewer SE TC-SI-000.A
Security and data protection (Combined management report) TC-SI-000.B
Financial statement TeamViewer SE TC-SI-000.B
Security and data protection (Combined management report) TC-SI-000.C
Financial statement TeamViewer SE TC-SI-000.C
Energy management, waste management and water management
(Non-Financial Report)
TC-SI-130a.1
Energy management, waste management and water management
(Non-Financial Report)
TC-SI-130a.2
Climate protection and the path to net zero greenhouse gas emissions (Non-
Financial Report)
TC-SI-130a.3
Security and data protection (Combined management report) TC-SI-220a.1
Markets and distribution (Combined management report) TC-SI-220a.5
Respect for human rights (Non-Financial Report) TC-SI-220a.5
Security and data protection (Combined management report) TC-SI-230a.2
Employees (Combined management report and Non-Financial Report) TC-SI-330a.1
Employees (Combined management report and Non-Financial Report) TC-SI-330a.2
Diversity and anti-discrimination (Non-Financial Report) TC-SI-330a.3
Combating corruption and bribery (Non-Financial Report) TC-SI-520a.1
Opportunities and risks report (Combined management report) TC-SI-550a.1
Opportunities and risks report (Combined management report) TC-SI-550a.2
198 E – Further Information – 2 List of Abbreviations
TeamViewer SE
– Annual Report 2023
2 List of Abbreviations
ACV Annual contract value
AEMR Universal Declaration of Human Rights, Allgemeine Erklärung der Menschenrechte
AG Stock corporation, Aktiengesellschaft
AGM Annual General Meeting
AktG Stock Corporation Act, Aktiengesetz
AI Artificial intelligence
AMERICAS North, Central and South America
APAC Asia-Pacific
AR Augmented reality
ARR Annual recurring revenue
ARUG II German act implementing the second shareholder rights directive, Gesetz zur Umsetzung
der zweiten Aktionärsrichtlinie
ASP Average selling price
BGB German Civil Code, Bürgerliches Gesetzbuch
CAGR Compound annual growth rate
c-a-r-e Collaboration, access, reduction, equity
CC Constant currency
CCF Corporate carbon footprint
CCO Chief Commercial Officer
CDS Credit default swap
CEO Chief Executive Officer
CFO Chief Financial Officer
CHRO Chief Human Resources Officer
CIPP/E Certified information privacy professional/Europe
CGU Cash-generating unit
CISO Chief information security officer
CMS Compliance Management System
CoC Code of conduct
COSO Committee of sponsoring organizations of the treadway commission
CPTO Chief Product & Technology Office
CRM Customer relationship management
CSIRT Computer security incident response team
CSR Corporate social responsibility
CSRD Corporate Sustainability Reporting Directive
CSR-RUG CSR Directive Implementation Act, CSR-Richtlinie-Umsetzungsgesetz
CVE Common vulnerabilities and exposures
DD Director’s dealings
DMA Double Materiality Assessment
GCGC German Corporate Governance Code
GDP Gross domestic product
EAC Energy attribute certificate
EBIT Earnings before interest and taxes
EBITDA Earnings before interest, taxes, depreciation and amortisation
ECB European Central Bank
EMEA Europe, Middle East, Africa
EONIA Euro overnight index average
EPP Employee participation programme
EPS Earnings per share
ERP Enterprise resource planning
ESG Environmental, social, governance
EU European Union
EUR Euro
199 E – Further Information – 2 List of Abbreviations
TeamViewer SE
– Annual Report 2023
FCFE Levered free cashflow
FED Federal Reserve
FIRST Forum of incident response and security teams
FTE Full-time equivalent
GBP British pound
GDPR General Data Protection Regulation
GHG Greenhouse gas emissions
GmbH Limited liability company
GRI Global Reporting Initiative
Hapibot Hapibot Studio Unipessoal Lda
HGB German commercial code, German accounting standards
HIPAA Health Insurance Portability and Accountability Act
HITECH Health Information Technology for Economic and Clinical Health Act
HoldCo TigerLuxOne Holdco S.C.A.
IAPP International Association of Privacy Professionals
IAS International Accounting Standards
IASB International Accounting Standards Board
IDW German Institute of Public Auditors, Institut der Wirtschaftsprüfer in Deutschland
IFRS International Financial Reporting Standards
IFRS IC IFRS Interpretations Committee
IfW Kiel Institute for the World Economy
ILO International Labour Organization
IMF International Monetary Fund
IoT Internet of Things
IPO Initial public offering
IR Investor relations
ISMS Information Security Management System
IT Information technology
LGBTQIA+ Lesbian, gay, bisexual, transgender, queer, intersexual, asexual, +
KPI Performance indicator
LTI Long-term incentive
LTIP Long-term incentive plan for Management Board members of the company
LTM Last twelve months
MAR Market Abuse Regulation
MEP Management equity participation
MR Mixed reality
MYD Multi-year deals
NGO Non-governmental organization
NPS Net promoter score
NRR Net retention rate
OECD Organisation for Economic Co-operation and Development
OEM Original equipment manufacturer
OT Operational technology
PC Personal computer
PCF Product carbon footprint
PEC Preferred equity certificates
PPA Purchase price allocation
PSIRT Product security incident response team
PSU Phantom stock unit
PwC PricewaterhouseCoopers GmbH auditor
R&D Research and development
RaaS Remote as a Service
RCF Revolving credit facility
RSU Restricted stock units, employee shares
SaaS Software as a Service
SARs Share appreciation rights
SBB Share buyback
SBTi Science Based Targets initiative
SDG Sustainable Development Goals
SE Societas Europaea
200 E – Further Information – 2 List of Abbreviations
TeamViewer SE
– Annual Report 2023
SIC Standing interpretations committee
SIEM Security Information and Event Management System
SLT Senior leadership team
SMB Small and medium-sized businesses
SOAR Security Orchestration, Automation and Response
SOC Security operations centre
S-SDLC Secure software development life cycle
STEM Science, technology, engineering and mathematics
STI Short-term incentive
TISAX Trusted Information Security Assessment Exchange
TLO Tiger LuxOne S. à r.l.
TOM Technical and organisational measures
TR Total remuneration
TSR Total shareholder return
UFCF Unlevered free cash flow
UK United Kingdom
UmwG German Transformation Act, Umwandlungsgesetz
UN United Nations
UNGC United Nations Global Compact
UNGP UN Guiding Principles on Business and Human Rights
USA United States of America
USD US dollar
VDP Vulnerability disclosure policy
WACC Weighted average cost of capital
WEP Women empowerment principles
201 E – Further Information – 3 KPI Glossary
TeamViewer SE
– Annual Report 2023
3 KPI Glossary
This KPI glossary contains alternative performance measures (APM) that are not defined
under IFRS. The APMs (non-IFRS) can be reconciled to the key performance indicators
included in the IFRS consolidated financial statements and should not be viewed in isolation,
but only as supplementary information for assessing the operating performance. TeamViewer
believes that these APMs provide an additional, deeper understanding of the Company’s
performance. TeamViewer has defined each of the following APMs as follows:
Billings represent the value (net) of goods and services invoiced to customers within a
specific period and which constitute a contract as defined by IFRS 15.
Adjusted EBITDA (non-IFRS) [Definition until 2022; also referred to as adjusted (billings)
EBITDA] is defined as operating income (EBIT) according to IFRS, plus depreciation and
amortisation of tangible and intangible fixed assets (EBITDA), adjusted for the change in
deferred revenue recognised in profit or loss in the period under review and for certain
business transactions (income and expense) defined by the Management Board in
agreement with the Supervisory Board. Business transactions to be adjusted relate to share-
based compensation schemes and other material special items that are presented separately
to show the underlying operating performance of the business.
Adjusted EBITDA margin (definition until 2022; also referred to as adjusted (billings) EBITDA
margin) means adjusted EBITDA as a percentage of billings.
Adjusted EBITDA (definition as of FY 2023 onwards; also referred to as adjusted (revenue)
EBITDA) is defined as operating income (EBIT) according to IFRS, plus depreciation and
amortisation of tangible and intangible fixed assets (EBITDA), adjusted for certain business
transactions (income and expense) defined by the Management Board in agreement with the
Supervisory Board. Business transactions to be adjusted relate to share-based compensation
schemes and other material special items of the business that are presented separately to
show the underlying operating performance of the business.
Adjusted EBITDA margin (definition from FY 2023 onwards, also referred to as adjusted
(revenue) EBITDA margin) means adjusted EBITDA as a percentage of revenue.
Retained billings means recurring billings (renewals, cross- and upselling) attributable to
retained subscribers who were subscribers in the previous twelve-month period.
New billings means recurring billings attributable to new subscribers.
Non-recurring billings means billings that do not recur, such as professional services and
hardware reselling.
Net retention rate (NRR) means the retained billings of the last twelve months (LTM), divided
by the total recurring billings (retained billings + new billings) of the previous twelve-month
period (LTM-1). The total recurring billings of the LTM-1 period are adjusted for multi-year
deals (MYD).
Annual recurring revenue (ARR) is annualised recurring billings for all active subscriptions at
the reporting date.
Number of subscribers means the total number of paying subscribers with a valid
subscription at the reporting date.
SMB customers means customers with ACV across all products and services of less than
EUR 10,000 within the last twelve-month period. If the threshold is exceeded, the
customer will be reallocated.
Enterprise customers means customers with ACV across all products and services of at least
EUR 10,000 within the last twelve-month period. Customers who do not reach this threshold
will be reallocated.
202 E – Further Information – 3 KPI Glossary
TeamViewer SE
– Annual Report 2023
Churn (subscribers) is calculated by dividing the number of retained subscribers at the
reporting date by the total number of subscribers at the previous year’s reporting date.
Average selling price (ASP) is calculated by dividing the total SMB/Enterprise billings of the
last twelve months (LTM) by the total number of SMB/Enterprise subscribers at the reporting
date.
Annual contract value (ACV) is used to distinguish different pricing buckets within SMB and
Enterprise. The ACV is defined as the annualised value of one SMB/Enterprise contract.
Net financial liabilities are defined as financial liabilities (without other financial liabilities)
less cash and cash equivalents.
Net leverage ratio means the ratio of net financial liabilities to adjusted EBITDA of the last
twelve-month period.
Levered free cash flow (FCFE) means net cash from operating activities less capital
expenditure for property, plant and equipment and intangible assets (excl. M&A), payments
for the capital element of lease liabilities and interest paid for borrowings and lease liabilities.
Cash conversion means the percentage share of levered free cash flows (FCFE) in relation to
the adjusted EBITDA.
Adjusted net income is the net income adjusted for certain income and expenses. These
adjustments are share-based compensation, amortisation related to business combinations,
other non-recurring income and expenses and related tax effects.
Adjusted basic earnings per share (Adjusted EPS) is calculated in line with basic earnings per
share, whereby Adjusted Net Income is used as the basis for the calculation instead of the net
income.
205 E – Further Information – 6 Disclaimer
TeamViewer SE
– Annual Report 2023
6 Disclaimer
Certain statements in this report may constitute forward-looking statements. These state-
ments are based on assumptions that are believed to be reasonable at the time they are made
and are subject to significant risks and uncertainties, including but not limited to those
risks and uncertainties described in TeamViewer’s disclosures. You should not rely on these
forward-looking statements as predictions of future events.
T
eamViewer’s actual results may differ materially and adversely from any forward-looking
statements discussed in this report due to several factors, including and without limitation,
risks from macroeconomic developments, external fraud, lack of innovation capabilities,
inadequate data security and changes in competition levels. TeamViewer undertakes no
obligation and does not expect to publicly update or publicly revise any forward-looking
statement resulting from new information, future events, or otherwise.
P
ercentage change data and totals presented in tables throughout this report are generally
calculated on unrounded numbers. Therefore, numbers in tables may not add up precisely to
the totals indicated. For the same reason, percentage changes may not precisely reflect the
change based on the rounded figures.
T
his document contains alternative performance measures (APM) that are not defined under
IFRS. The APMs (non-IFRS) can be reconciled to the key performance indicators included in
the IFRS consolidated financial statements and should not be viewed in isolation, but only as
supplementary information for assessing the operating performance. TeamViewer believes
that these APMs provide an additional, deeper understanding of the Company's performance.
A complete overview of the APMs contained in this report and the corresponding definitions
can be found in the glossary of key figures (E_3) .
