EX-99.2 3 pgru-ex99_2.htm EX-99.2 EX-99.2

 

Exhibit 99.2

 

PROPERTYGURU GROUP LIMITED

(Incorporated in Cayman Islands)

AND ITS SUBSIDIARIES

 

UNAUDITED INTERIM CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended 30 June 2023

 

 

 

 

PROPERTYGURU GROUP LIMITED

(Incorporated in Cayman Islands)

AND ITS SUBSIDIARIES

 

INDEX TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended 30 June 2023

 

 

 

Contents

 

 

 

 

Page

 

 

 

Unaudited Condensed Consolidated Statements of Comprehensive (Loss)/Income for the Three and Six Months Ended 30 June 2023

 

1

 

 

 

Unaudited Condensed Consolidated Balance Sheets as of 30 June 2023 and 31 December 2022

 

2

 

 

 

Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity/(Deficiency) for the Six Months Ended 30 June 2023

 

3

 

 

 

Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended 30 June 2023

 

5

 

 

 

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

 

6

 

 

 

 

 

 

PROPERTYGURU GROUP LIMITED AND ITS SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME

For the three and six months ended 30 June 2023

 

 

 

 

For the Three Months
ended 30 June

 

For the Six Months
ended 30 June

 

Note

 

2023

 

2022*

 

2023

 

2022*

 

 

 

S$’000

 

S$’000

 

S$’000

 

S$’000

Revenue

 

5

 

36,880

 

33,031

 

69,508

 

61,263

Other income

 

 

 

2,034

 

292

 

3,700

 

769

Other gains - net

 

7

 

2,264

 

11,882

 

56

 

22,753

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

Sales commission

 

 

 

(2,061)

 

(3,135)

 

(4,302)

 

(6,186)

Referral fees

 

 

 

(678)

 

(547)

 

(1,150)

 

(971)

Merchant fees

 

 

 

(840)

 

(704)

 

(1,499)

 

(1,159)

Awards and events costs

 

 

 

(378)

 

(347)

 

(968)

 

(651)

Advertising and platform fees

 

 

 

(416)

 

(620)

 

(948)

 

(1,241)

Salary and staff costs

 

 

 

(20,377)

 

(18,092)

 

(40,121)

 

(36,126)

Marketing expenses

 

 

 

(2,968)

 

(4,575)

 

(6,218)

 

(7,790)

Technology expenses

 

 

 

(3,083)

 

(2,877)

 

(6,349)

 

(5,301)

Legal and professional

 

 

 

(2,060)

 

(2,313)

 

(3,138)

 

(3,168)

Share grant and option expenses

 

 

 

(802)

 

(1,507)

 

(3,060)

 

(3,035)

Depreciation and amortization

 

 

 

(5,782)

 

(5,920)

 

(11,644)

 

(10,834)

(Impairment)/Reversal of impairment loss on financial assets

 

 

 

(716)

 

(438)

 

(677)

 

166

Impairment of intangible assets**

 

 

 

(5,469)

 

—

 

(5,469)

 

—

Impairment of plant, equipment and right-of-use assets

 

 

 

(250)

 

—

 

(250)

 

—

Finance cost

 

 

 

(116)

 

(1,284)

 

(248)

 

(2,011)

Legal and professional fees incurred for IPO

 

 

 

—

 

1,875

 

—

 

(16,570)

Share listing expense

 

 

 

—

 

—

 

—

 

(104,950)

Other expenses

 

 

 

(1,376)

 

(931)

 

(3,548)

 

(1,438)

Total expenses

 

 

 

(47,372)

 

(41,415)

 

(89,589)

 

(201,265)

(Loss)/Profit before income tax

 

 

 

(6,194)

 

3,790

 

(16,325)

 

(116,480)

Tax (expense)/credit

 

8

 

(266)

 

31

 

(356)

 

(47)

Net (loss)/income for the period

 

 

 

(6,460)

 

3,821

 

(16,681)

 

(116,527)

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive (loss)/income:

 

 

 

 

 

 

 

 

 

 

Items that may be reclassified subsequently to profit or loss:

 

 

 

 

 

 

 

 

 

 

Currency translation differences arising from consolidation

 

 

 

(3,425)

 

3,108

 

(9,068)

 

2,445

Items that will not be reclassified subsequently to profit or loss:

 

 

 

 

 

 

 

 

 

 

Actuarial (loss)/gain from post-employment benefits obligation

 

 

 

(4)

 

8

 

(8)

 

(1)

Other comprehensive (loss)/income for the period, net of tax

 

 

 

(3,429)

 

3,116

 

(9,076)

 

2,444

Total comprehensive (loss)/income for the period

 

 

 

(9,889)

 

6,937

 

(25,757)

 

(114,083)

 

 

 

 

For the Three Months
ended 30 June

 

For the Six Months
ended 30 June

 

Note

 

2023

 

2022

 

2023

 

2022

 

 

 

S$ per share

 

S$ per share

 

S$ per share

 

S$ per share

(Loss)/Earnings per share for (loss)/income attributable to equity holders of the Group

 

 

 

 

 

 

 

 

 

 

Basic and diluted (loss)/earnings per share for the period

 

6

 

(0.04)

 

0.02

 

(0.10)

 

(0.79)

* Refer to note 12 for certain reclassifications made.

** The impairment of intangible assets consists of impairment in goodwill of S$4,185,000, and impairment in other intangible assets of S$1,284,000.

The accompanying notes form an integral part of these unaudited interim condensed consolidated financial statements.

 

1

 

PROPERTYGURU GROUP LIMITED AND ITS SUBSIDIARIES

 

UNAUDITED CONSOLIDATED BALANCE SHEETS

As of 30 June 2023 and 31 December 2022

 

 

Note

 

30 June
2023

 

31 December
2022

 

 

 

S$’000

 

S$’000

ASSETS

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

301,796

 

309,233

Trade and other receivables

 

 

 

17,357

 

18,145

 

 

 

319,153

 

327,378

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

Trade and other receivables

 

 

 

4,100

 

4,559

Intangible assets

 

 

 

381,373

 

393,450

Plant and equipment

 

 

 

1,984

 

2,535

Right-of-use assets

 

 

 

8,978

 

11,475

 

 

 

396,435

 

412,019

 

 

 

 

 

 

 

Total assets

 

 

 

715,588

 

739,397

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Trade and other payables

 

 

 

27,039

 

29,737

Lease liabilities

 

 

 

3,780

 

4,104

Deferred revenue

 

 

 

54,255

 

50,753

Provisions

 

 

 

282

 

280

Current income tax liabilities

 

8

 

4,303

 

4,302

 

 

 

89,659

 

89,176

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

Trade and other payables

 

 

 

439

 

296

Lease liabilities

 

 

 

6,508

 

8,339

Deferred income tax liabilities

 

8

 

1,758

 

1,879

Provisions

 

 

 

664

 

672

Warrant liabilities

 

 

 

4,721

 

4,775

 

 

 

14,090

 

15,961

 

 

 

 

 

 

 

Total liabilities

 

 

 

103,749

 

105,137

 

 

 

 

 

 

 

Net assets

 

 

 

611,839

 

634,260

 

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

Capital and reserves attributable to equity holders of the Group

 

 

 

 

 

 

Share capital

 

 

 

1,087,743

 

1,081,320

Share reserve

 

11

 

14,605

 

17,692

Capital reserve

 

11

 

785

 

785

Translation reserve

 

 

 

(26,029)

 

(16,961)

Accumulated losses

 

 

 

(465,265)

 

(448,576)

Total shareholders’ equity

 

 

 

611,839

 

634,260

 

The accompanying notes form an integral part of these unaudited interim condensed consolidated financial statements.

 

2

 

PROPERTYGURU GROUP LIMITED AND ITS SUBSIDIARIES

 

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY/(DEFICIENCY)

For the six months ended 30 June 2023

 

 

Note

 

Share
capital

 

 

Share
reserve

 

 

Capital
reserve

 

 

Translation
reserve

 

 

Accumulated
losses

 

 

Total
shareholders’
equity/
(deficiency)

 

 

 

 

S$’000

 

 

S$’000

 

 

S$’000

 

 

S$’000

 

 

S$’000

 

 

S$’000

 

Balance at 1 January 2023

 

 

 

 

1,081,320

 

 

 

17,692

 

 

 

785

 

 

 

(16,961

)

 

 

(448,576

)

 

 

634,260

 

Loss for the period

 

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(16,681

)

 

 

(16,681

)

Other comprehensive loss for the period

 

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(9,068

)

 

 

(8

)

 

 

(9,076

)

Total comprehensive loss for the period

 

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(9,068

)

 

 

(16,689

)

 

 

(25,757

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee share grant and option scheme

 

11

 

 

—

 

 

 

2,716

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,716

 

Non-executive directors share grant and option scheme

 

 

 

 

—

 

 

 

428

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

428

 

Issuance of shares

 

11

 

 

6,423

 

 

 

(6,231

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

192

 

Total transactions with owners, recognised directly in equity

 

 

 

 

6,423

 

 

 

(3,087

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,336

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 30 June 2023

 

 

 

 

1,087,743

 

 

 

14,605

 

 

 

785

 

 

 

(26,029

)

 

 

(465,265

)

 

 

611,839

 

 

The accompanying notes form an integral part of these unaudited interim condensed consolidated financial statements.

 

3

 

PROPERTYGURU GROUP LIMITED AND ITS SUBSIDIARIES

 

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY/(DEFICIENCY)

For the six months ended 30 June 2023

 

 

Note

 

Share
capital

 

 

Share
reserve

 

 

Capital
reserve

 

 

Warrants

 

 

Translation
reserve

 

 

Accumulated
losses

 

 

Total
shareholders’
equity/
(deficiency)

 

 

 

 

S$’000

 

 

S$’000

 

 

S$’000

 

 

S$’000

 

 

S$’000

 

 

S$’000

 

 

S$’000

 

Balance at 1 January 2022

 

 

 

 

684,347

 

 

 

18,658

 

 

 

785

 

 

 

5,742

 

 

 

2,742

 

 

 

(325,083

)

 

 

387,191

 

Loss for the period

 

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(116,527

)

 

 

(116,527

)

Other comprehensive income/(loss) for the period

 

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,445

 

 

 

(1

)

 

 

2,444

 

Total comprehensive income/(loss) for the period

 

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,445

 

 

 

(116,528

)

 

 

(114,083

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee share grant and option scheme

 

11

 

 

—

 

 

 

1,804

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,804

 

Non-executive directors share grant and option scheme

 

 

 

 

—

 

 

 

1,320

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,320

 

Shares issued to PIPE investors

 

 

 

 

178,653

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

178,653

 

Transaction cost in relation to issuance of PIPE shares

 

 

 

 

(7,664

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(7,664

)

Reorganisation

 

 

 

 

217,581

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

217,581

 

Issuance of shares

 

11

 

 

5,611

 

 

 

(4,883

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

728

 

Total transactions with owners, recognised directly in equity

 

 

 

 

394,181

 

 

 

(1,759

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

392,422

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 30 June 2022

 

 

 

 

1,078,528

 

 

 

16,899

 

 

 

785

 

 

 

5,742

 

 

 

5,187

 

 

 

(441,611

)

 

 

665,530

 

 

The accompanying notes form an integral part of these unaudited interim condensed consolidated financial statements.

 

4

 

 

PROPERTYGURU GROUP LIMITED AND ITS SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the six months ended 30 June 2023

 

 

 

 

For the Six Months ended 30 June

 

Note

 

2023

 

2022

 

 

 

S$’000

 

S$’000

Cash flows from operating activities

 

 

 

 

 

 

Loss for the period

 

 

 

(16,681)

 

(116,527)

Adjustments for:

 

 

 

 

 

 

- Tax expense

 

8

 

356

 

47

- Employee share grant and option expense

 

 

 

2,716

 

1,804

- Non-executive director share grant and option expense

 

 

 

428

 

1,320

- Depreciation and amortization

 

 

 

11,644

 

10,834

- (Gain)/Loss on disposal of plant and equipment and intangible assets

 

7

 

(2)

 

104

- Impairment/(Reversal of impairment) loss on financial assets

 

 

 

677

 

(166)

- Gain on lease modification

 

 

 

—

 

(188)

- Impairment of intangible assets

 

 

 

5,469

 

—

- Impairment of plant, equipment and right-of-use assets

 

 

 

250

 

—

- Interest income

 

 

 

(3,565)

 

(193)

- Finance cost

 

 

 

248

 

2,011

- Unrealised currency translation (gain)/loss*

 

 

 

(183)

 

3,763

- Fair value gain on warrant liabilities

 

7

 

(110)

 

(23,016)

- Share listing expense

 

 

 

—

 

104,950

 

 

 

 

1,247

 

(15,257)

Changes in working capital, net of effects from acquisition and disposal of subsidiaries

 

 

 

 

 

 

- Trade and other receivables

 

 

 

915

 

(1,807)

- Trade and other payables*

 

 

 

(2,577)

 

7,299

- Deferred revenue

 

 

 

3,502

 

2,547

Cash provided by/(used in) operations*

 

 

 

3,087

 

(7,218)

Interest received

 

 

 

3,221

 

186

Income tax paid

 

 

 

(290)

 

(582)

Net cash provided by/ (used in) operating activities*

 

 

 

6,018

 

(7,614)

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Additions to plant and equipment

 

 

 

(298)

 

(438)

Additions of intangible assets

 

 

 

(13,143)

 

(9,581)

Proceeds from disposal of plant and equipment

 

 

 

2

 

27

Net cash used in investing activities

 

 

 

(13,439)

 

(9,992)

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

Interest paid

 

 

 

(228)

 

(536)

Principal payment of lease liabilities

 

 

 

(2,241)

 

(2,206)

Proceeds from Reorganisation

 

 

 

—

 

142,145

Proceeds from the shares issued to PIPE investors

 

 

 

—

 

178,653

Transaction cost in relation to issuance of PIPE shares

 

 

 

—

 

(7,664)

Proceeds from issuance of ordinary shares

 

 

 

192

 

728

Net cash (used in)/ provided by financing activities

 

 

 

(2,277)

 

311,120

 

 

 

 

 

 

 

Net (decrease)/increase in cash and cash equivalents

 

 

 

(9,698)

 

293,514

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

 

Beginning of the six months ended 30 June

 

 

 

309,233

 

70,236

Effects of currency translation on cash and cash equivalents*

 

 

 

2,261

 

5,012

End of the six months ended 30 June

 

 

 

301,796

 

368,762

 

*Revisions have been made to the following figures. Refer to note 13 for details of the revisions.


 

The accompanying notes form an integral part of these unaudited interim condensed consolidated financial statements.

 

5

 

PROPERTYGURU GROUP LIMITED AND ITS SUBSIDIARIES

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended 30 June 2023

 

 

These notes form an integral part of and should be read in conjunction with the accompanying unaudited interim condensed consolidated financial statements.

 

1.
General information

PropertyGuru Group Limited (the “Company”) is incorporated in Cayman Islands. The address of its registered office is Walkers Corporate Limited, 190 Elgin Avenue, George Town, Grand Cayman KY1-9008, Cayman Islands.

PropertyGuru Group Limited and its subsidiaries (the “Group”) is in the business of advertising, real estate marketing, business management and consultancy services.

2.
Significant changes in the current reporting period

In June 2023, the Group reviewed the performance of its Marketplaces as well as its products and services within the Data & Software Solutions business unit. Based on the review, the Group decided to make plans to cease operations in the Indonesia marketplace and the plans to decommission FastKey by the end of the year.

 

As of 30 June 2023, the Board approved both plans. Consequently, the following impairments and costs are recognized in the unaudited condensed consolidated statements of comprehensive income as of 30 June 2023:

 

 

 

30 June 2023

 

 

 

S$'000

 

Impairment of intangible assets

 

 

5,469

 

Impairment of plant, equipment and right-of-use assets

 

 

250

 

 

 

 

5,719

 

 

 

 

 

Restructuring cost:

 

 

 

Salary and staff costs

 

 

1,559

 

Legal and professional

 

 

507

 

 

 

 

2,066

 

 

 

The restructuring cost in relation to salary and staff costs amounting to S$1,559,000 are mainly estimated payable amount of severance, long service and compensation to employees based on local regulation and estimated payable amount of performance and retention bonus. Other restructuring cost amounting to S$507,000 mainly comprise of estimated fees for outplacement support for employees, and legal and tax advisory services.

 

 

 

 

 

6

PROPERTYGURU GROUP LIMITED AND ITS SUBSIDIARIES

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended 30 June 2023

 

 

 

 

3.1.
Basis of preparation

The unaudited interim condensed consolidated financial statements of the Group for the three and six months ended 30 June 2023 has been prepared in accordance with International Accounting Standard IAS 34 Interim Financial Reporting. They do not include all of the information required for a complete set of financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

The accounting policies applied in these unaudited interim condensed consolidated financial statements are consistent with those applied in the audited consolidated financial statements for the year ended 31 December 2022 issued for the Group except for Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current. The new and amended standards and interpretations applied for the first time as of 1 January 2023 as disclosed in the notes to the annual audited consolidated financial statements for the year ended 31 December 2022 issued for PropertyGuru Group Limited and its subsidiaries had no material impact on the unaudited interim condensed consolidated financial statements of the Group for the three and six months ended 30 June 2023.

3.2.
Critical accounting estimates, assumptions and judgements

In preparing these unaudited interim condensed consolidated financial statements, the critical accounting estimates, assumptions, and judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those applied and discussed in the audited consolidated financial statements for the financial year ended 31 December 2022. As of 30 June 2023, the Board approved the plans to cease operations in the Indonesia marketplace and the plans to decommission FastKey by the end of the year. Consequently, the impairment and restructuring cost are provided as disclosed in Note 2.

4.
Segment information
(a)
Description of segments

The Group’s operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (“CODM”), which is the Leadership Team, comprising of the Chief Executive Officer, Chief Financial Officer, Managing Director Marketplaces, Chief Marketing Officer, Managing Director Data & Software Solutions, Managing Director Fintech/ Chief Technology Officer and Chief People Officer.

The Group has five reportable segments, namely four Marketplaces and Fintech and Data services. The Marketplaces segments consist of core listing marketplace for agents and developer marketing solutions business in four primary geographic areas, namely Singapore, Vietnam, Malaysia and Other Asia (comprising Thailand and Indonesia). Each of these geographic Marketplaces segments has different political and economic conditions as well as market factors and strategic initiatives which influence performance. Furthermore, each geographic Marketplace segment represents a business in different stages of development (with Singapore being the most mature and Other Asia still considered by management to be a developing market). On 30 June 2023, the Board has approved the plans to cease operations in the Indonesia marketplace by the end of this year.

The Fintech and Data services segment consists of the digital mortgage marketplace business, PropertyGuru Finance, launched in March 2020 where commission is earned from Financial Institutions on each mortgage brokered, and the data business involving provision of data services to developers, agents, banks and property valuers.

Assets and liabilities are not reviewed when making decisions about allocation of resources to the segments by the Chief Operating Decision Maker ("CODM").

 

 

 

 

7

PROPERTYGURU GROUP LIMITED AND ITS SUBSIDIARIES

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended 30 June 2023

 

 

 

4.
Segment information (continued)
(b)
Segment information

The table below shows the segment information provided to the CODM for the reportable segments for the three and six months ended 30 June 2023 and 2022.

 

 

Marketplaces

 

 

 

 

 

 

 

 

Singapore

 

 

Vietnam

 

 

Malaysia

 

 

Other
Asia

 

 

Fintech
and data
services

 

 

Total
reportable
segments

 

 

 

S$’000

 

 

S$’000

 

 

S$’000

 

 

S$’000

 

 

S$’000

 

 

S$’000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended 30 June 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

 

40,381

 

 

 

8,402

 

 

 

13,420

 

 

 

4,365

 

 

 

2,940

 

 

 

69,508

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

30,567

 

 

 

(73

)

 

 

7,468

 

 

 

(892

)

 

 

(4,862

)

 

 

32,208

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended 30 June 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

 

32,297

 

 

 

11,999

 

 

 

11,333

 

 

 

3,585

 

 

 

2,049

 

 

 

61,263

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

22,631

 

 

 

2,806

 

 

 

3,610

 

 

 

(2,431

)

 

 

(3,531

)

 

 

23,085

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended 30 June 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

 

21,534

 

 

 

5,074

 

 

 

6,602

 

 

 

2,158

 

 

 

1,512

 

 

 

36,880

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

16,560

 

 

 

848

 

 

 

3,966

 

 

 

(599

)

 

 

(2,657

)

 

 

18,118

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended 30 June 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

 

17,293

 

 

 

6,943

 

 

 

5,899

 

 

 

1,866

 

 

 

1,030

 

 

 

33,031

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

11,233

 

 

 

1,669

 

 

 

1,241

 

 

 

(1,179

)

 

 

(1,885

)

 

 

11,079

 

 

 

 

 

 

 

 

 

8

PROPERTYGURU GROUP LIMITED AND ITS SUBSIDIARIES

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended 30 June 2023

 

 

 

4.
Segment information (continued)
(b)
Segment information (continued)

 

A reconciliation of adjusted EBITDA to (loss)/profit before income tax is provided as follows:

 

 

For the Three Months
ended 30 June

 

 

For the Six Months
ended 30 June

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

S$’000

 

 

S$’000

 

 

S$’000

 

 

S$’000

 

Adjusted EBITDA as above

 

 

18,118

 

 

 

11,079

 

 

 

32,208

 

 

 

23,085

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Headquarters cost

 

 

(13,507

)

 

 

(10,823

)

 

 

(27,377

)

 

 

(22,275

)

Changes in fair value of preferred share, warrant liabilities and embedded derivatives

 

 

2,246

 

 

 

11,944

 

 

 

110

 

 

 

23,016

 

Finance income/(costs) – net

 

 

1,897

 

 

 

(1,192

)

 

 

3,317

 

 

 

(1,818

)

Depreciation and amortization expense

 

 

(5,782

)

 

 

(5,920

)

 

 

(11,644

)

 

 

(10,834

)

Impairment

 

 

(5,719

)

 

 

—

 

 

 

(5,719

)

 

 

—

 

Share grant and option expenses

 

 

(802

)

 

 

(1,507

)

 

 

(3,060

)

 

 

(3,035

)

Other gains/(losses) – net

 

 

18

 

 

 

(62

)

 

 

(54

)

 

 

(263

)

Business acquisition transaction and integration costs

 

 

(597

)

 

 

(1,603

)

 

 

(2,040

)

 

 

(2,836

)

Legal and professional fees incurred for IPO

 

 

—

 

 

 

1,874

 

 

 

—

 

 

 

(16,570

)

Share listing expense

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(104,950

)

Restructuring cost (Note 2)

 

 

(2,066

)

 

 

—

 

 

 

(2,066

)

 

 

—

 

(Loss)/Profit before income tax

 

 

(6,194

)

 

 

3,790

 

 

 

(16,325

)

 

 

(116,480

)

 

Headquarters costs are costs of personnel that are based predominantly in its Singapore headquarters and certain key personnel in Malaysia and Thailand, and that service the group as a whole, consisting of its executive officers and its group marketing, technology, product, human resources, finance and operations teams, as well as platform IT costs (hosting, licensing, domain fees), workplace facilities costs, corporate public relations retainer costs and professional fees such as audit, legal and consultant fees.

The CODM uses adjusted EBITDA as a measure to assess the performance of the segments. This excludes the effects of significant items of income and expenditure which may have an impact on the quality of earnings such as changes in fair value of preferred shares, warrant liabilities and embedded derivatives, finance costs, depreciation and amortisation, income tax expenses, impairments when the impairment is the result of an isolated, non-recurring event, share grant and option expenses, loss on disposal of plant and equipment and intangible assets, currency translation loss, business acquisition transaction and integration costs, legal and professional expenses incurred for IPO, share listing expense and restructuring cost.

 

 

 

9

PROPERTYGURU GROUP LIMITED AND ITS SUBSIDIARIES

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended 30 June 2023

 

 

 

5.
Revenue

 

 

For the Three Months ended 30 June

 

 

For the Six Months ended 30 June

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

S$’000

 

 

S$’000

 

 

S$’000

 

 

S$’000

 

Agent Revenue

 

 

 

 

 

 

 

 

 

 

 

 

- Membership

 

 

15,704

 

 

 

12,300

 

 

 

30,253

 

 

 

24,115

 

- Agent discretionary

 

 

15,993

 

 

 

15,171

 

 

 

28,404

 

 

 

27,475

 

 

 

 

31,697

 

 

 

27,471

 

 

 

58,657

 

 

 

51,590

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Developer Revenue

 

 

 

 

 

 

 

 

 

 

 

 

- Advertising activities

 

 

2,524

 

 

 

2,875

 

 

 

4,987

 

 

 

4,975

 

- Events

 

 

486

 

 

 

873

 

 

 

1,365

 

 

 

1,268

 

- Others

 

 

661

 

 

 

782

 

 

 

1,559

 

 

 

1,381

 

 

 

3,671

 

 

 

4,530

 

 

 

7,911

 

 

 

7,624

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fintech and data services

 

 

1,512

 

 

 

1,030

 

 

 

2,940

 

 

 

2,049

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36,880

 

 

 

33,031

 

 

 

69,508

 

 

 

61,263

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue recognised

 

 

 

 

 

 

 

 

 

 

 

 

- At a point in time

 

 

9,000

 

 

 

6,200

 

 

 

16,483

 

 

 

11,183

 

- Over time

 

 

27,880

 

 

 

26,831

 

 

 

53,025

 

 

 

50,080

 

 

 

36,880

 

 

 

33,031

 

 

 

69,508

 

 

 

61,263

 

 

 

 

 

10

PROPERTYGURU GROUP LIMITED AND ITS SUBSIDIARIES

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended 30 June 2023

 

 

 

6.
(Loss)/Earnings per share

 

The Group calculates (loss)/earnings per share by dividing (loss)/earnings for the period attributable to the shareholders of the parent by the weighted average number of shares outstanding during the period.

 

Comparative earnings per share (basic and diluted) were restated to give effect to the share exchange for comparability purposes.

 

(a)
Weighted average number of shares used as the denominator

 

 

 

For the Three Months
ended 30 June

 

 

For the Six Months
ended 30 June

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

Number

 

 

Number

 

 

Number

 

 

Number

 

Weighted average number of ordinary shares used
   as the denominator in calculating basic loss per share

 

 

162,422,077

 

 

 

161,287,206

 

 

 

162,209,368

 

 

 

147,338,563

 

Adjustments for calculation of diluted loss per share¹:

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock units

 

 

—

 

 

 

1,454,470

 

 

 

—

 

 

 

—

 

Stock options

 

 

—

 

 

 

2,307,780

 

 

 

—

 

 

 

—

 

Weighted average number of ordinary shares and
   potential ordinary shares used as the denominator
   in calculating diluted loss per share

 

 

162,422,077

 

 

 

165,049,456

 

 

 

162,209,368

 

 

 

147,338,563

 

 

¹ Potential ordinary shares outstanding consist of restricted stock units, stock options and warrants and are excluded if their effect is anti-dilutive.

 

(b)
Basic (loss)/earnings per share

 

 

 

For the Three Months
ended 30 June

 

 

For the Six Months
ended 30 June

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

(Loss)/Earnings for the period attributable
   to the shareholders of the parent (S$’000)

 

 

(6,460

)

 

 

3,821

 

 

 

(16,681

)

 

 

(116,527

)

Weighted average number of shares outstanding

 

 

162,422,077

 

 

 

161,287,206

 

 

 

162,209,368

 

 

 

147,338,563

 

Basic (loss)/earnings per share

 

 

(0.04

)

 

 

0.02

 

 

 

(0.10

)

 

 

(0.79

)

 

(c)
Diluted (loss)/earnings per share

 

 

 

For the Three Months
ended 30 June

 

 

For the Six Months
ended 30 June

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

(Loss)/Earnings for the period attributable
   to the shareholders of the parent (S$’000)

 

 

(6,460

)

 

 

3,821

 

 

 

(16,681

)

 

 

(116,527

)

Weighted average number of shares outstanding

 

 

162,422,077

 

 

 

165,049,456

 

 

 

162,209,368

 

 

 

147,338,563

 

Diluted (loss)/earnings per share

 

 

(0.04

)

 

 

0.02

 

 

 

(0.10

)

 

 

(0.79

)

 

7.
Other gains – net

 

 

 

For the Three Months
ended 30 June

 

 

For the Six Months
ended 30 June

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

S$’000

 

 

S$’000

 

 

S$’000

 

 

S$’000

 

Gain/(Loss) on disposal of plant and equipment and intangible assets

 

 

2

 

 

 

(77

)

 

 

2

 

 

 

(104

)

Currency translation gain/(loss)

 

 

16

 

 

 

(173

)

 

 

(56

)

 

 

(347

)

Gain on lease modification

 

 

—

 

 

 

188

 

 

 

—

 

 

 

188

 

Fair value gain on warrant liabilities

 

 

2,246

 

 

 

11,944

 

 

 

110

 

 

 

23,016

 

 

 

 

2,264

 

 

 

11,882

 

 

 

56

 

 

 

22,753

 

 

 

 

 

 

 

11

PROPERTYGURU GROUP LIMITED AND ITS SUBSIDIARIES

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended 30 June 2023

 

 

 

 

8.
Income taxes

The Group recognised assets and liabilities for tax based on profit for six months ended 30 June 2023 and 31 December 2022. Total net liabilities (including current and deferred taxes) amounted approximately to S$6,061,000 as at 30 June 2023 and S$6,181,000 as at 31 December 2022.

The Group’s deferred tax liabilities arose mainly from fair value adjustments arising in a business combination whereas deferred tax assets are recognised for tax losses and capital allowances carried forward to the extent that the deferred income tax assets are recognised for tax losses and capital allowances carried forward to the extent that realisation of the related tax benefits through future taxable profits is probable. The Group has unrecognised tax losses of S$91,644,000, and capital allowance of S$4,487,000 at the balance sheet date which can be carried forward and used to offset against future taxable income subject to meeting certain statutory requirements by those companies with unrecognised tax losses and capital allowances in their respective countries of incorporation. The capital allowances have no expiry date. The tax losses of S$91,435,000 will expire between 2023 and 2030.

 

9.
Intangible assets

Goodwill

 

 

 

30 June
2023

 

 

31 December
2022

 

 

 

S$’000

 

 

S$’000

 

Cost

 

 

 

 

 

 

Beginning of financial period

 

 

347,831

 

 

 

362,448

 

Currency revaluation adjustments

 

 

(10,798

)

 

 

(17,380

)

Acquisition of subsidiaries

 

 

—

 

 

 

2,763

 

Impairment

 

 

(4,185

)

 

 

—

 

 

 

 

332,848

 

 

 

347,831

 

 

Goodwill is allocated to the Group’s CGUs identified as follows:

 

 

 

30 June
2023

 

 

31 December
2022

 

 

 

S$’000

 

 

S$’000

 

Singapore marketplace

 

 

486

 

 

 

486

 

Vietnam marketplace

 

 

113,639

 

 

 

112,080

 

Malaysia marketplace 1

 

 

202,502

 

 

 

214,614

 

Thailand marketplace 2

 

 

11,540

 

 

 

11,671

 

Indonesia marketplace

 

 

—

 

 

 

599

 

ePropertyTrack (“FastKey”)

 

 

—

 

 

 

3,586

 

MyProperty Data Sdn Bhd (“Data”)

 

 

1,918

 

 

 

2,032

 

SendTech Pte. Ltd. (“Sendhelper”)

 

 

2,763

 

 

 

2,763

 

 

 

 

332,848

 

 

 

347,831

 

 

1.
Comprise of iProperty.com Malaysia Sdn. Bhd., Brickz Research Sdn. Bhd., IPGA Management Services Sdn. Bhd. and PropertyGuru Malaysia International (Malaysia) Sdn. Bhd.
2.
Comprise of Kid Ruang Yu Co., Ltd., Prakard IPP Co., Ltd., iProperty (Thailand) Co., Ltd., and AllProperty Media Co., Ltd. (head Office)

 

 

 

 

 

12

PROPERTYGURU GROUP LIMITED AND ITS SUBSIDIARIES

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended 30 June 2023

 

 

 

9.
Intangible assets (continued)

Goodwill (continued)

 

Impairment tests for goodwill

 

Goodwill is tested for impairment annually and whenever there is indication that the goodwill may be impaired. The recoverable amounts of all CGUs are determined based on value-in-use (“VIU”).

The key assumptions used for the value-in-use and fair value less cost to sell calculations for each of the CGUs were disclosed in the annual consolidated financial statements for the year ended 31 December 2022.

In the current financial period, the Management had performed a detailed assessment and review on the performance of the Indonesia marketplace and FastKey.

 

Based on the review, the Group found the financial performance of the Indonesia marketplace to have been suboptimal and the operating environment to be challenging. Overall, it was assessed that a clear path was not found to meaningfully grow the marketplaces business to reach PG’s aspirations in Indonesia. A shutdown was recommended over a potential sale due to several factors, including a limited buyer set, unattractive sale proceeds, low rewards-risk ratio and exposure to potential warranties and indemnities. As a result, the Group made plans for the cessation of the Indonesia marketplace. During the shutdown process the business would operate at a loss. Consequently, the carrying value of the Indonesia was deemed to be zero.

 

The Group also evaluated FastKey, a digital sales product for developers. It was found that the competitive environment in the market and the operating model of the product would hinder its growth ambitions. Hence, the Group assessed that FastKey was no longer a potential profit generator. A sale of the assets was considered, however the costs of a transaction and the technical migration work involved would be significantly more than any consideration received. Consequently, the decision was made to decommission the FastKey business. During the decommission period FastKey would be operating at a cashflow loss. As a result, it was agreed that the recoverable amount of the assets was zero.

 

Subsequently, the Group estimated the recoverable amounts of these CGUs to be zero and the carrying amount of goodwill of S$4,185,000 and non-current assets of S$1,284,000 in relation to these CGUs as at 30 June 2023 was fully impaired.

Except for FastKey and Indonesia marketplace, there is no impairment indicator identified for other CGUs.

 

 

 

 

 

13

PROPERTYGURU GROUP LIMITED AND ITS SUBSIDIARIES

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended 30 June 2023

 

 

 

 

10.
Share capital

 

 

 

Number of ordinary
shares

 

Issued share capital

 

 

 

At 1 January 2023

 

 

161,960,362

 

Shares issued as part of the Employee Share Grant Plan

 

 

953,469

 

At 30 June 2023

 

 

162,913,831

 

 

 

 

 

Issued share capital

 

 

 

At 1 January 2022

 

 

—

 

Shares issued to PIPE investors

 

 

13,193,068

 

Reorganisation

 

 

 

- Share exchange

 

 

128,376,418

 

- Shares issued to holders of Class A and Class B ordinary shares of Bridgetown 2

 

 

19,641,074

 

Shares issued as part of the Employee Share Grant Plan

 

 

289,885

 

At 30 June 2022

 

 

161,500,445

 

 

All issued ordinary shares are fully paid. There is no par value for these ordinary shares.

 

Fully paid ordinary shares carry one vote per share and carry a right to dividends as and when declared by the Company.

11.
Share and capital reserve
(a)
Share reserve

 

 

 

S$’000

 

At 1 January 2023

 

 

17,692

 

Employee share grant and option schemes:

 

 

 

- Value of employee services

 

 

2,716

 

- Shares issued

 

 

(4,652

)

Director share grant and options schemes:

 

 

 

- Value of services

 

 

428

 

- Shares issued

 

 

(1,579

)

At 30 June 2023

 

 

14,605

 

 

 

 

 

At 1 January 2022

 

 

18,658

 

Employee share grant and option schemes:

 

 

 

- Value of employee services

 

 

1,804

 

- Shares issued

 

 

(4,703

)

Director share grant and options schemes:

 

 

 

- Value of services

 

 

1,320

 

- Shares issued

 

 

(180

)

At 30 June 2022

 

 

16,899

 

 

 

 

 

14

PROPERTYGURU GROUP LIMITED AND ITS SUBSIDIARIES

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended 30 June 2023

 

 

 

11.
Share and capital reserve (continued)
(b)
Capital reserves

 

 

 

S$’000

 

At 1 January 2023 and 30 June 2023

 

 

785

 

 

 

12.
Reclassifications within Consolidated Statements of Comprehensive (Loss) / Income

 

Effective with the quarter ended 30 June 2023, the Group has revised the presentation of the expenses to provide more disaggregated financial information as the Management is in the opinion that the revised presentation provides a clearer interpretation of the business operation costs of the Group.

Hence, certain expenses items within the consolidated statement of comprehensive (loss)/ income have been reclassified to conform to the current presentation. These reclassifications have no impact to the Group's condensed consolidated balance sheet, condensed consolidated statement of cash flows, condensed consolidated statements of changes in shareholders’ equity and reported net (loss)/income for the period of the Group.

The effects of these reclassifications on the Group's consolidated statements of comprehensive (loss)/income for the comparative three months ended 30 June 2022, and six months ended 30 June 2022 are as below:

 

 

 

 

15

PROPERTYGURU GROUP LIMITED AND ITS SUBSIDIARIES

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended 30 June 2023

 

 

 

12.
Reclassifications within Consolidated Statements of Comprehensive (Loss) / Income (continued)

 

For The Three Months Ended June 30, 2022

 

 

Reclassification

 

 

As previously reported

 

Venue costs

 

Sales and marketing cost

 

IT and Internet expenses

 

Employee compensation

 

Non-executive directors' remuneration

 

Staff cost

 

Office rental

 

Other expenses

 

As reclassified

 

 

S$’000

 

S$’000

 

S$’000

 

S$’000

 

S$’000

 

S$’000

 

S$’000

 

S$’000

 

S$’000

 

S$’000

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Venue costs

 

(998

)

 

998

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Sales and marketing cost

 

(5,839

)

 

—

 

 

5,839

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

IT and Internet expenses

 

(2,869

)

 

—

 

 

—

 

 

2,869

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Employee compensation

 

(17,303

)

 

—

 

 

—

 

 

—

 

 

17,303

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Non-executive directors' remuneration

 

(785

)

 

—

 

 

—

 

 

—

 

 

—

 

 

785

 

 

—

 

 

—

 

 

—

 

 

—

 

Staff cost

 

(336

)

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

336

 

 

—

 

 

—

 

 

—

 

Office rental

 

(58

)

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

58

 

 

—

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Awards and events costs

 

—

 

 

(347

)

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

(347

)

Advertising and platform fees

 

—

 

 

(563

)

 

(57

)

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

(620

)

Referral fees

 

—

 

 

—

 

 

(547

)

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

(547

)

Merchant fees

 

—

 

 

—

 

 

(704

)

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

(704

)

Salary and staff costs

 

—

 

 

—

 

 

—

 

 

—

 

 

(16,412

)

 

(169

)

 

(336

)

 

—

 

 

(1,175

)

 

(18,092

)

Marketing expenses

 

—

 

 

(88

)

 

(4,487

)

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

(4,575

)

Technology expenses

 

—

 

 

—

 

 

—

 

 

(2,869

)

 

—

 

 

—

 

 

—

 

 

—

 

 

(8

)

 

(2,877

)

Share grant and option expenses

 

—

 

 

—

 

 

—

 

 

—

 

 

(891

)

 

(616

)

 

—

 

 

—

 

 

—

 

 

(1,507

)

Other expenses

 

(2,012

)

 

—

 

 

(44

)

 

—

 

 

—

 

 

—

 

 

—

 

 

(58

)

 

1,183

 

 

(931

)

Total expenses

 

(30,200

)

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

(30,200

)

 

 

 

 

 

 

16

PROPERTYGURU GROUP LIMITED AND ITS SUBSIDIARIES

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended 30 June 2023

 

 

 

12.
Reclassifications within Consolidated Statements of Comprehensive (Loss) / Income (continued)

 

 

For The Six Months Ended June 30, 2022

 

 

Reclassification

 

 

As previously reported

 

Venue costs

 

Sales and marketing cost

 

IT and Internet expenses

 

Employee compensation

 

Non-executive directors' remuneration

 

Staff cost

 

Office rental

 

Other expenses

 

As reclassified

 

 

S$’000

 

S$’000

 

S$’000

 

S$’000

 

S$’000

 

S$’000

 

S$’000

 

S$’000

 

S$’000

 

S$’000

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Venue costs

 

(1,947

)

 

1,947

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Sales and marketing cost

 

(9,938

)

 

—

 

 

9,938

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

IT and Internet expenses

 

(5,283

)

 

—

 

 

—

 

 

5,283

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Employee compensation

 

(35,569

)

 

—

 

 

—

 

 

—

 

 

35,569

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Non-executive directors' remuneration

 

(1,557

)

 

—

 

 

—

 

 

—

 

 

—

 

 

1,557

 

 

—

 

 

—

 

 

—

 

 

—

 

Staff cost

 

(735

)

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

735

 

 

—

 

 

—

 

 

—

 

Office rental

 

(80

)

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

80

 

 

—

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Awards and events costs

 

—

 

 

(651

)

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

(651

)

Advertising and platform fees

 

—

 

 

(1,125

)

 

(116

)

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

(1,241

)

Referral fees

 

—

 

 

—

 

 

(971

)

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

(971

)

Merchant fees

 

—

 

 

—

 

 

(1,159

)

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

(1,159

)

Salary and staff costs

 

—

 

 

—

 

 

—

 

 

—

 

 

(33,765

)

 

(326

)

 

(735

)

 

—

 

 

(1,300

)

 

(36,126

)

Marketing expenses

 

—

 

 

(171

)

 

(7,619

)

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

-

 

 

(7,790

)

Technology expenses

 

—

 

 

—

 

 

—

 

 

(5,283

)

 

—

 

 

—

 

 

—

 

 

—

 

 

(18

)

 

(5,301

)

Share grant and option expenses

 

—

 

 

—

 

 

—

 

 

—

 

 

(1,804

)

 

(1,231

)

 

—

 

 

—

 

 

—

 

 

(3,035

)

Other expenses

 

(2,603

)

 

—

 

 

(73

)

 

—

 

 

—

 

 

—

 

 

—

 

 

(80

)

 

1,318

 

 

(1,438

)

Total expenses

 

(57,712

)

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

(57,712

)

 

 

 

 

 

 

 

17

PROPERTYGURU GROUP LIMITED AND ITS SUBSIDIARIES

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended 30 June 2023

 

 

 

 

13. Revisions on Consolidated Statement of Cashflows

Payments for legal and professional fees incurred for IPO of S$2,436,000 for the financial period ended 30 June 2022 was presented as cash flows from financing activities. As these payments were not incurred for the issuance of new shares during the IPO, the amounts should be presented as a change in trade and other payables under cash flows from operating activities.

 

In addition, the effects of currency translation on cash and cash equivalents of S$5,012,000 for financial period ended 30 June 2022 has been separately presented from operating activities. Currency translation differences that arise on the translation of foreign currency cash and cash equivalents should be reported separately from operating, financing and investing cash flows in accordance with IAS 7 – Statement of Cash Flows.

 

 

 

18