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 2024

 

 

 

 

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 2024

 

 

 

Contents

 

 

 

 

Page

 

 

 

Unaudited Condensed Consolidated Statements of Comprehensive Loss for the Three and Six Months Ended 30 June 2024

 

1

 

 

 

Unaudited Condensed Consolidated Balance Sheets as of 30 June 2024 and 31 December 2023

 

2

 

 

 

Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Six Months Ended 30 June 2024

 

3

 

 

 

Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended 30 June 2024

 

5

 

 

 

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

 

6

 

 

 

 

 

 

PROPERTYGURU GROUP LIMITED AND ITS SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

For the three and six months ended 30 June 2024

 

 

 

 

For the Three Months
ended 30 June

 

For the Six Months
ended 30 June

 

Note

 

2024

 

2023

 

2024

 

2023

 

 

 

S$’000

 

S$’000

 

S$’000

 

S$’000

Revenue

 

5

 

40,678

 

36,880

 

77,193

 

69,508

Other income

 

 

 

2,531

 

2,034

 

4,926

 

3,700

Other (losses) / gains - net

 

7

 

(10,625)

 

2,264

 

(10,916)

 

56

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

Sales commission

 

 

 

(2,194)

 

(2,061)

 

(4,745)

 

(4,302)

Referral fees

 

 

 

(511)

 

(678)

 

(927)

 

(1,150)

Merchant fees

 

 

 

(1,047)

 

(840)

 

(1,842)

 

(1,499)

Awards and events costs

 

 

 

(383)

 

(378)

 

(764)

 

(968)

Advertising and platform fees

 

 

 

(396)

 

(416)

 

(847)

 

(948)

Salary and staff costs

 

 

 

(20,332)

 

(20,377)

 

(43,417)

 

(40,121)

Marketing expenses

 

 

 

(3,750)

 

(2,968)

 

(6,166)

 

(6,218)

Technology expenses

 

 

 

(3,658)

 

(3,083)

 

(6,906)

 

(6,349)

Legal and professional

 

 

 

(5,717)

 

(2,060)

 

(7,858)

 

(3,138)

Share grant and option expenses

 

 

 

(1,555)

 

(802)

 

(2,576)

 

(3,060)

Depreciation and amortization*

 

 

 

(6,898)

 

(5,800)

 

(13,354)

 

(11,680)

Reversal of impairment /(Impairment) loss on financial assets

 

 

 

306

 

(716)

 

178

 

(677)

Impairment of intangible assets**

 

 

 

—

 

(5,469)

 

—

 

(5,469)

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

 

 

 

—

 

(250)

 

—

 

(250)

Finance cost

 

 

 

(116)

 

(116)

 

(238)

 

(248)

Other expenses

 

 

 

(1,510)

 

(1,376)

 

(2,901)

 

(3,548)

Total expenses

 

 

 

(47,761)

 

(47,390)

 

(92,363)

 

(89,625)

Loss before income tax

 

 

 

(15,177)

 

(6,212)

 

(21,160)

 

(16,361)

Tax expense*

 

8

 

(948)

 

(264)

 

(1,257)

 

(349)

Net loss for the period

 

 

 

(16,125)

 

(6,476)

 

(22,417)

 

(16,710)

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income/(loss):

 

 

 

 

 

 

 

 

 

 

Items that may be reclassified subsequently to profit or loss:

 

 

 

 

 

 

 

 

 

 

Currency translation differences arising from consolidation

 

 

 

1,200

 

(3,425)

 

4,037

 

(9,068)

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

 

 

 

 

 

 

 

 

 

 

Actuarial loss from post-employment benefits obligation

 

 

 

—

 

(4)

 

—

 

(8)

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

 

 

 

1,200

 

(3,429)

 

4,037

 

(9,076)

Total comprehensive loss for the period

 

 

 

(14,925)

 

(9,905)

 

(18,380)

 

(25,786)

 

 

 

 

 

 

 

For the Three Months
ended 30 June

 

For the Six Months
ended 30 June

 

Note

 

2024

 

2023

 

2024

 

2023

 

 

 

S$ per share

 

S$ per share

 

S$ per share

 

S$ per share

Loss per share for loss attributable to equity holders of the Group

 

 

 

 

 

 

 

 

 

 

Basic and diluted loss per share for the period

 

6

 

(0.10)

 

(0.04)

 

(0.14)

 

(0.10)


*Certain amounts in the prior period have been re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the acquisition of Sendtech in October 2022.

 

**The impairment of intangible assets as at 30 June 2023 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 2024 and 31 December 2023

 

 

Note

 

30 June
2024

 

31 December
2023

 

 

 

S$’000

 

S$’000

ASSETS

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

309,370

 

306,398

Trade and other receivables

 

 

 

16,431

 

15,810

 

 

 

325,801

 

322,208

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

Trade and other receivables

 

 

 

2,397

 

2,677

Intangible assets

 

 

 

378,718

 

378,178

Plant and equipment

 

 

 

1,467

 

1,691

Right-of-use assets

 

 

 

6,814

 

8,414

 

 

 

389,396

 

390,960

 

 

 

 

 

 

 

Total assets

 

 

 

715,197

 

713,168

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Trade and other payables

 

 

 

30,793

 

26,637

Lease liabilities

 

 

 

3,819

 

4,222

Deferred revenue

 

 

 

64,313

 

61,066

Provisions

 

 

 

147

 

148

Current income tax liabilities

 

8

 

4,097

 

4,019

 

 

 

 

103,169

 

96,092

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

Trade and other payables

 

 

 

597

 

518

Lease liabilities

 

 

 

3,972

 

5,352

Deferred income tax liabilities

 

8

 

5,588

 

4,981

Provisions

 

 

 

770

 

764

Warrant liabilities

 

 

 

11,306

 

649

 

 

 

22,233

 

12,264

 

 

 

 

 

 

 

Total liabilities

 

 

 

125,402

 

108,356

 

 

 

 

 

 

 

Net assets

 

 

 

589,795

 

604,812

 

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

Capital and reserves attributable to equity holders of the Group

 

 

 

 

 

 

Share capital

 

 

 

1,095,823

 

1,094,543

Share reserve

 

11

 

13,298

 

11,215

Capital reserve

 

11

 

785

 

785

Translation reserve

 

 

 

(33,876)

 

(37,913)

Accumulated losses

 

 

 

(486,235)

 

(463,818)

Total shareholders’ equity

 

 

 

589,795

 

604,812

 

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

For the six months ended 30 June 2024

 

 

Note

 

Share
capital

 

 

Share
reserve

 

 

Capital
reserve

 

 

Translation
reserve

 

 

Accumulated
losses

 

 

Total
shareholders’
equity

 

 

 

 

S$’000

 

 

S$’000

 

 

S$’000

 

 

S$’000

 

 

S$’000

 

 

S$’000

 

Balance at 1 January 2024

 

 

 

 

1,094,543

 

 

 

11,215

 

 

 

785

 

 

 

(37,913

)

 

 

(463,818

)

 

 

604,812

 

Loss for the period

 

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(22,417

)

 

 

(22,417

)

Other comprehensive income for the period

 

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,037

 

 

 

—

 

 

 

4,037

 

Total comprehensive income/(loss) for the period

 

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,037

 

 

 

(22,417

)

 

 

(18,380

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee share grant and option scheme

 

11

 

 

—

 

 

 

2,693

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,693

 

Non-executive directors share grant and option scheme

 

 

 

 

—

 

 

 

298

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

298

 

Issuance of shares

 

11

 

 

1,280

 

 

 

(908

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

372

 

Total transactions with owners, recognised directly in equity

 

 

 

 

1,280

 

 

 

2,083

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,363

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 30 June 2024

 

 

 

 

1,095,823

 

 

 

13,298

 

 

 

785

 

 

 

(33,876

)

 

 

(486,235

)

 

 

589,795

 

 

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

For the six months ended 30 June 2024

 

 

Note

 

Share
capital

 

 

Share
reserve

 

 

Capital
reserve

 

 

Translation
reserve

 

 

Accumulated
losses*

 

 

Total
shareholders’
equity

 

 

 

 

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

)

 

 

(448,549

)

 

 

634,287

 

Loss for the period

 

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(16,710

)

 

 

(16,710

)

Other comprehensive loss for the period

 

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(9,068

)

 

 

(8

)

 

 

(9,076

)

Total comprehensive loss for the period

 

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(9,068

)

 

 

(16,718

)

 

 

(25,786

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

)

 

 

(465,267

)

 

 

611,837

 

 

*Certain amounts in the prior period have been re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the acquisition of Sendtech in October 2022.

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 2024

 

 

 

 

For the Six Months ended 30 June

 

Note

 

2024

 

2023

 

 

 

S$’000

 

S$’000

Cash flows from operating activities

 

 

 

 

 

 

Loss for the period*

 

 

 

(22,417)

 

(16,710)

Adjustments for:

 

 

 

 

 

 

- Tax expense*

 

8

 

1,257

 

349

- Employee share grant and option expense

 

 

 

2,278

 

2,716

- Non-executive director share grant and option expense

 

 

 

298

 

428

- Depreciation and amortization*

 

 

 

13,354

 

11,680

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

 

7

 

8

 

(2)

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

 

 

 

(178)

 

677

- Gain on lease modification

 

 

 

(1)

 

—

- Impairment of intangible assets

 

 

 

—

 

5,469

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

 

 

 

—

 

250

- Interest income

 

 

 

(4,571)

 

(3,565)

- Finance cost

 

 

 

238

 

248

- Unrealised currency translation loss/(gain)

 

 

 

329

 

(183)

- Fair value loss/(gain) on warrant liabilities

 

7

 

10,593

 

(110)

 

 

 

 

1,188

 

1,247

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

 

 

 

 

 

 

- Trade and other receivables

 

 

 

(11)

 

915

- Trade and other payables

 

 

 

4,233

 

(2,577)

- Deferred revenue

 

 

 

3,248

 

3,502

Cash provided by operations

 

 

 

8,658

 

3,087

Interest received

 

 

 

4,419

 

3,221

Income tax paid

 

 

 

(483)

 

(290)

Net cash provided by operating activities

 

 

 

12,594

 

6,018

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Additions to plant and equipment

 

 

 

(423)

 

(298)

Additions of intangible assets

 

 

 

(13,219)

 

(13,143)

Proceeds from disposal of plant and equipment

 

 

 

19

 

2

Net cash used in investing activities

 

 

 

(13,623)

 

(13,439)

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

Interest paid

 

 

 

(223)

 

(228)

Principal payment of lease liabilities

 

 

 

(2,320)

 

(2,241)

Proceeds from issuance of ordinary shares

 

 

 

372

 

192

Net cash used in financing activities

 

 

 

(2,171)

 

(2,277)

 

 

 

 

 

 

 

Net decrease in cash and cash equivalents

 

 

 

(3,200)

 

(9,698)

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

 

Beginning of the six months ended 30 June

 

 

 

306,398

 

309,233

Effects of currency translation on cash and cash equivalents

 

 

 

6,172

 

2,261

End of the six months ended 30 June

 

 

 

309,370

 

301,796

 

*Certain amounts in the prior period have been re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the acquisition of Sendtech in October 2022.


 

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 2024

 

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

The Company is incorporated in Cayman Islands. The address of its registered office is 190 Elgin Avenue, George Town, Grand Cayman.

 

2.
Significant changes in the current reporting period

Re-organisation

The Group has undertaken a strategic step towards re-organisation within the Group in February 2024. Consequently, the following restructuring costs are recognized in the unaudited condensed consolidated statement of comprehensive loss for the six-month period ended 30 June 2024:

 

 

 

30 June
2024

 

 

 

S$'000

 

Restructuring cost:

 

 

 

Salary and staff costs

 

 

3,516

 

Legal and professional

 

 

410

 

Others

 

 

251

 

 

 

 

4,177

 

 

The restructuring cost in relation to salary and staff costs amounting to S$3,516,000 are mainly severance, and long service and compensation to employees. Other restructuring cost amounting to S$661,000 mainly comprise of fees for outplacement support for employees, and legal and tax advisory services.

 


Merger (Note 12)

Affiliates of BPEA Private Equity Fund VIII Limited (“EQT Private Capital Asia”) have entered into a merger agreement to acquire the Company for US$1.1 billion. The merger agreement has been signed on 16 August 2024. As at 30 June 2024, the Group has incurred S$5,468,000 of strategic review cost which mainly comprise of legal and professional fees.

 

 

 

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 2024

 

 

 

3.1.
Basis of preparation

The unaudited interim condensed consolidated financial statements of the Group for the three and six months ended 30 June 2024 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 2023 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 2024 as disclosed in the notes to the annual audited consolidated financial statements for the year ended 31 December 2023 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 2024.

 

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 2023.

 

 

 

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 2024

 

 

 

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, Managing Director Fintech / Chief Technology Officer, Managing Director Data and Software Solutions, Chief Marketing 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.

The Fintech and Data segment consists of the digital mortgage marketplace business, PropertyGuru Finance and Sendhelper. Propertyguru Finance was launched in March 2020 where commission is earned from financial institutions on each mortgage brokered and from insurance providers on each insurance policy’s inception, and the data business involving provision of data services to developers, agents, banks and property valuers. Sendhelper is a home services booking platform which was acquired as part of the Sendtech Pte. Ltd. acquisition in October 2022.

Assets and liabilities are not reviewed when making decisions about allocation of resources to the segments by the CODM.

 

 

 

 

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 2024

 

 

 

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 2024 and 2023.

 

 

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 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

 

48,470

 

 

 

8,580

 

 

 

14,142

 

 

 

3,060

 

 

 

2,941

 

 

 

77,193

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

38,469

 

 

 

639

 

 

 

8,582

 

 

 

(361

)

 

 

(5,640

)

 

 

41,689

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended 30 June 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

 

24,970

 

 

 

5,257

 

 

 

7,421

 

 

 

1,477

 

 

 

1,553

 

 

 

40,678

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

19,801

 

 

 

756

 

 

 

5,062

 

 

 

(284

)

 

 

(2,881

)

 

 

22,454

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

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 2024

 

 

 

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

 

A reconciliation of adjusted EBITDA to loss before income tax is provided as follows:

 

 

For the Three Months
ended 30 June

 

 

For the Six Months
ended 30 June

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

S$’000

 

 

S$’000

 

 

S$’000

 

 

S$’000

 

Adjusted EBITDA of reportable segment

 

 

22,454

 

 

 

18,118

 

 

 

41,689

 

 

 

32,208

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Headquarters cost

 

 

(15,637

)

 

 

(13,507

)

 

 

(30,412

)

 

 

(27,377

)

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

 

 

(10,287

)

 

 

2,246

 

 

 

(10,593

)

 

 

110

 

Finance income - net

 

 

2,356

 

 

 

1,897

 

 

 

4,333

 

 

 

3,317

 

Depreciation and amortization expense

 

 

(6,898

)

 

 

(5,800

)

 

 

(13,354

)

 

 

(11,680

)

Impairment

 

 

—

 

 

 

(5,719

)

 

 

—

 

 

 

(5,719

)

Share grant and option expenses

 

 

(1,555

)

 

 

(802

)

 

 

(2,576

)

 

 

(3,060

)

Other (losses)/gains - net

 

 

(338

)

 

 

18

 

 

 

(307

)

 

 

(54

)

Business acquisition transaction and integration cost

 

 

(213

)

 

 

(597

)

 

 

(239

)

 

 

(2,040

)

Strategic review cost (Note 2)

 

 

(4,997

)

 

 

—

 

 

 

(5,468

)

 

 

—

 

Restructuring cost

 

 

(62

)

 

 

(2,066

)

 

 

(4,233

)

 

 

(2,066

)

Loss before income tax

 

 

(15,177

)

 

 

(6,212

)

 

 

(21,160

)

 

 

(16,361

)

 

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 warrant liabilities, preferred shares 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, gain on lease modification, business acquisition transaction and integration costs, and restructuring cost.

 

 

 

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 2024

 

 

 

5.
Revenue

 

 

For the Three Months ended 30 June

 

 

For the Six Months ended 30 June

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

S$’000

 

 

S$’000

 

 

S$’000

 

 

S$’000

 

Agent Revenue

 

 

 

 

 

 

 

 

 

 

 

 

- Subscription

 

 

19,334

 

 

 

15,704

 

 

 

37,889

 

 

 

30,253

 

- Agent discretionary

 

 

17,224

 

 

 

15,993

 

 

 

30,687

 

 

 

28,404

 

- Others

 

 

31

 

 

 

—

 

 

 

53

 

 

 

—

 

 

 

 

36,589

 

 

 

31,697

 

 

 

68,629

 

 

 

58,657

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Developer Revenue

 

 

 

 

 

 

 

 

 

 

 

 

- Advertising activities

 

 

1,751

 

 

 

2,524

 

 

 

3,677

 

 

 

4,987

 

- Events

 

 

428

 

 

 

486

 

 

 

1,165

 

 

 

1,365

 

- Others

 

 

357

 

 

 

661

 

 

 

781

 

 

 

1,559

 

 

 

2,536

 

 

 

3,671

 

 

 

5,623

 

 

 

7,911

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fintech and data

 

 

1,553

 

 

 

1,512

 

 

 

2,941

 

 

 

2,940

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

40,678

 

 

 

36,880

 

 

 

77,193

 

 

 

69,508

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue recognised

 

 

 

 

 

 

 

 

 

 

 

 

- At a point in time

 

 

12,246

 

 

 

9,000

 

 

 

23,793

 

 

 

16,483

 

- Over time

 

 

28,432

 

 

 

27,880

 

 

 

53,400

 

 

 

53,025

 

 

 

40,678

 

 

 

36,880

 

 

 

77,193

 

 

 

69,508

 

 

 

 

 

 

 

 

 

 

 

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 2024

 

 

 

6.
Loss per share

 

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

 

 

 

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

 

 

 

For the Three Months
ended 30 June

 

 

For the Six Months
ended 30 June

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

Number

 

 

Number

 

 

Number

 

 

Number

 

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

 

 

164,001,165

 

 

 

162,422,077

 

 

 

163,966,873

 

 

 

162,209,368

 

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

 

 

164,001,165

 

 

 

162,422,077

 

 

 

163,966,873

 

 

 

162,209,368

 

 

 

 

(b)
Basic loss per share

 

 

 

For the Three Months
ended 30 June

 

 

For the Six Months
ended 30 June

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

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

 

 

(16,125

)

 

 

(6,476

)

 

 

(22,417

)

 

 

(16,710

)

Weighted average number of shares outstanding

 

 

164,001,165

 

 

 

162,422,077

 

 

 

163,966,873

 

 

 

162,209,368

 

Basic loss per share

 

 

(0.10

)

 

 

(0.04

)

 

 

(0.14

)

 

 

(0.10

)

 

(c)
Diluted loss per share

 

 

 

For the Three Months
ended 30 June

 

 

For the Six Months
ended 30 June

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

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

 

 

(16,125

)

 

 

(6,476

)

 

 

(22,417

)

 

 

(16,710

)

Weighted average number of shares outstanding

 

 

164,001,165

 

 

 

162,422,077

 

 

 

163,966,873

 

 

 

162,209,368

 

Diluted loss per share

 

 

(0.10

)

 

 

(0.04

)

 

 

(0.14

)

 

 

(0.10

)

 

 

7.
Other (losses) / gains – net

 

 

 

For the Three Months
ended 30 June

 

 

For the Six Months
ended 30 June

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

S$’000

 

 

S$’000

 

 

S$’000

 

 

S$’000

 

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

 

 

8

 

 

 

2

 

 

 

(8

)

 

 

2

 

Currency translation (loss)/gain

 

 

(347

)

 

 

16

 

 

 

(316

)

 

 

(56

)

Gain on lease modification

 

 

1

 

 

 

—

 

 

 

1

 

 

 

—

 

Fair value (loss)/gain on warrant liabilities

 

 

(10,287

)

 

 

2,246

 

 

 

(10,593

)

 

 

110

 

 

 

 

(10,625

)

 

 

2,264

 

 

 

(10,916

)

 

 

56

 

 

 

 

 

 

 

 

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 2024

 

 

 

8.
Income taxes

The Group recognised assets and liabilities for tax based on profit for six months ended 30 June 2024 and 31 December 2023. Total net liabilities (including current and deferred taxes) amounted approximately to S$9,685,000 as at 30 June 2024 and S$9,000,000 as at 31 December 2023.

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$95,126,000, and capital allowance of S$6,072,000 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$94,944,000 will expire between 2024 and 2034.

 

9.
Intangible assets

Goodwill

 

 

 

30 June
2024

 

 

31 December
2023

 

 

 

S$’000

 

 

S$’000

 

Cost

 

 

 

 

 

 

Beginning of financial period

 

 

325,411

 

 

 

347,144

 

Currency revaluation adjustments

 

 

(2,337

)

 

 

(17,549

)

Impairment during the period/year

 

 

—

 

 

 

(4,184

)

End of financial period

 

 

323,074

 

 

 

325,411

 

 

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

 

 

 

30 June
2024

 

 

31 December
2023

 

 

 

S$’000

 

 

S$’000

 

Vietnam marketplace

 

 

105,343

 

 

 

107,561

 

Malaysia marketplace 1

 

 

202,032

 

 

 

201,774

 

Others 2

 

 

15,699

 

 

 

16,076

 

 

 

 

323,074

 

 

 

325,411

 

 

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 Singapore marketplace, Thailand marketplace, Data and Sendhelper CGUs.

 

 

Impairment tests for goodwill

 

Goodwill is tested for impairment annually and whenever there is indication that the goodwill may be impaired.

 

As at 30 June 2024, there is no indication that the Group's goodwill may be impaired.

 

 

 

 

 

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 2024

 

 

 

10.
Share capital

 

 

 

Number of ordinary
shares

 

Issued share capital

 

 

 

At 1 January 2024

 

 

163,931,445

 

Shares issued as part of the Employee Share Grant Plan

 

 

230,974

 

At 30 June 2024

 

 

164,162,419

 

 

 

 

 

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

 

 

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.

 

 

 

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 2024

 

 

 

11.
Share and capital reserve
(a)
Share reserve

 

 

 

S$’000

 

At 1 January 2024

 

 

11,215

 

Employee share grant and option schemes:

 

 

 

- Value of employee services

 

 

2,693

 

- Shares issued

 

 

(908

)

Director share grant and options schemes:

 

 

 

- Value of services

 

 

298

 

- Shares issued

 

 

—

 

At 30 June 2024

 

 

13,298

 

 

 

 

 

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

 

 

(b)
Capital reserves

 

 

 

S$’000

 

At 1 January 2024 and 30 June 2024

 

 

785

 

 

 

12.
Subsequent event


EQT Private Capital Asia has entered into a merger agreement to acquire the Company for US$1.1 billion. The merger agreement has been signed on 16 August 2024, and the transaction is expected to be completed around fourth quarter of the financial year 2024 to first quarter of the financial year 2025 and is subject to customary closing conditions, including approval by the Company’s shareholders and receipt of regulatory approvals. Once the transaction is complete, the Company will be de-listed from the New York Stock Exchange and become a private company.

 

 

 

15