PropertyGuru Reports Fourth Quarter and Full Year 2023 Results
- None.
- None.
Insights
The reported financial results of PropertyGuru Group Limited indicate a substantial improvement in the company's profitability metrics, with an Adjusted EBITDA increase from S$3 million to S$19 million year-over-year. A key highlight is the significant expansion of the Adjusted EBITDA margin from 2% to 13%, suggesting effective cost management and operational efficiency. This margin expansion is particularly noteworthy given the macroeconomic challenges cited by the company, such as less favorable market conditions in Vietnam and Malaysia.
Investors may view the increased revenue and EBITDA positively, as they reflect a stronger financial position and the potential for enhanced shareholder value. The company's future revenue projections between S$165 million and S$180 million and Adjusted EBITDA of S$22 million to S$26 million, suggest a continued growth trajectory. However, it is important for stakeholders to consider the broader economic context and competitive landscape within the PropTech industry in Southeast Asia when evaluating these projections.
PropertyGuru's focus on technological innovation, particularly in Generative AI and automation, aligns with current trends in the PropTech sector, which is increasingly adopting digital solutions to enhance efficiency and customer experience. The company's investment in these areas could position it advantageously against competitors and drive long-term growth. Moreover, the appointment of a new Board Chair with extensive experience may provide strategic guidance that could further strengthen the company's market position.
It is also essential to consider the potential risks associated with the strategic restructuring mentioned by the CEO. While this could lead to improved efficiencies, it may also result in short-term disruptions and costs. The impact on the company's culture and employee morale following the changes could influence productivity and innovation, factors integral to PropertyGuru's success in a technology-driven industry.
PropertyGuru's performance must be contextualized within the broader Southeast Asian economic environment. The company's ability to grow revenue and EBITDA despite challenging conditions in key markets demonstrates resilience and adaptability. The region's economic outlook, including factors such as property market trends, interest rates and consumer confidence, will be critical in determining the company's performance moving forward. Additionally, the strategic emphasis on cost optimization and productivity improvements may serve as a buffer against potential economic headwinds.
Investors should monitor macroeconomic indicators in the company's primary markets, as these could significantly influence PropertyGuru's business operations and financial results. The company's proactive approach to navigating market challenges and its blueprint for innovation and talent development could be pivotal in sustaining its growth amidst economic fluctuations.
Revenue of
-
Total revenue grew
11% toS in 2023$150 million -
Adjusted EBITDA of
S in 2023, up from$19 million S in 2022$3 million -
Active cost management resulted in a
13% Adjusted EBITDA margin in 2023, up from2% in 2022 -
The Company anticipates full year 2024 revenue of between
S and$165 million S and Adjusted EBITDA of between$180 million S and$22 million S $26 million
Management Commentary
Hari V. Krishnan, Chief Executive Officer and Managing Director, said “Our 2023 results demonstrate our ability to navigate challenging macro-economic conditions and our commitment to profitability. We delivered double-digit revenue growth and a double-digit Adjusted EBITDA margin for the full year. This is a clear testament to our ability to create value for our customers and help property-seekers achieve their home-ownership goals.
Despite less than favorable market conditions in
We continue to make proactive changes to build a sustainable, future-proofed business. Following our principle to make focused investments in our identified priorities, we have undertaken a strategic step towards re-architecting our organisation. This will ensure we have set our investment levels commensurate to the opportunity presented, with the right efficiencies to deliver scalable profitable growth for years to come.
We acknowledge that this change is not easy on everyone and extend our heartfelt gratitude to the impacted Gurus for their contributions to the Group and wish them the very best for the next chapter in their careers.
Going forward, while we anticipate ongoing macro challenges, our blueprint for success remains clear – innovate and advance through talent and technology. In 2023, we added key executives to our leadership teams, and at the start of 2024, welcomed Ray Ferguson as PropertyGuru's new Board Chair. Ray brings a wealth of experience from a long and distinguished career of business building, corporate leadership, and market navigation.
We remain confident about the long-term prospects for economic growth and stability in
1 Based on SimilarWeb data between July 2023 and December 2023.
2 Please refer to non-GAAP reconciliation of net income/(loss) to Adjusted EBITDA section for more details.
Joe Dische, Chief Financial Officer, added “I am pleased with our results in 2023. We delivered
As we enter 2024 and get closer to positive inflection points in
Net income in the fourth quarter of 2023 was
For the full year 2023, all our marketplaces were Adjusted EBITDA positive. There was significant Adjusted EBITDA margin growth in
Looking to 2024, we will continue to focus on expanding internal operating leverage as we look to improve profitability. We are introducing a full year 2024 revenue outlook of
Financial Highlights – Fourth Quarter and Full Year 2023
-
Total revenue increased to
S (+$42 million 4% ) in the fourth quarter as compared to the previous year and increased toS (+$150 million 11% ) year over year. -
Marketplaces revenue increased to
S (+$40 million 4% ) in the fourth quarter as compared to the previous year and increased toS (+$144 million 10% ) year over year as continued strength inSingapore helped to offset ongoing challenges inVietnam . -
Revenue by segment:
-
Singapore Marketplaces revenue increased to
S (+$23 million 23% ) in the fourth quarter as compared to the previous year and increased toS (+$86 million 24% ) year over year, as the number of agents and the Average Revenue Per Agent (“ARPA”) grew in the quarter and the year. Both fourth quarter ARPA (S ) and full year ARPA ($1,312 S ) were up$4,977 22% compared to prior year periods, and the number of agents inSingapore was up over 100 from the third quarter of 2023 to finish the year at 16,424. The renewal rate was75% in the quarter and81% for the full year 2023. -
Malaysia Marketplaces revenue was flat in the quarter at
S (-$8 million 0.3% ) compared to the prior year quarter and increased toS (+$28 million 9% ) for the full year. Revenue on a Singapore Dollar basis was adversely impacted by depreciation of the Malaysian Ringgit. On a local currency basis, revenue in the fourth quarter was up5% and revenue in 2023 was up16% . -
Vietnam Marketplaces revenue decreased to
S (-$5 million 22% ) in the fourth quarter as compared to the prior year period and decreased toS (-$17 million 29% ) year over year, as a reduction in the number of listings was partially offset by an increase in the average revenue per listing (“ARPL”). The number of listings was 1.2 million in the fourth quarter down26% from the fourth quarter of 2022. ARPL was up3% toS in the fourth quarter and was up$3.34 14% toS for the full year.$3.39 -
Fintech & Data services revenue decreased to
S (-$2 million 10% ) in the fourth quarter as compared to the prior year period and increased toS (+$6 million 20% ) year over year.
-
Singapore Marketplaces revenue increased to
-
At quarter-end, cash and cash equivalents were
S .$306 million
Information regarding our operating segments is presented below. It is noted that in 2023 the Company no longer removed the ongoing cost of being a listed entity when calculating Adjusted EBITDA. As such, the 2022 comparatives have been retrospectively adjusted accordingly.
|
For the Three Months Ended December 31, |
||||||||
|
2023 |
2022 |
YoY Growth |
||||||
|
(S$ in thousands except percentages) |
||||||||
|
|||||||||
Revenue |
41,506 |
|
40,097 |
|
3.5 |
% |
|||
Marketplaces |
39,939 |
|
38,350 |
|
4.1 |
% |
|||
|
23,094 |
|
18,805 |
|
22.8 |
% |
|||
|
4,587 |
|
5,870 |
|
-21.9 |
% |
|||
|
7,505 |
|
7,531 |
|
-0.3 |
% |
|||
Other |
4,753 |
|
6,144 |
|
-22.6 |
% |
|||
Fintech and data services |
1,567 |
|
1,747 |
|
-10.3 |
% |
|||
Adjusted EBITDA |
8,928 |
|
503 |
|
|||||
Marketplaces |
24,039 |
|
18,240 |
|
|||||
|
17,401 |
|
11,441 |
|
|||||
|
590 |
|
722 |
|
|||||
|
3,608 |
|
3,429 |
|
|||||
Other |
2,440 |
|
2,648 |
|
|||||
Fintech and data services |
(2,262 |
) |
(1,940 |
) |
|||||
Corporate* |
(12,849 |
) |
(15,797 |
) |
|||||
Adjusted EBITDA Margin (%) |
21.5 |
% |
1.3 |
% |
|||||
Marketplaces |
60.2 |
% |
47.6 |
% |
|||||
|
75.3 |
% |
60.8 |
% |
|||||
|
12.9 |
% |
12.3 |
% |
|||||
|
48.1 |
% |
45.5 |
% |
|||||
Other |
51.3 |
% |
43.1 |
% |
|||||
Fintech and data services |
-144.4 |
% |
-111.0 |
% |
|
For the Twelve Months Ended December 31, |
||||||||
|
2023 |
2022 |
YoY Growth |
||||||
|
(S$ in thousands except percentages) |
||||||||
|
|
|
|
||||||
Revenue |
150,135 |
|
135,925 |
|
10.5 |
% |
|||
Marketplaces |
144,068 |
|
130,861 |
|
10.1 |
% |
|||
|
85,988 |
|
69,241 |
|
24.2 |
% |
|||
|
17,130 |
|
24,040 |
|
-28.7 |
% |
|||
|
27,740 |
|
25,388 |
|
9.3 |
% |
|||
Other |
13,210 |
|
12,192 |
|
8.3 |
% |
|||
Fintech and data services |
6,067 |
|
5,064 |
|
19.8 |
% |
|||
Adjusted EBITDA |
18,912 |
|
3,325 |
|
|
||||
Marketplaces |
83,843 |
|
63,045 |
|
|
||||
|
65,300 |
|
47,626 |
|
|
||||
|
778 |
|
5,470 |
|
|
||||
|
14,803 |
|
10,208 |
|
|
||||
Other |
2,962 |
|
(259 |
) |
|
||||
Fintech and data services |
(9,299 |
) |
(7,344 |
) |
|
||||
Corporate* |
(55,632 |
) |
(52,376 |
) |
|
||||
Adjusted EBITDA Margin (%) |
12.6 |
% |
2.4 |
% |
|
||||
Marketplaces |
58.2 |
% |
48.2 |
% |
|
||||
|
75.9 |
% |
68.8 |
% |
|
||||
|
4.5 |
% |
22.8 |
% |
|
||||
|
53.4 |
% |
40.2 |
% |
|
||||
Other |
22.4 |
% |
-2.1 |
% |
|
||||
Fintech and data services |
-153.3 |
% |
-145.0 |
% |
|
*Corporate consists of headquarters costs, which are not allocated to the segments. Headquarters costs are costs of PropertyGuru’s personnel that are based predominantly in its
Strong Category Leadership Drives Long-Term Growth Opportunities
As of December 31, 2023, PropertyGuru continued its Engagement Market Share3 leadership in
|
|
|
|
|
|
|
|
|
Full Year 2024 Outlook
The Company anticipates full year 2024 revenues of between
The following near-term factors may impact the Company’s operations in 2024: further delays in the recovery of Vietnam’s property market due to consumer sentiment and access to credit; weaker than expected economic conditions in
Conference Call and Webcast Details
The Company will host a conference call and webcast on Friday, March 1, 2024, at 7:30 a.m. Eastern Standard Time / 8:30 p.m. Singapore Standard Time to discuss the Company's financial results for the fourth quarter and full year 2023. The PropertyGuru (NYSE: PGRU) 4Q 2023 earnings call can be accessed by registering at:
https://propertyguru.zoom.us/webinar/register/WN_FNSna08_SGuPmen8wrMrTA
An archived version will be available on the Company’s Investor Relations website after the call at https://investors.propertygurugroup.com/news-and-events/events-and-presentations/default.aspx
3 Based on SimilarWeb data between July 2023 and December 2023.
About PropertyGuru Group
PropertyGuru is Southeast Asia’s leading1 PropTech company, and the preferred destination for over 34 million property seekers4 to connect with over 55,000 agents5 monthly to find their dream home. PropertyGuru empowers property seekers with more than 2.8 million real estate listings6, in-depth insights, and solutions that enable them to make confident property decisions across
PropertyGuru.com.sg was launched in
For more information, please visit: PropertyGuruGroup.com; PropertyGuru Group on LinkedIn.
4 Based on Google Analytics data between July 2023 and December 2023.
5 Based on data between October 2023 and December 2023.
6 Based on data between October 2023 and December 2023.
Key Performance Metrics and Non-IFRS Financial Measures
Our priority markets comprise
Engagement Market Share is the average monthly engagement for websites owned by PropertyGuru as compared to average monthly engagement for a basket of peers calculated over the relevant period. Engagement is calculated as the number of visits to a website during a period multiplied by the total amount of time spent on that website for the same period, in each case based on data from SimilarWeb. Engagement Market Share is based on the prevailing SimilarWeb algorithm on the date the Company first filed or furnished such information to the
Number of agents in all core markets except
Number of real estate listings is calculated as the average number of listings created monthly during the period for
Average revenue per agent (“ARPA”) is calculated as agent revenue for a period divided by the average number of agents in that period, which is calculated as the sum of the number of total agents at the end of each month in a period divided by the number of months in such period.
Number of listings in
Average revenue per listing ("ARPL”) is calculated as revenue for a period divided by the number of listings in such period.
Renewal rate is calculated as the number of agents that successfully renew their annual package during a period divided by the number of agents whose packages are up for renewal (at the end of their twelve-month subscription) during that period.
This press release also includes references to non-IFRS financial measures, namely Adjusted EBITDA, Adjusted EBITDA Margin and incremental Adjusted EBITDA over incremental revenue. PropertyGuru uses these measures, collectively, to evaluate ongoing operations and for internal planning and forecasting purposes. PropertyGuru believes that non-IFRS information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance and may assist in comparisons with other companies to the extent that such other companies use similar non-IFRS measures to supplement their IFRS or GAAP results. These non-IFRS measures are presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with IFRS, and may be different from similarly titled non-IFRS measures used by other companies. Accordingly, non-IFRS measures have limitations as analytical tools, and should not be considered in isolation or as substitutes for analysis of other IFRS financial measures, such as net loss and loss before income tax.
Adjusted EBITDA is a non-IFRS financial measure defined as net profit/loss for year/period adjusted for changes in fair value of preferred shares, warrant liability and embedded derivatives, finance costs, depreciation and amortization, tax expenses or credits, 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 profit or loss, fair value profit or loss on lease modifications and contingent consideration, business acquisition transaction and integration cost (including contingent consideration), and the cost of listing or IPO activities.
Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of revenue.
Incremental Adjusted EBITDA over incremental revenue is calculated as the increase in Adjusted EBITDA over the period divided by the increase in revenue over the same period.
A reconciliation of net income/(loss) to Adjusted EBITDA is provided as follows. It is noted that in 2023 the Company no longer removed the ongoing cost of being a listed entity when calculating Adjusted EBITDA. As such, the 2022 comparative have been retrospectively adjusted accordingly.
|
|
For the Three Months Ended
|
||||
|
|
2023 |
|
2022 |
||
|
|
(S$ in thousands) |
||||
|
|
|
|
|
||
Net income/(loss) |
|
1,143 |
|
|
(5,224 |
) |
Adjustments: |
|
|
|
|
||
Changes in fair value of preferred shares, warrant liability and embedded derivatives |
|
(784 |
) |
|
(650 |
) |
Finance income - net |
|
(1,970 |
) |
|
(1,090 |
) |
Depreciation and amortization expense |
|
6,133 |
|
|
5,443 |
|
Reversal of impairment |
|
(6 |
) |
|
— |
|
Share grant and option expenses |
|
273 |
|
|
1,091 |
|
Other losses - net |
|
147 |
|
|
5 |
|
Business acquisition transaction and integration cost* |
|
432 |
|
|
415 |
|
Restructuring cost** |
|
110 |
|
|
— |
|
Tax expense |
|
3,450 |
|
|
513 |
|
Adjusted EBITDA |
|
8,928 |
|
|
503 |
|
|
|
For the Twelve Months Ended
|
||||
|
|
2023 |
|
2022 |
||
|
|
(S$ in thousands) |
||||
|
|
|
|
|
||
Net loss |
|
(15,269 |
) |
|
(129,193 |
) |
Adjustments: |
|
|
|
|
||
Changes in fair value of preferred shares, warrant liability and embedded derivatives |
|
(4,122 |
) |
|
(23,341 |
) |
Finance (income)/costs - net |
|
(7,320 |
) |
|
680 |
|
Depreciation and amortization expense |
|
23,905 |
|
|
21,190 |
|
Impairment |
|
5,536 |
|
|
— |
|
Share grant and option expenses |
|
5,400 |
|
|
5,524 |
|
Other losses - net |
|
2,476 |
|
|
1,471 |
|
Business acquisition transaction and integration cost* |
|
2,156 |
|
|
4,378 |
|
Legal and professional fees incurred for IPO |
|
— |
|
|
16,570 |
|
Share listing expense |
|
— |
|
|
104,950 |
|
Restructuring cost** |
|
2,183 |
|
|
— |
|
Tax expense |
|
3,967 |
|
|
1,096 |
|
Adjusted EBITDA |
|
18,912 |
|
|
3,325 |
|
*Certain amounts in the prior year have been adjusted to conform to the current year presentation.
**The restructuring cost is in regard to the phase out of the
Forward-Looking Statements
Forward-looking statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1955. These statements include statements regarding our future results of operations and financial position, planned products and services, business strategy and plans, objectives of management for future operations of PropertyGuru, market size and growth opportunities, competitive position and technological and market trends and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “objective,” “seeks,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: changes in domestic and foreign business, market, financial, political and legal conditions; competitive pressures in and any disruption to the industry in which PropertyGuru and its subsidiaries (the “Group”) operates; the Group’s ability to sustain profitability despite a history of losses; the Group’s ability to implement its growth strategies and manage its growth; customers of the Group continuing to make valuable contributions to its platform; the Group’s ability to meet consumer expectations; the success of the Group’s new product or service offerings; the Group’s ability to produce accurate forecasts of its operating and financial results; the Group’s ability to attract traffic to its websites; the Group’s ability to assess property values accurately; the Group’s internal controls; the impact of rising inflation and interest rates on the Group’s business, real estate markets and the economy in general; the impact of government and regulatory policies on real estate or credit markets in
All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. We do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. The inclusion of any statement in this press release does not constitute an admission by PropertyGuru or any other person that the events or circumstances described in such statement are material. Undue reliance should not be placed upon the forward-looking statements.
Industry and Market Data
This press release contains information, estimates and other statistical data derived from third party sources and/or industry or general publications, including estimated insights from SimilarWeb and Google Analytics. Such information involves a number of assumptions and limitations, and you are cautioned not to place undue weight on such estimates. PropertyGuru has not independently verified such third-party information, and makes no representation as to the accuracy of such third-party information.
PROPERTYGURU GROUP LIMITED AND ITS SUBSIDIARIES |
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UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) |
||||||||
|
For the Three Months Ended
|
For the Twelve Months
|
||||||
|
2023 |
2022** |
2023 |
2022** |
||||
|
(S$ in thousands, except share and per share data) |
|||||||
|
|
|
|
|
||||
Revenue |
41,506 |
40,097 |
150,135 |
135,925 |
||||
Other income |
2,758 |
1,334 |
8,720 |
2,787 |
||||
Other gains - net |
637 |
644 |
1,646 |
21,870 |
||||
|
|
|
|
|
||||
Expenses |
|
|
|
|
||||
Sales commission |
(2,802) |
(2,694) |
(9,131) |
(11,163) |
||||
Referral fees |
(529) |
(665) |
(2,286) |
(2,201) |
||||
Merchant fees |
(685) |
(508) |
(3,294) |
(2,444) |
||||
Awards and events costs |
(1,804) |
(1,856) |
(3,957) |
(3,255) |
||||
Advertising and platform fees |
(1,063) |
(1,154) |
(2,759) |
(3,004) |
||||
Salary and staff costs |
(14,954) |
(17,004) |
(72,971) |
(71,170) |
||||
Marketing expenses |
(5,786) |
(4,737) |
(15,446) |
(16,760) |
||||
Technology expenses |
(3,332) |
(3,250) |
(13,163) |
(11,398) |
||||
Legal and professional |
(1,289) |
(3,003) |
(6,194) |
(7,596) |
||||
Share grant and option expenses |
(273) |
(1,091) |
(5,400) |
(5,524) |
||||
Depreciation and amortization |
(6,133) |
(5,443) |
(23,905) |
(21,190) |
||||
Reversal of impairment/(Impairment) loss on financial assets |
642 |
(1,222) |
123 |
(1,139) |
||||
Reversal of impairment/(Impairment) of intangible assets |
6 |
— |
(5,463) |
— |
||||
Impairment of plant, equipment and right-of-use assets |
— |
— |
(73) |
— |
||||
Finance cost |
(212) |
(145) |
(578) |
(2,396) |
||||
Legal and professional fee incurred for IPO |
— |
— |
— |
(16,570) |
||||
Share listing expense |
— |
— |
— |
(104,950) |
||||
Other expenses |
(2,094) |
(4,014) |
(7,306) |
(7,919) |
||||
Total expenses |
(40,308) |
(46,786) |
(171,803) |
(288,679) |
||||
Profit/(Loss) before income tax |
4,593 |
(4,711) |
(11,302) |
(128,097) |
||||
Tax expense |
(3,450) |
(513) |
(3,967) |
(1,096) |
||||
|
|
|
|
|
||||
Net income/(loss) for the period |
1,143 |
(5,224) |
(15,269) |
(129,193) |
||||
Other comprehensive loss: |
|
|
|
|
||||
Items that may be reclassified subsequently to profit or loss: |
|
|
|
|
||||
Currency translation differences arising from consolidation |
(14,231) |
(29,615) |
(20,952) |
(19,703) |
||||
Items that will not be reclassified subsequently to profit or loss: |
|
|
|
|
||||
Actuarial loss from post-employment benefits obligation |
— |
(13) |
— |
(15) |
||||
Other comprehensive loss for the period, net of tax |
(14,231) |
(29,628) |
(20,952) |
(19,718) |
||||
Total comprehensive loss for the period |
(13,088) |
(34,852) |
(36,221) |
(148,911) |
||||
|
|
|
|
|
||||
Earnings/(loss) per share for income/(loss) attributable to equity
|
|
|
|
|
||||
Basic earnings/(loss) per share for the period |
0.01 |
(0.03) |
(0.09) |
(0.84) |
||||
|
|
|
|
|
||||
Diluted earnings/(loss) per share for the period |
0.01 |
(0.03) |
(0.09) |
(0.84) |
**Certain amounts in the prior year have been reclassified to conform to the current year presentation and 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.
PROPERTYGURU GROUP LIMITED AND ITS SUBSIDIARIES |
||||||||
UNAUDITED CONSOLIDATED BALANCE SHEETS |
||||||||
|
|
As of December 31,
|
|
As of December 31,
|
||||
|
|
(S$ in thousands) |
||||||
|
|
|
|
|
|
|
||
ASSETS |
|
|
|
|
|
|
||
Current assets |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
|
306,398 |
|
|
|
309,233 |
|
Trade and other receivables |
|
|
15,810 |
|
|
|
18,145 |
|
|
|
|
322,208 |
|
|
|
327,378 |
|
Non-current assets |
|
|
|
|
|
|
||
Trade and other receivables |
|
|
2,677 |
|
|
|
4,559 |
|
Intangible assets* |
|
|
378,178 |
|
|
|
393,636 |
|
Plant and equipment |
|
|
1,691 |
|
|
|
2,535 |
|
Right-of-use assets |
|
|
8,414 |
|
|
|
11,475 |
|
|
|
|
390,960 |
|
|
|
412,205 |
|
Total assets* |
|
|
713,168 |
|
|
|
739,583 |
|
LIABILITIES |
|
|
|
|
|
|
||
Current liabilities |
|
|
|
|
|
|
||
Trade and other payables |
|
|
26,637 |
|
|
|
29,737 |
|
Lease liabilities |
|
|
4,222 |
|
|
|
4,104 |
|
Deferred revenue |
|
|
61,066 |
|
|
|
50,753 |
|
Provisions |
|
|
148 |
|
|
|
280 |
|
Current income tax liabilities |
|
|
4,019 |
|
|
|
4,302 |
|
|
|
|
96,092 |
|
|
|
89,176 |
|
Non-current liabilities |
|
|
|
|
|
|
||
Trade and other payables |
|
|
518 |
|
|
|
296 |
|
Lease liabilities |
|
|
5,352 |
|
|
|
8,339 |
|
Deferred income tax liabilities* |
|
|
4,981 |
|
|
|
2,038 |
|
Provisions |
|
|
764 |
|
|
|
672 |
|
Warrant liabilities |
|
|
649 |
|
|
|
4,775 |
|
|
|
|
12,264 |
|
|
|
16,120 |
|
Total liabilities* |
|
|
108,356 |
|
|
|
105,296 |
|
|
|
|
|
|
|
|
||
Net assets* |
|
|
604,812 |
|
|
|
634,287 |
|
|
|
|
|
|
|
|
||
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
||
Capital and reserves attributable to equity holders of the Group |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Share capital |
|
|
1,094,543 |
|
|
|
1,081,320 |
|
Share reserve |
|
|
11,215 |
|
|
|
17,692 |
|
Capital reserve |
|
|
785 |
|
|
|
785 |
|
Translation reserve |
|
|
(37,913 |
) |
|
|
(16,961 |
) |
Accumulated losses* |
|
|
(463,818 |
) |
|
|
(448,549 |
) |
Total Shareholders' Equity* |
|
|
604,812 |
|
|
|
634,287 |
|
*Certain amounts in the prior year 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.
PROPERTYGURU GROUP LIMITED AND ITS SUBSIDIARIES |
||||||
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||
|
For the Twelve Months Ended December 31 |
|||||
|
2023 |
2022 |
||||
|
(S$ in thousands) |
|||||
|
|
|
||||
Cash flows from operating activities |
|
|
||||
Loss for the period* |
(15,269 |
) |
(129,193 |
) |
||
Adjustments for: |
|
|
||||
- Tax expense* |
3,967 |
|
1,096 |
|
||
- Employee share grant and option expense |
4,859 |
|
3,856 |
|
||
- Non-executive director share grant and option expense |
541 |
|
1,848 |
|
||
- Depreciation and amortization* |
23,905 |
|
21,190 |
|
||
- Impairment of intangible assets |
5,463 |
|
— |
|
||
- Impairment of plant, equipment and right-of-use assets |
73 |
|
— |
|
||
- Loss on disposal of plant and equipment and intangible assets |
33 |
|
101 |
|
||
- Gain on lease modification |
(26 |
) |
(194 |
) |
||
- (Reversal of impairment)/Impairment loss on financial assets* |
(123 |
) |
1,139 |
|
||
- Interest income |
(7,898 |
) |
(1,716 |
) |
||
- Finance cost |
578 |
|
2,396 |
|
||
- Unrealised currency translation loss |
1,801 |
|
2,384 |
|
||
- Fair value gain on warrant liabilities |
(4,122 |
) |
(23,341 |
) |
||
- Share listing expense |
— |
|
104,950 |
|
||
|
13,782 |
|
(15,484 |
) |
||
Change in working capital, net of effects from acquisition |
|
|
||||
and disposal of subsidiaries: |
|
|
||||
- Trade and other receivables |
4,892 |
|
(3,239 |
) |
||
- Trade and other payables |
(2,946 |
) |
(7,415 |
) |
||
- Deferred revenue |
10,313 |
|
3,371 |
|
||
Cash provided by/(used in) operations |
26,041 |
|
(22,767 |
) |
||
Interest received |
7,347 |
|
1,704 |
|
||
Income tax paid |
(1,056 |
) |
(1,586 |
) |
||
Net cash provided by/(used in) operating activities |
32,332 |
|
(22,649 |
) |
||
|
|
|
||||
Cash flows from investing activities |
|
|
||||
Acquisition of a subsidiary |
— |
|
(2,234 |
) |
||
Additions to plant and equipment |
(783 |
) |
(1,431 |
) |
||
Additions of intangible assets |
(25,314 |
) |
(22,179 |
) |
||
Proceeds from disposal of plant and equipment |
— |
|
31 |
|
||
Net cash used in investing activities |
(26,097 |
) |
(25,813 |
) |
||
|
|
|
||||
Cash flows from financing activities |
|
|
||||
Interest paid |
(546 |
) |
(2,214 |
) |
||
Principal payment of lease liabilities |
(4,306 |
) |
(4,324 |
) |
||
Repayment of borrowings |
— |
|
(17,057 |
) |
||
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 |
527 |
|
1,733 |
|
||
Net cash (used in)/provided by financing activities |
(4,325 |
) |
291,272 |
|
||
|
|
|
||||
Net increase in cash and cash equivalents |
1,910 |
|
242,810 |
|
||
|
|
|
||||
Cash and cash equivalents |
|
|
||||
Beginning of the twelve months ended 31 December |
309,233 |
|
70,236 |
|
||
Effects of currency translation on cash and cash equivalents |
(4,745 |
) |
(3,813 |
) |
||
End of the twelve months ended 31 December |
306,398 |
|
309,233 |
|
*Certain amounts in the prior year 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240229847316/en/
Media
PropertyGuru Group
Sheena Chopra
+65 9247 5651
sheena@propertyguru.com.sg
Investor
PropertyGuru Group
Nat Otis
+1 860 906 7860
natotis@propertyguru.com
Source: PropertyGuru Group Limited
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