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Form 6-K PROPERTYGURU GROUP LTD For: Aug 25

August 25, 2022 6:40 AM EDT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2022

Commission File Number: 001-41330

 

 

PropertyGuru Group Limited

 

 

Paya Lebar Quarter 1

Paya Lebar Link

#12-01/04

Singapore 408533

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒                Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

 

 

 


EXPLANATORY NOTE

On August 25, 2022, PropertyGuru Group Limited (NYSE: PGRU) (the “Company”) issued a press release titled “PropertyGuru Reports Second Quarter 2022 Results, Revenues Grow 44% Year Over Year in Second Quarter and 43% in First Half.”

A copy of that press release is furnished as Exhibit 99.1 to this report on Form 6-K.

A copy of the Company’s unaudited interim condensed consolidated financial statements for the three and six months ended 30 June 2022 is furnished as Exhibit 99.2 to this report on Form 6-K.

The information in this report of foreign private issuer on Form 6-K, including Exhibits 99.1 and 99.2, is hereby incorporated by reference into the Company’s registration statement on Form S-8 (Registration No. 333-265252).



SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

   

PROPERTYGURU GROUP LIMITED

 

Date: August 25, 2022     By:  

/s/ Hari Vembakkam Krishnan

      Name: Hari Vembakkam Krishnan
      Title: Chief Executive Officer and Managing Director

Exhibit 99.1

 

LOGO

PropertyGuru Reports Second Quarter 2022 Results

Revenues Grow 44% Year Over Year in Second Quarter and 43% in First Half

 

   

Total revenue of S$33.0 million in the second quarter 2022 and S$61.3 million in the first half of 2022

 

   

Adjusted EBITDA was S$3.0 million in the second quarter 2022 and S$3.9 million in the first half of 2022

Singapore – August 25, 2022 – PropertyGuru Group Limited (NYSE: PGRU) (“PropertyGuru” or the “Company”), Southeast Asia’s leading1, property technology (“PropTech”) company, today announced financial results for the quarter ended June 30, 20222. Net income and Adjusted EBITDA3 were S$3.8 million and S$3.0 million, respectively, which compares to a net loss of S$139.8 million4 and Adjusted EBITDA loss of S$2.0 million in the prior year period. Revenue of S$33.0 million in the second quarter 2022 increased 44% year over year.

Management Commentary

Hari V. Krishnan, Chief Executive Officer and Managing Director, PropertyGuru, said “Second quarter results built on the strong start to the year. The strategy of increasing our customer value proposition is proving effective, as we see the return on investments made over the past few years. The second quarter saw us deliver more tools and features that further enhance the customer experience as the pace of our internal innovation accelerates. Going forward, we expect to capitalize on both organic and inorganic opportunities to further expand our world-class solutions to customers. Even with our growing business strength, we remain vigilant around potential market challenges from rising inflation and interest rates and other global macro headwinds.”

Joe Dische, Chief Financial Officer, PropertyGuru, added “Second quarter revenues were up 44% year over year, building on the first quarter’s solid performance and setting us up for a strong back half of 2022. Growth was balanced across all business segments and the further leveraging of our cost structure helped drive positive Adjusted EBITDA.”

 

 

 

 

1 

Based on SimilarWeb data between January 2022 and June 2022.

2 

The second quarter and first half ended June 30, 2022 includes results of the iProperty Malaysia and thinkofliving businesses which were acquired on August 3, 2021.

3 

Included in the S$0.8 million of adjustments between net income and Adjusted EBITDA in the second quarter of 2022 were a positive change in the fair value of preferred shares, warrant liability and embedded derivatives of S$11.9 million and S$5.9 million of depreciation and amortization expense.

4 

Included in the S$137.8 million of adjustments between net loss and Adjusted EBITDA in the second quarter of 2021 were a negative change in the fair value of preferred shares, warrant liability and embedded derivatives of S$125.1 million and S$4.9 million of finance costs - net.

 

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Financial Highlights – Second Quarter 2022

 

   

Total revenue of S$33.0 million increased 44% year over year and was balanced with growth across all markets and business segments.

 

   

Marketplaces revenues increased by 43% year over year to S$32.0 million. Investments made over the last two years are gaining traction now as real estate markets emerge from the pandemic-induced slowdown.

 

  o

Singapore Marketplaces revenue increased 31% to S$17.3 million. Quarterly Average Revenue Per Agent (“ARPA”) of S$1,008 rose 29% year over year through improved yield derived from previous price rises and increased activity on our platform. We had a total of 15,023 agents with a renewal rate of 82%, reflecting a strong local property market.

 

  o

Malaysia Marketplaces revenue increased 170% to S$5.9 million from S$2.2 million in the prior year period as a result of the acquisition of the iProperty business in August 2021.

 

  o

Vietnam Marketplaces revenue increased by 19% to S$6.9 million from S$5.8 million in the prior year period. This was driven by both a 17% increase in the number of listings to 2.38 million and a 7% increase in average revenue per listing (“ARPL”) to S$2.83.

 

   

At quarter-end, cash and cash equivalents was $368.8 million.

Information regarding our operating segments is presented below.

 

     For the Three Months Ended June 30  
     2022     2021     YoY Growth  
     (S$ in thousands except percentages)  

Revenue

     33,031       23,003       43.6
  

 

 

   

 

 

   

 

 

 

Marketplaces

     32,001       22,328       43.3

Singapore

     17,293       13,246       30.6

Vietnam

     6,943       5,835       19.0

Malaysia

     5,899       2,187       169.7

Other Asia

     1,866       1,060       76.0

Fintech and data services

     1,030       675       52.6

Adjusted EBITDA

     3,011       (1,950  
  

 

 

   

 

 

   

Marketplaces

     12,964       6,805    

Singapore

     11,233       8,601    

Vietnam

     1,669       1,869    

Malaysia

     1,241       (2,439  

Other Asia

     (1,179     (1,226  

Fintech and data services

     (1,885     (1,351  

Corporate*

     (8,068     (7,404  

Adjusted EBITDA Margin (%)

     9.1     -8.5  
  

 

 

   

 

 

   

Marketplaces

     40.5     30.5  

Singapore

     65.0     64.9  

Vietnam

     24.0     32.0  

Malaysia

     21.0     -111.5  

Other Asia

     -63.2     -115.7  

Fintech and data services

     -183.0     -200.1  

 

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     For the Six Months Ended June 30  
     2022     2021     YoY Growth  
     (S$ in thousands except percentages)  

Revenue

     61,263       42,890       42.8
  

 

 

   

 

 

   

 

 

 

Marketplaces

     59,214       41,537       42.6

Singapore

     32,297       25,359       27.4

Vietnam

     11,999       10,098       18.8

Malaysia

     11,333       4,046       180.1

Other Asia

     3,585       2,034       76.3

Fintech and data services

     2,049       1,353       51.4

Adjusted EBITDA

     3,895       (4,772  
  

 

 

   

 

 

   

Marketplaces

     26,616       10,884    

Singapore

     22,631       16,932    

Vietnam

     2,806       2,778    

Malaysia

     3,610       (6,931  

Other Asia

     (2,431     (1,895  

Fintech and data services

     (3,531     (2,093  

Corporate*

     (19,190     (13,563  

Adjusted EBITDA Margin (%)

     6.4     -11.1  
  

 

 

   

 

 

   

Marketplaces

     44.9     26.2  

Singapore

     70.1     66.8  

Vietnam

     23.4     27.5  

Malaysia

     31.9     -171.3  

Other Asia

     -67.8     -93.2  

Fintech and data services

     -172.3     -154.7  

*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 Singapore headquarters and certain key personnel in Malaysia and Thailand, and that service PropertyGuru’s 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. Certain elements of marketing expenses previously allocated to Corporate in the first quarter 2022 have since been moved to business segments in line with changes to internal reporting lines.

Strong Category Leadership Drives Long-Term Growth Opportunities

As of June 30, 2022, PropertyGuru continued its Engagement Market Share5 leadership in Singapore, Vietnam, Malaysia and Thailand.

 

   

Singapore: 76% – 3.7x the closest peer

 

   

Vietnam: 75% – 3.0x the closest peer

 

   

Malaysia: 96% – 25.2x the closest peer

 

   

Thailand: 59% – 2.8x the closest peer

 

   

Indonesia: 21% – 0.3x the closest peer

 

 

5 

Based on SimilarWeb data between January 2022 and June 2022.

 

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Full Year 2022 Outlook

The Company reiterates its full year 2022 outlook of approximately 44% revenue growth, driven by the strong start to 2022 and growth across all core markets. The Company expects to return to full year positive Adjusted EBITDA, as it realizes the full benefits of its pandemic-period investments in people, technology, and marketing. The Company cautions that this outlook could be impacted by uncertainty around rising inflation and interest rates, government policy and fiscal intervention, political instability, and other macro factors.

Conference Call and Webcast Details

The Company will host a conference call and webcast on Thursday, August 25, 2022, at 8:00 a.m. Eastern Standard Time / 8:00 p.m. Singapore Standard Time to discuss the Company’s financial results and outlook.

The PropertyGuru (NYSE: PGRU) Q2 2022 Earnings call can be accessed by registering at:

https://propertyguru.zoom.us/webinar/register/WN_E0YIQzANThSqwAaVqFXUiA

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

About PropertyGuru Group

PropertyGuru is Southeast Asia’s leading1 PropTech company, and the preferred destination for over 40 million property seekers6 to find their dream home, every month. PropertyGuru empowers property seekers with more than 3.5 million real estate listings7, in-depth insights, and solutions that enable them to make confident property decisions across Singapore, Malaysia, Thailand, Indonesia, and Vietnam.

PropertyGuru.com.sg was launched in 2007 and has helped to drive the Singapore property market online and has made property search transparent for the property seeker. In the last 15 years, PropertyGuru has grown into a high-growth PropTech company with a robust portfolio of leading property portals across its core markets; award-winning mobile apps; a high quality developer sales enablement platform, FastKey; mortgage marketplace PropertyGuru Finance; and a host of other property offerings including Awards, events and publications across Asia.

For more information, please visit: PropertyGuruGroup.comPropertyGuru Group on LinkedIn.

Contact Information:

Media

   Investor   
PropertyGuru Group    PropertyGuru Group    The Blueshirt Group
Sheena Chopra    Nat Otis    Gary Dvorchak
+65 9247 5651    (860) 906-7860   
[email protected]    [email protected]    [email protected]

 

 

 

6 

Based on Google Analytics data between January 2022 and June 2022.

7 

Based on data between January 2022 and June 2022.

 

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Key Performance Metrics and Non-IFRS Financial Measures

Our priority markets comprise Singapore, Vietnam, Malaysia and Thailand. Our core markets comprise Singapore, Vietnam, Malaysia, Thailand and Indonesia.

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 U.S. Securities and Exchange Commission (“SEC”).

Number of agents in all core markets except Vietnam is calculated for a period as the sum of the number of agents with a valid 12-month subscription package at the end of each month in a period divided by the number of months in such period. In Vietnam, number of agents is calculated as the number of agents who credit money into their account within the relevant period. When counting in aggregate across the PropertyGuru group, in markets where PropertyGuru operates more than one property portal, an agent with subscriptions to more than one portal is only counted once.

Number of real estate listings is calculated as the number of listings created during the month for Vietnam and the average number of monthly listings available in the period for other markets.

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.

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 and Adjusted EBITDA Margin. 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 loss for year/period plus changes in fair value of preferred shares and embedded derivatives, finance costs, depreciation and amortization, income tax expenses, impairments when the impairment is the result of an isolated, non-recurring events, 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 expenses and on-going costs of a listed entity. Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of revenue.

 

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A reconciliation of net income/(loss) to Adjusted EBITDA is provided as follows:

 

     For the Three Months Ended June 30,  
     2022     2021  
     (S$ in thousands)  

Net income/(loss)

     3,821       (139,781

Adjustments:

    

Changes in fair value of preferred shares, warrant liability and embedded derivatives

     (11,944     125,086  

Finance costs - net

     1,192       4,948  

Depreciation and amortisation expense

     5,920       2,564  

Share grant and option expenses

     1,507       1,136  

Other gains/(losses) - net

     62       349  

Business acquisition transaction and integration cost

     1,489       1,254  

Legal and professional fees incurred for IPO

     (1,874     2,252  

On-going cost of a listed entity

     2,869        

Tax (credit)/expense

     (31     242  
  

 

 

   

 

 

 

Adjusted EBITDA

     3,011       (1,950
  

 

 

   

 

 

 
     For the Six Months Ended June 30,  
     2022     2021  
     (S$ in thousands)  

Net loss

     (116,527     (150,568

Adjustments:

    

Changes in fair value of preferred shares, warrant liability and embedded derivatives

     (23,016     124,146  

Finance costs - net

     1,818       9,951  

Depreciation and amortisation expense

     10,834       5,012  

Impairment

           8  

Share grant and option expenses

     3,035       2,468  

Other gains/(losses) - net

     263       366  

Business acquisition transaction and integration cost

     2,598       1,254  

Legal and professional fees incurred for IPO

     16,570       2,252  

Share listing expense

     104,950        

On-going cost of a listed entity

     3,323        

Tax expense

     47       339  
  

 

 

   

 

 

 

Adjusted EBITDA

     3,895       (4,772
  

 

 

   

 

 

 

 

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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 achieve 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 war in Ukraine and escalating geopolitical tensions as a result of Russia’s invasion of Ukraine; fluctuations in foreign currency exchange rates; the Group’s ability to raise capital; media coverage of the Group; the Group’s ability to obtain insurance coverage; changes in the regulatory environments (such as anti-trust laws, foreign ownership restrictions and tax regimes) of the countries in which the Group operates, general economic conditions in the countries in which the Group operates, the Group’s ability to attract and retain management and skilled employees, the impact of the COVID-19 pandemic on the business of the Group, the success of the Group’s strategic investments and acquisitions, changes in the Group’s relationship with its current customers, suppliers and service providers, disruptions to information technology systems and networks, the Group’s ability to grow and protect its brand and the Group’s reputation, the Group’s ability to protect its intellectual property; changes in regulation and other contingencies; the Group’s ability to achieve tax efficiencies of its corporate structure and intercompany arrangements; potential and future litigation that the Group may be involved in; unanticipated losses, write-downs or write-offs, restructuring and impairment or other charges, taxes or other liabilities that may be incurred or required subsequent to, or in connection with, the consummation of the Group’s completed business combination and technological advancements in the Group’s industry; and other risks discussed in our filings with the SEC.

 

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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.

 

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PROPERTYGURU GROUP LIMITED AND ITS SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

 

     For the Three Months Ended June 30,     For the Six Months Ended June 30,  
     2022     2021     2022     2021  
     (S$ in thousands, except share and per share data)  

Revenue

     33,031       23,003       61,263       42,890  

Other income

     292       451       769       1,079  

Other gains/(losses) - net

     11,882       (125,435     22,753       (124,512

Expenses

        

Venue costs

     (998     (880     (1,947     (1,427

Sales and marketing cost

     (5,839     (6,282     (9,938     (13,701

Sales commission

     (3,135     (1,859     (6,186     (3,696

(Impairment)/Reversal of impairment loss on financial assets

     (438     (963     166       (291

Depreciation and amortisation

     (5,920     (2,564     (10,834     (5,012

Impairment of intangible assets

     —         —         —         (8

IT and Internet expenses

     (2,869     (1,748     (5,283     (3,448

Legal and professional

     (2,313     (1,249     (3,168     (1,592

Employee compensation

     (17,303     (13,638     (35,569     (26,116

Non-executive directors’ remuneration

     (785     (145     (1,557     (289

Staff cost

     (336     (174     (735     (368

Office rental

     (58     (19     (80     (29

Finance cost

     (1,284     (5,066     (2,011     (10,188

Legal and professional fees incurred for IPO

     1,875       (2,252     (16,570     (2,252

Share listing expense

     —         —         (104,950     —    

Other expenses

     (2,012     (719     (2,603     (1,269
  

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

     (41,415     (37,558     (201,265     (69,686
  

 

 

   

 

 

   

 

 

   

 

 

 

Profit/(Loss) before income tax

     3,790       (139,539     (116,480     (150,229
  

 

 

   

 

 

   

 

 

   

 

 

 

Tax credit/(expenses)

     31       (242     (47     (339
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income/(loss) for the period

     3,821       (139,781     (116,527     (150,568
  

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive income:

        

Items that may be reclassified subsequently to profit or loss:

        

Currency translation differences arising from consolidation

     3,108       388       2,445       2,276  

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

        

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

     8       —         (1     —    
  

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive income for the period, net of tax

     3,116       388       2,444       2,276  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive income/(loss) for the period

     6,937       (139,393     (114,083     (148,292
  

 

 

   

 

 

   

 

 

   

 

 

 

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

        

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

   $ 0.02     ($ 2.48   ($ 0.79   ($ 2.68

 

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PROPERTYGURU GROUP LIMITED AND ITS SUBSIDIARIES

UNAUDITED CONSOLIDATED BALANCE SHEETS

 

     As of June 30, 2022     As of December 31, 2021  
     (S$ in thousands)  

ASSETS

    

Current assets

    

Cash and cash equivalents

     368,762       70,236  

Trade and other receivables

     19,024       17,655  
  

 

 

   

 

 

 
     387,786       87,891  
  

 

 

   

 

 

 

Non-current assets

    

Trade and other receivables

     3,525       1,564  

Intangible assets

     397,299       401,157  

Plant and equipment

     2,567       3,329  

Right-of-use assets

     13,156       15,419  
  

 

 

   

 

 

 
     416,547       421,469  
  

 

 

   

 

 

 

Total assets

     804,333       509,360  
  

 

 

   

 

 

 

LIABILITIES

    

Current liabilities

    

Trade and other payables

     43,082       32,921  

Lease liabilities

     4,174       4,439  

Borrowings

     18,368       170  

Deferred revenue

     49,865       47,318  

Warrants liability

     5,109       —    

Provision for reinstatement cost

     22       36  

Current income tax liabilities

     4,342       4,554  
  

 

 

   

 

 

 
     124,962       89,438  
  

 

 

   

 

 

 

Non-current liabilities

    

Trade and other payables

     933       603  

Lease liabilities

     10,326       12,452  

Borrowings

     —         16,732  

Deferred income tax liabilities

     2,072       2,375  

Provision for reinstatement cost

     510       569  
  

 

 

   

 

 

 
     13,841       32,731  
  

 

 

   

 

 

 

Total liabilities

     138,803       122,169  
  

 

 

   

 

 

 

Net assets

     665,530       387,191  
  

 

 

   

 

 

 

SHAREHOLDERS’ EQUITY

    

Capital and reserves attributable to equity holders of the Company

    

Share capital

     1,078,528       684,347  

Share reserve

     16,899       18,658  

Capital reserve

     785       785  

Warrants

     5,742       5,742  

Translation reserve

     5,187       2,742  

Accumulated losses

     (441,611     (325,083
  

 

 

   

 

 

 

Total shareholders’ equity

     665,530       387,191  
  

 

 

   

 

 

 

 

10


LOGO

 

PROPERTYGURU GROUP LIMITED AND ITS SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

     For the six months ended June 30  
     2022     2021  
     (S$ in thousands)  

Cash flows from operating activities

    

Loss for the period

     (116,527     (150,568

Adjustments for:

    

- Tax expense

     47       339  

- Employee share grant and option expense

     1,804       2,448  

- Non-executive director share grant and option expense

     1,320       108  

- Depreciation and amortisation

     10,834       5,012  

- Loss on disposal of plant and equipment and intangible assets

     104       —    

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

     (166     291  

- Gain on lease modification

     (188      

- Interest income

     (193     (237

- Finance cost

     2,011       10,188  

- Unrealised currency translation losses

     8,775       133  

- Fair value loss of Series B, D1, E and F conversion options

     —       124,146  

- Fair value gain on warrant liability

     (23,016     —  

- Share listing expense

     104,950       —  
  

 

 

   

 

 

 
     (10,245     (8,140

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

    

- Trade and other receivables

     (1,807     1,040  

- Trade and other payables

     9,735       1,575  

- Deferred revenue

     2,547       (326
  

 

 

   

 

 

 

Cash used in operations

     230       (5,851

Interest received

     186       231  

Income tax paid

     (582     (1,144
  

 

 

   

 

 

 

Net cash used in operating activities

     (166     (6,764
  

 

 

   

 

 

 

Cash flows from investing activities

    

Additions to plant and equipment

     (438     (459

Additions of intangible assets

     (9,581     (4,971

Proceeds from disposal of plant and equipment

     27       1  
  

 

 

   

 

 

 

Net cash used in investing activities

     (9,992     (5,429

Cash flows from financing activities

    

Interest paid

     (536     (631

Proceeds from borrowings

     —         11,000  

Borrowings’ transaction cost

     —         (449

Principal payment of lease liabilities

     (2,206     (2,070

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

     728       77  

Repayment of convertible notes

     —       (11,261

Payment for legal and professional fees incurred for IPO

     (2,436     —    
  

 

 

   

 

 

 

Net cash provided/(used in) by financing activities

     308,684       (3,334

Net increase/(decrease) in cash and cash equivalents

     298,526       (15,527

Cash and cash equivalents

    

Beginning of the six months ended 30 June

     70,236       93,359  
  

 

 

   

 

 

 

End of the six months ended 30 June

     368,762       77,832  
  

 

 

   

 

 

 

 

11

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 2022

 

 



PROPERTYGURU GROUP LIMITED AND ITS SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

For the three and six months ended 30 June 2022

 

 

          For the Three Months
ended 30 June
    For the Six Months
ended 30 June
 
     Note    2022     2021     2022     2021  
          $’000     $’000     $’000     $’000  

Revenue

   5      33,031       23,003       61,263       42,890  

Other income

        292       451       769       1,079  

Other gains/(losses) - net

   7      11,882       (125,435     22,753       (124,512

Expenses

           

- Venue costs

        (998     (880     (1,947     (1,427

- Sales and marketing cost

        (5,839     (6,282     (9,938     (13,701

- Sales commission

        (3,135     (1,859     (6,186     (3,696

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

        (438     (963     166       (291

- Depreciation and amortisation

        (5,920     (2,564     (10,834     (5,012

- Impairment of intangible assets

        —         —         —         (8

- IT and internet expenses

        (2,869     (1,748     (5,283     (3,448

- Legal and professional

        (2,313     (1,249     (3,168     (1,592

- Employee compensation

        (17,303     (13,638     (35,569     (26,116

- Non-executive directors’ remuneration

        (785     (145     (1,557     (289

- Staff cost

        (336     (174     (735     (368

- Office rental

        (58     (19     (80     (29

- Finance cost

        (1,284     (5,066     (2,011     (10,188

- Legal and professional fees incurred for IPO

        1,875       (2,252     (16,570     (2,252

- Share listing expense

   2      —         —         (104,950     —    

- Other expenses

        (2,012     (719     (2,603     (1,269

Total expenses

        (41,415     (37,558     (201,265     (69,686
     

 

 

   

 

 

   

 

 

   

 

 

 

Profit/(Loss) before income tax

        3,790       (139,539     (116,480     (150,229

Tax credit/(expense)

   8      31       (242     (47     (339
     

 

 

   

 

 

   

 

 

   

 

 

 

Net income/(loss) for the period

        3,821       (139,781     (116,527     (150,568
     

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive income:

           

Items that may be reclassified subsequently to profit or loss:

           

Currency translation differences arising from consolidation

        3,108       388       2,445       2,276  

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

           

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

        8       —         (1     —    
     

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive income for the period, net of tax

        3,116       388       2,444       2,276  
     

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive income/(loss) for the period

        6,937       (139,393     (114,083     (148,292
     

 

 

   

 

 

   

 

 

   

 

 

 
          For the Three Months
ended 30 June
    For the Six Months
ended 30 June
 
     Note    2022     2021     2022     2021  
          $ per share     $ per share     $ per share     $ per share  

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

           

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

   6      0.02       (2.48     (0.79     (2.68

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 2022 and 31 December 2021

 

 

     Note     

30 June

2022

    31 December
2021
 
            $’000     $’000  

ASSETS

       

Current assets

       

Cash and cash equivalents

        368,762       70,236  

Trade and other receivables

        19,024       17,655  
     

 

 

   

 

 

 
        387,786       87,891  
     

 

 

   

 

 

 

Non-current assets

       

Trade and other receivables

        3,525       1,564  

Intangible assets

        397,299       401,157  

Plant and equipment

        2,567       3,329  

Right-of-use assets

        13,156       15,419  
     

 

 

   

 

 

 
        416,547       421,469  
     

 

 

   

 

 

 

Total assets

        804,333       509,360  
     

 

 

   

 

 

 

LIABILITIES

       

Current liabilities

       

Trade and other payables

        43,082       32,921  

Lease liabilities

        4,174       4,439  

Borrowings

        18,368       170  

Deferred revenue

        49,865       47,318  

Warrant liabilities

        5,109       —    

Provision for reinstatement costs

        22       36  

Current income tax liabilities

     8        4,342       4,554  
     

 

 

   

 

 

 
        124,962       89,438  
     

 

 

   

 

 

 

Non-current liabilities

       

Trade and other payables

        933       603  

Lease liabilities

        10,326       12,452  

Borrowings

        —         16,732  

Deferred income tax liabilities

     8        2,072       2,375  

Provision for reinstatement costs

        510       569  
     

 

 

   

 

 

 
        13,841       32,731  
     

 

 

   

 

 

 

Total liabilities

        138,803       122,169  
     

 

 

   

 

 

 

Net assets

        665,530       387,191  
     

 

 

   

 

 

 

SHAREHOLDERS’ EQUITY

       

Capital and reserves attributable to equity holders of the Company

       

Share capital

     10        1,078,528       684,347  

Share reserve

     11        16,899       18,658  

Capital reserve

     11        785       785  

Warrants

        5,742       5,742  

Translation reserve

        5,187       2,742  

Accumulated losses

        (441,611     (325,083
     

 

 

   

 

 

 

Total shareholders’ equity

        665,530       387,191  
     

 

 

   

 

 

 

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 2022

 

 

     Note      Share
capital
    Share
reserve
    Capital
reserve
     Warrants      Translation
reserve
     Accumulated
losses
    Total
shareholders’
equity/
(deficiency)
 
            $’000     $’000     $’000      $’000      $’000      $’000     $’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

     10        178,653       —         —          —          —          —         178,653  

Transaction cost in relation to issuance of PIPE shares

     10        (7,664     —         —          —          —          —         (7,664

Reorganisation

     10        217,581       —         —          —          —          —         217,581  

Issuance of shares

     10 & 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.

 

3


PROPERTYGURU GROUP LIMITED AND ITS SUBSIDIARIES

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

For the six months ended 30 June 2022

 

 

     Note      Share
capital
     Preference
shares
     Share
reserve
    Capital
reserve
     Warrants      Translation
reserve
    Accumulated
losses
    Total
shareholders’
equity/
(deficiency)
 
            $’000      $’000      $’000     $’000      $’000      $’000     $’000     $’000  

Balance at 1 January 2021

        36,553        59,339        11,630       785        5,742        (2,930     (137,634     (26,515

Loss for the period

        —          —          —         —          —          —         (150,568     (150,568

Other comprehensive income for the period

        —          —          —         —          —          2,276       —         2,276  
     

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Total comprehensive income/(loss) for the period

        —          —          —         —          —          2,276       (150,568     (148,292
     

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Employee share grant and option scheme

     11        —          —          2,448       —          —          —         —         2,448  

Non-executive directors share grant and option scheme

        —          —          108       —          —          —         —         108  

Issuance of shares

     10 & 11        2,455        —          (2,378     —          —          —         —         77  
     

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Total transactions with owners, recognised directly in equity

        2,455        —          178       —          —          —         —         2,633  
     

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Balance at 30 June 2021

        39,008        59,339        11,808       785        5,742        (654     (288,202     (172,174
     

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

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 2022

 

 

          For the Six Months
ended 30 June
 
     Note    2022     2021  
          $’000     $’000  

Cash flows from operating activities

       

Loss for the period

        (116,527     (150,568

Adjustments for:

       

- Tax expense

   8      47       339  

- Employee share grant and option expense

        1,804       2,448  

- Non-executive director share grant and option expense

        1,320       108  

- Depreciation and amortisation

        10,834       5,012  

- Loss on disposal of plant and equipment and intangible assets

   7      104       —    

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

        (166     291  

- Gain on lease modification

        (188     —    

- Interest income

        (193     (237

- Finance cost

        2,011       10,188  

- Unrealised currency translation losses

        8,775       133  

- Fair value loss of Series B, D1, E and F conversion options

   7      —         124,146  

- Fair value gain on warrant liabilities

   7      (23,016     —    

- Share listing expense

        104,950       —    
     

 

 

   

 

 

 
        (10,245     (8,140

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

       

- Trade and other receivables

        (1,807     1,040  

- Trade and other payables

        9,735       1,575  

- Deferred revenue

        2,547       (326
     

 

 

   

 

 

 

Cash used in operations

        230       (5,851

Interest received

        186       231  

Income tax paid

        (582     (1,144
     

 

 

   

 

 

 

Net cash used in operating activities

        (166     (6,764
     

 

 

   

 

 

 

Cash flows from investing activities

       

Additions to plant and equipment

        (438     (459

Additions of intangible assets

        (9,581     (4,971

Proceeds from disposal of plant and equipment

        27       1  
     

 

 

   

 

 

 

Net cash used in investing activities

        (9,992     (5,429
     

 

 

   

 

 

 

Cash flows from financing activities

       

Interest paid

        (536     (631

Proceeds from borrowings

        —         11,000  

Borrowings’ transaction cost

        —         (449

Principal payment of lease liabilities

        (2,206     (2,070

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

        728       77  

Repayment of convertible notes

        —         (11,261

Payment for legal and professional fees incurred for IPO

        (2,436     —    
     

 

 

   

 

 

 

Net cash provided/(used in) by financing activities

        308,684       (3,334
     

 

 

   

 

 

 

Net increase/(decrease) in cash and cash equivalents

        298,526       (15,527

Cash and cash equivalents

       

Beginning of the six months ended 30 June

        70,236       93,359  
     

 

 

   

 

 

 

End of the six months ended 30 June

        368,762       77,832  
     

 

 

   

 

 

 

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 2022

 

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

On 17 March 2022 (“Closing Date”), PropertyGuru Group Limited consummated the previously announced business combination pursuant to the Business Combination Agreement, dated as of July 23, 2021 with Bridgetown 2 Holdings Limited (“Bridgetown 2”), B2 PubCo Amalgamation Sub Pte. Ltd. (“Amalgamation Sub”) and PropertyGuru Pte. Ltd. (“PropertyGuru”). In connection with the business combination, the ordinary shares, restricted stocks and warrant are converted in accordance with the terms and conditions of the Business Combination Agreement. Concurrently with the execution of the Business Combination Agreement, the Company and Bridgetown 2 entered into subscription agreements with third party investors. Pursuant to the agreements, the investors subscribed for and purchased from the Company an aggregate of 13,193,068 the Company’s ordinary shares for a purchase price of US$10.00 per share, for an aggregate gross proceeds of US$131,930,680, equivalent to approximately $178,653,000 (the “PIPE Financing”). The PIPE Financing was consummated concurrently with the closing of the Business Combination. On the closing date of the Business Combination, the Company acquired all of the ordinary shares of PropertyGuru, from PropertyGuru shareholders, in consideration for the issuance of ordinary shares of the Company, by way of exchanging 128,376,418 ordinary shares of the Company for all of the 3,555,946 ordinary shares of PropertyGuru outstanding as of the closing date, such that PropertyGuru became a wholly-owned subsidiary of the Company. On 18 March 2022, the Company’s ordinary shares commenced trading on the New York Stock Exchange, or “NYSE”, under the symbol “PGRU”.

 

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 2022

 

 

2.

Significant changes in the current reporting period (continued)

The Business Combination is accounted for as a capital reorganisation. The Business Combination, which is not within the scope of IFRS 3 Business Combination as Bridgetown 2 does not meet the definition of a business in accordance with IFRS 3, is accounted for within the scope of IFRS 2 Share-based Payment. As such, the Business Combination is treated as the equivalent of the Company issuing shares at the closing of the Business Combination for the net assets of Bridgetown 2 as of the closing date, accompanied by a recapitalisation. The net assets of Bridgetown 2 are stated at historical cost, with no goodwill or other intangible assets recorded. Any excess of the fair value of the Company’s shares issued considering a fair value of the PropertyGuru shares of $11.28 per share (price of PropertyGuru ordinary shares at Closing Date) over the fair value of Bridgetown 2’s identifiable net assets acquired represents compensation for the service of a stock exchange listing for its shares.

This amounts to $104,950,000 which is expensed to profit or loss (“share listing expense”). The share listing expense is non-recurring in nature and represents a share-based payment made in exchange for a listing service.

 

     As of 17 March
2022
 
     $’000  

Fair value of equity consideration issued by the Company

  

Fair value of Bridgetown 2 Class A ordinary shares outstanding

     137,233  

Fair value of Bridgetown 2 Class B ordinary shares outstanding

     84,318  
  

 

 

 
     221,551  

Fair value of Bridgetown 2 net assets acquired

  

Net cash proceeds from Bridgetown 2

     134,481  

Warrant liabilities

     (27,746

Others

     9,866  
  

 

 

 
     116,601  
  

 

 

 

Share listing expense

     104,950  
  

 

 

 

 

3.

Significant accounting policies

 

3.1

Basis of preparation

The Group has prepared the interim condensed consolidated financial statements on the basis that it will continue to operate as a going concern, and there is reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, and not less than 12 months from the end of the reporting period.

 

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 2022

 

 

3.

Significant accounting policies (continued)

 

3.1

Basis of preparation (continued)

The unaudited interim condensed consolidated financial statements of the Group for the three and six months ended 30 June 2022 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”).

Prior to consummation of the Business Combination on 17 March 2022, the audited consolidated financial statements for the year ended 31 December 2021 were issued for PropertyGuru Pte. Ltd. and its subsidiaries which was the accounting acquirer and the Group was a blank check company with no operations and nominal assets consisting almost entirely of cash. As a result of the Business Combination, PropertyGuru Pte. Ltd. became a wholly-owned subsidiary of the Group. As the operations of the Group are that of its subsidiary PropertyGuru Pte. Ltd., these interim financial statements should be read in conjunction with that of the audited consolidated financial statements for the year ended 31 December 2021 issued for PropertyGuru Pte. Ltd. and its subsidiaries.

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 2021 issued for PropertyGuru Pte. Ltd. and its subsidiaries. The new and amended standards and interpretations applied for the first time as of 1 January 2022, as disclosed in the notes to the annual audited consolidated financial statements for the year ended 31 December 2021 issued for PropertyGuru Pte. Ltd. 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 2022.

In the opinion of the Group, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of 30 June 2022, and its results of operations for the three and six months ended 30 June 2022 and cash flows for the six months ended 30 June 2022. The consolidated balance sheet at 31 December 2021, was derived from audited annual consolidated financial statements but does not contain all of the footnote disclosures from the annual consolidated financial statements.

 

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 2021.

 

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 2022

 

 

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 Marketing Officer, Managing Director Data & Software Solutions, Chief Technology Officer and Chief People Officer.

With effect from 1 January 2022, certain changes were made to reflect the way the CODM monitors the performance of the segments. Segment reporting information for earlier periods have been restated to conform to these changes. The change in segments have no impact on the consolidated financial position, results of operations or cash flows, as reflected in the consolidated financial statements.

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).

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.

 

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 2022

 

 

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 2022 and 2021.

 

     Marketplaces              
     Singapore      Vietnam      Malaysia     Other
Asia
    Fintech
and data
services
    Total
reportable
segments
 
     $’000      $’000      $’000     $’000     $’000     $’000  

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  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Six months ended 30 June 2021

              

Revenue from external customers

     25,359        10,098        4,046       2,034       1,353       42,890  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

     16,932        2,778        (6,931     (1,895     (2,093     8,791  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

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  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Three months ended 30 June 2021

              

Revenue from external customers

     13,246        5,835        2,187       1,060       675       23,003  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

     8,601        1,869        (2,439     (1,226     (1,351     5,454  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

 

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 2022

 

 

4.

Segment information (continued)

 

  (b)

Segment information (continued)

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

 

     For the Three Months
ended 30 June
    For the Six Months
ended 30 June
 
     2022     2021     2022     2021  
     $’000     $’000     $’000     $’000  

Adjusted EBITDA as above

     11,079       5,454       23,085       8,791  

Headquarters cost

     (8,068     (7,404     (19,190     (13,563

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

     11,944       (125,086     23,016       (124,146

Finance costs – net

     (1,192     (4,948     (1,818     (9,951

Depreciation and amortisation expense

     (5,920     (2,564     (10,834     (5,012

Impairment

     —         —         —         (8

Share grant and option expenses

     (1,507     (1,136     (3,035     (2,468

Other gains/(losses) – net

     (62     (349     (263     (366

Business acquisition transaction and integration costs

     (1,489     (1,254     (2,598     (1,254

Legal and professional fees incurred for IPO

     1,874       (2,252     (16,570     (2,252

Share listing expense

     —         —         (104,950     —    

On-going cost of a listed entity

     (2,869     —         (3,323     —    
  

 

 

   

 

 

   

 

 

   

 

 

 

Profit/(Loss) before income tax

     3,790       (139,539     (116,480     (150,229
  

 

 

   

 

 

   

 

 

   

 

 

 

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.

 

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 2022

 

 

4.

Segment information (continued)

 

  (b)

Segment information (continued)

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 on-going costs of a listed entity.

 

5.

Revenue

 

     For the Three Months
ended 30 June
     For the Six Months
ended 30 June
 
     2022      2021      2022      2021  
     $’000      $’000      $’000      $’000  

Agent Revenue

           

- Membership

     12,300        10,178        24,115        19,732  

- Agent discretionary

     15,171        8,697        27,475        15,883  
  

 

 

    

 

 

    

 

 

    

 

 

 
     27,471        18,875        51,590        35,615  
  

 

 

    

 

 

    

 

 

    

 

 

 

Developer Revenue

           

- Advertising activities

     2,875        2,945        4,975        5,144  

- Events

     873        133        1,268        337  

- Print

     8        5        16        11  

- Services

     755        —          1,346        —    

- Others

     19        253        19        430  
  

 

 

    

 

 

    

 

 

    

 

 

 
     4,530        3,336        7,624        5,922  

Fintech and data services

     1,030        792        2,049        1,353  
  

 

 

    

 

 

    

 

 

    

 

 

 
     33,031        23,003        61,263        42,890  
  

 

 

    

 

 

    

 

 

    

 

 

 

Revenue recognised

           

- At a point in time

     6,200        3,095        11,183        6,023  

- Over time

     26,831        19,908        50,080        36,867  
  

 

 

    

 

 

    

 

 

    

 

 

 
     33,031        23,003        61,263        42,890  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

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 2022

 

 

6.

Earnings/(Loss) per share

The Group calculates earnings/(loss) per share by dividing earnings/(loss) 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 (see Note 2).

 

  (a)

Weighted average number of shares used as the denominator

 

    

For the Three Months

ended 30 June

    

For the Six Months

ended 30 June

 
     2022      2021      2022      2021  
     Number      Number      Number      Number  

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

     161,287,206        56,327,433        147,338,563        56,178,430  

Adjustments for calculation of diluted loss per share¹:

           

Restricted stock units

     1,454,470        —          —          —    

Stock options

     2,307,781        —          —          —    
  

 

 

    

 

 

    

 

 

    

 

 

 

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

     165,049,456        56,327,433        147,338,563        56,178,430  
  

 

 

    

 

 

    

 

 

    

 

 

 

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 earnings/(loss) per share

 

    

For the Three Months

ended 30 June

   

For the Six Months

ended 30 June

 
     2022      2021     2022     2021  

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

     3,821        (139,781     (116,527     (150,568

Weighted average number of shares outstanding

     161,287,206        56,327,433       147,338,563       56,178,430  
  

 

 

    

 

 

   

 

 

   

 

 

 

Basic earnings/(loss) per share

     0.02        (2.48     (0.79     (2.68
  

 

 

    

 

 

   

 

 

   

 

 

 

 

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 2022

 

 

6.

Earnings/(Loss) per share (continued)

 

  (c)

Diluted earnings/(loss) per share

 

    

For the Three Months

ended 30 June

   

For the Six Months

ended 30 June

 
     2022      2021     2022     2021  

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

     3,821        (139,781     (116,527     (150,568

Weighted average number of shares outstanding

     165,049,456        56,327,433       147,338,563       56,178,430  
  

 

 

    

 

 

   

 

 

   

 

 

 

Diluted earnings/(loss) per share

     0.02        (2.48     (0.79     (2.68
  

 

 

    

 

 

   

 

 

   

 

 

 

 

7.

Other gains/(losses) – net

 

    

For the Three Months

ended 30 June

   

For the Six Months

ended 30 June

 
     2022     2021     2022     2021  
     $’000     $’000     $’000     $’000  

Loss on disposal of plant and equipment and intangible assets

     (77     —         (104     —  

Currency translation loss

     (173     (349     (347     (366

Gain on lease modification

     188       —         188       —    

Fair value loss on Series B, D1, E and F preference shares

     —         (125,086     —         (124,146

Fair value gain on warrant liabilities

     11,944       —         23,016       —    
  

 

 

   

 

 

   

 

 

   

 

 

 
     11,882       (125,435     22,753       (124,512
  

 

 

   

 

 

   

 

 

   

 

 

 

* Less than $1,000

 

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 2022

 

 

8.

Income taxes

The Group recognised assets and liabilities for tax based on profit for six months ended 30 June 2022 and 2021. Total net liabilities (including current and deferred taxes) amounted approximately to $6,414,000 as at 30 June 2022 and $6,929,000 as at 31 December 2021.

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 $82,277,000, capital allowance of $3,860,000 and merger and acquisition (“M&A”) allowance of $8,353,000 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, capital allowances and M&A allowance in their respective countries of incorporation. The capital allowances and M&A allowances have no expiry date. The tax losses of $82,277,000 will expire between 2022 and 2029.

 

9.

Intangible assets

Goodwill

Goodwill is allocated to the Group’s cash-generating units (“CGUs”) identified according to countries of operation and business segments.

A segment-level summary of the goodwill allocation is as follows:

 

    

30 June

2022

     31 December
2021
 
     $’000      $’000  

Singapore – ePropertyTrack

     3,586        3,586  

Singapore – Ensign

     5,099        5,099  

Vietnam – PG Vietnam

     117,273        115,817  

Malaysia – MyProperty Data Sdn. Bhd.

     2,085        2,149  

Malaysia – Malaysia marketplace 1

     219,207        225,908  

Thailand – Thailand marketplace 2

     9,573        9,889  
  

 

 

    

 

 

 
     356,823        362,448  
  

 

 

    

 

 

 

 

  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)

 

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 2022

 

 

9.

Intangible assets (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 the ePropertyTrack, Ensign, PG Vietnam and MyProperty Data CGUs are determined based on value-in-use. The recoverable amount of the Malaysia marketplace and Thailand marketplace CGUs are determined by assessing the fair value less cost to sell of the CGUs.

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 2021. As at 30 June 2022, there were no circumstances that indicated that the carrying value of goodwill may be impaired.

 

10.

Share capital

 

     Number of
ordinary
shares
 

Issued share capital

  

At 1 January 2022

     —    

Shares issued to PIPE investors

     13,193,068  

Reorganisation

  

- Share exchange (see Note 2)

     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.

 

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 2022

 

 

11.

Share and capital reserve

 

  (a)

Share reserve

 

     $’000  

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  
  

 

 

 
  

 

  (b)

Capital reserves

 

     $’000  

At 1 January 2022 and 30 June 2022

          785   
  

 

 

 

 

12.

Events occurring after the financial period

Early repayment of loan facility agreement

The Group has fully settled all outstanding loans of the facility on 7 July 2022 using the proceeds from the business combination.

 

17



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